poLight (PLT) investor relations material

Strategy and priorities

• Priority markets remain wearables first and industrial second, with ~90% of effort on wearables and ~10% on industrial; healthcare and automotive are opportunistic rather than active priorities.

• Strategy has progressed from proving commercial adoption through organic growth to increased innovation investment and an ambition to move from component supplier toward solution provider.

• Platform strengths are speed, compactness and low power; the strategy combines potential wearable volume with recurring, higher-margin industrial niche business.

• Operations will remain fabless apart from in-house polymer production, with investment focused on local manufacturing and customer support rather than expanding the Norwegian headquarters.

• Management plans to grow the organization to pursue opportunities, accepting higher costs; it said current expansion is financed by shareholder funds and the longer-term goal is cash generation.

Commercial progress and market opportunity

• Wearables activity includes two AR/MR design wins, 19 POCs and 15 planning POCs; management said several POCs are maturing and one case could reach market in the relatively near term.

• Industrial applications have 30 design wins and four design-ins; products can ship for 5–10 years, with the Honeywell EX30 scan engine illustrating recurring orders.

• Six smart-glasses/XR design wins have been secured, including Magic Leap in 2022 and SnkeXR; TWedge® remains in development and is not yet in mass production.

• 2025–2028 forecasts cited: AR projector units rise from 0.64m to 5.2m; MR camera modules from 6.1m to 8.2m; AR/AI glasses camera modules from 6.14m to 30.4m.

• Market projections cited ~30m smart eyewear units next year and at least 30m AR systems in 2031; systems imply two displays and five to six cameras per pair of glasses, respectively.

Product and technology roadmap

• TLens® is in mass production; autofocus is positioned as a way to deliver smaller, lighter cameras, while TLens® and TWedge® target compact, low-power wearable applications.

• TWedge® has advanced through five sample generations to TS5; demonstrations showed improved text readability and reduced display artifacts, with beam steering intended to mitigate retinal blur and preserve brightness and resolution.

• Lead-free TLens® development uses aluminum scandium nitride; samples showed a nine-diopter range at 50V, with ~12 diopters targeted at 100V. MVP lab completion is targeted for mid-2027 and risk production for mid-to-late 2028, subject to R&D progress.

• Driver development targets power consumption below 1mW; anti-reflective coatings improved 3x–5x. Bigger-aperture designs are being explored, while optical zoom remains a long-term, difficult target.

• Granted patent families increased from 22 in 2024 to 25; 20 applications are pending, with an ~80% historical success rate from filing to grant cited by the CTO.