KEY EVENTS in the quarter
- Order for Mini2P application from company planning to sell Mini2P solution to research institutes.
- Follow-on order for a Machine Vision/code-scanner from a customer in China.
Horten, 2 November 2023 – poLight ASA (OSE: PLT) today announced its results for Q3 2023.
“Providing support for multiple customer proof of concept (PoC) projects in various segments and carrying out a variety of improvement projects kept the pressure on the organisation during the third quarter, although the period was relatively sluggish from an order intake and revenue perspective.
The consumer market remains challenging and is focused on cost reduction rather than implementing new innovative technology.
Augmented reality (AR) customer cases continue to develop positively, although a few design-in cases are experiencing some delays. Two design wins related to AR enterprise glasses have been secured and are currently in mass production. The customer pipeline in this segment continues to grow, and we are involved in both enterprise and consumer cases.
As for new market segments, we are continuing to address both automotive and healthcare. There seems to be a clear need for autofocus technology in the automotive market for a variety of use cases, and TLens® is being explored as one of the alternatives. Healthcare-related cases are more mature, and we are engaged with several potential customers at various stages.
Step by step, poLight is moving in the right direction, even under difficult market conditions. Nevertheless, business prospects in important future markets are maturing and we are continuing to work hard to overcome the market and operational challenges that still lie ahead!,” explains Dr Øyvind Isaksen, CEO of poLight.
EBITDA totalled NOK -20.5 million in Q3 2023, compared with NOK -11.3 million in Q3 2022.
As at 30 September 2023 poLight had cash holdings of NOK 132.8 million, compared with NOK 84.2 million as at 31 December 2022.
Q3 report and presentation
Please find the report and presentation for Q3 2023 enclosed.
Presentation and webcast
CEO Dr Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company’s results today at 09:00 CET at Hotel Continental, Stortingsgaten 24/26, in Oslo, Norway. You can also watch the Q3 2023 results presentation through a live webcast by clicking here: poLight ASA Webcast Q3 2023 (royalcast.com)
The presentation and supporting material will be given in English.
A recorded version of the webcast will be made available on www.polight.com shortly after the broadcast has been concluded.