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Third quarter 2026 - Earnings presentation Third quarter 2026Earnings presentation29 October 2026
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2 Third quarter 2026 - Earnings presentation This presentation (the "Presentation") has been produced by poLight ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain information which the Company has deemed relevant in accessible format. This Presentation is not intended to contain an exhaustive overview of the Company's present or future financial condition and there are several other facts and circumstances relevant to the Company and its present and future financial condition that have not been included in this Presentation. This Presentation may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without prior written consent of the Company.This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates or intends to operate. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", “expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual results. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.By reviewing this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial reports of the Company and the disclosures therein. The distribution of this Presentation in certain jurisdictions may be restricted by law. Persons in possession of this Presentation are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Presentation in any country or jurisdiction where specific action for that purpose is required.No shares or other securities are being offered pursuant to this Presentation. This Presentation does not constitute an offer to sell or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of an offer to buy or subscribe for, any shares or other securities in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.By reviewing this Presentation you agree to be bound by the foregoing limitations.This Presentation speaks as of 29 October 2026. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation shall be governed by Norwegian law, and any disputes relating to hereto are subject to the sole and exclusive jurisdiction of Norwegian courts, with Vestfold District Court as legal venue. Disclaimer
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3 Third quarter 2026 - Earnings presentation Today's agenda •Key events •Introduction to poLight•Markets review•Financial review•Outlook•Q&A Presenting Joakim Hines BredahlChief Financial OfficerMr Bredahl’s career started in entrepreneurship, followed by an eight-year stint at Verdane Capital Advisors and nine years in Nordea in different customer-facing roles. Joakim Hines Bredahl has a BA (Hons) in Finance and Marketing from Strathclyde Business School. Dr Øyvind IsaksenChief Executive OfficerDr Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in Applied Physics.
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4 Third quarter 2026 - Earnings presentation •A third follow-on TLens® purchase order, with a total value of approximately NOK 0.8 million, was received in connection with the same AR|MR customer as announced on 7 April and 20 May 2026 (10 July 2026).•poLight now considers the customer case described above to be a design-in.•Follow-on purchase order for TWedge® Wobulation Technology Technical Samples for AR|MR Use from a Leading Consumer OEM worth approximately NOK 1.2 million (21 September 2026).•Repeat order for barcode application worth approximate NOK 0.6 million (22 September 2026).•Design-in related to the first industrial humanoid application. A smaller initial purchase order received (24 September 2026).Post Q3•One new consumer AR|MR case is now defined as design-in; and•a TLens® follow-on purchase order worth approximately NOK 0.5 million for material to be used for final qualification was received by our distributor recently. Key events in the quarter
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5 Third quarter 2026 - Earnings presentation •Founded in 2005 and listed on Oslo Stock Exchange (PLT)•Norway headquarters with employees in Finland, France, UK, US, China, Taiwan and the Philippines•Growing worldwide patent and trademark portfolio Speed Extremely low power consumption Small real estate Consumer use casesUnique technology platformGlobal Player AR/MR Devices Wearables Smartphone, Webcam, Laptop Barcode Mixed Reality Machine Vision Focused on growth Enterprise use cases
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6 Third quarter 2026 - Earnings presentation Principle of operation TLens® : Smallest, Lowest Power and Fastest From Gel > MEMS Wafer > TLens® > Camera module > OEM Camera Module Partners OEM´s Driver ASIC Bare TLens® Packaged TLens® HQ > MEMS Fab > Assembly partner > Module integrator > Assembly partner/ OEM ImplementationPiezo MEMS filmGlass membranePolymerGlass window
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7 Third quarter 2026 - Earnings presentation Targeting Momentum Markets – Supporting Emerging Use Cases Consumer Consumers demand better imaging on all devicesAR|MRLeading position in AF design wins IndustrialSmaller, better scan engines expand uses Machine VisionAI-based imaging driving manufacturing Momentum Markets Automotive Driver-based imaging growingHealthcare Expanding research + in vivo applications Emerging Use Cases
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8 Third quarter 2026 - Earnings presentation Smartwatch x 2 UC W20HD Webcam EX 302D Barcode Scan EngineMEIZU 20 INFINITYSelfie Camera Multi-Focus MIPI Module AW300DPAW550 x 9 Mini2P2-photon miniscope Mini2P Turnkey Solution Magic Leap 2Enterprise MRWorld-facing Camera LEION Pro Enterprise AR World-facing Camera High End MR HMDWorld-facing CameraUnnamedCustomer VUZIX Shield®Enterprise AR2x World-facing Cameras AR|MR AR smart glasses and MR display use cases demand AFConsumerEvolving consumer devices require ultra-small, ultra-fast, low-power cameras Industrial/Machine Vision/ BarcodeAI-driven uses require flexible, highly-functional imaging HealthcareResearch uses expands to multiple applications Mini2P Turnkey Solution Mini2P Turnkey Solution Assembly LineUnnamed Customer x 2 x 2 x 5 T1Pro, K3Pro, T3Pro, T5, K8Pro x 2 SnkeXRAR headset purpose-built for medical applications Industrial endoscope x 4 Optical cage x 2 SEBI RT1000 Wavefront Sensor Assembly LineUnnamed Customer x 2 44 Customer design-wins Drive momentum30 Industrial + 4 healthcare + 4 consumer + 6 AR/MR
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Third quarter 2026 - Earnings presentation Markets review
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10 Third quarter 2026 - Earnings presentation Update on Consumer - TLens® •Activity in the quarter related mainly to AR|MR, and other wearables/laptop.•TLens® is being evaluated and tested by several important AR|MR market players.•Some of the TLens® cases becoming increasingly mature.•Ongoing public debate in some jurisdictions has also addressed concerns about privacy and visual data processing.•During the quarter, three strategically important TLens® purchase orders were received.•On 10 July, poLight announced a third mass production purchase order for a consumer AR|MR device, which now is classified as a design-in. •This product may be launched to market in the relatively near future.•In addition, two OEMs each placed smaller purchase orders, worth approximately NOK 0.5 million, in support of two maturing PoCs.•The first cameras for the project announced 13 October 2025 were finalised and shipped to customer end of the quarter.•Initial testing showed results in line with expectations.•Post quarter;•One new consumer AR|MR case is now defined as design-in•and a TLens® follow-on purchase order worth approximately NOK 0.5 million for material to be used for final qualification has been received by our distributor recently.
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11 Third quarter 2026 - Earnings presentation Update on Consumer - TWedge® - Interest continues•Major consumer AR|MR OEMs are continuing to test the prototypes for various applications. •Building appetite and gathering market intelligence by selling technical samples.•In the third quarter, additional purchase orders worth approximately NOK 1.4 million were received, up from NOK 0.5 million previous quarter.•Post-quarter, the company was informed that a consumer OEM is processing a follow-on purchase order for TWedge® samples worth approximately NOK 1 million.•Through extensive sampling over the past year, poLight has established good market appetite and understanding for various use cases, and related specification.•Aim to initiate the next development phase.•Discussions to secure NRE funding for product development ongoing.•Dialogue with one particular customer made progress during the quarter. Design-winDesign-inCompleted PoCOngoing PoCPlanning PoC4 (4)0 (0)44 (43)4 (4)1 (2) Table above does not include AR|MR market
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12 Third quarter 2026 - Earnings presentation Status on consumer (including AR|MR consumer) POC = Proof of Concept, including TWedge® (PoCs (seven) and planned PoCs (one))Numbers in () represent last quarter 4 (4)Design-win Design-in PoC Planning PoC 4 14 19 1 laptop laptop laptoplaptopaccessory laptop wearable 1 (1) 23 (23) 15 (19) accessory
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13 Third quarter 2026 - Earnings presentation •The enterprise cases today represent a relatively low volume.•Exposure important for penetrating and building trust in the ongoing consumer cases being explored.•Expected that the volume in enterprise market also will increase as technology and applications mature.•A smaller purchase order related to the announced (31 October 2025) SNKE design-win was received during the quarter. AR|MR Leading position in design wins Enterprise AR|MR
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14 Third quarter 2026 - Earnings presentation 24 Design-win Design-in PoC Planning PoC POC = Proof of Concept. Overview includes TWedge® (seven PoCs and one planned PoCs)Numbers in () represent last quarterC = Consumer 19 C C C C C C C C14 Status on AR|MR 6 (6) 1 (1) 20 (20) 15 (18) C 1 1 C
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15 Third quarter 2026 - Earnings presentation •The barcode-related order intake in the quarter was approximately NOK 0.8 million compared to approximately NOK 1.5 million in the previous quarter. •The purchase orders are a mix of existing customers already in mass production and new customers in a PoC and design-in stage.•The first design-in for an industrial humanoid application was achieved during the quarter.•The iris related design-in and one PoC have been removed due to a lack of progress over several quarters.•As for MLens®, some smaller sample purchase orders were received.•In the barcode/machine vision market, seven companies represent 26 design-wins, of which 21 products are still shipping. Update on Barcode/Industrial Design-winDesign-inCompleted PoCOngoing PoCPlanning PoC30 (30)4 (4)54 (54)9 (10)24 (20)poLight at Automate in Chicago
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16 Third quarter 2026 - Earnings presentation Design-win Status on Barcode/Industrial Design-in PoC Planning PoC 15 Other Other 59 SI SI SI other other other 3 311 e.scope 4 30 (30) 4 (4) 10 (9) 17 (24) 5
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17 Third quarter 2026 - Earnings presentation •Continues to support selected opportunities in the healthcare market segment.•Partnership with the Kavli Institute at the Norwegian University of Science and Technology (NTNU) has led to three commercial companies now offering turn-key Mini2P solution.•During the quarter an existing Mini2P customer has designed a standard TLens® into a new system, Mini1P , (1P means one photon). This case is listed as a design-in under healthcare.•Furthermore, a new potential customer in the same segment placed a smaller purchase order during the quarter.•poLight is also engaged in some commercial endoscope cases.•Do not foresee any commercial breakthrough for this application in the short/medium term.•Although, preparation for a potential development of a new endoscope by a commercial company has matured during the quarter, while another company is in the early stages. Update on Healthcare 4 design-win, 0 design-in, 16 PoCs ongoing and 2 planning PoC4 design-win, 1 design-in, 4 PoCs ongoing and 3 planning PoC
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18 Third quarter 2026 - Earnings presentation 0 design-win, 0 design-in, 0 PoCs ongoing and 0 (2) planning PoC •There was no activity related to Automotive during the third quarter, and two Planning PoCs were removed.•Going forward, this market segment may have a need for autofocus technology, and TLens® is one of the solutions being evaluated.•The market is potentially significant but will most likely require a new revision of TLens®. Update on Automotive
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19 Third quarter 2026 - Earnings presentation Pipeline update per end Q3-26Design-winDesign-inCompleted PoCOngoing PoCPlanning PoC Consumer4 (4)0 (0)44 (43**)4 (4)1 (2)Augmented|Mixed Reality(AR|MR) 6 (6)1 (1)37 (32)20 (20)15 (18) Industrial 30 (30)4 (4)56 (54)10 (9)17 (24)Other (healthcare, automotive)4 (4)1 (0)21 (20)4* (5)3 (4) 44 (44)6 (5)158 (149**)38* (38)36 (48)Number in () represents last quarter * Healthcare : Removed all (9) university related ongoing PoC activities from the overview ** Completed PoC under Consumer was reported wrongly last quarter. 49 instead of 43
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20 Third quarter 2026 - Earnings presentation poLight PoC pipeline & design-in/win development * Medical/Healthcare : Removed all (9) university related ongoing PoC activities from the overview # Design-in/win# Planning PoC,PoC,Completed PoC
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Third quarter 2026 - Earnings presentation Financial Review
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22 Third quarter 2026 - Earnings presentation Key financials •Revenue reflects sales of TLens® and materials to customer development projects of NOK 4.9 million•EBITDA loss of NOK 28.9 million vs. loss of NOK 29.1 million in Q3 2025 •NOK 1.0 million lower contribution from gross margin•OPEX lower by NOK 1.2 million, mainly due to NOK 4.0 million lower share option plan expense in Q3 2026. •Adjusting for share option plan expenses and the related employer’s NICs, EBITDA loss Q3 2026 was NOK 23.4 million, NOK 1.6 million higher than Q3 2025 •Cash position of NOK 224.6 million, compared with NOK 284.0 million at year-end 2025•Intangible assets written down to zero over time•Inventory of NOK 45.1 million compared with NOK 53.5 million at 31.12.2025•The inventory decreased by NOK 1.9 million during the quarter due to - cost of goods sold (NOK 2.1 million); - increased provision for obsolescence (NOK 1.2 million); and + inventory increase due to assembly (NOK 1.4 million) (in NOK million)Q3 2026Q3 2025FY 2025Revenue 4.95.020.5Change in obsolescence provision-1.2-0.9-8.0Cost of goods sold-2.1-1.4-3.5Gross margin1.62.69.0Research and development expenses-11.4-12.3-49.1Sales and marketing expenses-5.9-5.1-20.1Operational / supply chain expenses-7.6-6.5-28.5Administrative expenses-5.7-7.7-27.9EBITDA -28.9-29.1-116.5 (in NOK million)30.09.202630.09.202531.12.2025Intangible assets0.04.93.0Inventories45.154.853.5Cash and cash equivalents224.6298.2284.0Total equity272.0367.1339.2Total current liabilities32.113.623.6Total equity and liabilities313.4390.1372.8 Balance sheet summaryIncome statement
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23 Third quarter 2026 - Earnings presentation Cash Flow•Q3 2026 net decrease in cash was NOK 19.2 million•Q3 2025 net increase in cash was NOK 25.1 million •Q3 cash used in operating activities was NOK 22.3 million, NOK 0.3 million more than in Q3 2025•On top level very similar cash outflow for operating activities, however;•Working capital increase NOK 6.0 million higher than in Q3 2025•Adjustment factors to account for non-cash items NOK 6.7 million higher than in Q3 2025•CAPEX during the quarter was NOK 2.5 million, related to investments into new test equipment and upgraded HQ lab equipment•Cash inflow of NOK 5.8 million after a share issue made to facilitate share option exercise. 243.7 224.6-22.3-2.55.8-0.2 Cash atperiod startOperatingactivitiesInvestingactivitiesFinancingactivitiesFX effectsCash atperiod end (NOK million) Q3 2026 cash flow development
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Third quarter 2026 - Earnings presentation Outlook
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25 Third quarter 2026 - Earnings presentation Outlook •poLight’s outlook remains positive.•Particularly within the AR|MR segment, where several TLens® consumer PoCs are maturing.•Two cases are now regarded as a design-ins, and one is expected to be released in the relatively near future – major milestone !•Autofocus capability appears to be on the roadmap for several AR|MR players.•Interest in TWedge® remains strong.•A small number OEMs are testing and qualifying TWedge® for potential use in future AR|MR display solutions.•The target remains to bring this technology to market in close cooperation with selected OEMs, and to secure NRE funding and income from selling samples.•To fully capture the opportunities in poLight’s expanding landscape, it will be essential to continue investing in customer engagement and support, innovation, strategic partnerships and organisational development.
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Third quarter 2026 - Earnings presentation Q&ANEXT EVENT;•Capital Market Day 2026 30 October 2026•Q4 presentation 24 February 2027
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Third quarter 2026 - Earnings presentation Appendix
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Third quarter 2026 - Earnings presentation Richard Fan - Board member, Q TechRichard Fan has been Executive Director of Q Tech (2020) and member of the Q Tech Risk Management Committee (2014), with primary responsibility for financial management, securities affairs and risk control. Prior to Q Tech, he was assistant to the CFO of Shenzhen CK and Heyuan CK, primarily responsible for legal compliance matters and risk control. He also held various positions in the Bank of China, Heyuan branch, last serving as GM of Heyuan High-tech Zone sub-branch of Bank of China and vice GM of the corporate department of Heyuan branch of Bank of China, where he was primarily responsible for granting credit facilities, risk management and international settlement. He holds a Bachelor in Management of South China University of Technology. Jean-Christophe Eloy - Board member, independentJean-Christophe Eloy is the founder and chairperson of Yole Group. Yole Group is specialised in the semiconductor industry and providing marketing, technology and strategy consulting, reverse engineering and reverse costing in addition to corporate finance services. Mr. Eloy has spent his entire career in the semiconductor industry, starting at semiconductor applied R&D organisation CEA/LETI as marketing manager and then creating the semiconductor practice at Ernst & Young. He is a member of the board of directors of Silmach, Nexdot and Solnil. Mr. Eloy is a graduate from EM Lyon Business School, France and from engineering school INPG-ENSERG, France. Board Members Chris Liu - Board member, Q TechChris Liu is a highly experienced professional with over 15 years expertise in camera module products and 8 years in opto-mechanical products. He has since Oct 2021 been serving as the Senior Director and General Manager of the IoT Business Unit at Q Tech. Prior to this, he held various key positions in Liteon Technology. With his extensive technical and managerial experience, he has demonstrated strong leadership, innovation and expertise in advancing IoT and camera module technologies in global markets. Mr Liu holds a MSc in Electrical and Control Engineering and a BSc in Power Mechanical Engineering, both from National Tsing Hua University, Taiwan. Svenn-Tore Larsen - Board member, independentSvenn-Tore Larsen served in Nordic Semiconductor as Chief Executive Officer from February 2002 until December 2023 and subsequently as Chairperson of the board of directors. Mr Larsen has broad international experience in the semiconductor business, previously as a director for the Nordic Region of Xilinx Inc. He has also been working at Philips Semiconductor. Mr Larsen is an Electronic Engineer from the University of Strathclyde, UK. Grethe Viksaas – Board Chairperson, independentGrethe Viksaas has had a long career in the Northern European managed service provider Basefarm AS. First as founder and CEO, and later as executive chair and member of the board of directors. Prior to Basefarm, Ms Viksaas served as CEO for SOL System AS and held several management positions in IT companies. She has experience from numerous board positions, including Telenor ASA. She is currently chair of the boards of Farmforce AS, Norkart AS and Skygard AS and a board member of Link Mobility Group Holding ASA and CatalystONE Solutions Holding AS. Ms Viksaas has a Master’s degree in Computer Science from the University of Oslo. Marianne Bøe - Board member, independentMarianne Bøe serves as Senior Portfolio Manager, Growth Portfolio at Hafslund. Prior to this, she served as Head of Investor Relations at IDEX Biometrics since January 2020, has held various senior asset management positions, and has been a portfolio manager for more than 20 years. She has broad and extensive experience from investing in globally listed companies, with a special focus on the technology sector. Ms Bøe holds a Master of Science degree in Economics and Business Administration from Norwegian School of Economics (NHH) and has completed the Advanced Portfolio Management Program arranged by NFF (Norsk Finansanalytiker-forening). Cathrine Wiig Ore – Board member, independentCathrine Wiig Ore has a diverse professional background in various legal roles across Norway. With over a decade of experience as a lawyer, including Attorney-at-Law at Advokatfirmaet Thommessen AS and as in-house counsel at Telenor ASA and Ice Group ASA. Additionally, she has held positions as a senior advisor in the Norwegian Ministry of Trade, Industries and Fisheries, CEO in Stress Holding and interim COO in RSM Norge. Through these roles she has gained extensive experience IN M&A, capital markets, strategy and business development, risk and compliance, organisational development and corporate governance. Ms Ore holds a Master of Law from the University of Oslo
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29 Third quarter 2026 - Earnings presentation Management Pierre CraenChief Technology OfficerCraen is a senior executive with more than 30 years’ experience in opto-mechanical systems engineering. Prior to joining poLight, he managed product development teams at Varioptic, Barco and Motorola/Symbol. Mr Craen holds an MSc in Optical Engineering from Sup-Optic, as well as an MSc in Applied Physics. Marianne SandalChief Operating OfficerSandal is a senior executive with background from Tele-communications (Nera) and Road User Charging (Q-Free). She holds a BSc in Mechanical Engineering in addition to courses from Norwegian School of Management (BI). She has been responsible for worldwide operations for more than 20 years. Joakim Hines BredahlChief Financial OfficerBredahl is a senior executive with a background from various aspects of financing through entrepreneurship, venture capital (Verdane Capital Advisors) and banking (Nordea). He has a BA (Hons) in Finance and Marketing from Strathclyde Business School. Dr Øyvind IsaksenChief Executive OfficerDr Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in Applied Physics.
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30 Third quarter 2026 - Earnings presentation Statement of incomeNOK 000 NoteQ3 2026Q3 2025YTD 2026YTD 2025FY 2025 Sale of goods 4,859 4,99817,48611,57119,370 Rendering of services 0 0 7,946 264 1,114 Revenue 4,859 4,99825,43211,83520,484 Cost of goods sold -2,068-1,444-6,790 -2,584-3,504 Change in obsolescence provision -1,173 -911-4,700 -5,540-8,013 Gross profit 1,618 2,64313,942 3,7128,967 Research and development expenses net of governmental grants 6,9-11,442-12,343-32,784-34,453-49,070 Sales and markeEng expenses -5,867-5,122-20,578-14,768-20,092 OperaEonal / supply chain expenses -7,553-6,542-25,346-19,214-28,472 AdministraEve expenses -5,667-7,696-19,011-19,036-27,855 OperaAng result before depreciaAon and amorAsaAon (EBITDA) -28,911-29,060-83,777-83,760-116,522 DepreciaEon and amorEsaEon 8 -979 -2,655-5,967 -7,990-10,628 OperaAng result (EBIT) -29,890-31,715-89,744-91,749-127,150 Net financial items 7 1,727 3,3186,767 6,3739,096 Loss before tax -28,163-28,397-82,977-85,377-118,054 Income tax expense 0 0 5 -31 -207 Loss for the period -28,163-28,397-82,972-85,407-118,261
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31 Third quarter 2026 - Earnings presentation Balance sheetNOK 000 NoteQ3 2026Q3 20252025-12-31 ASSETS Property, plant and equipment 13,821 8,996 8,683 Intangible assets 8 0 4,850 3,031 Right-of-use assets 9,243 9,466 10,091 Total non-current assets 23,064 23,312 21,805 Inventories 45,055 54,807 53,515 Trade and other receivables 9 18,424 11,260 9,991 Prepayments 2,314 2,534 3,484 Cash and cash equivalents 224,585298,180283,981 Total current assets 290,378366,781350,971 Total assets 313,442390,093372,776 EQUITY AND LIABILITIES Share capital 8,598 8,503 8,511 Share premium 333,513428,857325,907 Reserves 1,209 1,291 1,329 Retained earnings -71,312-71,546 3,466 Total equity 272,008367,104339,213 Interest-bearing loans and borrowings 268 326 311 Lease liabiliEes 9,052 9,076 9,687 Total non-current liabiliAes 9,320 9,402 9,998 Trade and other payables 10 30,219 11,819 21,725 Interest-bearing loans and borrowings 57 57 57 Current lease liabiliEes 838 710 783 Provisions 1,000 1,000 1,000 Total current liabiliAes 32,114 13,586 23,565 Total liabiliAes 41,434 22,988 33,563 Total equity and liabiliAes 313,442390,093372,776
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32 Third quarter 2026 - Earnings presentation Cash flowNOK 000 NoteQ3 2026Q3 2025YTD 2026YTD 2025FY 2025 OperaAng acAviAes Profit / loss (-) before tax -28,163-28,397-82,977-85,377-118,054 DepreciaEon of property, plant and equipment and right-of-use assets 979 8362,9362,5333,352 AmorEsaEon of intangible assets 8 0 1,8193,0315,4567,275 Net finance income -1,727-3,318-6,767-6,373-9,096 Equity-seWled share-based payments 2,1096,0868,19610,97315,225 Gain on disposal of property, plant and equipment 0 0 0 -28 -8 Other non-cash items 4533,2966,8635,437-227 Changes in unrealised net foreign exchange rate differences/fluctuaEons 214 -9 108 -10 -116 Changes in working capital: Increase (-) in trade and other receivables and prepayments-2,215-4,320-4,652-9,158-8,384 Decrease (+) in inventories 1,9892,0788,4607,6248,916 Increase (+) in trade and other payables 10 3,821-1,3948,494-2,2977,609 Changes in provisions and government grants9-1,0431,314-2,611-6,222-6,677 Interest received 7 1,554 289 8401,71310,510 Interest paid 7 -235 -231 -722 -705 -965 Income tax paid 0 0 5 -31 -207 Net cash flows used in operaAng acAviAes -22,264-21,951-58,797-76,464-90,847 InvesAng acAviAes Proceeds from sale of property, plant and equipment 0 0 0 28 45 Purchase of property, plant and equipment -2,549-997-7,439-1,268-1,681 Net cash flows used in invesAng acAviAes -2,549-997-7,438-1,241-1,636 Financing acAviAes Proceeds from issuance of ordinary shares 051,441 0222,910222,910 Proceeds from exercise of share opEons 6,059 2617,692 261 941 TransacEon costs on issue of shares 0-3,430 0-13,369-13,376 Payment of lease liabiliEes -198 -168 -580 -492 -714 Repayment of borrowings -15 -14 -45 -43 -58 Net cash flows from/(used in) financing acAviAes 5,84648,0907,067209,268209,703 Net increase/decrease in cash and cash equivalents-18,96725,142-59,168131,563117,220 Effect of exchange rate changes on cash and cash equivalents-192 -16 -228 -135 9 Cash and cash equivalents at the start of the period243,744273,054283,981166,752166,752 Cash and cash equivalents at the close of the period224,585298,180224,585298,180283,981 Adjustments for:
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Third quarter 2026 - Earnings presentation