Okay. Seems like we are at It is 9:00 A.M. now, and good morning. My name is Grethe Viksaas. I am Chair of the Board at poLight, and I have been with the company since 2018. Today, I have the pleasure of Welcoming you to our Capital Market Day, where Øyvind and his team have prepared a quite comprehensive program for us to deep dive into the technology and our market opportunities. With that, I give the word to Øyvind. Thank you, Grethe. Enjoy. Okay. Good morning. Thanks for the introduction, Grethe. Yes. This is the agenda. Our host today is our CFO, Joakim Bredahl, so he will kind of announce and present each presenter. I will just give a quick recap of poLight and where we are. It was a beginning in 2005, and now we are in 2026, so you could say that, "How can we spend so many years and achieve so little things?" I guess it is not easy. Since 2020, we have at least been able to convince customer and starting to ship into commercial products. So, we are on the right track, and we have found some very important markets which we feel that our technology is a very, very good fit. Very quickly, for those who do not know us, we are focusing on, I would say, two main markets. The, I would say, wearable market. You can say AR/MR is a part of that, but generally speaking, I would say wearable market. That is potentially a very high-volume market where we are heading towards. We also use the very same technology products in some selected enterprise professional markets, specifically then the machine vision and barcode reading. Our technology platform can be characterized by many things, but speed, compactness, and low power consumption are key attributes. This is exactly why the wearable markets, which dictates compactness, speed, and low power consumption, is such a good fit for us. As I said, founded in 2005, listed in Oslo Stock Exchange since 2018, actually October, and headquartered in beautiful Tønsberg. Some of the people here are from Tønsberg, and they gave me a hard time because we did not organize Capital Market Day in Tønsberg, so maybe next time. But we are really, really a global company. Even though we are small, we are distributed in all the important markets where there either is customer or manufacturing partners. We are in Finland, France, U.K., U.S., China, Taiwan, and the Philippines. We are focusing a lot on protecting our shareholder values, equals IP, Pierre, CTO, we talk more about that. As I mentioned, we did an IPO in 2018 with zero customers. That was some of the most extreme I have done in my life. But since then, and since 2020, this slide has been populated with extremely many important design wins and creating a platform for growth, both within the AR/MR space, generally speaking, within consumer, but also, as you can see on the top right, in the industrial space. There are other markets we can enter, but those markets we are not proactively chasing. It is kind of incoming calls now and then. I can mention healthcare, I can mention automotive, but those we cannot put priority on. The priority is wearables and industrial. In that order, I will say we spend probably 90% in the wearable side and maybe 10% on the industrial side. This is the activity plot, I can say, regarding consumer. The glasses indicating kind of wearables is dominating the picture by design. You can say, no, we have one design win. Actually, we have two. I said yesterday that we just post the quarter, we also classified another AR/MR case as a design win, so it is actually now two. We have 19 POCs. 19 POCs. We are engaging with most of the big players in the world, and we are having 15 planning POCs. So, huge activity. And we have an organization which is not equipped for that, to be honest. So, everybody has to work for two, and they love it. This is the activity plot for the industrial side. We have actually 30 design win. We have four design-in. And this is a major activity, but will always be a smaller, lower volume, but it also will be type products which is shipping for five years, 10 years. The first design win was actually a Honeywell EX30 scan engine, which is still shipping, and we are still receiving orders. So that shows everything, how that market can give you recurring high-margin business. So the strategy is to combine high volume, cost reduce, taking margin in some niche markets. That is basically the strategy. On strategy, these three boxes has been with us since the beginning, at least since the beginning I joined the company in 2014. In the beginning, we only focused organic growth. We did not do anything new innovation. Basically, all in the company, which was only 15 something, focused on getting, selling the technology, the products we had developed. We had to prove to the shareholders that we can get into commercial products. That was the focus for many years. Step by step, we showed success in that, and we started to build the organization. We started to step up to do innovation, invest in new technology, and that is where we are today. Today, we are kind of having the world-class TLens® tunable lens. This is also continuous improving. We are making a lead-free TLens® for future-proofing the company. We are also developing a TWedge®, a display enhancing display product, a new driver. So many things. Our CTO is so busy, and this is what we have significantly jumped up and increased the activity in the innovation side. But in the beginning, we focused mainly on the left box. Then we have a dream, and we should all have a dream. Without dreams, we would not have achieved what we have achieved, and that is to, from being a component supplier, move up in the value chain and become a solution provider. That can mean many things. I am not going to expose you to all my dreams, but this can mean many things. A simple little small element here is MLens®. MLens® is not selling TLens®, it is selling a complete lens stack, actually including two TLens®. That is only one simple application and example. More can come. When it comes to the operational strategy, we have this slogan. I do not know if it is mine or I have stolen it, but we think globally and we act locally. In my 35 years as CEO, I have seen how important it is to be close to the customer, be close to your manufacturing partner with competent people. So the focus is not to grow the headquarter. There is no customer in Norway, at least not many. So we are investing a lot in local operation, local manufacturing, and local customer support. We will remain fabless, except, as Marianne will explain, the polymer, which we produce ourself, very scalable. So this is the kind of the three boxes, which we have over our bed every night. We read through these three boxes, and we dream, Pierre specifically about innovation, and many of us on the organic growth, and some of us on the solution provider. Doing this, executing this well, I think will give this company a great future. Talking about great future, the outlook we have is really, really promising. I would say particular in the, I would say more wearable. Several POCs are now proof of concepts are maturing. As I said, two cases are now actually defined as a design-in, and actually one of them may even be released in the relatively near future to the market. Autofocus capability, which Jon will talk about in that market, seems to be wanted, seems to be needed. We have a new product coming along, TWedge®, a fantastic, I would say, interest in that technology. I think I will never in my life as CEO have seen such a technology, such a product concept having that huge interest. It is a big ask, it is a big need, but it is a niche market. It is a market which will only be big if the advanced AR glasses will be big. So we will keep pushing, we will keep digging for opportunities. We will be focused, very focused, and we have to grow the organization. We have to build organization to capitalize on all the opportunities we see. That will increase cost, but it will also hopefully increase shareholder value as we go. I am so happy to see you all here. I am so impressed to see this, so many people. I am sure also there are hundreds plus following us from the webcast. It is actually a very motivating factor to have this interest, to have these, I feel, friends cheering and saying good things about poLight. It is a big, big motivation for us, and we need that because it is tough work. Enjoy the day. I am so happy to expose you to my team, world-class team, and please mingle and please ask question in the end of the day. Thank you, and have a fantastic day. Then we have our CFO, who will be the host of the day, and he is a professional band player, guitarist. So if you start dancing and do things like that, just expect it as he is playing in a band. Yeah. Joakim? Yes. Thank you. We are actually ahead of schedule. You can go out to the technical team. Okay. Okay. We are actually ahead of schedule already, but I will have just a look at you because it is fantastic to see this many people. We are very grateful to have this kind of interest in our Capital Markets Day. It is a lot of work setting it together, and we are very happy that you are here to experience it with us. Our first speaker is not actually in the room. He is, as I understand it, in transit in the U.S. at the moment. But he brings in a very important perspective, both as an industry participant, but also as a shareholder. Chris Liu, he is a member of the poLight Board of Directors. He is a Senior Director and General Manager of the IoT business at Q Tech, which is poLight's largest shareholder. He has spent more than 15 years working with camera modules, together with extensive experience in optomechanical products. So he knows our industry extremely well, and he also knows poLight from the inside. Joining us now by video to talk about how Q Tech sees the opportunities ahead, enabled by poLight, please welcome Chris Liu. I'll try it again. Please welcome Chris Liu. Good morning. Good morning, investors and guests. I may be not looking good because I'm in U.S. West Coast, and it's early morning, 1:00. So I will try my best to work with the poLight and wish today's Capital Market Day a good success. I'm Chang-Hui Liu from Taiwan. It's my pleasure to be a guest speaker at today's Capital Market Days. I'm also deeply honored to serve as the board member of poLight, appointed in June 2025, and to be a witness to the future of the tunable optics together with all of you. Regarding my background, I hold a Master of Science degree in electrical and control engineering, and this has provided me with a solid engineering background in either optics, mechanics, and control systems. My career spans several key stages in the technology industry as well. From 2011 - 2021, I joined the Lite-On Technology Corporation, and I focused on the R&D and product line management, that is the PLM for camera module. Since 2021, I have been serving as the General Manager of the IoT business unit at the Q Tech Company Limited to continue to expand our footprint in camera module product. Looking back, I have accumulated over 15 years of expertise in camera module product. This long-term experience has been giving me a very strong understanding of the industrial pain point and the market demand. I believe that my background and experience in the camera module industry will contribute to poLight's business promotion and the product development, and to help to bring poLight's solution to the broader market. Thanks again for your time today, and I wish today's event a complete success. Okay. So, as a global leading optical system solution provider, we are continuously leading the industry transformation through deep technical accumulation and strategic planning. First, regarding what Q Tech, our optical system module cover the three core market, and they are. The first one, we are talking about mobile phone. We provide the high-definition and high-performance camera module for mainstream global smartphone. Second, we are talking about automotive. We are expanding the automotive optical system to meet the demanding requirement of the smart driving. Third, for AIoT, we are extending the optical imaging technology to various IoT devices and diverse application scenarios. To ensure the ultimate product quality and cost advantage, Q Tech has established vertical integration on optical system module. Our integration span multiple areas. That is talking about key component technology. It includes actuator, driver ICs, lenses, and FPC, which stands for flexible printed circuit, and optical part, algorithm, and equipment. Modular extension-wise, we possess the advanced vertical integration capability in camera module, like pancake, LiDAR, AR projectors, and HUDs, and of course, as well as the TLens® and webcams. This kind of layout enable us to control everything from components to final modules, and is provide end customer with the efficient and stable vertically integrated solutions. Okay. So, in this slide, I'd like to give you a brief overview of the Q Tech Group. Q Tech Group is founded in June 2007 in Kunshan. Q Tech has grown very fast into the global leaders in optical and intelligent sensing solutions. In December 2014, the group was officially listed on the Hong Kong Stock Exchange market. Today, we operate with the global company of the over 10,000 employees in worldwide. Q Tech is engaged in three market segments, and they are smartphone, automotive, and AIoT. In smartphone sector, Q Tech provide the camera module and fingerprint recognition modules. In the automotive side, Q Tech delivers advanced sensing and perception hardware, such as the automotive camera module and LiDAR. Across the AIoT, the AR/VR and robotics market, which covers applications like smart glasses, drone handheld gimbals, Q Tech supplied critical vision and optical technology, including the RGBD, 3D sensing modules, pancake optics, waveguide optics, and AR projectors. So we call what set the Q Tech apart is its strong commitment to vertical integration. To build a strong technical ecosystem, the Q Tech invest a lot in several key components, and this include optical lenses, actuators, driver IC, FPC, and of course, the TLens® through the poLight and the algorithm and automated machinery. Through the continuous technology innovation and supply chain integration, Q Tech, we remain the dedication to smart devices and the strong commitment to the next-gen optics. Okay. This slide is to present the vertical organization and strategic layout of the Q Tech and the CK Group. Our overall business ecosystem is structured around the two main pillars. That is the Q Tech, which specializing in optical modules, and the CK Telecom, which focus on the device assembly, that is FATP. Through deep vertical integration, we are building a powerful market strength. First, look at the Q Tech module business segment. On the module side, our portfolio covers camera module, fingerprint module, and optical system modules. Beyond module manufacturing, we have also heavily invested in smart manufacturing and automation. This including the AOI inspection and industrial camera automated production line and the module automation equipment. These, all of the machine ensure the top-tier product quality and optimized production efficiency. Operation-wise, our day-to-day function are tightly integrated across the several part, which we are talking about, like R&D, manufacturing, quality, sales, and procurement. To build a strong advantage, the vertical integration of the core components is very crucial. In the lens sector, we hold a 41.8% stake in Newmax, that is a Taiwanese company. Of course, as a partnership with poLight for TLens®, we hold a 29.66% share up to date. For actuators, we incorporate with Actutek and Zhonghui. Zhonghui is 86% owned by Q Tech for OIS and the 14-zoom product, to form their very highly flexible component supply chain. Moving to the device business under CK Telecom, we have successfully expanded our footprint into the diverse cutting-edge application, including the whole system, like action camera, AR/VR devices, drone, and robot. In summary, by strategic investment in core components, driving efficient module and automation manufacturing at the mainstream, and scaling complete the device application downstream through CKT, Q Tech has established the very kind of the vertical integration ecosystem that will be the core driving force behind our continuous industrial leadership. Let's discuss the evolution of the market demand and the technical layout for XR applications. In the past, end user often faced the pain points such as the bulky devices and the disconnect between the virtual and reality. Therefore, the XR product are shifting towards five core transformation as below, they are moving from heavy to light. The Thick-to-Thin, Virtual-to-Reality, Still-to-Motion, and 2D-to-3D spatial computing. To fulfill these end user visions, we translate this demand further down to the module level. XR must feature compact size, a spatial computation capability, excellent and stable image quality, looking good in the slim ID, and of course, the low power consumption. Our module product portfolio covers the VST and the SWIS for video pass-through and gesture interaction, 6DoF spatial positioning, depth sensing, eye tracking, as well as the VR pancake lenses, and of course, AR eye engine. To support the high standard of these modules, the key components must meet extremely strict technical specifications. For lenses, requirement like including glass-plastic lens combinations, larger aperture, higher resolutions, and lightweight, good reliability, and compact size, and of course, the wide field of view. For actuator, they must be ensured that good reliability and low power consumption, lower temperature drift for high stabilities, fast focus, anti-shake, and autofocus, and image stabilizations. Finally, in summary, starting from the end user demand for the lightweight, low power consumption, Q Tech is turned downward into the mainstream modules and set precise and demanding technical specification for sensors, lenses, actuators, and display. This technology chain is our strong driving force to capture the business opportunity in the future. Then let's talk about the Q Tech's platform capability developed especially for the demand of the XR market. We have built the foundational XR ecosystem and spending from component innovation to system level solutions. This achieved end-to-end vertical integration and a complete technology stack. Behind this, the powerful platform, we have several key core technology we are talking about. The first, in the actuator domain, we hold a global IP leadership with over 2,000 patents. In computational optics and algorithm, we possess the imagery optimization capability along with the MGAA, which stands for Multi-Group Active Alignment technology support for group and 24 axis precision. For manufacturing and inspection, our AOI capabilities depend from the intelligent design all the way to the mass production. Of course, the module side packaging we are talking about, we feature industrial leading miniaturized packaging that is the MOC and MOB. Among these core technologies, again, the poLight technology stands out as a very critical highlight. Through our close partnership with poLight, our TLens® and TWedge technology from poLight play a very crucial role in the XR market, as you can see in the layout. This tunable optics technology delivers groundbreaking solutions for VST, which stands for Video See-Through, and SWIS and AR projectors in the XR applications. They fulfill the demanding requirement for ultra-fast focus, very low power consumption, and the package compact size, establishing themselves as the very key technology pillar to ensure and enhance the overall XR experience. This, my final page in my presentation. The final page is to talking about the poLight diverse application landscape and the future strategic focus for the TLens®. Looking at our application map, the TLens® demonstrate broad opportunity across multiple market, and they are like high-volume camera module in smartphone, barcode scanning, and machine vision with the autofocus in industrial visions, as well as the emerging healthcare and automotive opportunities. Among this rich market, the XR sector is no doubt our priority growth story and the core strategic focus. As market demand expand from the enterprise first and to next broader consumer user scenario, XR camera and optics engines are very well come at the powerful booming. According the market forecast from 2025 - 2028, all three core XR tracks are set for the remarkable growth. The first, we look at the AR projector. The market size will surge from 0.64 million unit in 2025 to 5.2 million unit in 2028, that representing a very massive expansion of around 6.6x. In terms of the MR camera module, shipment will grow from 6.1 million unit to 8.2 million unit, expanding about like 1.5x. The most amazing growth comes from the AR and AI glasses camera module, which will be embedded in the glasses, all the in glasses, which are projected to jump from 6.14 million unit to 30.4 million unit, achieving a very huge, the 4.1x market expansion. Again, why do we prioritize XR? The answer is very clear. The AR projectors and the glasses shows a very strong forecast expansion, while the MR camera module at the Saudi scale on the basis. We are precisely positioning the TLens® around the compact autofocus and optical performance for the next-gen XR devices. To deliver the superior lightweight autofocus, the TLens® perfectly match the strict demand of the XR devices for power consumption. This fast-growing market and user scenario represent the new opportunity for poLight to expand the business and drive the potential growth in the next many years. Okay, so that's kind of the cover of my presentation today. Thank you all again, and wish today's event a big successful. Thank you. Thanks so much to Chris. We could probably change this slide to the program, so that's what you see as a pause image instead. Although the outlook is quite positive. We just heard the industry perspective from Chris Liu, and how we fit into that industry. That's very interesting. We're now going to look a little further ahead at where display technology is going and some of the challenges that still need to be solved. For that, we have someone with a remarkable track record of turning advanced technology into real products. Ajit Ninan is a Silicon Valley technology leader and inventor with more than 400 patents. During his career at Dolby Laboratories and Meta, he has worked at the forefront of display technology, including playing an important role in the development of Dolby Vision and HDR technologies. He's also a fellow of SMPTE and the recipient of two Emmy Awards. Ajit has recently also become an advisor to poLight, which we are very happy about, and he has also recently joined the company PsiQuantum. His presentation today has the rather intriguing title, "Closer Than Ever, But Still Not Clear." I think that gives us some indication of where he is going. Please welcome Ajit Ninan. All right. Oh, I was told to stay at the podium. I'm a walker, so hopefully the camera can see me. All right, so I thought I'd start by giving you a little bit of background about me. I've been in the industry 20+ years, specifically talking about the imaging industry. Been longer than that in the technology industry. My background in imaging started all the way from MPEG-1 compression. That new technology back then was very compelling. Then went from there working in the imaging space doing perceptual video compression at Motorola, and then at Dolby, as you mentioned, I started the HDR program with some of my colleagues, and we made that into a product called Dolby Vision. Then from there, I've moved to Meta and multiple other companies. Today, I am here specifically as an advisor for poLight, and I am not part of any of these companies and do not represent any of these companies. What I want to talk about is the work that the industry has been doing in displays. If you have been following me, hopefully this presentation is not boring because this is the same presentation I have been doing for the past 10 years. But I have tuned it for poLight specifically. I am going to go into some detail, and I will do a review of my previous presentations since 2015. I am going to talk about wearable displays and why this is not the same displays that we have been talking about on 2D displays, right? I call this the far display or the remote display, and what we are doing now is we are wearing our displays, right? Those displays are on our head. In VR, it blocks the world, and in AR, it lets the world light go through. But something that makes wearable displays different is the fact that you can move your head. In the real world, when you see an object, the object is actually giving you multiple images. It is giving you two images to the two eyes that are different. You are actually seeing two different images. But on a TV, it is just a projection of that real-world object onto a flat plane. No matter how your head moves, you still see the same image. But with AR and VR and all these wearable displays, you actually can recreate those multiple images based on head movement, right? You can make it feel like those objects are in your space. This changes the story pretty significantly because that head movement also causes a lot of problems. Tying a wearable display and human perception becomes really critical. We have to address some of these human perception issues, right? When we were building 2D displays and when we started the high dynamic range program, we were looking at only a few axes of improvement in terms of image quality. I say that there is basically four axes: resolution, dynamic range, color gamut, and frame rate. We try to optimize this to the best we can, and we get the best image quality as long as you optimize on these axes. But now when you have a wearable display, this increases it to nine. Nine because it is easy for me to remember, because my last name is Ninan, so Ninan's nine. It is very easy to remember. But each one of these nine gives you these subcategories, right? For example, frame rate, you have a concept called persistence, judder, and flicker. Hopefully, I will explain a little bit about this. But stereo images have vertical disparity and accurate depth perception. But all of these interact with each other, and you get new features like world locking. All of these have all sorts of dependencies on each other. Frame rate has a dependency on resolution. I am going to try to show you that today. But, it just keeps going. These dependencies keep going and going and going, and that is because that is what your brain looks like, hence these connections. What I want to point out to you is that what you see of the world on your eyeball is actually not what you see and perceive. It is actually happening in your brain. I am going to give you this illustration that what the world is giving you in your eyeballs is not what your brain is seeing, because if you stare at that green dot and stare only at the green dot, what is weird is those yellow dots will appear and disappear. I promise you, there is nothing going on with that. It is all there. But the real world is one thing, but what your head perceives is another. Those yellow dots appearing and disappearing is your brain, right? So we have got to be careful of how we present content, but it is also an opportunity, because we can match what is happening on the display with the brain perfectly, then we do not have to send all the information. We can save power. We can do all sorts of crazy things, right? But it is not just the visual cortex that is interacting with your eyeballs, right? What is happening is you also have vision and touch, vision and your motor, the way you move around, and also vision and audio. So I am going to give you an illustration of how what we see and perceive is also affected by the audio as well. So here is a video of me, and hopefully it is self-explanatory. [Presentation] [Presentation] [Presentation] [Presentation] [Presentation] [Presentation] All right. I am very famous for that. So when you see me next, you can just say, "Ba, ba," to me, and I will know what you are talking about. All right. What could go wrong? All of these things are tied together. What I tell people is you have got to be careful of what you present to the eyes, because what can go wrong is you could get this, right? This is the worst situation. You do not want to go there. What we want to make sure is that we have some minimum thresholds that we have to make in terms of the image quality that you are presenting to the eyes in order to not get this. For example, in VR, we talk about never getting frame rates below 90 because it will cause motion sickness, right? At 60 frames per second, you are going to be sick, for sure. In the same way, there is a lot of things that need to get better, and what I say is there is a lot of standards for image quality, but there is very few standards for image comfort. I said no standards, there is actually few standards, right? I am going to focus on one specific aspect of these nine, and talk about where poLight can actually solve some very interesting problems for these nine, right? We have a set of products called headlock displays, where we are going to be wearing the display on our head, and when we move our head, there is going to be certain human perceptual things happening. One of the human perceptual things that happens is your brain wants to think the world, everything is locked in the world perfectly. What happens is when you move your head back and forth, your head is moving, but your brain tells your eyeballs to stabilize that image on your retina so it never moves off your retina. As you move, you can see it is always on the same portion of retina. It is like that chicken head, right? If you shake the chicken, the head just stays right there, right? It is fully stabilized. It is optically stabilizing. Your eyeball is constantly moving to stabilize the image on the retina. This causes a problem for wearable displays. What is it? Well, you have a wearable display that is stuck to your head. Your body moves, but your eyeballs still think it needs to stabilize the image on the retina. When it moves, it wants the image on the retina over here, but because the display has moved, it is actually projecting the image to the wrong part of the retina. This is going to create blur. It is retinal blur due to retinal slip. This problem makes you lose perceptual quality as you go. The way I talk about it is that we work so hard to make very high-resolution displays. There is all sorts of optical limitations and pixel size limits. In the microLED world, they are talking about PPD and making the pixels smaller and smaller, and then the waveguide thickness also affects the MTF. So many things, you just work, work, and you spend a ton of money, but then your head moves, and then it all goes down the drain, right? All your expensive display is completely worthless because you are operating down here. When you are walking or even just moving your head slightly, you get different amounts of blur. We want to push this in some way to preserve the quality of the image that you worked so hard on. poLight has TWedge®. This is the new product that is going to solve a lot of problems for display technology. What that does is basically, it can beam steer the image to the right part of the retina. Remember I said that the image moves with your head? We can actually steer the image onto the retina so it looks stabilized. Now that perceptual quality can be preserved. In order to explain this at a next deeper level, I am going to explain it in this concept of frame on time. When you are playing back an image, you have multiple frames, and each frame is on for a specific amount of time and off for a specific amount of time. In this image I am showing, the image is on for 5 milliseconds, and during that time of being on and your head moving, your head moves, but that on time is what is blurring the image on the retina because it is not moving to the new location. It is staying in the same place, and it is just moving with you, so it creates that blur. That blur is called persistence blur. Frame on time equals persistence blur in a traditional display. I could make that lower persistence, but it takes away from my brightness because the on time determines how bright something is, and in order to compete with the real world, you really need bright displays. Making it half the persistence brings back your perceptual resolution, but it drops your brightness, and so now you can not see it. This is a challenge in the industry, like, "How do I preserve brightness and preserve resolution and reduce perceptual blur?" That is where poLight's TWedge ® can play a significant role, and the idea is that you are constantly, during the frame on time, you are constantly stabilizing the image on the retina, and then that way, we have no persistence blur, and we get the full brightness. It is a huge win. I have been talking about it as though this display is a white-only display, but white is actually a mix of three colors, RGB. The frame on time is not just white on all the time. It is a mix of three different displays or three colors for different periods of time. As you can see, to make white, the blue is only a little amount of contribution to white, and the green is the most, and the red is second. What happens is when you are moving your head, the persistent motion blur is different as it paints on the retina. You will see three different colors blurring because you are not getting all three colors on top of each other, which causes differential color blur. Differential color blur is even more annoying because now not only are you seeing a blurred image, but you are seeing a blurred image with different colors. It becomes even harder to read. You can try and fix that by moving the colors inside of the frame on time to different locations. It looks a little better because it is centered, but it has color edges. So, this is going to be the other problem. You can try and sprinkle the light across the time. So, what this happens is it creates an artifact called dynamic false contouring. So, you will see this noisy-looking image, which is very annoying, but TWedge® is the opportunity to solve this because you are stabilizing the pixel on the retina constantly, so now you get content that can become readable, and it preserves that resolution that everybody is spending so much money on in order to make the high-quality display. So, what we have is we are able to preserve brightness, preserve resolution, eliminates the persistence blur, the differential color blur that I was talking about, that is gone as well, and then the PWM alignment where you can change the timing, so it does not matter how you present the content, and so that can simplify a lot of designs. And then, of course, this dynamic false contouring problem goes away. And it can reduce the interface bandwidth. What I mean by that is, because you are stabilizing the image, you do not have to increase the frame rate, because increasing frame rate means you got to If you want to shorten the persistence blur, you have to present more images faster, which means the GPU has to run faster, and the whole pipeline has to keep running, so this saves us on that too. And also, as I said, it reduces the image processing overhead because the GPU does not have to work so hard now, so you are getting a lot of benefit, which means that it is reducing the power as well. So, this is a key feature I wanted to bring up. There are multiple other things that I have not touched on, such as the dead pixel correction and the monolithic display solutions. There are so many different aspects that TWedge® can bring in. That is why it is so exciting. As Øyvind said, basically, "Hey, this is really promising." In the industry, everybody wants a solution for these problems. This is it, right? So, we are hoping that this product can really get out there and make a difference. There are other future ideas that hopefully we can bring to the market as well, but I want to give you an illustration of one idea, a future idea, which is this constant problem in the AR world called accommodation-vergence conflict, right? Or vergence-accommodation conflict, which is basically the way the human eye sees in the real world is if something is close, your eyes cross, and you see the object at that depth. Something is far, your eyes uncross and look far away, but that crossing is called vergence, right? And the vergence is directly coupled to where you focus. So, your eyeballs know how to focus based on how much it crosses. So, if it cross, it knows to increase the power so that you can verge and the focus is near, and if you are uncrossed, your focus is at infinity or far away, and so it knows your brain has always tied these two together. But the problem with AR/VR is that we have a display that is close to you. So what happens is the focus is near, and if the object is appearing near, it is okay, but the problem is if the object is supposed to appear far, or you put the focus far, then you have this vergence that is near and the focus is far. This disconnect is going to cause a problem in the brain, which gets uncomfortable over time. If somebody can solve this problem, it's a huge benefit to the industry, and I believe that these are opportunities for poLight to start looking at for the future. To conclude the presentation, this is the way I say the image quality really should only be staying in that, "Hey, I'm happy with my images," but should never be in the place where it's causing perceptual conflict and perceptual problems. Let's make our customers enjoy a pleasing experience, and I believe that poLight has an opportunity to play a big part of this. Thank you. Thank you, Ajit. Thank you. Fascinating to hear your talk. We're actually a bit ahead of schedule, so that means we have a bit more time for demos, and we'll post the broadcast, so you at home also can grab a coffee. We'll be back at Wait, when will we be back? 10:30 A.M. Yes, you'll get a post slide where it says, I think it's 10:30 A.M. Then we'll see you again then. Meanwhile, everyone in the room, please have some air and some coffee, and you at home, we'll see you soon. Okay, everyone. Welcome back. Welcome back to everyone in the audience. We've had some fresh air, which is good, and everyone's been enjoying the demos and discussions outside in the hall. I hope you at home have grabbed your coffee, and you're ready for the next session. Now, Ajit, he gave us the technologist view of what needs to happen for wearable displays to really succeed. The natural next question is then, how is that market actually developing? For that, I can think of few people better placed than Jean-Christophe Eloy. Jean-Christophe is a member of the poLight board. He is the founder and chairperson of Yole Group. He spent his entire career in the semiconductor industry, and through Yole, he has followed the development of semiconductor, photonics, and consumer technology markets for many years. We now move on from technology to the broader market picture, and importantly, where poLight may fit into that picture. So please welcome Jean-Christophe Eloy. Thank you for the introduction, and let's jump more on the market side and what is happening at the moment. So, just a short introduction and the context. There is multiple things that are now called wearable. In addition to the mobile phone, you can have a ring that is connected. Of course, you can have a watch, you can have glasses, and there is really an evolution with multiple systems, wearable systems that are connected to the mobile phone. The mobile phone stay the central piece of this communication because of the processing power, because this ability for communication with the 5G, but also with the ability to be able to handle multiple tasks in addition to just making calls. Among all these wearables, clearly the glasses are really the ones that are the most potential in term of development because it provides a better interface close to the eyes compared to the phone and the ability to develop multiple services around that, and we will see that later on. So, these smart glasses, AR applications, is really at the cross-section between, so, well, human-machine interface and, of course, eyewear. It's really about being able to have seamless interaction with AI, and the addition of AI in several years really bring new functions for the smart glasses in term of communication, providing, so, direct translation, providing images in order to understand better where you are, what's happening, and so on and so on. So, the glasses is a different interface in order to be able to have life experience and bringing additional functionalities through AI. There is also a style effect because it's something that is extremely visible in your face, of course. You have also to take into account all the eye care, and it's also why companies like EssilorLuxottica is involved on that market, because it's something that makes sense on the business side to be able to add to their eye care activity something that is more technical-oriented, and the partnership with Meta is also related to that. It's also a matter of performances behind that in order to provide enhanced visions on that. So, we are really at this intersection between systems, a wearable that brings knowledge, technology, new functionalities, and of course, eyewear that is part of that. I think more than 60% of the worldwide population has glasses because they need it, and so you need to integrate that. If you look at this augmented and mixed and virtual reality, just to give the background about the application. Virtual reality is really 100% image-generated with full immersion, and it is a fully enclosed head-mounted device with a very wide field of view. You have the mixed reality, which is more an overlays in term of complex virtual content into the real world. You have the audio AI glasses, which is no display, just audio, and this is the ability to be able to capture image through a camera, and with contextual AI, but through audio. You have the display glasses that emerged in the last years, which is providing simple information over the real world as a floating HUD, with limited interaction between the virtual objects and the user environment. You have full AR glasses, which are more binocular systems with Sorry, it is my phone that is ringing. Just kill it. Bad interaction. You have the full AR glasses, which is really providing a lot of more functionalities in order to have this world lock rendering. With the objective, with what we call the North Stars, is really to be able to have 3D displays, depth of focus, bring metaverse to AI, and really to have something which is totally mixing the world and the ability to see things into the world that is around you. You have really products across these different type of glasses, for different functionalities and different markets. It is really different type of products that are related to that. If we are looking at the different modality and the different phase of the development of that market, we have really the early stage of this market, so from 2013, 2023, where the glasses bring limited functionalities. It was more a hands-free phone in order to be able to make calls, to have some interaction with the external world. But it really, it was very poor ability in term of vision, and this hands-free computer was really a display to be able to integrate that near to your eyes, but functionalities were quite weak. We are ending the second phase, which is the AR is preliminary the endpoint, where AI is enabled as the first compelling applications in order to be able to have understanding of what you are seeing through your mobile phone and through AI, to be able to have direct translation, understand what is around you in term of building, for example, and so on and so on. What we are entering at the moment, which is starting with the new products that will arrive on the market in the next quarters, next years, and for the long term, is really this embodiment of AR and AI as really key evolution in order to be able to have near your eyes without many manipulation of your mobile phone, an ability to have a direct interface with the person you are talking to, with the world that is around you. The objective is really to be able to have a seamless, constant, unobstructive interaction with AI and with the world around you. All the developments are around that. What does it mean in term of electronic content, all these different parts of the glasses? You have, of course, a display engine with dedicated optics, and this is what Ajit Ninan presented earlier on, where the products of poLight are really key on that in order to enable the real way of working for these high-end applications. You have battery, you have speakers, you have connectivity, computer chips, and you have sensing. Multiple sensing devices, both CMOS image sensors, but also microphone, eye trackers, arm trackers, and so on and so on, in order to be able to understand the movement of the person, of course, but also to have an interaction between the person and the external world using CMOS image sensors. This is also where poLight is bringing this device in order to be able to allow better integration of such functionalities into the eyewear and into the glasses. If you look at the products that are available, there is really a trade-off between, well, having a light system, bulky systems, something that is audio-based only or very immersive, and you have multiple markets and applications around these different type of systems. The North Star being, well, fully immersive and light, which is not the case at the moment in term of product, but this is something where, well, all the different manufacturers are willing to go, and this is really the trends around that. What is happening is that along these different multiple products for professional use, prosumer, high-end systems, mid-end, low-end, you have multiple companies that are moving into that space. The Meta, EssilorLuxottica partnership has been extremely visible because of the communication, because all the developments and the investment of Meta around that. But you have tens of companies that are developing systems in China, outside China, including Google, including Apple, including in China, multiple companies that will go back on that, with a very diverse price range related to the system. So, below $200 to more than $2,000. Of course, the content and the electronic content is totally different, and the space and the place for adding functionalities is much higher with systems that are quite high in term of price, but you have really a range of application, a range of systems that are available now for the public, with features that are starting, like always, more in high-end systems and then going down into the scale of the products in order to reach much larger market. This is also a vision about an industry that is moving on, that is developing step by step multiple functionalities from the high end and going step by step to more mass market. If you look Well, thank you. Thanks. If you look at this smart eyewear segmentation, you have the audio only, which is significant part of the market. I will present you that later on. You have this AR entry level, you have the AR mid, and you have the AR high-end, which is still under development. Most of the products are, of course, audio only or AR entry level and AR mid-market. But you have really a diversified application. You have not only one application, you have diversified applications, and you have multiple system makers. You have several in Europe with EssilorLuxottica, Kering. You have multiples in U.S., so Meta, Google, Apple. You have Vuzix, you have smaller companies that are developing things, and you have huge number of systems that are developed in China, including XREAL, Huawei, Xiaomi, but also including ByteDance, Tencent, and so on and so on. The number of players is really super important. We are talking about tens and tens of companies, and companies that are making their own developments. An important point behind that, if you look at the Chinese domestic ecosystem, I will not go through all of that, but if you look at the different OEMs, they have different modalities as your audio with display, but all of them have been able to develop their own supply chain in China. This part is super important because most of the supply chain are now based in China in order to make the assembly, of course, but also for the different subsystems related to the glasses. The U.S. makers, so Meta and the others, are also relying, most of them, related to a Chinese supply chain. China is really at the heart of this development, both as a market, because all these Chinese brands are developing a lot of new systems and very innovative in the way they process their new product development, but also in term of where the things are manufactured. If you look at the market trends, looking at Western way of doing the business compared to Chinese market evolution. Looking on the West part, it is really dominated by few players. I was mentioning Meta, Google, Apple, and a few others. It is really pushed by marketing and very strong marketing. So, typically, Meta has really done that with the partnership with EssilorLuxottica, but also by their own. Compared to China, where you have multiples, tens of different developers of these systems and manufacturers of these systems. I will not name all these companies, but some of them are very known, Xiaomi, ByteDance, and so on. Some others are more not known outside of China, but the market is very significant here. You have below that very important supply chain related to the manufacturing of the devices, but also the modules, the displays, and so on and so on, and the assembly and the engineering around that. Okay? There is no competition to poLight in China, but the supply chain here is important and able to integrate the products that poLight is producing. There is also a very significant funding in China related to that type of systems. It is considered that very important to develop that, and there is an incentive from the government, both in term of funding, in term of capital funding, but also R&D incentives to be able to develop that. The different companies, here I take only the U.S. ones, so Google, Apple, Meta, have multiple partners in term of productions. It is complex systems, so there is no company that is doing everything internally, and they have all multiple partners around that, with especially strong development related to the optical part, the display part, the optical parts, of course, and also the sensing part. This is really the three heart of these systems. If you look at the technology trends, it is becoming more and more complex in term of technology. Here, I have taken only the sensing part, but it is exactly the same for the display as presented by Ajit. There is a complexity because of the functionalities you want to integrate into the glasses, first point. There is a complexity because of this human interaction with the display. It is super complex because it is not only the eyes, it is the brain, it is your environment, everything is moving, and you have to integrate that in order to have glasses that are doing what they need to be done. You have movement toward complex CMOS image sensor, so it is not simple camera module. That is why the poLight products make sense. In the same way for the display, you have really multiple evolution of the display in order to be able to have integration of the image generated by your mobile phone and the external world, and so on and so on. The technical trends behind that are very, very important. Of course, poLight is part of that. I will not go through the presentation of the products of poLight because you will do that, so it is not important. What is very key is that there is a complexity that is increasing related to systems, and complexity means more functionalities related to optics, CMOS image sensor, and display, and poLight is really part of that. Another point which is very important. If you look at here, this is the cost structure of the different type of display. Starting from the left, you have the audio only, the AR entry, AR mid, and the AR high-end. This is the cost structure, it is not the price. If you look at the cost structure for the different parts of it, I will not go into the details of that, but the most important cost part is really clearly related to the display and the optics. And the sensor parts. We are talking about hundreds of dollars of cost related to that, and even more than that if you are looking at the AR high-end applications. There is very significant spending that is done to bring functionalities to the displays because you need it. It is not a simple thing. It is really complex systems, and complexity means cost, and the cost is here and supporting the development of the industry. If you take a mobile phone, the bill of materials of mobile phone is between, well, for the high-end mobile phone, between $1,000-$1,200. We are talking exactly the same things for that kind of glasses. It's expensive to buy, it's expensive to sell, but like always, for the mobile phone, you are starting with high-end features and the volumes go up, so the price of the device go down, so it go to more volumes, and you are creating an ecosystem of affordable functionalities step by step by investing in innovation. Looking at the Well, in the same way, I will not spend time on that. Looking at the technology evolution, you have a lot of technical developments and step-by-step results happening with these technical developments with products that are released on that. This is the good news. There is multiple new systems that will be available end of this year, beginning of next year, end of 2027, beginning of 2028, that are integrating step by step the new functionalities, which is providing more attractiveness to these products and, in fact, driving the growth of the market. If you are looking at the growth of the market in term of, here it's millions of units, we have included both the bulky parts, the audio only, and the AR without, well, making the distinction between high-end, lower-end AR applications. But we are targeting next year to have roughly 30 million units. The segment that is growing the fastest is the AR market segment because of these functionalities that are driving the adoption of this market. We are talking about only for AR, 30 million minimum units for 2031. These are AR systems, so this is millions of glasses. If you are talking about display, you have to multiply by two. If you are talking about cameras, you have to multiply by five to six, and so on and so on. So you have multiple functionalities, including optical functionalities, that are driving that market and driven by that market. This is where poLight is playing in term of the way the company can develop itself. I think this is the end of my time, so, and it will be the end of my presentation. Thank you, Jean-Christophe. Sorry. So, we have now heard about the technology challenges and about the XR and the wearables markets, and how it's developing. Let's bring that discussion closer to poLight, and in particular to the opportunities we are seeing for tunable optics. Jon Edwards is our Vice President of Business Development. Come in. He's an electronic engineer with around 30 years of experience building businesses and partnerships around the disruptive optical and optomechanical technologies, particularly in high-volume consumer markets. Quite a good fit, Jon. Jon spends a great deal of his time at the intersection between technology, customers, and new applications, which makes him very well-placed to talk about where tunable optics could take us next. Please welcome Jon Edwards. Thank you, Joakim, for giving me the opportunity to talk about what is absolutely one of my favorite topics, our technology and how it's going to revolutionize the industry that we're all working in. When I was asked to do this talk, there's so much that I could talk about, and I even said, "Well, you need to keep it to 20 minutes." So I had to be very selective. I'm going to touch on many of the things that Jean-Christophe just spoke about, and I'm going to touch on some of the things that Ajit touched on. I hope I can do them justice. Ajit's presentation was fantastic. So we're going to mainly be focusing today on XR and smart glasses or wearables, depending how you want to define it. We're going to talk about TLens® and how that can be used to enhance focusing in those devices. We're going to talk about why focusing is needed in the first place. And we're going to talk about TWedge® for displays in those applications. But first of all, I want you to take a step back and just remind ourselves of what the poLight technology is and how it works. So we have this technology platform that we've developed. There's three main elements to that platform. There's optical membranes and windows. Typically, these are glasses in different types of formats. There's an optical polymer, which is both literally and figuratively at the heart of everything we do, because it's right at the center of our components, and we are acting upon that with systems. And then the things that we use to influence all of that, to do the tuning in tunable optics, is piezo actuation and the precision control of that piezo actuation. So that exists both in our mechanical designs and the electronics that we've developed to enable us to have very precise, accurate control of those piezos. Combined those things form a platform with which we can make products. TLens®, the product you see on the right there, that's already mass production. You see some devices outside that include TLens®, and I even showed a slide earlier on showing all of the customers we're allowed to talk about. So it's an established technology. The way that works is the piezo is in the form of something called a thin film, PZT, which, as its name implies, is a very thin layer of piezoactive material that's deposited on the glass. We do that in a wafer process, and Marianne will explain to you exactly how that's done. And by actuating or activating that material, we can then change the shape of the glass onto which it's deposited. So in TLens®, we activate that material. We take that glass from flat or slightly concave to convex and describe a spherical shape on it as we deform it in two dimensions. And in optics, when you have a surface that is curved or spherical in shape, that produces optical power. So that produces diopters of power, and that's used to do focusing. The polymer simply passively follows the shape that we describe with those membranes. It provides the difference to air, which allows the device to function, and the shape is controlled by the piezo actuation. TWedge is based on the same platform. It operates in a similar but different way. Instead of using the piezos to change the shape of a surface or change the shape of a window, we keep that window flat, but we displace it in space relative to another window. So what that does is we form a wedge, and you see in this figure here on the left, where we can control the angle of that wedge. And optically, when light passes through that wedge, it's then deviated by an angle. It's steered, which is why we talk about beam steering technologies. So this is the products of which we offer and offer to the market. No technology is perfect, and if I told you that we had the perfect technology for every application and every use case, then quite rightly, you wouldn't believe me. But there are areas where we are extremely strong. There are other players in tunable optics, and we cooperate. We exist quite friendly with those other players in tunable optics. And the feature set of our technology means that Can you still hear me? Yeah. Yeah. Okay. The feature set of our technology gives it strengths in some particular areas, in some particular markets. We talk a lot about XR, and Jean-Christophe just explained why that's such an interesting market. But from a technology point of view, if we look at the features that really matter for the smart glasses and the wearables market, where they really care about size because they've got such small form factors, they really care about power consumption. Speed is important, and reliability. Reliability not just in how long something lasts and its resistance to breaking, but reliability in it performing well across different environments, different orientations, different temperatures. These are all the things they care about, and this is where the poLight technology excels. This is where we really, really show what we can do, which is why this technology essentially sells itself in many of these applications. In smart glasses, we have applications in cameras. There may be more than one camera. There may be multiple cameras in these smart glasses devices. That can be the, we call the SWIS. You see outside our SWIS, see what I see camera designs. Quite often, the camera is also the input to an AI, and I will touch on that in a few slides. There are also displays in many of these glasses, so TWedge® is focused at the display applications. As Jean-Christophe mentioned, there might be two displays because you have one per eye. That is an opportunity for two TWedges®. You could have TLens® in the camera as well, so there you have got three devices, maybe more, all from poLight. We have been operating in this market, the smart glasses and XR market, so we have six design wins in that now, coming from the Magic Leap device in 2022, which was our first foray into that market. You see some others there. There are also two that are not named that we are not allowed to say the name of, but it is not particularly difficult to work out on Google who that is. Outside, you will see SnkeXR Headset, which is the most recent design win that we have got. It is a very specialized headset. It is optimized very much for in-surgical use, for in operating theaters, but it is using exactly the same technologies as all these other design wins that we have in smart glasses as well. Over approximately the same period, we have been developing TWedge®. TWedge® is not mass production yet. It is a technology development of which we are sharing with customers. We have been doing that since 2021, actually, first products in 2022 for the samples that we were sharing with customers, and we are now in our fifth generation of those parts. An obvious question is, if we have been doing this for so long, what is different now? Why is the market suddenly so much more interesting? Because those of you that have been following this market will remember that in June 2012, Google first launched the Google Glass product. They were selling that to Glass Explorers at the time. 10 years ago, Mark Zuckerberg called smart glasses the future of VR/AR, although he did at the time caution that it would take some time to get there. You see other things as well. Meta have sold across the VR devices, across the Quest series, and across the early Ray-Bans. You see tens of millions of these devices. Through the first Ray-Ban devices that the public first saw with the Ray-Ban Meta One. These have had sold lots of devices and have had a very healthy impact on their partner, EssilorLuxottica's share price. You see just how that market has really driven that share price. This slide that I am showing just here, actually, that is from one of Bernard Kress's presentations. I am not sure if any of you are familiar with Bernard Kress, but he is a guy at Google. He does something called Fireside Chats. There was one just yesterday afternoon. If you are interested in this market, it is well worth looking at those. I would encourage you to go and look at them. There's a great overview of many of the things we touch on and why these technologies and how the market is developing. Then you see what other companies are doing. So Samsung with their developments, working with Google and their eyewear brands, and Google working with XREAL and Project Aura, really driving these devices forward. Jean-Christophe mentioned in one of his slide, Jason Hartlove, and the work he's been doing to try and convince us all to get displays at $100. That's a slide from one of Jason's presentations down there as well. All of these things are setting the scene for a market for these smart glasses. The reason it's growing just now, and the reason why this is an inflection point in the volume, is that AI application. It's what Jean-Christophe touched on. AI is the killer application that turns these from a technical novelty into smart glasses that you and I might want to wear and be seen outside with, and actually providing useful functionality. We talk about, in the industry, multimodal agentic AI, and I even made sure that I was going to not use too many big words. Let me break that down a little bit. Multimodal essentially means an artificial intelligence, an AI, that takes its input from everything in your environment. It sees what you can see, it hears what you can hear, it's got other sensors that detects where you are and the environment that you're in. Using all of those inputs, it forms an opinion, it forms an understanding of the situation you're in and how it can help you in those situations. Agentic just basically means that it acts like an agent. You can pass tasks to an agent. You can say to the AI, "I'm here at the Capital Markets Day at poLight, I want to go for lunch. Can you book me a table at a nearby restaurant?" From that understanding of your situation and your environment, it knows where you are, and you can pass off these tasks to it. That's what we mean by that. To get there, that slide on the bottom right there, that's from one of Google's slides, "What if my AI had eyes?" That's essentially what we're about at poLight, is bringing eyes and vision to your AI and allowing it to do those sorts of things. To get there, the technology is not straightforward. The devices, as Jean-Christophe mentioned, we're not at that North Star point. We're not at the perfect devices yet. Many of the reasons that we're not there yet is because the hardware isn't available, the technology is not quite ready, and these are things that we want to work on. Cameras need to be more than just hyperfocal. They need to have autofocus. Ajit talked about what head-locked imaging and world-locked imaging means, and how world-locking really makes a difference. These are areas that we work on with TWedge®, because people move their heads surprisingly fast and far, and these are things that don't impact other displays, don't impact your TV at home, but do impact a head-mounted display. To get to the next generation device that people want, we need input that sees at least as good as you can see, and can interact in the world in the same way that you can interact with. When I say sees at least as good as you can see, in our interaction with it, when we see things in the world, very little of what we see is actually happening in your eye. A lot of it is just being filled in by your brain, round about. The very center of your vision, the foveal region of your macula, you have very high resolution and you have color. Everything else that you perceive as the world round about you is actually filled in by your brain, making a best estimate of what it thinks based on how it knows the world is. We cope with that, so we can move that fovea around a bit. When I am talking here and I am looking around, I move my eyes. I move my eyes consciously, because I want to look at different parts of the room, and I move my eyes subconsciously in something called saccades, which is a way your brain uses movement in your eye to build up higher resolution of the world. None of that is possible for the cameras in the smart glasses, because they are fixed and they do not move. They do not have the ability to move around within your field of view the way that we move our eyes. That means that they cannot have foveated imaging like we do in our normal eyes, where they just have high resolution in the center. They need to be able to see across that entire range, and that is quite a difficult challenge to achieve. There is somebody called Hermann Snellen, who calculated the resolution of the human eye back in 1850, has been approximately 60 PPD in the middle. That is a measure of acuity, of how much you can see in the center of your eye. If you want to have that same resolution across the whole field of view, because your camera cannot move, you do the math, that essentially means that you have about 5,000 pixels across the image horizontally, which equates to approximately a 20-megapixel image sensor, which, by coincidence, is what we have in that SnkeXR headset outside, and also some of the other designs that we do. There is a lot of evidence that that is where we need to be. But is that enough? Do we want to be just as good as human eyes, or do we want to be better? We talk a lot about what we are enabling with these functionalities. If we have an AI, I want it to be better than I am. It is helping me. It is an assistant. It should not be limited by what Jon does. It should be, it can do the best it can. Potentially, we want even better than human vision, better than 20/20 or 60 PPD. But to do that is not an easy challenge in cameras, because all of the physics that go into making a camera fight against this. You cannot have cameras that are both smaller and lighter to deliver the form factors that Jean-Christophe told us the OEMs want, and at the same time deliver the functionality that Ajit Ninan tells us that we want to be able to see the world and perceive the world. That is a fundamental physical problem, and autofocus is a big part of the solution to that, delivering smaller, lighter cameras that still have that ability to see the world. Because seeing the world is that input. As well as seeing the world, it is also displays, what we are doing in displays. Displays are one of the things that are going to set the new generation of smart glasses aside from what we have seen before. This guy, Bertold Hamm, I was in Eindhoven a couple of weeks back, and he was saying there that the display really is what gives the glasses superpowers. It is what gives you, allows that AI to interact with you in a way that you are doing things that you could not do without the AI. Bernard Kress, I mentioned earlier on, Director of Google XR, he says that the combination of world-locking imagery and AI is what makes magic, what makes the magic happen in these AR glasses. Presenting a display gives it another layer, another depth of interaction into the smart glasses and how they are working with you. I said earlier on, humans move their heads very fast and very far, and this causes challenges. Ajit did a great job of explaining those. I am glad I do not have to follow your talk and have to do that as well. The chart that we see on the top right is a visualization of some of the things Ajit was talking about color separation. If you have a display that is mounted to your head and you are moving your head, but the colors are not all projected at the same time because you are generating a colored image, not just projecting all the light at the same time, then they separate as you move your eye, move your head, and you move your eye. With TWedge®, we can recombine those. In camera, it is the same thing. As you are moving your head round about, if you have got a camera mounted to your head, you are going to get blur as that moves round about. TWedge® can solve these same problems, because what we are doing is, as you have the device on your head, your brain, as Ajit explained to us, has evolved in a world where things stay stationary. As you move your head in one direction, your eye moves in the other. As it does that, if the display is kept here, then you smear information across the retina. You no longer have a sharp image, but you have a blurred image, and that reduces the detail that you can see in it. We talk a lot about Snellen lines, which is a good way of how you a measure of how much information you can perceive in an image. These all exist in a multidimensional space where you are trying to optimize the brightness of the display, so you are trying to keep the display on for as long as possible to make it bright and be able to compete with the sunlight. You have then got the persistence as well, so that gives you exactly the opposite influence. You want to make the frame times as fast as possible and keep the display on times as short as possible. That is a conflicting in requirements. Then you have other features within that as well, frame rate. If you move the frame rate higher, it increases the power in the GPU. There is a multidimensional space that the OEMs are trying to solve, then they are telling us, "Well, TWedge® is a solution to very many of these challenges that we face in displays." The TWedge® product, I touched upon it earlier on, this is a visualization of what we think the mass production part is going to be like. We have shipped five generations, TS5, of our TWedge® samples and sold these at really quite interesting prices to many OEMs. Pierre is going to tell you in his presentation about how we move from those 5 generations of TWedge® into a part that can be scalable to the ultra-high volumes, and the market that Jean-Christophe told us we need to get to. Just to give you an indication of what that looks like, this is from some demos that we have in our lab. On the left-hand side there, you see what the display would look like without the TWedge®. You see in the top, a microLED. You can see the individual pixels. If you look very closely, you can see variation from pixel to pixel. It is difficult to read that text. On the right-hand side, you see what happens when we turn TWedge® on. The text becomes much more readable. The display becomes much more pleasing. We remove many of the artifacts that were objectionable to the viewer looking at that. I am going to finish here. Just to recap, as Jean-Christophe told us, smart glasses are finally becoming a mainstream consumer item that you and I might wear all day, every day. Displays and autofocus cameras are in demand and are needed for the best experiences. poLight have a technology that allows us to deliver and improve the perception and the functionality and the performance of those devices, both display and camera. Then outside, we can show you some demos of that. Thank you. Thank you, Jon. That concludes our section between the intermission and the lunch. For everyone here, we have a lunch that is waiting for you. For everyone at home, I hope you also grab some lunch. You need that blood sugar for the next two sessions are going to be very exciting to listen to, so you need to stay sharp. We will be back at 12:00 P.M. For everyone in the room, we had so many demos to show you that we used too many tables. Lunch is served two places. It is both in the hall, but also in the meeting room. So that everyone does not collide into each other, I think it is good that maybe some take lunch early, some take lunch late. Just look at how that flow goes. Welcome back. I hope everyone has managed to get their blood sugar up and are ready for the next two talks. Before lunch, Jon took us through some of the applications and commercial opportunities that tunable optics can open up. Of course, those opportunities depend on having the technology to deliver them. So, for our next to last presentation, we turn to the poLight technology personified. Pierre Craen is Chief Technology Officer at poLight, has extensive experience in optomechanical systems engineering, and before joining poLight, he managed product development teams at Varioptic, Barco, and Motorola Symbol. Pierre and his team are working not only on the technology we have today, but also on what tunable optics can become in the future. So, to take us into that future and show us how new tunable optics technologies can shape the next chapter for poLight, please welcome Pierre Craen. Thank you, Joakim. I will also try to stay steady. I will try to give a glimpse of what we have been working on in the past years. On the left side of that, you can see that the concept that I believe we're going to go to. I don't want to repeat all the things that has been done, but tunable optics can do many things, focusing, tilting, steering. Obviously, you know the product now, at least the concept. We will, and we continue to work on many, many bricks that needs to be developed for enlarging the family of our product. The TLens®, of course, is one. Bigger TLens®, that has been also and still a very important aspect of what we should go for, because today, TLens® like to go very small, but we would like to go bigger. For example, the optical zoom is like the holy grail for an optical engineer to design and to do, and tunable optics is, if you could do that with tunable optics, that would be very, very important and very interesting. But that's still far away. I've started at Varioptic 20 years ago, working on a zoom project with liquid lens, and today, still there is nothing on the market. So, it's there. It's important to keep that as a horizon and target, but that's really difficult to achieve. We have been working on TWedge®. There are many different concepts on TWedge®. We can combine it with prism, with reflectors. We can combine it with autofocus. But we also have been working on new material, because things are evolving. The world wants to get more green, which is super good, of course, and we need to also take that into account. We have been working on new optical material also to enlarge the capability of the tunable optics application. Since the last time we have met, two years ago, we have been also working a lot with the ecosystem. When we talk about TLens®, it is only a component among the many other components. We have been working, for example, on several designs, which of camera and lenses, which has been, of course, important for the market that we are addressing. The SWIS, for example, that is one example of lens design. I hope that it is not too techy, but if you look at the second element of that cross-section, which is a bit square, it is a TLens®. Optically speaking, it is like a window, but it is making the focusing. To enable that capability to make those camera modules, you need to find a way to put the TLens® in between those lens stack. We have been working hard with, of course, a couple of handful of customers to develop those camera modules. That is another example of lens design, where again, the TLens® is in the middle. It is a third component for a VST camera, video see-through camera for those XR headsets, for example. Looks nice, looks easy, but we had really to work with the ecosystem and the main supplier, the camera module makers, to make it happening, because those are meant to go for big volume. When you do a lens like that, where you have two group of lens, those lens needs to be aligned with sub-micron accuracy, and we coming, putting, inserting a TLens® in between, which does not help to reach that easily. We have put a lot of effort, and we have spent a lot of effort with a couple of handful of major camera module makers to make it happen, so that they are basically ready to really start to produce those type of camera modules that you have seen as a demo also, the SWIS and the VST. You have seen those two camera there. That was extremely important and still very important for us to make sure that the ecosystem can adapt and integrate our TLens® in a good manner. It took some effort from us to get there, but I must say that we have achieved to do that, and now we have at least three or four major camera module makers which can basically design and work, and they have developed the complete process and the machinery for making those camera with the right accuracy and the right throughput also. That is very important, of course, also. That has been a couple of years of effort. I think that now everybody is ready there. We can go. Another very important aspect of the TLens® is the material and the lead-free. That is something that we have been starting to work a couple of years ago. We felt that it was important for us to look for new material to replace the nice PZT material, which is probably the best piezo material in the world that has been discovered in the 1950s, and in the 1960s, the first application came. That has been a material which has been the best. That is the king of the piezo material. That is what we are using today on the TLens®. We had a goal to remove the lead completely, and we had to find the replacement for that material. On the right side, you can see on the graph, there is a red line on the vertical direction, vertical axis. You can basically think about the way the device is bending, in a way. It is not exactly that, but I want to simplify that. That has been taken from a scientific article which has been published in 2020, 2019 by a scientist, a German scientist. He was comparing the PZT with other material, and in particular, the material that we strongly believe in, that we are working on today, is the aluminum scandium nitride. When you look at the graph and the red curve, when you change the voltage to plus/minus, you see that basically the piezo material is bending in the same direction, and you see that there is a little bit of hysteresis. The way up and the way down is not exactly on the same path. That is something that we have dealt with today with the current product. The black line, for example, or the green line, is aluminum scandium nitride, where you see that you can bend in both directions by changing the polarity. It is much less strong than the piezo, the PZT, but still, by combining the bipolarity effect on the material and by finding a solution where we stack two materials with the right orientation, we managed to, we believe, and we are working also on a driver which can deliver 100 volt instead of 50 volt. We believe that we are going to be able to replace the PZT material with that new material. That is something that we are working extremely intensively. While we are developing that new material, we also want to improve other performance of the TLens®. On the right side of the slide, you see one of the first working samples of that new material on 50 volts. You see that the range is in the range of nine diopter, and with 100 volt available, we are going to probably go to 12 diopter, which is more or less similar to what we have today with the PZT, where wavefront error is perfect. What we wanted to do also is to make sure that that component, which is really an optical component, is reaching the top-level performance of any lens that are used in those systems. We are also, and we have been working on improving the anti-reflective coatings that we need to put on both sides of the lens to make sure that you do not have bad image or ghost image on your image. Like when you use your iPhone, sometimes you have that red spot, which is the sun. It is definitely those type of reflection that people wants to avoid. And for that, you need to put a super good anti-reflective coating. You see that on the graph, left bottom, it is showing the improvement on the anti-reflective coating. So, we have improved that by 3x - 5 x, the anti-reflective coating, which is really good. And we want also to make sure that around the aperture, you see on the left side something with no black coating, but when you put those device into the lens stack, you also need to make sure that the surrounding area of your aperture, where the light is going through, is very black. So, it is reducing a lot the flare and artifact that you may generate by putting that component in the system. So, we have also, and we are working also on developing a new driver family, which will support both TWedge ® and the TLens®. It is amazing to see that out of a 1-millimeter square device, you can extract 100 volt. And we have, of course, pushed to the next level of power consumption. So, we really want to make it super low power consumption. So, we are targeting below 1 milliwatt. And we will have, most likely, two drivers, one dedicated for the TLens® and the other one for the TWedge®. What we have been working on also is, as I said, we have worked on bigger aperture concept. We have definitely found and filed patent on those concept. We have proven that it is working. We have architecture which can work. Or you compress, that is the left bottom side of the solution, where you use always piezo actuators. You can compress and create a relatively big aperture tunable optics, or you go on the contracting a little bit to mimic the human eye, the muscles of the human eye. That ring is a piezo ring, where you apply voltage, it is contracting and bending the membrane and creating the focusing. So, we have been working on that, but we have hit a major challenge, which is optical quality. So, we decided to park that one for the time being and wait a little bit, because finding those glass membrane with or material, transparent material membrane today is extremely difficult to get. But I am sure that someone, and we will find one day a way to get there. So, when you see the requirement on the waveguide which are coming, I believe that the industry is definitely working on the flatness of those membrane, and we will take advantage of that when it is ready. The other very, I would say, easy and natural way to go is to basically scale up the current MEMS structure that we have, and that is something that we are also working on. We could potentially compensate, and by coupling two of those TLens® together with bigger aperture, we could still reach a good useful aperture and a good optical power range. So that is something that we have been working on, but today, our main focus is really to find a new material and really implement that new material stack and architecture in the TLens® first, and then we will have plenty of things to do, if we want to make it bigger or smaller. Next, the TWedge®. I do not need to go through the complete, again, explanation of why and how, but the focus of the team has been definitely to make evolving the concept TS1 to the TS5. Today, we are at TS5, and the focus has been to, of course, improve the performance, improve the manufacturability, but also working hard on trying to minimize the size of that device while keeping as big as possible useful aperture. That is something that we are looking forward to push to the next step. That will be also a focus for the R&D team in the coming quarters and years. You see a couple of. Those are basically the 3D of the TS5 that has been used so far, and the TWedge, the one which is the smallest one, is the one that we are still working. We will start to work on it actively very soon when we have customer commitment there. Then, obviously, when we develop those new functionality, TWedge®, for example, we always need to think about what is next, and it is good to develop processes which will enable you to be relatively flexible to adapt your product to new requirement. That is exactly what we have tried to do also with the new concept of TWedge®, where in a way, we want to keep the possibility to replace one of the window by a TLens®. We could combine and really make an OIS or a stabilization or beam steering on top of a focusing, which will be quite interesting. We start to see some traction on that. That could be used for cameras, but that could be used also for display in the future, and that can be used in add-on or add-in solution. That is something that we are contemplating, of course, and keeping in mind when we are developing the current TWedge ® functionality. Okay. When it comes to the IP, of course, extremely important for us to make sure that we are well protected. In 2024, we had 22 worldwide granted patent family. Today, 25. It is not many more, but it takes time to get grant on the family of patent. What is really interesting to see is that now we have 20 pending application. I must say that we have relatively good track record because between the filing and the grant, we have about 80% success. Meaning that those 20 application which are pending today and we are working on today, 80% hopefully will be, or more. We, of course, will do our best to make everything, to take as much as possible of patent. But those will secure the protection of the future application. Those patent, the new patent application are on the TWedge®, but also on the TLens® and future TLens® structures. That has been key for us because some of the old patent are getting old, and it was important to really act to secure the protection of poLight. We keep the strategy of there are always three solution possibilities to protect yourself, is we continue to apply for patent, of course, but sometimes we want to keep processes and recipe secret, so that is something that we do also. And another really important aspect of poLight being small is that we need to make sure that we are securing the freedom to operate for our customers. Because obviously, there are big guys which have a lot of big teams that can work on patent, and our duty is definitely to make sure that what we're proposing around the TLens® is not protected by someone else so that customer, at the end of the day, any customer could use our technology. So that has been also a battle for us, and we continue to really work hard on that to secure as much as possible. We do publication, we do many things to try to minimize the risk to have someone which is blocking customers of poLight using TLens®, tunable optics. I just want to finish my speech with the main takeaway. I believe that we are developing definitely, we have developed a really strong foundation and unique and very well-protected platform so that we will continue to innovate in the future. We'll continue to improve the functionality, the performance, and today, where the needs of compactness, the low power consumption, and the speed matters, we are probably the best technology. We will, of course, try to work hard in the future to move a little bit on the bigger size, but still today, the compactness and the small size seems to be a nice future for poLight and, yeah, that's where I can finish my speech. Thanks so much, Pierre. Yeah. Great. Okay, so now we have spent the day looking forward. We're looking at markets, applications, customers, and just now with Pierre, the technology that can enable the next generation of opportunities. There is one final piece to the puzzle. If those opportunities materialize, we have to be ready to deliver. That brings us very naturally to our final speaker, Marianne Sandal, Chief Operating Officer at poLight. Marianne is a highly experienced operations executive with a background from telecommunications at Nera and road user charging at Q-Free. She has spent more than 20 years with responsibility for worldwide operations. So, it is very appropriate that Marianne closes the presentations today by addressing a simple but extremely important question: Are we ready for growth? Let's hear it from you, Marianne. Thank you, Joakim. Today, you heard about market opportunities, technology, product platforms, and now it is all about when this materialize, can we deliver? My answer is yes, and I will talk you through why I believe so and what we have built during the last couple of years. Let me start with the operational strategy. Our strategy is a combination of strategic outsourcing and in-core, in-house focus. When it comes to the manufacturing, we teamed up with MEMS fabrication partners, high-volume assembly partners also. While we are focusing on the polymer, we are doing in-house. We have the expertise in-house, but we also do the manufacturing. I will get back to that. At our headquarter in Tønsberg, we have a quite decent lab, and in this lab, we also been allowed to replicate the manufacturing line so that we can do process development, process transfer, and troubleshooting on an efficient manner. From this lab in Tønsberg, we also deliver prototyping, and we also do low-volume sample manufacturing. Another area that is very important for poLight is test and final test development and data analytic. We have worked together with a manufacturing partner in Korea to develop a final test platform. This is quite specialized test equipment combining advanced optical and electrical testing. Today, poLight consign this test equipment to our manufacturing partners. Each TLens®, we gathered several hundred test measurements, and for us, it is super important to analyze this so that we enable that we can spot trends early, that we can detect potential issues before they escalate, and that we can work on continuous improvements on quality and manufacturing performance. When it comes to organization, as Øyvind said in the beginning of today, it has been important for us to build local resources close to our manufacturing partners. In the Philippines now, we have a team of 13 people. This is people specialized in assembly, in test, in optics, and supply chain management. We also decided to hire quite some IT resources there that is helping us on the structure of the data management. We also have quite some present close to our customer, in particular in China, where we have the biggest setup. We are now close to eight to nine people, and we also decided to invest in a lab so that we can, in a more efficient manner, support our customer. Also, the majority of our deliveries we do through a distribution partner. Typically, as Øyvind also said, that we interface with the OEM. We negotiate prices with the OEM, then the OEM is the one dictating the camera module maker. The camera module maker is typical the one placing the purchase order with our distributor, and then we will receive the PO under terms and conditions already agreed, while the distributor will manage the logistics, the delivery flow, and the cash collection. This slide here shows the global supply chain and manufacturing network. Looking at the top here, you will see, as we talked about, it is the polymer, it is the gel. This is being shipped to our manufacturing partner. The same happened with the Piezo MEMS wafers. Then we will do assembly and test, and the product is ready for the distributor to pick up and then ship to the camera module maker. When it comes to the polymer, we decided that we will keep the manufacturing of this in-house. The reason so is we do not want to share the recipe with anyone, and it is easy to scale. A couple of kilos of polymer equals to about a couple million TLens®. We will test 100% all critical parameters before we ship the polymer to our manufacturing partner. The MEMS wafers is manufactured by a semiconductor partner in Europe, and this is a high-volume fab, implying that they want high volume. Today, we have one assembly partner that is in mass production, but we currently are about to qualify the second one, which is in China. I will get back to that. We are 100% in delivery from our Philippines site, and within next year, first half, we believe we will also have a second assembly partner up running. The IC driver is delivered from a foundry in Germany, again, high-volume fab, and the packaging, the test and test is happening in China. Okay. Then a little bit about capacity. What installed capacity do poLight have as of today? What is important for you to pay attention to this slide is the test capacity. If we look at the TP, that is what I call Tung-Sing, that is our MP line, we currently have a test capacity about 500,000 pieces per month. In the beginning of this year, we decided that we would invest in one more set of test equipment. That equipment has recently passed factory acceptance test in Korea and is now ongoing site acceptance test in Tønsberg. This means within the beginning of next year, we will have a capacity in the Philippines of testing around 1 million TLens®. This is what is important because this is somehow the bottleneck in our ramp. That is our test equipment. When it comes to the assembly equipment that we uses, that is typical standard semiconductor assembly equipment. That means that our assembly partner already have this equipment available, Datacon, ASAC machine, et cetera. All this equipment is available, but we will need to book it in advance from our assembly partner. Again, the long lead item in the infrastructure here is the test equipment. As I said, we are currently in the process of qualifying a second line. This TLens® line is at Q Tech in China. We have also there consigned a test equipment, so the test capacity there also around 500K. This is a little bit depending on the specification of the customer. Also, as per today, what we have requested is a assembly capacity around 200K. Before we move on, we have prepared a small video. I thought it would be nicer for you to get some glimpse from the manufacturing and also the operation team in action. We have recorded a small video that I will be happy to share with you. [Presentation] [Presentation] [Presentation] [Presentation] [Presentation] I hope you like that one. Let me say a little bit about the production performance, the readiness. We have established a line in the Philippines. It is an MP. We are about to do a dual source in China. We have manufactured close to 3 million TLens®, and we have shipped to customer, both in the consumer and in the industrial market. As of today, we test 100% functional testing of each TLens®. There is full traceability of each TLens® from the wafers all the way through the manufacturing to the tray being delivered to the customer. As of today, very few customer returns or complaints. We have for a long time, and will continue, work on continuously yield improvement. What we have seen when we really stressed our line is that we believe we will meet the targeted yield. It is a data-driven process, control, and monitoring, as you have seen, and we have built a dedicated operation and quality team with experience. We are supporting multiple qualification and ramp activities. There is no doubt that working closely with particularly the tier one OEMs and camera module integrators are highly demanding on us. There are regular audits, there are qualification reviews, and customer engagement continuously pushing us to improve and operate at the highest standards. We have, as I said, invested in installed test capacity ahead of customer ramps. For each of the tier one typical customer, we are establishing a ramp plan in particular for them that are being reviewed by the customer, and we also taken the action that we have built an inventory of MEMS wafer. As you might know, the MEMS wafer is the longest lead time in the supply chain, and we currently have the inventory at our manufacturing partner equal to several million TLens®. This enables us to operate with competitive delivery schedule to our customer. Let me get to the final question. Are we ready to grow? Are we ready for the growth? We believe the answer is yes. That is not because we believe the work is done, far from, but it is because we, over many years now, have built the foundation to support the future growth. We have built million of TLens®. We have, together with partners, built manufacturing lines and supply chain. The TLens® is a sophisticated optical device, and delivering millions of units with consistent performance requires precision, discipline, and continuous improvement. I can tell you, it has been extraordinary efforts. There has been frustration, there has been long hours, there has been problem-solving, and focus on improvement. But along, we have learned. We have learned tremendous amount, and all this learning is embedded now in our organization, which enables us to move on and take on the new problems coming along. There will be new problems coming along. As we grow, new challenges arise, and we know that the higher and higher the volumes grow, the more every detail will count. Small improvements in the process, quality yield, is becoming increasingly important. But again, over years, we have built experience, a team, partnership. We have learned how to solve problems, adapt, and continuously improve. We believe the foundation is in place. Thank you. Thank you, Marianne. What a great answer to that question. Yes. Were you surprised? I was not surprised. I hope nobody was. We have a very qualified team working on this. You can stay here, and all the speakers that have today, if can please come up, and then we have allowed for a Q&A. To lead that Q&A is our own rock star. Øyvind. Yes. You can just hand this mic to whoever you want to answer the question. Yeah. We have opened for questions from the audience. I have a microphone for anyone daring. Any questions? Or are you completely exhausted and ready for Friday? Somebody has to ask. Many, many, many times I have been saying in a quarterly presentation that it cannot be more questions. There are so many questions asked, and we are trying to answer them as good as we can. I will be relatively happy at least if there is one question today. No question. Yeah, okay. Here we go. You have delivered 2.5 million lenses? Manufactured. Manufactured? Yeah. Or even more than that. Manufactured, I guess, yeah. Last year, how many lenses have you manufactured and delivered? Marianne, would you like to answer that? You have to be a little bit cryptical because these are smart questions. Yeah As smart people. Not everything is expected to be. You need to have a No, you have a microphone, yeah. Yeah. I do not think I will give you the exact quantity. I think I would answer it like this. This year, we have increased more or less third time compared to what we did last year. Three times, yeah. Yeah. Then I'm a little bit in doubt what I can say about volumes here. Yeah. No, that's fine. You're way off. Yeah. But I think what's very positive is that last year, it was really a stop-and-go operation. What we see now is at least there is more a continuous loading, which is very positive for the yield improvement, et cetera. Mm-hmm. Yeah, and that's exactly that. When we say that we do also risk produce, we do produce also to work on improvement processes, and that's the only way we can document that we are ready. Any other questions? Yeah, Torbjørn. Thank you very much. Thank you for all the presentations. Just wonder how you get the necessary skills to expand and to work on your products. Also, are you able to afford the workforce that you need to actually deliver? I think it's quite interesting for all here in how you actually do the- Yeah the economics of this. Yeah, good question. I think I will start answering that. It's a very good question. It's a very good question, and I think I mentioned a little bit about this yesterday. Finding the right people is extremely difficult. Actually, if I'm to be criticized for something, and probably many things, one thing I can be criticized for is that we have not been able to ramp the organization fast enough. Of course, it's a balance between spending money and finding people, but definitely today, we feel that we are very constrained when it comes to resources, which is also imply that we need to be very, very focused. We are using our network. We have a big network. All of us has been in the industry for many, many, many years. So we're using actively the network. Like this Ted, come. This great, intelligent guy is Ted. We stole him from Huawei. Of course, that small company. Before that, he was working for us, designing the first add-in lenses, together with his colleague, Vadim, who is now our company in Finland. We used only 3 years to tease them to come to poLight, and he had to go to Huawei first. So, that's one way of doing it. We use our network. Another way of Just be here. Another way of doing it is that we have an international headhunter, because we really difficult to find the people in Norway. So we are using an extremely efficient headhunter. He actually based in Birmingham, I think. He is extremely efficient, and he screened kind of all LinkedIn base, basically. He contacted a lot of people with the right profile, from the right background, interviewing hundreds of people, and some of them ending up in this team, and always in the end, ending up on my desk to qualify check. We are using a lot of resources to find the right people, but it is difficult, and it is very difficult to find them in Norway. Network and headhunters. It is a good question also, how can we finance this ramp of the organization? I guess the right word is shareholder money at the moment, because we are living on shareholder money. That is why it is so important to have loyal shareholders. It has been expensive. We are spending a lot of money, as you can see from the financial results, and that is basically how we finance it. Of course, that cannot continue. Sooner or later, we need to be cash positive and generate our own money. It is a balancing act. Damn if you do, and damn if you do not. If you do not dare to invest in the organization now, we are not able to capitalize on the opportunities. The board instruction to the management is move on. [Non-English content]. That is really, really important that we have that backing from the board, that this is an investment we have to take to capitalize opportunity. I hope you see during this day, during the quarterly presentation, that there is enormous business opportunities for poLight, not only for TLens®, but also for TWedge®. It would be really wrong towards employees and shareholders not to take that investment now. Now is time for invest to take those opportunities. A long answer, Torbjørn, but I think, hope it answered your question partly at least. Any other questions? Rickard? We can always depend on Rickard. Yeah. Thank you. I have a technical question about the lead-free TLens®. when you are changing the materials from PZT to something else, you said that it is possible to bend it both ways. Is this something you are exploring today? Pierre? Absolutely. Is it working? Yeah. Yeah. Yes, that is what we do. We really That is one of the chance in a way somehow, because it is relatively bad piezo material, but because of the fact that it can bend in both direction, we can really use that for matching the performance with that structure that we have shown, with double layer, probably even more later, to really get more force. That is again the chance to go bigger or to go smaller or to get more performance. Yeah. I would say that we are also counting a lot on our network of partner, because without them, it would be also impossible to move. It is not only internal resources that we are using a lot, but we are using also a lot of partner. Very important partner for us, which we are developing along those years, which are key for us. Thank you, Pierre. Time for another one or two. Okay. Hey, Gunnar. Gunnar. Yes. The timeframe regarding lead-free TLens®. Is it possible to give one? Yes and no. Repeat the question, just so that everyone is across. Yeah. Gunnar is asking for the timeframe for when we will release lead-free TLens®. We are now in the development phase, internally and together with a partner in Asia, Singapore. We will probably defer the minimum kind of value, what's it called? MVP. Minimum viable product. Yes, exactly. Thank you, Joakim. It's maybe finalized in the lab, which is not only a lab, it's a lab and a fab actually, maybe mid next year. After that, there is a process of starting a mass transfer to mass production, so that we hopefully, we can start to see some risk production coming out in the mid 2028, end of 2028, around there. But of course, this is R&D. R&D is unpredictable. Yes, it is actually. But so far, it's been going well, and Pierre have shown you already some results, which is promising. But things may happen which also can shift that time schedule. But that's what we target. Was that correct? Yeah. We are now at Pareto. Can you say how many analysts are following the company? Joakim, would you answer that? I can answer that. At the moment, we have I think Pareto should listen to that question. There is one analyst that follows the company, and that is a commissioned research called Analyst Group. They release updates every quarter and with substantial news. Of course, we hope that as we grow and as the interest around the company, as the revenue becomes even more visible, that there will be other banks also taking up analysts. Any more questions? Okay. Let us not force you to stay here for so many more minutes. I just want to maybe conclude the day by, first of all, saying thank you to all of you participating in live. Also, thanks to those following us on the webcast. I do not know how many, but I would expect there is much more than is here today. We are around 75 or 80 or something in the room, which is fantastic for a small, poLight company, having such a big attendance in the Capital Market Day. Thanks a lot for that. It really makes a difference. As I said in the beginning, the interest we see from shareholders is directly impacting our motivation in a positive way. All the questions, all the knowledge which is kind of in that kind of investor forum is such impressive. When we talk to other kind of management teams in other listed companies, they are really, really looking at us, and, "How is it possible that you have so many following you so closely?" I do not know, but it is. It is a pleasure for us to have that attention from you, all of you. So thank you for that. Also, thank you to the team. Thank you specifically to the two externals, Ajit Ninan and Jean-Christophe, which is kind of half external. He is a board member. We have managed to convince Ajit to be our advisor. What we did not manage to do yesterday will be managed tomorrow due to Ajit. So thank you so much for coming from a long way, from U.S. and from Lyon, Jean-Christophe. We are very much appreciated. Thanks to my world-class team. They are world-class. I have been working with these guys for so many years. My under 25 years, Pierre, 12 years. You started in COVID. I did. Joakim, not so long. Two years. But very intense two years. Ted, how long? Half a year. Half a year. Anyway, thank you to all of you. Great presentations. I hope you liked it, and have a nice weekend when it comes. Thank you.