poLight (PLT) Investor update summary

Business and operational progress

• Significant progress in AR/MR, TLens, and TWedge segments, with maturing POCs and high customer engagement, especially in AR/MR and industrial healthcare applications.

• All-time high revenue achieved in Q4, with momentum expected to continue into 2026, despite a quieter news flow in early 2026.

• Diversification of TLens use cases continues, with new design wins in barcode and endoscope devices.

• Ongoing discussions with customers about transitioning from technical samples to production-ready devices, including potential financial support for dedicated programs.

• Organization is under high load, with plans to strengthen technical and customer support teams to capitalize on opportunities.

AR/MR and TLens market position

• Established a strong position in the AR/MR market, with major OEMs recognizing the technology and investing in partnerships.

• Q-Tech's strategic investment and partnership validated the technology and de-risked TLens for tier-one customers.

• Several POCs are maturing, with milestones such as design freeze, increased orders for qualification, or potential design wins possible in 2026.

• The AR/MR market and ecosystem have matured significantly compared to three years ago, increasing the likelihood of converting POCs to design wins.

• AI model vendors may drive demand for autofocus solutions in AR glasses, further supporting the need for high-quality optics.

TWedge development and commercialization

• TWedge is attracting high customer interest, with ongoing efforts to secure financial support for moving from technical samples to mass production.

• Customers may seek exclusivity or custom designs in exchange for investment, but the company aims to maintain operational flexibility.

• Current TWedge POCs often overlap with TLens customers, with multiple POCs per customer and varied applications.

• Transition to mass production will require design freeze and significant investment, with a two-year timeline anticipated once committed.