poLight (PLT) Q1 2024 earnings summary

Executive summary

• Achieved new design wins and product launches in AR/MR, barcode, and scientific imaging, with growing interest from major OEMs in TWedge technology and AF solutions.

• Q1 2024 featured board changes, a successful rights issue raising NOK 124 million, and increased global presence.

• AR/MR market is a key focus, with poLight's AF solution used in four commercial products and consumer-related activities maturing.

• Industrial and scientific segments, including barcode and healthcare, continue to expand with new products, partnerships, and design wins.

• Revenue declined year-over-year, but important milestones in product development and market expansion were achieved.

Financial highlights

• Q1 2024 revenue was NOK 1.3 million, down from NOK 7.1 million in Q1 2023; EBITDA loss widened to NOK 18.8 million from NOK 14.0 million.

• Cash and cash equivalents at quarter-end were NOK 95.3 million, down from NOK 114.8 million at year-end 2023, before share issue proceeds.

• Net cash used in operating activities was NOK 19.2 million, improved from NOK 30.6 million in Q1 2023 due to no wafer purchases.

• Gross margin was negative, reflecting low sales and increased inventory obsolescence provision.

• Net loss for the period was NOK 20.5 million, with EPS at NOK -0.31.

Outlook and guidance

• AR/MR market momentum continues, with poLight's AF solutions in four commercial products and strong OEM interest in TWedge.

• Consumer market remains challenging, but actions to improve competitiveness and broaden smartphone applications are underway.

• Industrial and scientific markets are expanding, with increasing product pipeline and new applications.

• Cash runway extended into 2026 following the rights issue.