Good morning, everybody. Welcome to poLight's third quarter presentation. Maybe today we need to make it very short since you are going to spend a full day with us tomorrow. Let's see how we make it. Together with me today is our Chair, Grethe Viksaas, as always. Back actually. Last time you were not there. And, of course, our CFO, Joakim Bredahl. The agenda is as usual, quick key events, introduction to poLight for those who are new, market review, financial review, outlook statement, and Q&A. Key events in the quarter. You may say maybe not so many. The first two bullets is related to what we already talked about last quarter, which is an extremely important event for us. It is related to a design-in case for which we expect something to happen relatively shortly, and we then can classify it as design-win. But you never know how long time it can take. But what the customer is communicating is in relatively short or few, what should I say? Soon, they claim. But if soon is this year or beginning of next year, we don't know, of course, but soon. We also have remaining continuing high activity on the TWedge. I would say impressive activity given that it has only been kind of related to a small handful of OEMs. This is encouraging. A relatively sizable PO, taking into consideration it is only sample orders. And we expect more to come in this area. Barcode. Another smaller PO but high margin type PO we have received on September 22. Also, I would say, showing that these kind of projects are really lasting for a long time. The first design-win in barcode was in 2020, and we are still getting POs related to that specific program. So it is a long lifetime, high margin markets, which is exactly what we are trying to do, combining potentially high volume, low volume, high margin. The high volume will cost reduce our activity, making we can take higher margin in selected professional markets. And then, quite interesting, I don't know so much actually yet, but we have a design-win and maybe not so far away from a design-win on the first application related to humanoids, which is a big market, which is a rapid developing market. We understand that this is the type of camera which is to be used on the hands or on the face, small compact cameras. So, it is interesting. As I said, I know little, but I know that this company did showcase their solutions in a big show in Shanghai recently. So, I will come back to it hopefully, and also maybe we can have a more kind of open presentation and press about this case. Interesting. First one. And I see it as an extension of our activity in the machine vision barcode type activity. So, in that respect, it is nothing new when it comes to market segment, it is more like a new application in the machine vision. And then, one new consumer AR/MR case. After we had concluded and presented the results to the board, we received now a PO for NOK 500,000 related to one of the other AR/MR cases, and that PO is meant for material and TLens to be used for the final qualification of a product. I had by purpose not mentioned it when we talked about this before. It is one of the existing I have talked about, but I haven't pinpointed which one. This is also an extremely important milestone for the company. It is now appropriate to classify it as a design-in, not design-win, but a design-in. When they order that kind of volume of TLens, still at relatively high prices, it is serious. Then we expect that the next PO related to this program will be a mass production PO ramping. Okay? So that happened relatively few days ago. poLight, we focus on two main markets, I would say. The consumer-related is mainly dominated by AR/MR, as we have said many times. There are other activities, like body cams, like laptops, which is also starting to show some visibility. AR/MR is by far important, but most important and the highest activity, but other cases are also slowly maturing. There are so many new devices and cameras on your body, which you can say that instead of talking about AR/MR as the focus area, maybe it is more correct to say wearables, whatever wearable that is. Then, as I said, on more the professional side, it is barcode machine vision. Also, there are kind of professional mixed reality AR cases in the professional market. We have service and design-wins already. For those who will be in the Capital Market Day tomorrow, you will see one of the headsets relatively recently announced, the snake one, which you will see in engineering samples in the Capital Market Day tomorrow. So also an important market. We also expect that that AR/MR market in the professional side will also grow as technology mature. Technology, very unique. Speed, compact, extremely low power consumption. This is why we are so wanted and popular in the wearable side. Power consumption is important, of course, compactness is important, and speed is important. Founded in 2005, and you can then ask me a question, how can you use a long time to be successful? I agree. It has been a long journey, but it is also tough to develop a hardware company with such a unique technology. We are not doing sales work, we are doing missionary. So it takes time. We are headquartered in Norway, but we also present in Finland, France, U.K., U.S., Taiwan, and Philippines, and growing the organization in most areas. Very active on the IP side. The CTO, Pierre Craen, will talk more about that tomorrow. So quickly, the first product of this platform is the TLens, the tunable lens. TWedge might be the next one. So TLens, bending on the top right side of the slide, bending a membrane by a piezo membrane, transparent in the middle, shaping the polymer between, which is the lens, and that change the focus from close to infinity. Basically replicates the human eye. We are fabless. We produce the polymer in Trondheim. We have a MEMS wafer supplier, which basically is the eye muscles, the membrane which is bending. We ship these components to our assembly partner who do the dicing, dispensing, and assembly. Either selling a naked TLens or a packaged TLens, and we do our own ASIC chip, providing the voltage to the membrane. Then we sell to the OEM, convincing the OEM, and they will instruct the camera module supplier what they should build. Typically, that is the way it is. Our marketing and sales activity is in a big degree, maybe 99% of the effort is towards the product owner, and the product owner is telling the camera module guys what to develop. There are other markets, which we could explore, and we do somehow a little bit. At the same time, it is important for us to stay focused. We have limited resources, even though we have grown quite a bit the last few years. I would say more than 90% of the effort we are doing is related to AR/MR today. I think that AR/MR maybe would start to be more type wearables, any type of wearables. But we also are doing machine vision, barcode, as I said. There are emerging use cases we talked about for a long time, and specifically, I would say healthcare. We believe we are starting to see some more traction. Automotive, yeah, but I think we need a different product, bigger TLens, and it will take many, many years before we basically have activity in that area. Healthcare could be more relevant in the, say, the next few years perspective. There is no new design-wins in the quarter. There is design-ins, which is the step before design-win. The platform is strong. In all the defined market areas we are wanting to be successful, we have a strong platform and strong references. On the consumer side and related to TLens, as I said, activity has mainly been related to AR/MR and wearable/laptop. TLens is being considered by many relatively big companies. Some of the cases we are working with is, obviously, becoming increasingly mature. That is why we have now two PoCs, which has been classified as design-in. There is some public debate about privacy, which of course we have also noticed, whether camera is good to have or not. I think we shouldn't underestimate what that can mean in certain applications in certain countries. But when we talk to the market, I am just back from Asia and U.S., anybody customer have to me expressed a big concern about this, but it is an issue. You can just see in this country where we are having quite a heated debate about what regulation to be implemented to secure that we protect their privacy. Yeah, it is something we are using to follow. I think there will be glasses with cameras, I think there will be glasses without cameras. I think the glasses without cameras or video and picture taking will probably have cameras, but for more sensing. I think it is prudent to mention that this debate and of course this debate, depending on how it is developed, may impact also the market when it comes to camera. We don't lose sleep on it, but I think it is prudent to mention it. During the quarter, three strategically important TLens purchase order was received. As I said in the beginning, we expect that that product which we did the design-in last quarter is to be in the market relatively soon. As I said, what is soon? Let us see. End of the year, beginning of next year, we don't know. But, seems to be we are already. I think we have received three mass production POs already, so they are building inventory before release. In addition, there are two other smaller POs, which is kind of placing POs, which is, I would say, also starting to be very mature PoCs. One of them is already now post-quarter, announced as a design-in. There is another one, which is also getting very mature. So starting to see that finally the shift from PoCs activity to more design-in activity, which is, of course, very encouraging. We talked about this camera, which we were kind of on top of. We announced that in October 2025. The camera is now going through intensive reliability testing. They have been tested by the customer and the test results, as far as we understand it, is in line with expectation. So that is good. We already mentioned that post quarter, which is a very important case. We think that this PO is the last before ramping. If that last round goes well, they will then start to order TLens for commercial use. On the TWedge side, as I said in the beginning, it is a little bit amazing to see how that interest continues. Even though we are not working broadly with lots of customers on TWedge, it is very specific, a small handful of audience, which has been with us from the beginning. So we feel that we are getting closer to the phase that we need to consider whether to kick off the program. We did receive some purchase order. We are selling them very expensive per unit, and use that as a way of also part-financing the development activity, but we have not really kicked off the main development phase yet. We do aim to kick it off, but it will be dependent on several customers to chip in some financing. Just to repeat, why do we expect to do that? We did not do that with TLens. TLens has a massive application area, whereas we see TWedge, as of today, a niche market. Even though it is a very important niche market, it is a niche market for the big players, for advanced AR glasses, and we need to develop this product in close cooperation. So that is why we are negotiating an NRE funding for this activity. I would say that it has been relatively intense conversations and dialogue with specifically one customer. We are discussing now the decisive funding and also which will be significant and also the terms, which is the difficult part. What do I get for chipping in money into this development program? So this is, as we said before, a relatively complex and difficult balance. We hope that we are getting closer to a conclusion and that we can kick off the program, and get ready for mass production in, say, 2028, plus minus. On the consumer side then, this plot was made before the post quarter, so it does not include the second design-in. That would be another kind of consumer glass. So that will be updated for the plot for next quarter. As you can see, very much dominating by AR/MR. If you see, some accessory and some laptop. You see the same picture here. All the items with a C is consumer, which is the majority of what is happening in the future. On the bottom side, you see a picture of Jon Edwards at VISION in Stuttgart, where we had a small booth where we presented our TLens and the MLens, quite successfully. The order intake in barcode is varying, of course, quarter to quarter. We are having new customers coming. We do expect potentially within the next six months, some more design-wins in barcode. It is still a low volume, but their price point is very attractive compared to anything else. We have removed this design-in and the one PoC related to the Iris program, remember? Why have we done that? It is because we have not really seen any progress in the last quarters. I could keep it there, but I feel it is better to remove it, and then if they wake up again and continue to make efforts in this area, we could add it in again. It is for conservative judgment. I think it is better to do like that than keep it. When we do not get any new information, it is better to remove it. For MLens, it has been quite an active time, and we do kind of promote it. The main reason for being there was to show that MLens. I feel that we get positive feedback, but so far we are in the early stage. I think it is also fair to say that if you look at all the TLens and TWedge activity we have, which of course has higher potential, I think also we tend to put priority on those high volume cases and TWedge. We could have spent more time and effort on MLens, but I am not so sure it would have given us a lot of more progress, but that is a fact. We spend less time on MLens than anything else, that is for sure. But good interest, and we can see other players who are launching these kind of cameras today, which shows that the market is there. Tomorrow, if you are in Capital Market Day, we will also show you some of the progress in this area. Healthcare. We continue to approach some of the, or I should say, we do not carry out, I would say, very proactive marketing in the healthcare, but we are reactive. For those cases we find interesting, we do respond. On the Mini2P side, we now also have classified one new Mini1P, with an existing customer who do a revision of the system to have Mini1P. It is more simple, actually using TLens in the visible spectrum. That is actually now defined during the quarter as a new design-win, an existing customer with a revision, and we call it Mini1P, one photon. That is good. Also, we have recently been involved in a quite interesting program where it is very, I would say, one of the leading players as the way we understand them in this kind of equipment, where they are considering implementing TLens into the new product family within, call it endoscope. We have been there before, as you know. I have been saying that as long as the image sensor is around two mega, we do not see the big need. But talking to these guys, they are saying exactly what we have been kind of predicting, that it seems like the megapixel is increasing and the need for AF will increase. Nothing kind of short term. The development cycle in the healthcare medical side is long. A lot of approval processes. But there are actually now one which I am now talking about, then there is even another one who is starting to consider using TLens for this kind of application. Compared to automotive, healthcare we could see. But today we are taking inbound course. We are not pushing very hard to find new opportunities. But one day, I think that healthcare will be a potentially significant area for the company. But we need to be laser-focused as of today. Nothing to say about automotive, to be honest, and maybe I should stop having a slide of it until it really starts to take off. But it is an interesting segment, but maybe more in a 10 years perspective. This is an updated table. And I apologize, we did some mistake in the counting last quarter, which was my bad. On the completed PoC, I think we counted wrongly. We moved, I think, to six new completed PoC when that was even more than was ongoing PoC. It was obviously a mistake. That has been corrected in this overview. Design wins stays at this, 44. Design win is up with one, but if you measure today, up by two. And the completed PoC, 158. Ongoing PoC is the same, and planned PoC is down from 48 - 36. Still an activity level which you can say it is relatively unhealthy for the company and the people there. But so far we have been managing somehow. Everybody, Øyvind's graph is with us and here you can see the trend since 2020 Q1, which was actually the first assignment. Joakim, you are up. Thank you, Øyvind. The quarter financials. We have a revenue in the quarter which is significantly markedly down from the previous two quarters, and it is in line with what we had the same quarter last year. If we dive a bit more behind the numbers though, and compare it a bit to the last quarter, there is no NRE in this quarter. And if you only look at the product sales, we are actually NOK 400,000 less this quarter than last quarter. So it is not actually that different, but there is no NRE in this quarter. A 50% of it comes from the AR/MR market, 30% from industrial market, and then 20% is from the healthcare. If we then also look at the gross margin, it is a gross margin of 33% if we include both the change in the obsolescence provision and the cost of goods sold. Again, quite low margin compared to what we have reported previously. But if we only look at the product sales and the COGS, then it is actually 57% in this quarter. And if you compare that to the same number last quarter, it was 55%. So it is more or less in line with that. I compare it a bit to the previous quarters now because we have had some quarters where we have had quite good revenue uptake. The change in the obsolescence provision, though, that is due to age of the inventory. It is written down over time, which is a sort of accounting principle, to take into account the risk that some of it might be too old to be accepted by the market. It is not a practical problem that we have encountered and although we have been challenged on the age of our inventory, we have never had a problem with the age. Then the EBITDA. If we look at the OpeX first, the OpeX is actually NOK 1 million less than it was in Q3 2025. Some of it is due to external development costs which we had in that quarter, which we haven't had in this quarter. Also if we look behind a bit again, we see that the share option plan, the expenses related to the share option plans were higher in Q3 2025. This is due to the expense of the share option plan, it's higher in the beginning and then it gets lower and lower as you go along. That was significantly higher. It's offset a bit by the fact that the employer's NICS is affected by changes in the share price. So that's higher this quarter than the same quarter last year. But if we adjust for that and look at the EBITDA ex share option expenses, we see that we actually have NOK 1.6 million higher OpeX than in Q3 2025. This is mainly related to a higher headcount. A 56 people at the end of Q3 2026 compared to 48 the same period last year. This is a result in us investing in people and investing in the organization to deliver on all the opportunities that Øyvind has been talking about. The balance sheet. The most notable numbers in the balance sheet are as always it's the cash, which is just south of NOK 225 million, and the inventory of NOK 45 million. We have written down the intangible assets to zero. That happened last quarter. Still we haven't activated any development, but that number could of course change as we choose to activate or there'll be activate development costs. The inventory is affected by both COGS and the obsolescence provision that I talked about earlier, where we write it off over time. Also it's offset by it increases in value a bit when we manufacture and we have finished goods, then we add an element to the cost, so that increases it a bit. So it's a bit of an up and down, which is described below here. Any other notable numbers on this is the current liabilities stand out a bit. That is mostly driven by a reserve for employers' NICS related to the share option program. That is quite a bit higher than in the same quarter last year. For the cash flow development, we do the comparison between this quarter and the same quarter last year. There's quite a big difference because in Q3 2025, we had closed the subsequent offering, which was oversubscribed and NOK 48 million net came into the company. But if we break it down into parts, we see that the operating activities were about the same level as at the same time last year, with some factors moving up and down within that number, particularly the working capital movements. The CapEx in the quarter, that was NOK 2.5 million, and this is related to two things. It was more or less a 50/50 between investments into new test equipment and upgraded equipment for the headquarter labs in Tønsberg. Then we also had a cash inflow this quarter of NOK 5.8 million. That's related to the exercise of share options by employees, which was larger than we've seen a few quarters, and that gave the company the NOK 5.8 million in cash in. That concludes the financial review. I will leave it to Øyvind for an outlook, and then we will come back for the Q&A. Yes. Thank you, Joakim. Okay, one slide to go. I think it is difficult not to say that we feel that the outlook is really positive. But it is also important to say it is not going to be a walk in the park. There are many challenges. There are many things we need to address. Something will go well, something will go bad, I am sure. I think overall, I think the opportunity landscape we are sitting on is extremely positive. That is all about, of course, how market develops, how fast it comes, how well we execute, et cetera. But I think it is fair to say we believe and we feel we are sitting on some fantastic opportunities. Particular within AR/MR, where several of the, I would say, the TLens related PoCs are now moving towards design-in and hopefully design-win. After years of investment, after years of convincing, after years of effort from employees, this has been really a tough journey. We are talking about not small companies in Karl Johan. We are talking about big companies internationally, which we need to convince, and that has been an extreme sport, I would say. But now we are starting to see the benefit of having done that over so many years, and we are starting to see more real engagement and design into wins. So that we are extremely happy with. We are now two design-ins, and at least one of them, we expect to release relatively shortly. The other one will be a little bit longer term, but I think it is fair to say that we strongly believe that in mid of next year, we will also see something in that direction, in addition to others, we believe. AF seems to be on the roadmap for many players. I have said before, there will be glasses without AF, even without camera, and there will be glasses with AF with a different technology. So we will not be alone. I think the biggest competitor we have is AF, sorry, cameras with no AF. After that, there will be, I am sure VCM will come. But the way we read the market, the feedback we get, I am personally extremely active in the market side and talking to customers, I get the feeling that we are definitely high on that list, on many, I would say, important OEMs. Then TWedge. Now, in my 35 years as a CEO, I have never seen a technology which has such a building, such an appetite. Of course, what will happen in this area is strongly related to AR glasses. I mean, the advanced AR glasses with display. If that happens, I think that the TWedge is very nicely positioned. As I said, there are a small handful of companies who all kind of engage with us. They are placing big POs for few samples at a very high price. They are engaging with us in NRE discussions. Tomorrow, in the Capital Market Day, you will see one guy, Ajit Ninan, who will talk about the display and the difficulties in AR display. As I said, display has been moving from cinema to your nose, and those are very interesting challenges which follows to that, the screen coming on your nose. Ajit Ninan will explain the challenges, and he may also talk about how TWedge can help. But the volume for TWedge is strongly dependent on the success of AR glasses. We believe that AR glasses are the future. Not tomorrow, not even next year. There will be trends next year, which we will see, I assume. But for the longer term, this is a potentially big market. As Joakim said, we are building the organization, and it is a balancing act between taking care of and spending less money so that the cash lasts longer, and having the organization able to capitalize and deliver on the opportunities. That balance is extremely difficult. It is something I maybe should have been criticized for, which could be many things, but one of them could be that we have been too slow. Too slow to build the organization. But we are where we are, and we have now, over the last couple of years, built an organization. It is extremely difficult to find the right people. Just yesterday, we interviewed two guys, not from Norway, but who is willing to move to Norway to join poLight. But finding these right people is so demanding. It is not a normal engineer we need. We need an engineer with experience in what we do. And finding those people is also difficult. So it is not only that we have not tried, and we could not build a puzzle, but also finding the right people is extremely difficult. But we will keep doing that. We have several recruitments in the process so that we can even be better engaging with and support the customer, even better in doing innovation, even more efficient in developing new products, and also mature the strategic relationship to key players in the ecosystem. With those words, I would like Joakim to join me for the Q&A. Okay. We got some questions that came in by email. Mm-hmm. We can start with those. Okay. Slightly categorized, we will say, start with the AR TLens related questions. Mm-hmm. Regarding the consumer project that reached the design-in stage in Q2, can you say whether the customer has showcased their headsets at any public demonstrations? As far as we know, that has not happened. There could be some kind of private demos, I am sure have been there, but not as far as we know. No. Not public, no. Last quarter, you mentioned several consumer projects that are maturing well for which no stock exchange announcements have been made yet. Mm. Could you provide more detail on the nature of these projects and perhaps indicate when we might see signs of them? Yes. Post-quarter, we now said that one of the PoC we classify as a design-in. Last quarter, that was a PoC, one of the further maturing PoC. That is now a design-in, and the PO for the units is to be the last qualification material. That means PO after that will likely be a mass production PO. Then there are other PoCs who is also, I would say, lining up to show something interesting development in the next six months, if I say that. But difficult, of course, to be precise, but I think most of the important PoCs are having progress. Now we have two, and I expect more in the next six months. I expect more to come. Good. The next question is referred to as the supporting OEM for Q-Tech. Mm-hmm. This relates back to the first press release— Mm. —when we announced that Q-Tech was coming in as a strategic investor. Mm-hmm. If we aggregate the orders received to date— Mm. —a significant number of lenses. Mm-hmm. And if we aggregate the orders received to date— Mm-hmm. —a significant number of lenses. The visibility on this case will be next year. What will happen next year? In the best case, you will see a product in the market, with our technology inside, related to this case next year. But this can flip, but this is one of the PoCs which is kind of moving towards design-in. Good. Then we have some questions related to TWedge o r one question actually. Questions related to TWedge or one question, actually. No. We have invested millions in this technology platform for many years and—w e have invested millions in this technology platform for many years and— we have invested millions in this technology platform for many years and —we have invested millions in this technology platform for many years and—n o, we have two, and I expect more in the next six months. I expect more to come. Good. The next question is referred to as the supporting OEM for Q-Tech. Mm-hmm. This relates back to the first press release— Mm-hmm. —when we announced that Q-Tech was coming in as a strategic investor. Mm-hmm. And if we aggregate the orders received to date Mm-hmm. a significant number of lenses. Yeah. So we knew about that, but it's nothing we are involved in, no. Then, a bit of a long question. I see that poLight's staff is expanding, which is very positive. A development that was previously signaled as necessary, given the current growth pace. Mm-hmm. I have a question regarding one of the new hires, which I find particularly interesting. Since you may not be at liberty to discuss specific individuals by name, I will approach the question from a different angle. You have to drive some column here. I noticed that Newmax, a subsidiary of Q-Tech, has appointed a new President. This executive comes from Q-Tech's senior leadership team. Mm. However, I also see that this individual is listed as an employee of poLight. Mm. Could you elaborate on the connection between poLight and Newmax? That is a pure business relationship. Some of the project we have, some of the PoC we have, is with Newmax lens stack. TLens, in many cases, they go inside the lens stack. Newmax has the capability of doing that kind of activity, in particular together with Q-Tech. That is a pure kind of business relationship. Of course, Q-Tech owning 40 something percent of Newmax means that there is a connection between Q-Tech and Newmax. Also Q-Tech being a strategic investor in poLight means that, of course, this team is a quite close team. But it is important for us to say and to state that even though this is the case, it does not mean that we do not treat other lens maker camera modules players with the same priority. We do that. The thing is that it's not the camera module guy, it's not the lens maker who's deciding whether TLens will be in a product. It's basically the OEM. It is the OEM who decides which lens maker and which camera module player they would like to use. That's why we have to be, call it camera module, a lens maker neutral. We need to come across, we need to behave, and we need to show that we treat all these guys in the same way. Having said that, of course, we work closely with this team. When it comes to that person in specific, yes. That person in specific has been assigned as a general manager in Newmax. But we have decided that he will also be under our wings, so that he will kind of have a combined role, where he will, of course, cannot work 100% for us, but he will have a reduced position taking care of part of the project he already is owning. At the same time, of course, it could be an opportunity to strengthen the cooperation between Newmax and poLight. So good luck to Jack. But as I said to Richard, he's still under my wings also. Milestones remain before meaningful mass production. When do you currently expect volumes to ramp? Yeah. So that was the first design-in which we talked about last quarter. What milestones seen from poLight, I think I dare to say that we are ready. We had some kind of technical kind of challenges which we sorted out quarters ago. So now it's basically for them to finalize everything and to release it to the market and continue to ramp. So they already built an inventory sufficient to support the market release, the initial kind of months. Then when they release, they will look at the market feedback and then place future POs. So in a way, if you ask the camera module guy here, he will say: This is already in mass production. It's basically just that it's a strategic decision to when do they actually want to release it to the market. We believe that's relevantly shortly. Without identifying the customer, good luck with that. Yeah. Can you indicate the potential annual unit volume range if the current consumer AR/MR design-in, which is the one you were talking about now— Yeah. —reaches full commercial production? Yeah. So we believe that this is a high-end product. We believe that we will typically be brought into these kind of cases where they see the high end and they see the volume is manageable for today's poLight. We have a forecast number. That number is higher than we have seen from any products so far in poLight, but it's also lower than you would expect from a big consumer product. It's a high-end niche, high-performance product, but for us, a significant opportunity. Was that a good answer? That was an answer. Yeah. Very diplomatic. Yes. Is the new AR/MR design-in, that we announced now in this report, from the consumer OEM back in Q-Tech? I was planning not to give you any hints on that, so I will pass that question. Yeah, that's fine. Now it's at least asked. Yes. Regarding TWedge, you aim to start the next development phase when sufficient customer commitment is secured. What specifically would count as sufficient? Is it just the NRE? Is that realistic for year-end? It seems like it's dragging out a bit compared to previous expectations. Yeah. I guess that's a fair statement. Yes, it is, because it's difficult. The quarter it has progressed quite a bit. I don't know how many negotiations we have had. Many, many. One customer is getting quite close to something, but it's still to be done. It's not given that we can conclude in a positive way because of the complexity of these deals. Yeah, I think it's possible to have it done within this year. I can't promise. It depends on how the customer react to our inflexibility, if I can say that. What was the next question on that one? What is sufficient, yeah. Sufficient, it could be a combination of things. It could be a cash contribution. The next phase we call EVT zero or EVT one, which is then the development phase before you start mass production development. As a phase, it's a good year and with still some uncertainties. That also is the phase where we will start capitalizing. Joakim mentioned that now we have all the intangible assets is right down to zero. That will be a case when we start that program, is that then we will start naturally to capitalize. It could be a combination of cash contribution and commitment. Commitment for using their unit or buying number of TWedge given that we are successful in the program. It could be a combination or either, or. What we're discussing so far is mainly the cash contribution, because it's a relatively costly development phase, and we would like to Also, it's not so much of that they are wholly financing everything, but also that there's something which is significant, which proves their commitment. If it's nothing and they just ask us to do something, then it's easy not to take it into use. But if they're putting hard cash on the money and significant money on the table, then they are more committed. It's all about that. Let's see. We have some flexibility on how much, but not on terms. The terms is the most important thing. No exclusivity, no ownership. Those are for us fundamental, because if we do that, we will reduce the potential market size for poLight in this product, and we cannot do that. Then a question. I'm not 100% sure if I read this correctly, but it says: Are any of the design and OEMs involved expected to participate in an upcoming Capital Market Day public presentation or similar event? I'll just have to assume that the question is a poLight Capital Market Day public presentation or a similar event. Or any of design? Yeah. Because of course, they could participate in their own event. I'm a little bit uncertain also what that is. But, yeah, I think we need to get that clarified. Yeah. Then, someone who wants to help with their gambling. What percentage probability would you assign to poLight securing at least one design-win before the end of 2026? I think it's likely. I think it's likely, but this is not in our control. But I think it's likely. Yeah. We're not putting a number on it. Okay. How about what if we made a cheaper lens without autofocus for cheaper glasses? Maybe also for endoscope. Yeah. But then we are back to fixed focus. Mm. This is not poLight. poLight offer autofocus, advanced display solutions. But for sure, that market is there, will be there, and it is one of our main competitor. But we are not the camera module supplier. The lenses which is used in the fixed focus camera is a massive industry. Big industry, and we are not there. We are in the tunable optics. Here, there are several questions in one, but this is also the last one. Mm-hmm. How about competition regarding TLens and TWedge? Is it increasing? Are the new players copycats, incumbents improving their alternatives or cutting prices? Okay, can I take that first? Yeah, take that first. So TLens, we haven't really seen new things. It's the liquid lens, the tunable optics liquid lens. They are there still. There is another company which is moving the sensor, which is not tunable optics, but it's also an alternative to the VCMs. But nothing new during the quarter. But as I said, the main competition to TLens, I would say, is fixed focus in the AR/MR space. And I'm sure also VCM will be a competition in that space. But there is something about TLens which people like a lot. Low power consumption, compactness, and speed. This is something they like a lot, and that's why we are in the position where we are in. It's not without reasons, exactly because of that. And many, many do not like the VCM in that kind of application. They love VCM for other things, and they use it a lot. But for AR/MR, we are high on that wanted list. What about the other tunable optics? I think for sure they will be there. But so far, we feel that, again, due to power consumption, compactness, we are, in many cases, preferred. The thing is that the other technologies, they do offer typically more aperture size, and they do offer more optical power. So if that is the absolutely most important, then they will potentially displace a TLens application. Then we also, which you will learn tomorrow, we're also working on concepts to move aperture size, bigger aperture size, but it comes with some drawbacks, e.g., cost. That was one. And TWedge. For TWedge, we haven't really seen so many competition. I think the major competition, they're probably not using wobulation technology. Mm. But I know there are companies who have simpler solutions, but speed and compactness is maybe an issue. But if you look at all the guys we are working with, which is a small handful, we haven't heard any alternative than not using [inaudible]. So TWedge or not. Good? Which they don't like, by the way. It has earlier been commented that the camera module makers have a strong power to control pricing and that it has been hard for a component supplier to get its fair share of added value. Is there any ambition to move into more of a camera module maker, and will this now be a possibility? There's also, will it then be poLight or Q-Tech that would act as the camera module maker? I think this has a little bit different dynamic, I feel now. Because when we are negotiating a case, when we start selling, we start selling to the owner of the products, the glasses or the body or something, wherever. We sell to that OEM. And we are very often defined as a key component, meaning it's not really the camera module guy who puts the price on the TLens. It is actually a negotiation between us and the OEM. So that's how the dynamic is. The camera module guy is not in the kind of decision to say that you want to negotiate the TLens price with us, no. That's happening with the OEM. Which is kind of good and bad, but that's how it works. And then they typically consign, they ask the camera module to purchase X TLens, and the prices is predefined. So that dynamic has shifted a bit from what we've seen— A little bit, but it's been that for quite a while. That is typically the dynamic for some other cases, but definitely for AR/MR. Definitely for AR/MR it's like that. Been like that all the time. What was the other question? Camera. No, I don't see if we're going to do a kind of a camera module, go up in a camera module offering. I feel that most likely we will not do that. If we do it will typically be in cooperation with a camera module supplier. That is a big industry, which is very mature. In the beginning, if we go a few years back, those guys, the camera module guys, were not interested in the AR/MR market because they were so busy with the smartphone. Back in the days, we consider actually to acquire a camera module company to be able to support OEMs with camera and not TLens. Now, even the biggest camera module guys are all over that market, and they really want to invest in that market. They see that the camera module activity in the smartphone revenue is dropping, say 10% every quarter. They are really putting more and more focus on the AR/MR space. This is maybe a one-year-old trend. For us now to think about doing something in the camera module level will be an impossible thing to do, competing with those. But we are open to, in cooperation with camera module players, to develop an off-the-shelf type camera solution, which includes TLens, and we can do a co-investment so that we will be a strategic partner for cameras. That can happen. Can we comment on this? Are Q-Tech considering the same approach with TWedge as with TLens? I assume that's a manufacturing line approach. Yeah. Q-Tech is building together with us a manufacturing line for TLens, which is still in the qualification process. It's a line which we operate in the same way we operate the line in the Philippines. It's not a Q-Tech production line where they can do whatever they want. It's basically contract manufacturing between us and them, the same way as we do in the Philippines. Will they also be a candidate for making a TWedge? Yes. Any company who can assemble a TLens, will potentially be a candidate for assembling a TWedge. And, oh, that question actually disappeared. Which one? The rest of that question. Oh, yeah. The last question was about recruitment. Okay. Will we continue the rather moderate cash burn expansions in this large ramp-up, or will we then start recruiting even more people? We are in a phase where we recruit people, and we do it as fast as we can. As I said earlier today, it is really difficult to find the right people, and we rather use time to find the right people than rushing into the wrong people. That is how we do it. We are extremely picky and thorough when we recruit people. As my 35 years as a CEO, the most difficult thing is to find the right people. That is really difficult, to build a team. Today we have been, I would say, extremely successful in building a unique team, a very unique team. We will continue to be picky, but of course, I think today we have ongoing recruitments for maybe within 5 and 10 positions more. We will continue, and we do it as fast as we can. This company, I do not envisage this company to be many hundred people. It is more like maybe 100, I do not know. We are fabless, so we do not need a lot of people. We need the specialists, and we need the people in the area where we have partners and customers. The main focus now is to ramp a little bit more up on the R&D side, people there. That will be a combination of people in Asia and headquarter. Also we need to have more resources. We call them FAEs, so Field Application Engineers, which are engineers, which is specialists and can sit on the customer lap and help them to integrate our technology. Field Application Engineers. Those are the two areas I feel we need to ramp more. The operation side, you will learn from the COO, Marianne Sandal, tomorrow, that has been a significant ramping in that area. I am not saying that we do not need more, but that has been ramping significantly the last few years. Okay. I think it is safe to say we either hire for skill or attitude, but we have to have both, too. Yeah. The attitude and the way the personality also needs to have a good fit for the position. Yeah. People coming into poLight, we are extremely thorough and we want them to see poLight as a hobby. And we want them to see poLight as the family. So we are asking a lot, and we scare some. And some of them, we decide that this is not a good fit for me. If you are going to do what we want to do at poLight, which is achieving quite extraordinary results worldwide from a small high-tech company in Norway. If you are going to achieve that extraordinary achievement, you need extraordinary people who are willing to do extraordinary effort. poLight has to be part of your life, big part. We have extra questions that would be a fantastic way to end it. Okay. We have got a clarification on the question we had earlier. Okay. Is any of the OEMs currently defined as design-ins or PoC to participate in the poLight Capital Market Day, or any other joint public presentation in the future as you know of? No. Nobody will be in the Capital Market Day. That is for sure. We always try to see if there is opportunity to do joint releases and joint press releases, but very often they do not like that. We always try. Let us see what we can do with that. Yeah. This is a question related to the main cameras on smartphones. Do we have a solution finished to deliver to the main cameras? No. For the main cameras on the smartphone, I would say smartphone has been for us, I wouldn't say not important, because it can be important, but we feel that the sweet spot for our technology is in small compact cameras, which needs low power consumption and high speed, i.e., e.g., wearables. That's why we put all the efforts in making sure that we are early enough in that market, put the poLight flag in that market, and focus nearly everything on that. That means that we haven't really been pushing a lot on the smartphone side. Smartphone side is extremely difficult area. Yes, we have some successes, but we see that specifically on the main camera, the image sensor, 1 inch +, the aperture size they need doesn't fit the small TLens. So, we still have something to play there, potentially later. But as of today, we need to move where we believe we have the strongest fit, and that is in small wearable cameras. Selfie camera, though, we still believe that we have a very attractive solution. But when we are comparing a TLens camera for selfie to a VCM-based camera or no AF camera, there's a huge price difference. Because basically the VCMs are willing to sell for a few dollar cents, which we are not willing to sell for. So I think the smartphone, I think we haven't left, but we are only addressing in coming course. We spend our energy on the wearables. Okay Yeah. I don't know if we should comment on this last one. What is that? The one— Okay. You can read it, yeah. Yeah. That question that we've returned to a couple of times, about the Capital Market Day. The previous question about the Capital Market Day is about the Meta guy participating. It was Ajit Ninan that we're talking about. Oh, yeah. It's a strong indicator that Meta is one of the big guys that we talk about, or designing even, perhaps. Yes. Of course, Meta is a significant player in the market. When I say we have a relationship to many of the big guys, that means that Meta is obviously one of the candidates for that. More than that, I don't want to say. Yes. I wouldn't overread the fact that Ajit Ninan is there. He is bringing us maybe to a concluding remark, because that was the last question. That was the last question. Yeah. Tomorrow we have Capital Market Day. Ajit Ninan is one of them who will give a speech. He is an extremely interesting guy. He is extremely capable. He has been having public speeches all over the place. He is an award-winning guy for many things. He is an ex-Dolby guy, HDR. If you have time to listen to the Capital Market Day and him, you really do that because it is some character and some extremely experienced guy. Of course, we have relationship to many people, and we try to Ajit has left Meta, and when we see that, of course, we try to grab him immediately to see whether he could advise us on a way into a successful TLens release. He is kind of advising us in a longer term on how to maneuver in this display world. Having this person to do that is, of course, very advantageous for us, not being the system specialist. He is a system specialist in display. But it does not mean more than that. He is a character. Everybody would like to have him as an advisor, I am sure. We were lucky to kind of attract him. He will be there tomorrow. Yeah. As a speaker at the Capital Market Day. As a speaker at the Capital Market Day. A very good speaker. Yeah. In saying that, Capital Market Day tomorrow, it is a big event for us. I said to somebody here that it is going to be a bit technical. So be aware. I have told the people presenting to try to present it in a way that people can understand. But it is quite technical what we do. So we spend a lot of effort to make this happening. We have been successful in getting external people into it. So you see more than me and Joakim talking about poLight, but you see other external specialists. You will meet Q-Tech, the head of the GM of the IoT, which we are kind of working with heavily. So you will have a snapshot of what they are doing and what they think about this and the market opportunities. You will see Jean-Christophe, which is the Founder of Yole, which is an industry expert, which will talk about the market in general. Ajit Ninan, which is a specialist in the space side. These are three external speakers, which I think will give a very good introduction to the ecosystem we work in. The market we work in, the ecosystem we work in. I think it will be very educational for you guys to listen to that. It will be CTO, Pierre Craen, talking about the true development technology. It will be the VP Business developer, Jon Edwards, which will talk about more the market aspect and Steve from Internal and Marianne Sandal on the Chief Operating Officer, which will talk about the operation and where we are and show a video from the operation activity. I think it will be a good day. It will be a relatively long day. Hopefully worthwhile to listen to. It will be broadcasted and it's possible to view offline. Also, of course, if you're there and you need to go after a certain time, that's also, of course, fine. It's— There will also be demos. There will be demos, yes. It was actually fully booked after two days. Certainly seems to be some good interest. Anyway, I'll round it off. Thanks a lot for all the questions. Thanks a lot for participating. Lots of people here today. Thanks for you guys participating on the webcast. One more question from the audience. If so, we have a microphone, Grethe. If there are more questions from the audience, if there exists more questions. Seems like not. See you tomorrow. If not, see you next time, which is February 24, 2027. Have a great day. Thank you.