Polight ASA

02/14/2020 | Press release | Distributed by Public on 02/14/2020 00:00

poLight ASA - Commercial launch of TLens and increased probability of additional design-wins

poLight ASA - Commercial launch of TLens and increased probability of additional design-wins

KEY EVENTS * First commercial product launched in January with poLight TLens enabling advanced auto focus (AF) in new smartwatch phone * A second commercial product launched in February, also with advanced TLens autofocus function in a new smartwatch phone * Several other customer cases progressing in different market segments * Increased probability of additional design-wins in 2020 * Record deliveries of TLens and ASIC drivers in the fourth quarter to support smartwatch phone launch Horten, 14 February 2020 - poLight ASA (OSE: PLT) today announced its results for fourth quarter of 2019. The first smartwatch phone with advanced AF functionality based on poLight TLens was launched on 7 January 2020. The watch targets a growing market for devices tailored for children in China. It comes with two cameras and the main camera which is used to take pictures is based on the (AF) function delivered by poLight. The second smartwatch phone with advanced AF from poLight TLens was launched on 10 February 2020. The XUN Smartwatch Max Pro is aimed at children in the Chinese market. It has two cameras, one main camera used to take pictures which includes an advanced autofocus (AF) function delivered by poLight, and one camera integrated in the screen used for face camera without AF. In the second half of 2019, poLight received four purchase orders for a total of approximately 124,000 units of TLens Silver and 120,000 ASIC drivers to support Product Verification Testing (PVT) and initial mass production (MP) related to the product releases mentioned above. EBITDA in the fourth quarter was NOK -13.7 million, compared with an EBITDA of NOK -15.5 million in the fourth quarter of 2018. 'We are off to a good start to 2020 with two design-wins in two months and our commercial breakthrough in the consumer electronics market. Initial feedback is encouraging, and we experience increasing interest for TLens. Commercial adoption is an important proof-point of our unique products which enable new and lasting applications for both industrial and consumer segments and it supports our customer progress.' The market-momentum created by the release of the smartwatch phones using TLens has enabled poLight to establish dialogues with other relevant players in the same and other market segments. poLight is having good progress in the barcode market, and the TLens is currently being planned used in several products by leading vendors. The estimated earliest market launch for this segment is mid-2020. In addition, poLight supports several other customer cases, for industrial and consumer markets, at PoC stage and at early design stage. This progress supports increased confidence in the continued commercialisation of poLight's technology and a likely diversified future revenue base with TLens used in various market segments. Q4 report and presentation Please find the report and presentation for Q4 2019 enclosed. Presentation and webcast CEO Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company's results today at 08:30 am CET at Felix Conference Center, Bryggetorget 3, Aker Brygge, in Oslo, Norway. The presentation and supporting material will be given in English. The presentation can also be followed through live webcast. Please join the Q4 2019 results webcast by clicking here: https://channel.royalcast.com/webcast/hegnarmedia/20200214_7/ (https://eur01.safe links.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Fwebcast%2 Fhegnarmedia%2F20200214_7%2F&data=02%7C01%7Calf.henning.bekkevik%40polight.com%7C 72f58a40e51249fbb4a708d7a64a25cc%7Ccac0b87cc9e2402f9f9e3224b4036842%7C0%7C0%7C637 160709707177616&sdata=7bwqvQzMFkLOVmHlMto0cWgYhXNwbacFYbScyroalIE%3D&reserved=0) A recorded version of the webcast will be made available on www.polight.com shortly after the broadcast has been concluded. Further information from: Øyvind Isaksen, CEO, poLight ASA: +47 90 87 63 98 Alf Henning Bekkevik, CFO, poLight ASA: +47 91 63 05 14 About poLight ASA poLight offers a new autofocus lens which 'replicates' the human eye for use in devices such as smartphones, wearables, barcode, machine vision systems and various medical equipment. poLight's TLens® enables better system performance and new user experiences due to benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and constant field of view. poLight is based in Horten, Norway, with offices in Finland, France and China and representation in Taiwan and Korea. For more information, please visit https://www.polight.com