poLight (PLT) Q1 2025 earnings summary

Executive summary

• Signed a strategic investment agreement with Q Technology Group, backed by a top-tier U.S. consumer electronics OEM, raising NOK 171.5 million and granting Q Tech a 32.97% stake, with board representation rights and a two-year lock-up, subject to shareholder approval.

• Q1 2025 revenue increased to NOK 3.8 million, driven by deliveries to AR/MR, industrial, and healthcare customers, with five new barcode/machine vision products launched and consumer OEM orders for TWedge® totaling NOK 1.3 million.

• High market activity in AR/MR, barcode/industrial, and healthcare, with growing design wins, PoCs, and robust customer engagement.

• Initiated a project to develop a lead-free TLens®, with samples expected by end of 2025, to meet OEM requirements and expand market reach.

• Participation in major industry events like CES 2025 and ongoing expansion of the IP portfolio and new product variants.

Financial highlights

• Q1 2025 revenue was NOK 3.8 million, up from NOK 1.3 million in Q1 2024.

• EBITDA loss widened to NOK 25.2 million from NOK 18.8 million year-over-year, mainly due to lower reversal of NICs and increased inventory obsolescence provision.

• Gross margin improved to NOK 1.3 million from a loss of NOK 1.1 million year-over-year, with a margin of 34%.

• Cash and cash equivalents at quarter-end were NOK 135.8 million, with a net cash burn of NOK 31 million in the quarter.

• Inventory at quarter-end was NOK 59.9 million, down from NOK 62 million at year-end 2024.

Outlook and guidance

• Growth opportunities are increasing, especially in AR/MR, which is seen as the most promising high-volume market.

• The Q Tech investment is expected to strengthen the company’s position, enable dual-source production, and accelerate scaling.

• Strategic focus remains on building relationships with major OEMs and module integrators in AR/MR.

• No immediate need for further capital raises if the investment agreement and subsequent offering are approved.

• Success is highly dependent on AR/MR market development and adoption.