poLight (PLT) Q2 2024 earnings summary

Executive summary

• Achieved design-wins with Vuzix Shield AR smart glasses and received significant technical sample and purchase orders from major AR/MR OEMs, indicating strong market interest.

• Rights issue completed, raising NOK 124 million net proceeds and strengthening the balance sheet.

• New CFO appointed and amendments made to the share option plan.

• Wooptix launched a wavefront phase camera using TLens®, and new barcode scanning orders were secured.

• Completed a successful Capital Markets Day, highlighting deep dives into the value chain and strong stakeholder engagement.

Financial highlights

• Q2 2024 revenue was NOK 5.3 million, down from NOK 7.2 million in Q2 2023.

• EBITDA loss increased to NOK 21.7 million from NOK 18.0 million year-over-year, mainly due to higher inventory obsolescence provisions and higher personnel costs.

• Cash and cash equivalents at quarter-end were NOK 199.3 million, up from NOK 114.8 million at year-end 2023, supported by the rights issue.

• Inventory decreased to NOK 64.8 million from NOK 70.1 million at year-end 2023, reflecting increased obsolescence provisions.

• Gross profit in Q2 2024 was NOK 2.0 million, down from NOK 3.7 million in Q2 2023.

Outlook and guidance

• AR/MR market outlook is promising, with poLight AF solutions used in four commercial products and growing interest from consumer OEMs.

• Consumer-related device activity is increasing globally, and the company is well-positioned in the AR/MR autofocus segment.

• Smartphone market remains challenging, but initiatives are underway to make TLens® more price-competitive and suitable for back cameras.

• Industrial and scientific markets are gradually revealing more opportunities, with poLight's reputation strengthening.

• Company expects continued progress in strategic segments and is strengthening its portfolio and organization.