Q2 2026 poLight ASA Earnings Call

August 6, 2026

Øyvind Isaksen: poLight's second quarter presentation. Together with me today is only the CFO, Joakim Bredahl. Our board chair is enjoying still her summer vacation, so she is not here today. The agenda, key events, introduction to poLight, market review, financial review, and outlook, and in the end, a Q&A. On the Q&A, since this is also webcasted, when there is any question from the audience, please wait for the microphone so that they all can hear your question. Also from those following us from the webcast, please leave your contact details in case we run out of time and have no time to answer your question, or you can post it in the Investweb portal. Key events. We had quite a lot of activity with one customer, which is in the AR/MR space.

Øyvind Isaksen: poLight's Q2 presentation. Together with me today is only the CFO, Joakim Bredahl. Our board chair is enjoying still her summer vacation, so she is not here today. The agenda, key events, introduction to poLight, market review, financial review, and outlook, and in the end, a Q&A. On the Q&A, since this is also webcasted, when there is any question from the audience, please wait for the microphone so that they all can hear your question. Also from those following us from the webcast, please leave your contact details in case we run out of time and have no time to answer your question, or you can post it in the Investweb portal. Key events. We had quite a lot of activity with one customer, which is in the AR/MR space.

Speaker #1: That's Q2, presentation. Together with me today is only the CFO, Joakim Bredahl. Our board chair is still enjoying her summer vacation, so she is not here today.

Speaker #1: The agenda: key events, introduction to poLight, market review, financial review, and outlook, and in the end, a Q&A. So, on the Q&A: since this is also webcasted, when there is any question from the audience, please wait for the microphone so that everyone can hear your question.

Speaker #1: And also, from the— from those following us from the— from the webcast, please leave your contact details in case we run out of time, and have no time to answer your question.

Speaker #1: Or you can post it in the InvestorWeb portal. Okay, key events: So, we had quite a lot of activity with one customer, which is in the ARMR space.

Speaker #1: And also, we have post-quarter, we had another PO for them, so in sum, there are actually three mass production POs, which led us to kind of regard this now as a design-in.

Øyvind Isaksen: Also we have, post quarter, we had another PO for them, so that in sum there is actually three mass production POs, which led us to kind of regard this now as a design in. I'll come back to it, but of course, a major milestone. You'll remember that we had a project together with an OEM, which was related to the Q Tech investment. That has also been progressing, and we also received a PO based on that project. Also towards the end of the quarter, quite an exciting milestone was also achieved. You know that we have this program where we received some significant NREs to support developing a camera module based on TLens. Now finally we have shipped some cameras to the OEM, which is now currently being tested.

Speaker #1: I'll come back to it, but of course, a major milestone. You'll remember that we had a project together with an OEM, which was related to the Qtech investment.

Speaker #1: That has also been progressing, and we also received a PO based on that project. Also, towards the end of the quarter, quite an exciting milestone was achieved.

Speaker #1: You know that we have this program where we received some significant NREs to support developing a camera module based on T-lens. So now, finally, we have shipped some cameras to the OEM, which are currently being tested.

Speaker #1: Yeah, and then we participated in Automate in 2026 with, I would say, good interest, focusing on the industrial segment. Okay. So, for those who are not so familiar with poLight, we are definitely on the growth path.

Øyvind Isaksen: We participated in Automate in 2026 with, I would say, good interest, focusing on the industrial segment. For those which is not so familiar with poLight, we are definitely on the growth path. Not every quarter by quarter we'll see growth, but definitely we are on a good trend, focusing on both consumer-related markets and enterprise markets. Related to consumer, the by far most important market segment for poLight is the AR/MR. It's quite interesting to see the, I would say, the increased momentum we see in this AR/MR space. If you only go back a year, I would say, it's tremendous to see all the activity in the industry. As we have said many years in poLight, we believe that this is going to be the big thing. Also restating, due to our unique technology platform, speed, compactness, very low power consumption.

Speaker #1: Not every quarter by quarter we'll see growth, but there will definitely— we are on a good trend. We are focusing on both consumer-related markets and enterprise markets.

Speaker #1: Related to consumer, by far the most important market segment for poLight is the ARMR. It's quite interesting to see the—I would say—the increased momentum we see in this ARMR space.

Speaker #1: If you only go back a year, I would say it's tremendous to see all the activity in the industry. And as we have said for many years in poLight, we believe that this is going to be the big thing.

Speaker #1: And also, restating, due to our unique technology platform, speed, compactness, very low pole consumption, you can imagine that these kind of ARMR devices, which is so— I would say the power budget is so tough, and limited, the compactness is so important, it's supposed to be very light, very easy to wear, so all these— and it has to somehow replicate the eye, so it needs to be as fast.

Øyvind Isaksen: You can imagine that these kind of AR/MR devices, which is so, I would say, the power budget is so tough and limited. The compactness is so important. It's supposed to be very light, very easy to wear. All this, and it has to somehow replicate the eye, so it needs to be as fast. All these kind of demands is exactly what our unique technology platform can offer. It's a little bit like, I would say, you can call it luck, but this was invented in 2005. AR/MR was not at all in focus at that point in time, but this market has evolved. I would say it's more than evolving. It's starting to really, really show a lot of traction, and we happen to have a technology which is fitting extremely well for that market segment. As I said, founded in 2005.

Speaker #1: And all these kind of demands are exactly what our unique technology platform can offer. So it's a little bit like—I would say you can call it luck, but this was invented in 2005. ARMR was not at all in focus at that point in time.

Speaker #1: But this market has evolved. Now, I would say it's more than evolving—it's starting to really, really show a lot of traction. And we happen to have a technology which is fitting extremely well for that market segment.

Speaker #1: Yeah, so as I said, founded in 2005. Headquarters in Norway, in Tønsberg. We have people in Finland, France, the UK, the US, China, Taiwan, and the Philippines.

Øyvind Isaksen: Headquartered in Norway, in Tønsberg. We have people in Finland, France, UK, US, China, Taiwan, and the Philippines. We have a growing worldwide patent family. When it comes to the technology platform, the first product we have released to market is the TLens. It is the tunable lens, which is used for making fixed-focus camera and able to focus. We also have, as you know, a huge activity related to another product based on the same technology platform called TWedge, which is enhancing significantly the user experiences when you are using AR displays. That product is still not in mass production. Here is the first product.

Speaker #1: And we have a growing worldwide patent family. When it comes to the technology platform, the first product we have released to market is the T-Lens. This is the tunable lens, which is used for making fixed-focus cameras able to focus.

Speaker #1: But we also have, as you know, a huge activity related to another product based on the same technology platform called T-Wedge, which is significantly enhancing the user experience when you're using AR displays.

Speaker #1: That product is still not in mass production. So here's the first product. In the top left animation, you see that we are bending a glass membrane with a piezo membrane.

Øyvind Isaksen: On the top left animation, you see that we are bending a glass membrane by a piezo membrane. We then shape a polymer, which is the lens material, which is similar to your eye, the lens in your eye, and the piezo membrane is the eye muscles. By changing the voltage on the membrane, it bends from being flat to being bended, and you see that that changed the focus of the light. On the right side, you see how it is implemented, and on the bottom side, you see the supply chain. poLight produces the polymer. We have a MEMS wafer supplier, which is actually the membrane itself, which is bending, which is the eye muscles. We send these two components to assembly partner who then assemble the complete TLens and test it.

Speaker #1: We then shape a polymer, which is the lens material, which is similar to your eye, the lens in your eye, and the piezo membrane is the eye muscles.

Speaker #1: And by changing the voltage on the membrane, it bends from being flat to being bent, and you see that that changed the focus of the light.

Speaker #1: So on the right side, you see how it's implemented, and on the bottom side, you see the supply chain. So poLight produces the polymer.

Speaker #1: We have an SDA wafer supplier, which is actually the membrane itself, which is bending, which are the eye muscles. We send these two components to the assembly partner, who then assembles a complete T-lens and tests it.

Speaker #1: And then we sell to camera module partners, who integrate it in a camera—either on top of the camera, on the upside there, or in between somewhere in the lens stack.

Øyvind Isaksen: Then we sell to camera module partners who integrate it in a camera, either on top of the camera, on the upside there, or in between somewhere in the lens stack. This is then being shipped into different products, different OEMs. poLight has an extensive activity direct with the OEMs. It is the OEMs which normally decides which technology to use. That is why we have to have an extensive activity towards the OEMs. Of course, we need to support the camera module and enable them to integrate the TLens technology. Okay. As I said, these are the market segments. There are quite many, and you may say there are too many. Focus is important in an early stage phase of the company.

Speaker #1: And this is then being shipped into different products, to different OEMs. poLight has an extensive activity directly with the OEMs. It's the OEMs who normally decide which technology to use.

Speaker #1: That's why we have to have extensive activities towards the OEMs. But of course, we need to support the camera module and enable them to integrate the T-Lens technology.

Speaker #1: Okay, so as I said, these are the market segments. There are quite many, and you may say there are too many. Focus is important in an early-stage phase of a company.

Speaker #1: But I would say the main activity and resources being used, I would say there are two market segments which are kind of getting most of the attention.

Øyvind Isaksen: I would say the main activity and resources being used is, I would say, there are two market segments which is kind of getting most of the attention. For sure, the biggest attention is on the AR/MR because of the opportunity and the good fit we have. Also the industrial machine vision market is something which we invest in. As I said, AR/MR is definitely the main focus as we believe that that is where we will get the volumes. Machine vision and industrial are also important. It is basically the same product, the same TLens at much higher pricing. Margin-wise, it is quite an attractive market segment. Combining high volume with low volume, high prices is a good match. The high volumes will enable us to cost optimize.

Speaker #1: For sure, the biggest attention is on the ARMR, because of the opportunity and the good fit we have. But also, the industrial machine vision market is something we invest in. But as I said, ARMR is definitely the main focus.

Speaker #1: As we believe that that's where we will get the volumes. But machine vision and industrial are also important—it's basically the same product, the same T-lens.

Speaker #1: At much higher pricing. So, margin-wise, it's quite an attractive market segment. Combining high volume with low volume, high prices—it's a good match.

Speaker #1: The high volumes would manage—will enable us to cost optimize. Selling into a niche market like the industrial will give us much better gross margin than you typically have in a consumer world.

Øyvind Isaksen: Selling into niche market like the industrial will give us much better gross margin than you typically have in a consumer world. Good combination. There are other markets which we also look at. We don't spend a lot of time to look for those opportunities. It's more that those opportunities typically will be kind of incoming calls, which we sometimes support. There's no new design wins in the quarter, so this is the same slide as last quarter. It's a good basis. We have references in all the key market segments, and this is the best sales tools we have. If you have proven that you can deliver, if you've proven that you are a good fit for different market segment, that is basically the best salesman you have.

Speaker #1: It's a good combination. There are other markets that we also look at. We don't spend a lot of time searching for those opportunities. Typically, those opportunities will come to us as incoming calls.

Speaker #1: Which we sometimes support. Yeah, so there are no new design wins in the quarter, so this is the same slide as last quarter. But it's a good basis.

Speaker #1: We have references in all the key market segments, and this is the best sales tool we have. If you have proven that you can deliver, if you've proven that you are a good fit for different market segments, that is basically the best salesman you have.

Speaker #1: Yeah, so we are extremely proud. Even though we're not there as a design win, we have the first design in, in a consumer ARMR device.

Øyvind Isaksen: We are extremely proud, even though we're not there as a design win, we have the first design win in a consumer AR/MR device. That has been an extremely tough fight, in all aspects. Being able to support demanding customer, be able to integrate the technology in a good way into their products. In all ways, proving that we can deliver, convincing them that we are sustainable. It's been a long, long, long fight and we have managed to kind of convince the customer, and we believe that this design win will go all the way into a design win. There is, of course, always a risk, now we have 3 mass production POs. We have shipped quite a few lenses already and are still shipping, and that is a very, very good sign, and I would be very surprised if this go away.

Speaker #1: That has been an extremely tough fight in all aspects. Being able to support demanding customers, being able to integrate the technology in a good way into their products—yeah, always proving that we can deliver, convincing them that we are sustainable.

Speaker #1: So, it's been a long, long, long fight, and we have managed to kind of convince the customer, and we believe that this design-in will go all the way into a design win.

Speaker #1: There is, of course, always a risk, but no—we have three mass production POs, we have shipped quite a few lenses already, and are still shipping.

Speaker #1: And that is a very, very good sign, and I will be very surprised if this goes away. But we waited a long time before classifying it as a design-in, and I'm typically very careful in doing that because I don't like to reverse it.

Øyvind Isaksen: We waited a long time for classified as a design win, and I'm typically very careful in doing that, because I don't like to reverse it. I've done that once too much. That's why I've been very conservative, now I feel there is no way back, I feel. There can be other things which happens, could be strategic things in the company, I don't know, but from a technology and TLens perspective, I don't really see that this can go away due to TLens. We are very happy with this one. Of course, it is the first, and we believe actually a launch this year of the product. We believe that it's of course, what will be the volumes will be a natural question, and we don't know.

Speaker #1: I've done that once too many times. So that's why I've been very conservative, but now I feel there is no way back, I feel. There can be other things, which happen—could be strategic things in the company, I don't know—but from a technology and T-lens perspective, I don't really see that this can go away due to T-lens.

Speaker #1: So we are very happy with this one. And of course, it is the first, and we believe actually launched this year, of the product.

Speaker #1: We believe that is, of course, what will be the volumes? It will be a natural question. And we don't know. But I don't think—as I said many times before—these companies, taking a new technology into use, will be very careful, and they will try to not stress the situation.

Øyvind Isaksen: I don't think As I said many times before, these companies taking a new technology into use will be very careful, and they will try to not stress the situation. I said also related to the smartphone area, that they will typically take it into some flagship lower volume things. We don't know, that is my assessment. Anyway, what it is, I think the volume is most important thing. The important thing is that we are in, that it will be released, that it will be product, which will be kind of tested and referred to as the state-of-the-art, and hopefully then, and be the basis for future high volume cases for sure. This is probably one of the most, if not the most strategic milestones we have achieved in the company for a long, long time.

Speaker #1: So I said also, related to the smartphone area, that they will typically take it into some flagship, lower-volume things. We don't know, but that is my assessment.

Speaker #1: But anyway, what it is, I think the volume here is not the most important thing. The important thing is that we are in, that it will be released, that it will be a product which will be kind of tested and referred to as state of the art.

Speaker #1: And hopefully then be the— and be the basis for future high-volume cases, for sure. So this is probably one of the most, if not the most, strategic milestones we have achieved in the company for a long, long time.

Speaker #1: So, if you don't see that I'm smiling, it's because you don't see. Generally speaking, I would say that in the ARMR market segment, as I said in the beginning, it is—it feels like it's happening now.

Øyvind Isaksen: If you not see that I'm smiling, it's because you don't see. Generally speaking, I would say that, in the AR/MR market segment, as I said in the beginning, it feels like it's happening now. Of course, it's always a question of when will the big volumes come? Who will be the players? What I feel is that there are so many players now who is taking a position with a product in this market segment. I feel it's a matter of time before we will see quite a few volumes opportunities. Also we talked about is it really needed with AF? Well, if you see the products being launched today, they don't have AF, most of them. We are, of course, as I said, we are very close to the OEMs.

Speaker #1: Of course, it's always a question of when will the big volumes come, who will be the players, but what I feel is that there are so many players now who are taking a position with a product in this market segment.

Speaker #1: So, I feel it's a matter of time before we will see quite a few volume opportunities. And also, we talked about, is it really needed with AF?

Speaker #1: Well, if you see the products being launched today, they don't have AF—most of them. But we are, of course, as I said, very close to the OEMs.

Speaker #1: And the way we read them—more than just read them—what they say is that they don't see that it's possible to move in this direction with a high-quality performance, with OAT sooner or later implementing AF.

Øyvind Isaksen: The way we read them, more than read them, what they say is that they don't see that it's possible to move in this direction with a high-quality performance without sooner or later implementing AF. That's what they're telling us and that's of course why we have all these POCs, because they need to be prepared for that. A little bit back to, okay, are we the only one? No. We are not the only one. Again, we feel, based on the interaction we have, that we are definitely one of the preferred ones. Will we be alone? No. Will it be VSense? I'm sure. Will it be other tunable optics? Maybe. We feel that we have a very strong position. A very strong position.

Speaker #1: So that's what we are— that's what they're telling us. And that's, of course, why we have all these POCs, because they need to be prepared for that.

Speaker #1: And then, a little bit back to, okay, are we the only one? No, we are not the only one. But again, we feel, based on the interactions we have, that we are definitely one of the preferred ones.

Speaker #1: So that's— but will we be alone? No. Will it be VCMs? I'm sure. Will it be other tunable opportunities? Maybe. But we feel that we have a very strong position.

Speaker #1: A very strong position. Some of the POCs—many of them, actually—are becoming more and more mature, but what we also see is they are spending a lot of time evaluating both the company and the technology, so they are not rushing crazy fast.

Øyvind Isaksen: Some of the POCs, many of them actually, is becoming more and more mature, what we also see, they are spending a lot of time to evaluate both the company and the technology. They are not rushing crazy fast. I think that when they see that somebody starts, of course that puts a different kind of pressure on other actors also to move. Step by step, we see this maturing and of course this designing is proof of that. When it comes to the camera module which we shipped in the end of the quarter, the last bullet, this is, of course, I mentioned before, a little bit like a reference type, platform assessment. Outcome of that program will be very important. When do we know more? It's difficult for us to say.

Speaker #1: But I think that when they see that somebody starts, of course, that puts a different kind of pressure on other actors also to move.

Speaker #1: So step by step, we feel it's maturing, and of course, this design is proof of that. When it comes to the camera model, which we shipped at the end of the quarter—the last bullet—this is, of course, as I mentioned before, a little bit like a reference-type platform assessment.

Speaker #1: So the outcome of that program will be very important. When will we know more? It's difficult for us to say. I will meet the customer in a few weeks.

Øyvind Isaksen: I will meet the customer in a few weeks, to discuss status and assessments they have done and future. I think it will be towards end of the year, we have the more visibility on what's going to happen on that one. Regardless, of course, we have tested the camera and it works very well. Then it depends on the use case. What is the use case for that particular OEM for that camera? Because that is very different. The typical use cases we can foresee, we see that this camera works. That was TLens, TWedge. I said it before, it's surprising to see how this interest continues, there's really few players. It's a TWedge I feel is today a tier 1 high-end guys who is kind of able to kind of understand how to utilize.

Speaker #1: To discuss status and assessments, they're done, and the future. I think maybe—I think it will be towards the end of the year when we have more visibility on what's going to happen on that one.

Speaker #1: But regardless, of course, we have tested the camera, and it works very well. But then it depends on the use case. What is the use case for that particular OEM, for that camera?

Speaker #1: Because that is very different. But the typical use case is, we can foresee—we see that this camera works. That was T-lens, T-Wedge.

Speaker #1: I said it before. It's surprising to see how this interest continues. But it's really few players. So, it's a T-Wedge, I feel, is today a tier-one high-end guys who is kind of able to kind of understand how to utilize.

Speaker #1: So I don't see T-Wedge having big deployments in the tier twos and the tier threes, at least not in the first years. But who's driving this is not, in a way, us.

Øyvind Isaksen: I don't see TWedge have big deployments in the tier 2 and the tier 3s, at least not in the first years. Who is driving this is, it's not in a way us, it's actually some big guys who is saying, "We need your technology to have a successful deployment of quality this way." We are being pushed, and we are saying, "Listen, we cannot move on with this big development without any kind of support/commitment." This is what we are trying to conclude with a few players. We are in, I would say, intense dialogue how to do that. What we are saying is that we're not going to do it if you don't support us. Okay, but what do we get for giving you money? You get the component you need. That's not good enough, they say, you know.

Speaker #1: It's actually some big guys who are saying, we need your technology to have a successful deployment of quality display. So we are being pushed, and then we are saying, yeah, yeah, listen, we cannot move on with this big development without any kind of support slash commitment.

Speaker #1: And this is what we are trying to conclude with a few players. And we are in, I would say, intense dialogue about how to do that.

Speaker #1: What we are saying is that we're not going to do it if you don't support us. So, and then, okay, but what do we get for giving you money?

Speaker #1: You get the component you need. "That's not good enough," they say. So, this is the discussion we have. There was actually a quote I would like to use from one of our important OEMs.

Øyvind Isaksen: This is the discussion we have. There was actually a quote I would like to use from one of our important OEMs. He was saying in a meeting or dinner or whatever, "Do you really understand how important this technology may become?" A statement from a customer. That's a very strong statement. Let's see. We are hoping that we will be able to kick off a real program. So far it has been prototyping, selling prototypes to a high price to make sure that there is a clear interest. We need to take it from there to a real program, and that is a costly program. We are having a plan now the next phase, and we are trying to get some financial support from the market/commitment.

Speaker #1: And he was saying in a meeting, or dinner, or whatever, "Do you really understand how important this technology may become?"

Speaker #1: A statement from a customer. So that's a very strong statement. So, let's see. We are hoping that we will be able to kick off a real program.

Speaker #1: So far, it has been prototyping—selling prototypes at a high price to make sure that there is a clear interest. But we need to take it from there to a real program.

Speaker #1: And that is a costly program. We are having a plan now, the next phase, and we also said we are trying to get some financial support from the market slash commitment.

Speaker #1: So yeah, amazing to see. And also amazing to see how many different ways the different customers are planning to use it. And as I said, T-Wedge will make the display in AR/MR devices much better.

Øyvind Isaksen: Yeah, amazing to see and also amazing to see how many different ways the different customer are planning to use it. As I said, TWedge will make the display in AR or MR devices much better, much nicer in all aspects. The technology platform give us TLens, which we today are in mass production with, and the next product is hopefully TWedge. It is a niche product, and that's why we really would like to see somebody financing at least part of it to bring it to the market. Yeah. Here's the status on the consumer side. This one do include AR or MR. As you can see now, finally a design in. As you can see, a high activity on the POC and planning POC, and many of them is related to AR or MR.

Speaker #1: Much nicer, in all aspects. So, the technology platform gives us T-Lens, which we are in mass production with today, and the next product is hopefully T-Wedge.

Speaker #1: But it is a niche product, and that's why we really would like to see somebody financing at least part of it to bring it to the market.

Speaker #1: Yeah. So here's the status on the consumer side. This one does include AR/MR. And as you can see, no final design-in. And as you can see, there's high activity on the POC and planning POC, and many, many of them are related to AR/MR—the glasses, the green, light green there.

Øyvind Isaksen: The glasses, the green, light green there. 19 on POC and 17 on planning POC. You can see also there are some laptop accessories, which also have some promises, but too early to say. I think we are clearly betting on the AR or MR market, and not only us, by the way. Enterprise AR or MR, nothing new this quarter, but low volume still. I believe that as the technology mature, these kind of glasses become more user-friendly. five years ago, four years ago, I was talking about sitting on a flight with a big screen in front of me. I think that's also when I look at some of the big guys presenting their solutions, this is one of the applications they are talking about. Finally, it's happening. I talked about it five years ago. Yeah.

Speaker #1: 19 on PoC and 17 on planning PoC. So basically, you can also see there are some laptop accessories, which also have some promise, but it's too early to say.

Speaker #1: So, I think we are clearly betting on the AR/MR market. And not only us, by the way. Enterprise AR/MR—nothing new this quarter, but still low volume. I believe that as the technology matures, these kinds of glasses become more user-friendly.

Speaker #1: I think also five years ago, four years ago, I was talking about sitting on a flight with a big screen in front of me.

Speaker #1: I think that's also, when I look at some of the big guys presenting their solutions, this is one of the applications they are talking about.

Speaker #1: Finally, it's happening. I talked about it five years ago. Yeah. So, on the barcode side, it's kind of slowly giving us more business.

Øyvind Isaksen: On the barcode side, it's kind of slowly giving us more business, and there's a mix between which is good, existing customer order more, and releasing new products and new customer starting POCs. M12 has definitely helped to bring awareness. This is the MLens, which is the off-the-shelf device that actually contains two TLenses. As I said before, why is this important? Because that solution is not only TLens, it's more a lens camera solution, which is more like plug and play, and it's much easier and faster for players to adapt our technology. That's why we believe MLens will be important. We got good feedback when we went to Automate, and the picture on the bottom is Amicia. She's smiling. If it wasn't for the ears, she'd be smiling all the way around. She is showing there the MLens suitcase. Good feedback.

Speaker #1: And there's a mix between, which is good: existing customers, ordering more and releasing new products, and new customers starting POCs. M12 has definitely helped to bring awareness.

Speaker #1: This is the M-lens, which is the off-the-shelf device that actually contains two T-lenses. And as I said before, why is this important? Because that solution is not only T-lens, it's more of a lens-camera solution, which is more like plug-and-play.

Speaker #1: And it makes it much easier and faster for players to adapt our technology. So that's why we believe M-Lens will be important. We got good feedback when we went to Automate. Here in the picture on the bottom, you see Marcia—she's smiling.

Speaker #1: It wasn't for the ears, she will be smiling all the way around. And she is showing there the M-lens suitcase. And good feedback. We are also now releasing two new products.

Øyvind Isaksen: We are also now released two new products which complement what exists from before. Here you see the status on the barcode industrial. It's quite a lot. 15 machine vision, and 11 barcode, and some other applications. Most of these are still shipping. There may be three something who is end of life and been replaced. Healthcare, not really a lot of things happening, but there are some. I said before that I have two, three cases now in mind, which I see some strategic importance in. What have happened before is that in the end of the day, the customer finds out that maybe AF is not needed. The reason for that is today, many use is a 2 megapixel sensor solution, which basically doesn't need AF, most of them.

Speaker #1: Which complement what exists from before. Okay. Yeah. Here you see the status on the barcode industrial. It's quite a lot: 15 machine vision and 11 barcode.

Speaker #1: And some other applications. Most of these are still shipping. There may be three or so that are end-of-life and have been replaced.

Speaker #1: Healthcare—not really a lot of things happening, but there are some. I said before that I have two, three cases now in mind, which I see some strategic importance in.

Speaker #1: What have happened before is that they in the end of the day, the customer finds out that maybe AF is not needed. And the reason for that is they today many, many uses a two megabit megapixel sorry, sensor resolution.

Speaker #1: Which basically doesn't need AF—most of them. But what we see now in the other cases we are active in is that they've moved up to five.

Øyvind Isaksen: What we see now in the other cases we are now active in is that they moved up to 5. per mega. That means that changed the optics. That changed the game, and that may trigger a need for AF. It's not zero activity. There are some activity, but again, it's more based on incoming calls than anything else. Some of them we do support because we believe long-term, healthcare can be a very interesting market for us. Of course, the visibility we have achieved through the Mini2P, this device, which is imaging the brain activity in animals, is quite massive, and that's still shipping well. Automotive, it's in a way, I would say, close to zero activity during the quarter.

Speaker #1: Five mega. And that means that then, that changed the optics. That changed the game. And that may trigger a need for AF. So it's not zero activity.

Speaker #1: There is some activity, but again, it's more based on incoming calls than anything else. However, some of them we do support because we believe that, in the long term, healthcare can be a very interesting market for us.

Speaker #1: And of course, the visibility we have achieved through the Mini 2P, this device which is imaging the brain activity in animals, is quite massive.

Speaker #1: And that's still shipping well. Automotive—yeah, that's, in a way, I would say, close to zero activity during the quarter. But we still kind of keep it there to remind ourselves and to remind the market that we have a technology which potentially can be important for that market also.

Øyvind Isaksen: We still keep it there to remind ourselves and to remind the market that we have a technology which potentially can be important for that market also. Today, or today's portfolio, we don't see any major opportunities. There are on and off somebody contacting us in this market segment, and we do meet with them, and we do explain our technology. I think it's a long-term opportunity, which we cannot today use time on because of all the other things we are doing. Still, we'd like to remind ourselves that it is an opportunity. I don't need to go through this, but you see the various segments, and you see the various categories, and the trends. Here you can see the Øyvind Buø slide, which shows the development on planning POC, and completed POC, and also design in and design win.

Speaker #1: But today, I mean in our current portfolio, we don't see any major opportunities. But there are on and off, somebody contacting us in this market segment, and we do meet with them and we do explain our technology.

Speaker #1: But I think it's a long-term opportunity, which we cannot today spend time on because of all the other things we are doing.

Speaker #1: But still, I would like to kind of remind ourselves that it is an opportunity. Yeah. I don't need to go through this, but you see the various segments and you see the various categories.

Speaker #1: And the trends. Here you can see the slide, which shows the development in planning POC, POC, and completed POC, as well as design-in and design-win.

Speaker #1: So, since 2020, quite a bit has happened. We could always dream that things would go faster, but at least this is going in the right direction.

Øyvind Isaksen: Since 2020, quite a bit has happened. We could always dream that things go faster, but at least this goes in the right direction. Okay, Joakim.

Speaker #1: Okay, you are Kim. The floor is yours.

Joakim Hines Bredahl: Ready.

Øyvind Isaksen: The floor is yours.

Speaker #2: Thank you. Good morning, everyone. For the financial review, we can start with the income statement (P&L). One focus point is, naturally, the revenue.

Joakim Hines Bredahl: Thank you. Good morning, everyone. The financial review, we can start with the income statement, P&L. One focus point is naturally the revenue. We reported revenue growth this quarter as well. The last two consecutive quarters, I have stood before you, and I've said, Now this is a record quarter in terms of revenue for poLight. Unfortunately, that's not the case this quarter. But if we remove Q1 2026, this quarter is still the highest. It's the second-highest revenue in poLight's history. That being said, this is not the revenue we're aiming for. We still have a far way to go until we are where we want to be, and that's referring back to the pipeline that Øyvind just showed. This revenue that we're seeing now is still very much positioning revenue. We're positioning ourselves for the higher volumes.

Speaker #2: We reported revenue growth this quarter as well. For the last two consecutive quarters, I have stood before you and said, 'Now, this is a record quarter in terms of revenue for poLight.'

Speaker #2: Unfortunately, that's not the case this quarter. But if we remove the first quarter of 2026, this quarter is still the highest. So it's the second highest revenue in poLight history.

Speaker #2: That being said, this is not the revenue we're aiming for. We still have a far way to go until we are where we want to be.

Speaker #2: And that's referring back to the pipeline that I've just showed. So, this revenue that we're seeing now is still very much positioning revenue. So, we're positioning ourselves for the higher volumes.

Speaker #2: And that takes a lot of work. So that requires us to use the full supply chain, and that's why we're also very much executing on our hiring plan.

Joakim Hines Bredahl: That takes a lot of work, so that requires us using the full supply chain, and that's why we're also very much executing on our hiring plan. Just make sure that we have all the right people in all the right places. It's worth a mention, I think that if we combine the first two quarters of the year, we have in H1 2026, actually surpassed the full-year revenue for 2025. That's a good start to the year. Again, that being said, given that we are now positioning revenue, I would say we still could expect quarters to become volatile. It can still go up and down quite a bit, because we're not in that place where we see that steady state of growth yet.

Speaker #2: Just make sure that we have all the right people in all the right places. It's worth a mention, I think, that if we combine the first two quarters of the year, we have, in the first half of 2026, actually surpassed the full-year revenue for 2025.

Speaker #2: So that's a good start to the year. Again, that being said, given that we are now positioning revenue, I would say we still could expect quarters to become volatile.

Speaker #2: It can still go up and down quite a bit because we're not seeing, we're not in that place where we see that steady state of growth yet.

Speaker #2: Also, in terms of revenue size, I mean, we are still loss-making. That's because we need to have a very qualified organization working in this area.

Joakim Hines Bredahl: In terms of size of revenue, we are still loss-making, and that's because we need to have a very qualified organization working with this area. Well, we could just look at the gross margin first because the profitability in the quarter is around 50%, which we're quite satisfied with. 86% of the revenue is in the AR/MR segment, which corresponds well to what I've been saying about where we're putting our energy. We usually say about 90%, so we're 4% off that target. Satisfactory gross margin. We look at the OpEx. I think if we take a look at the R&D, because if we look at the R&D here, on the surface, it looks a bit like we are spending less on R&D, or it's flat. That's actually not the case.

Speaker #2: And if we look at the OPEX—well, we could just look at the gross margin first, because the profitability in the quarter is around 50%.

Speaker #2: Which we are quite satisfied with. Eighty-six percent of the revenue is in the ARMR segment, which corresponds well to what I've been saying about where we're putting our energy.

Speaker #2: We usually say about 90%, so we're 4% off that target, but still a satisfactory gross margin. Then we look at the OPEX, and I think if we take a look at the R&D—because if we look at the R&D here, it, on the surface, looks a bit like we are spending less on R&D.

Speaker #2: Or it's flat. That's actually not the case. Up until January 1, 2026, we reported customer service because that took more the form of business development, actually.

Joakim Hines Bredahl: Up until 1 January 2026, we reported customer service because that took more the form of business development, actually. We reported that as R&D. That's the same work, it's the same people doing it, but it's more repetitive now, and it's more taking a form of sales support. We have now reported that since the 1 January, reported that as sales marketing. We haven't gone back and corrected earlier numbers because we feel it was correctly reported in 2025, and we're also reporting correctly now. That means that we're not completely comparing apples and apples when we look at the R&D between the years. Actually, we're spending quite a bit more on R&D than we did a year ago. Correspondingly, sales and marketing has increased, and that's not surprising given what I just said.

Speaker #2: We reported that as R&D. That was the same work. It's the same people doing it, but it's more repetitive now, and it's more taken a form of, sort of, sales support.

Speaker #2: So, we have now reported that since the 1st of January, we report that as Sales and Marketing. So, we haven't gone back and corrected earlier numbers, because we feel it was correctly reported.

Speaker #2: In 2025—and we're also reporting correctly now. But that means that we're not completely comparing apples to apples when we look at R&D between the years.

Speaker #2: So, actually, we're spending quite a bit more on R&D than we did a year ago. Correspondingly, sales and marketing has increased, and that's not surprising given what I just said.

Speaker #2: Since customer service has moved there, that's also an increase in sales and marketing spending. Then, for the supply chain operational expenses, that's increased. That's basically down to strengthening of that team.

Joakim Hines Bredahl: Since customer service has moved there, that's also an increase in sales and marketing spending. For the supply chain operational expenses, that's increased. That's basically down to strengthening of that team and increasing the headcount. Administrative expenses has also increased. I think an explanation factor for the OpEx increase is actually not really related to things we do internally, but the share option program and employer's NICs, which increases when the share price increases. During Q2, the share price developed very positively, which is fortunate, but it also leads to a higher employer's NICs. That's actually NOK 7.4 million higher than the same time last year. One number that I thought is more interesting to look at is if we rinse out that factor, because that's not really down to things that we do and how we spend money, and it doesn't have a cash effect.

Speaker #2: Increasing the headcount and administrative expenses has also increased. I think an explanatory factor for the OPEX increase is actually not really related to things we do internally, but the share option program and employers' NICs.

Speaker #2: Which increases when the share price increases. And in Q2, during the quarter, the share price developed very positively. Which is fortunate, but it also leads to higher employer's NICs.

Speaker #2: So that's actually $7.4 million higher than the same time last year. So, one number that I thought is more interesting to look at is if we rinse out that factor, because that's not really down to things that we do and how we spend money.

Speaker #2: And it doesn't have a cash effect. Then, if we look at the OPEX and compare it to the revenues—if we look at the first half of '25 compared to the first half of '26—the OPEX over revenue ratio was 2.75 times higher last year.

Joakim Hines Bredahl: If we look at the OpEx and compare it to the revenues, if we look at the H1 2025 compared to the H1 2026, the OpEx over revenue ratio was 2.75 times higher last year compared to this year, which means we're getting far more revenue out of our spending. It's a very positive sign. Sorry. Yes. We can leave the income statement. If we look at the balance sheet, of course, as always, the most interesting part of our balance sheet is the cash. I'll get back to that. If we also look at the inventory, that's also more complex part of our balance sheet, and that's seen a reduction in the quarter of NOK 4.4 million, which is cost of goods sold. It's the provision for obsolescence that happens every quarter.

Speaker #2: Compared to this year. Which means we're getting far more revenue out of our spending. This is very positive sign. Sorry. So yes, we can leave the income statement.

Speaker #2: If we look at the balance sheet, of course, as always, the most interesting part of our balance sheet is the cash. And I'll get back to that.

Speaker #2: But if we also look at the inventory, that's also a more complex part of our balance sheet. That's seen a reduction in the quarter of NOK 4.4 million.

Speaker #2: Which is cost of goods sold. It's the provision for obsolescence that happens every quarter, and there's a small increase due to some assembled goods.

Joakim Hines Bredahl: It's a small increase due to some assembled goods. If we take the wafer out of the inventory and we assemble it into TLens, that increases the value of the inventory slightly because we add the work done. Looking at the cash flow development. Again, I don't want to really compare the two numbers without rinsing out the factor here, because Q2 2025 was a quarter where we had the private placement of NOK 161.5 million, which makes it, of course, a net increase of NOK 137 million in that quarter. If we take away that factor, we actually have a cash net decrease that was NOK 6 million less this quarter compared to the same quarter last year. Cash burn has been lower, and that is mostly explained by a decrease in working capital.

Speaker #2: So if we take the wafer out of the inventory and we assemble it into three lengths, that increases the value of the inventory slightly.

Speaker #2: Because we add the work done. Looking at the cash flow development—again, I don't really want to compare the two numbers without ironing out the factor here.

Speaker #2: Because Q2 2025 was a quarter where we had the private placement of NOK 161.5 million, which makes it, of course, a net increase of NOK 137 million in that quarter.

Speaker #2: But if we take away that factor, we actually have a cash net decrease that was $6 million less this quarter compared to the same quarter last year.

Speaker #2: So, cash burn has been lower, and that is mostly explained by a decrease in working capital. That is, the decrease is higher than it was in that quarter.

Joakim Hines Bredahl: The decrease is higher than it was in that quarter, then slightly offset by the net loss that was slightly higher. We also have CapEx in the quarter of NOK 1.3 million, which is related to investments into new test equipment. This leaves us with a cash balance at the end of the period at close to NOK 244 million, which we consider to be still quite healthy at the development stage that poLight's in currently. I think that concludes the financial review, and Øyvind can lead you through the outlook, then we'll have room for Q&A after.

Speaker #2: And then slightly offset by the net loss, which was slightly higher. We also have capex in the quarter of NOK 1.3 million, which is related to investments in new test equipment.

Speaker #2: And this leaves us with a cash balance at the end of the period. It's close to NOK 244 million, which we consider to be still quite healthy at the development stage that poLight is currently in.

Speaker #2: I think that concludes the financial review. Evan can lead you through the outlook, and then we'll have room for Q&A afterward.

Speaker #1: Yeah, thanks. You're welcome. Yeah, outlook. Restating something we said before, and we would like to repeat: we feel very confident—more and more confident—on poLight.

Øyvind Isaksen: Thank you, Joakim. Outlook. Restating something we said before, we would like to repeat, we feel very confident, more and more confident on poLight and our success, in particular in the AI MR segment. We now have our first design-in for consumer, which will be an extremely important platform for new design-in and wins. I would like to thank the team for achieving that, because that has been a really tough fight. As I said, autofocus capabilities in these products seem to be on the roadmap for all the major players, then typically all the others will follow more or less. It's not going to happen in one big bang. It's going to happen step by step.

Speaker #1: And our success, and particularly in the ARMR segment. We now have our first design-in for consumer, which will be an extremely important platform for new design-ins and wins.

Speaker #1: I would like to kind of thank the team for achieving that, because that has been a really, really tough fight. As I said, autofocus capabilities in these products seem to be on the roadmap for all the major players.

Speaker #1: And then, typically, all the others will follow more or less. But it's not going to happen in one big bang. It's going to happen step by step.

Speaker #1: We're going to get into design ins and design wins, which will maybe, starting in the beginning, not be the high-volume products.

Øyvind Isaksen: We're going to get into the design-ins and the design-wins, which will maybe starting in the beginning, not be the high volume products, as I said before, trying new technology, careful release into key products, then ramping. Also competition will be there. Again, we feel that we have, I would say, the way we read the market, we feel that if, what should I say? If cost is not super important and performance is most important, I think we have the best technology. We are not able or willing to sell at the cheap VCM price level. We also don't think VCM is a good solution, but there will be solutions based on VCM. We are positioning us based on performance, which I think is business-wise more healthy. TWedge remains extremely strong.

Speaker #1: But, kind of as I said before, trying new technology, careful release into key products, and then ramping. So, and also, competition will be there.

Speaker #1: But again, we feel that we have—I would say the way we read the market—we feel that, what should I say? If cost is not super important and performance is most important, I think we have the best technology.

Speaker #1: But we are not able or willing to sell at the kind of cheap, cheap, cheap VCM price level. We also don't think VCM is a good solution.

Speaker #1: But there will be a solution based on VCM. So, we are positioning ourselves based on performance, which I think is, business-wise, healthier. TRH remains extremely strong.

Speaker #1: I used to quote from one of our customers: "You don't understand how important this technology is. Every night I go to sleep..." So, but as Joachim indicated, we are in an investment phase still.

Øyvind Isaksen: I used a quote from one of our customers, You don't understand how important this technology may become. I think about that every night I go to sleep. As Joakim indicated, we are in an investment phase still, and I have to thank your shareholders for patience and support, it will be a mistake to save money at this stage. Now we need to take care of the opportunities and that cost. We will take care of the cash as good as we can, of course, but we need to optimize future success. That's the focus in the company. Okay. Joakim, would you join me for Q&A?

Speaker #1: And I have to thank your shareholders for their patience and support. But it would be a mistake to save money at this stage. No, we need to take care of the opportunities.

Speaker #1: And that cost. But we will take care of the cash as well as we can, of course. But we need to optimize for future success.

Speaker #1: That's the focus in the company. Okay. Joachim, would you join me for Q&A?

Speaker #2: I will.

Joakim Hines Bredahl: I will.

Speaker #1: Any questions today? It's a little bit lighter today, isn't it?

Øyvind Isaksen: Are there any questions today? A little bit lighter today, isn't it?

Speaker #2: We'll see. We'll see. So yes, we can start with the ones that we received before.

Joakim Hines Bredahl: We'll see.

Øyvind Isaksen: Okay.

Joakim Hines Bredahl: We'll see. Yes. We can start with the ones that we received.

Speaker #1: Yeah. Okay.

Øyvind Isaksen: Yeah, okay.

Speaker #2: Before the session started, first design in and consumer AR. Congratulations.

Joakim Hines Bredahl: The questions were received before the session started. First to sign in in consumer AR, congratulations.

Speaker #1: Thank you.

Øyvind Isaksen: Thank you.

Speaker #2: In Q4 '25, it was mentioned that there was a big player behind the PO on lenses for this project. Can you say anything more about the geography of this customer?

Joakim Hines Bredahl: In Q4 2025, it was mentioned that there was a big guy behind the PO on lenses for this project.

Joakim Hines Bredahl: In Q4 2025, it was mentioned that there was a big guy behind the PO on lenses for this project. Can you say anything more about the geography of this customer, or say anything more about the schedule or anything else about the way forward?

Joakim Hines Bredahl: Can you say anything more about the geography of this customer, or say anything more about the schedule or anything else about the way forward?

Speaker #2: Or say anything more about the schedule, or anything else about the way forward?

Speaker #1: No, I do not like to comment on where this customer is. Having said that, most of the people and companies we are dealing with are all over the place.

Øyvind Isaksen: No, I do not like to comment on where this customer is. Having said that, most of the companies we are dealing with, they are all over the place. Yes, I don't want to say that or comment on that. What I can say is that the way we understand the situation is that the release plan is this year. When this year is still for us a little bit uncertain, but I think it seems to be quite certain this year. When it comes to next steps, we have already, as I mentioned, received three mass production POs based on mass production prices. All those has been announced. Typically these customers, they would like to have as close to zero inventory. They want us rich suppliers to take care of that. They're typically not one kind of big PO.

Speaker #1: But yes, so I don't want to say that or comment on that. But what I can say is that the way we understand the situation is that the release plan is this year.

Speaker #1: This year is still, for us, a little bit uncertain. But I think it seems to be quite certain this year. When it comes to next steps, we have already, as I mentioned, received three mass production POs.

Speaker #1: Based on mass production prices. All those has been announced. We typically these customer, they would like to have as close to zero inventory. They want us rich suppliers to take care of that.

Speaker #1: And so they're typically not placing one kind of big PO. What they're doing is, we try to force them to place as big a PO as possible.

Øyvind Isaksen: We try to force them to place as big PO as possible, especially the first one. You may see that the first one we received was bigger than the follow-on POs. You saw that. That's typically how we try to massage it. They will typically give us a forecast, they will potentially place a PO per month or per second month or something, depending on their demand. Now they have built a certain inventory, which they don't like. When they release, they will see how the sales go. Based on that, they adjust the forecast and place PO when they see that the inventory is at an unpleasant low level. This is completely unknown for us how this will develop. As I said, we don't expect major OEMs to bring new technology immediately into super high volumes. That will be too risky.

Speaker #1: Especially the first one. You may see that the first one we received was bigger than the follow-on POs. You saw that? That's typically how we try to massage it.

Speaker #1: But they will typically give us a forecast, and then they will potentially place a PO per month or per second month or something, depending on their demand.

Speaker #1: So no, they have built a certain inventory, which they don't like. And then, when they release, they will see how the sales go, and based on that, they adjust the forecast and place POs when they see that the inventory is at an unpleasant low level.

Speaker #1: This is completely unknown for us, how this will develop. But as I said, we don't expect OEMs—major OEMs—to bring new technology immediately into those super high volumes.

Speaker #1: That will be too risky. I've said this many times over many years, so I also expect this is the case here. It's probably a high end.

Øyvind Isaksen: I've said this many times in many years. I also expect this is the case here. It's probably a high end. It's probably high performance. That's why they use us. We don't know, and the customer doesn't know.

Speaker #1: It's probably high performance; that's why they use us. But we don't know, and the customer doesn't know either.

Speaker #2: So then, this is a fun question: Have you seen or tested any glasses from the customer?

Joakim Hines Bredahl: This is a fun question. Have you seen or tested any glasses from the customer?

Speaker #1: Normally, we are not allowed to see them. Extremely secretive. But in some cases, we jump into them because we are together within the factory.

Øyvind Isaksen: Normally, we are not allowed to see them. Extremely secretive. In some cases, we jump into them because we are together within the factory and debugging situation. Sometimes yes, but not in any way that we have tried them and understand how they perform or like that. It's more like, they are extremely sensitive on that. When we are meetings, they don't bring it in. When we are in their offices on the lab, they remove everything which is sensitive. They're very careful. They want to have control of the market release, of course.

Speaker #1: And debugging situation. So sometimes, yes, but not in any way that we have tried and understand how they perform, or like that. It's more like they are extremely sensitive on that.

Speaker #1: They don't, when we are in meetings, they don't bring it in. When we are in their offices or in the lab, they remove everything. Which is sensitive.

Speaker #1: So, they are very, very careful. They want to— they want to have control of the market release, of course.

Speaker #2: Should we expect to see further and potentially larger purchase orders as we approach the mass production and launch phase? This is sort of answered.

Joakim Hines Bredahl: Should we expect to see further and potentially larger purchase orders as we approach the mass production and launch phase? This is sort of answered.

Øyvind Isaksen: Yeah.

Speaker #2: And also, there's a question here about the volume potential of this specific project.

Joakim Hines Bredahl: Also, there is a question here about the volume potential of this specific project.

Speaker #1: I think we answered that as well.

Øyvind Isaksen: I think we answered that also.

Joakim Hines Bredahl: Based on precedent, poLight declared a design win simultaneously with a product announcement. Could you describe what specific milestones would be required before the current design win can be classified as design win?

Speaker #2: Based on precedent, poLight declared a design win simultaneously with a product announcement. Could you describe what specific milestones would be required before the current design-in can be classified as a design win?

Speaker #1: Yeah, good question. Typically, that will be when we know that this is being released to market. Will that be based on some product presentation or early marketing?

Øyvind Isaksen: Yeah. Good question. Typically, that will be when we know that this is being released to market. Will that be based on some product presentation, early marketing, or will it be when you see it in the shop? We do not know. Typically, there will be some announcements upfront of release. That is when we design win, meaning when we are sure it will be in the shop.

Speaker #1: Or will it be when you see it in the shop? We don't know. But typically, there will be some announcements upfront of release. That's when we define 'design win.'

Speaker #1: Meaning when we are sure it will be in the shop.

Speaker #2: And then, comparing a few of the projects, people want to sort of puzzle together what project is what. The Q2 report clarifies that the new 2026 design-in is a separate case from the consumer OEM backing the QTECH assembly line investment.

Joakim Hines Bredahl: Comparing a few of the projects, some people want to puzzle together what project is what. The Q2 report clarifies that the new 2026 design win is a separate case from the consumer OEM backing the Q Tech assembly line investment. Could you share some color on the maturity of this Q Tech related OEM case and what milestones, validation steps remain before that project might also reach a formal design win status?

Speaker #2: Could you share some color on the maturity of this QTECH-related OEM case, and what milestone validation steps remain before that project might also reach a formal design-in status?

Joakim Hines Bredahl: Could you share some color on the maturity of this Q Tech related OEM case and what milestones, validation steps remain before that project might also reach a formal design win status?

Speaker #1: Yeah, that is another extremely thorough process with an extremely important OEM in the US, as we have said before. We had another PO this quarter.

Øyvind Isaksen: Yeah. That is another extremely thorough process with an extremely important OEM in the US, as we have said before. We had another PO this quarter as of Q2. We are in constant dialogue with both the camera module supplier and the OEM, which I also will meet in a couple of weeks. I feel that that program is doing quite well. It is a relatively slow-moving process. Again, very advanced glasses. High-end glasses, big OEM. That means that they are extremely thorough. You wouldn't imagine. They are even acquiring themselves very advanced optical test equipment to basically do what we have been doing for 20 years, characterizing. What management is telling me when I am complaining a little bit about speed and all the effort we need to support them and for no money, this is how we work.

Speaker #1: So, Q2. We are in constant dialogue with both the Canon window supplier and the OEM, whom I also will meet in a couple of weeks.

Speaker #1: So, I feel that that program is doing quite well, but it is a relatively slow-moving process. Again, very advanced glasses—high-end glasses.

Speaker #1: Big OEM—that means that they are extremely thorough. You wouldn't imagine—they are even acquiring for themselves very advanced optical test equipment to basically do what we have been doing for 20 years.

Speaker #1: Characterizing. So, it's they, and what the management is telling me when I'm complaining a little bit about speed and all the effort we need to support them, and for no money.

Speaker #1: This is how we work. We cannot take the risk of not doing a good job. We have to be as thorough as this.

Øyvind Isaksen: We cannot take a risk of not doing a good job. We have to be as thorough as this. This will sooner or later, maybe not in the beginning, ramp in huge volumes. We cannot do that before we have gone through this thorough assessment. It is slow, frustrating slow, hopefully for good reasons.

Speaker #1: This will sooner or later maybe not in the beginning ramp in huge volumes. And we cannot do that before we have gone through this thorough assessment.

Speaker #1: So it's slow—frustratingly slow. But hopefully for good reasons.

Speaker #2: poLight has several major projects underway for which it has announced POs. I am curious about the major players from whom you have not announced POs.

Joakim Hines Bredahl: poLight has several major projects on the way for which POs have been announced. I am curious about the major players you have not announced POs from. Do you have ongoing projects with several top tiers and leading OEMs that are maturing?

Speaker #2: Do you have ongoing projects with several top-tier and leading OEMs that are maturing?

Speaker #1: Yeah, I would say we have, as mentioned before, activity with many of the big names—and less big names—and several of those have not been exposed through announced POs.

Øyvind Isaksen: Yeah, I would say we have, as mentioned before, we have activity with many of the big names and less big names. Several of those have not been exposed through announced POs. Yes.

Speaker #1: So yes.

Speaker #2: Completed POCs jumped from 49 to 43 to 49 in one quarter. Can you give any color on what these six new completed POCs represent in terms of market segment and commercial potential?

Joakim Hines Bredahl: Completed POCs jumped from 43 to 49 in one quarter. Can you give any color on what these six new completed POCs represent in terms of market segment and commercial potential?

Speaker #1: Oof. That was a question I need to—that seems a little bit high, to be honest. Maybe I made a mistake. I need to check that.

Øyvind Isaksen: Oof. That was a question. That seems a little bit high, to be honest. Maybe I did a mistake. I need to check that, but if this is related to consumer, it could potentially be a few laptop cases, but I felt that was a little bit high number. I need to double-check that and come back. Yep.

Speaker #1: But if this is related to consumer, it could potentially be a few laptop cases. But I felt that was a little bit high of a number.

Speaker #1: I need to double-check that. Come back.

Speaker #2: Yeah. The report confirms that the first camera modules from the October 2025 project were shipped to customs validation, as you mentioned in the presentation.

Joakim Hines Bredahl: The report confirms that the first camera modules from the October 2025 project were shipped to the customer for validation, as you mentioned in the presentation.

Joakim Hines Bredahl: The report confirms that the first camera modules from the October 2025 project were shipped to the customer for validation, as you mentioned in the presentation. What is the next milestone for this project, and what is the expected timeline?

Speaker #2: What is the next milestone for this project, and what is the expected timeline?

Joakim Hines Bredahl: What is the next milestone for this project, and what is the expected timeline?

Speaker #1: Yeah. I mentioned that the honest answer is that we don't know. They're going to meet key management in a few weeks to discuss results.

Øyvind Isaksen: Yeah, I mentioned that the honest answer is that we don't know. I'm going to meet key management in a few weeks, discussing results they have achieved so far. My understanding from last meeting I had with this company is that there may be some kind of visibility towards the end of the year. Very important program, by the way.

Speaker #1: They have achieved so far, and my understanding from the last meeting I had with this company is that there may be some kind of visibility towards the end of the year.

Speaker #1: Very important program, by the way.

Speaker #2: So, okay, this question is a bit back to the QTECH and the backing OEM. This project seems to be going well, from what I can understand.

Joakim Hines Bredahl: Okay. This question is a bit back to the Q Tech and the backing OEM.

Joakim Hines Bredahl: Okay. This question is a bit back to the Q Tech and the backing OEM. This project seems to go well from what I can understand. What will the next phases be? We've answered that. This project is a qualification for a specific product. Can you say something about whether you have seen any demonstration glasses in this project? I guess the same answer as earlier. Can you say something about the lenses that have been produced at Q-Tech?

Joakim Hines Bredahl: This project seems to go well from what I can understand. What will the next phases be? We've answered that. This project is a qualification for a specific product. Can you say something about whether you have seen any demonstration glasses in this project? I guess the same answer as earlier.

Speaker #2: What will the next phases be? We've answered that. This project is a qualification for a specific product. Can you say something about whether you have seen any demonstration glasses in this project?

Speaker #2: I guess the same answer as earlier. Can you say something about the lenses that have been produced at QTECH?

Øyvind Isaksen: Yes.

Joakim Hines Bredahl: Can you say something about the lenses that have been produced at Q-Tech?

Speaker #1: Yeah, so those have been tested and qualified, I would say. So, seems to be good. We are still tuning some of the processes.

Øyvind Isaksen: Yeah. Those have been tested and qualified, I would say. It seems to be good. We are tuning some of the processes still, but what has been delivered as good lenses out of Q-Tech line are good and qualified. There are some tuning to be done in some of the processes, but it seems good.

Speaker #1: But what has been delivered as good lenses out of the QTECH line are good and qualified. Then, there are some tunings to be done in some of the processes.

Speaker #1: But it seems good.

Speaker #2: Then a question. We recently saw that Ant Group showed off demo glasses with a T-lens camera at an event in Asia. It was mentioned by someone there that the camera and the glasses were chosen to have a T-lens.

Joakim Hines Bredahl: A question. We recently saw that Ant Group showed off demo glasses with a TLens camera at an event in Asia. It was mentioned by someone there that the camera and the glasses was chosen to have a TLens so that payment solutions such as Look to Pay could work optimally. Can you tell us more about this project? There are many glasses available on the market with fixed focus and a few with VCM.

Speaker #2: So that payment solutions, such as Look to Pay, could work optimally. Can you tell us more about this project? There are many glasses available on the market with fixed focus, and a few with VCM.

Speaker #1: I'm so glad that you are able to pick up all these details. It's more than I'm used to, to be honest. And yeah, but of course, we know that initiative.

Øyvind Isaksen: I'm so glad that you are able to pick up all these details. It's more than I'm used to be honest. Of course, we know that initiative. It's Alibaba, a small company in China, which is a big payment machine. When I'm traveling to China, I'm using Alipay and WeChat. Of course, if I could, instead of taking my phone and scanning a QR code, could just look at something and pay, that would be much easier. That's what they want to do. They want to have glasses, which is AI glasses, which are smart and which you can pay through by just looking at the QR code instead of using your phone and losing your phone on the street. Very good idea, and I think that's a big use case. Alipay and WeChat Pay is extremely used.

Speaker #1: It's only Alibaba, a small company in China, which of course is a big payment machine. When I'm traveling to China, I'm using Alipay.

Speaker #1: And WeChat. And of course, if I could, instead of taking my phone and scanning a QR code, just look at something and pay.

Speaker #1: That would be much easier. And that's what they want to do. They want to have glasses, which are AI glasses, which are smart, and which can automatically—kind of—you can pay through just by looking at the QR code, instead of using your phone and losing your phone on the street. So it's a very, very good idea.

Speaker #1: And I think that is a big use case. And Alipay and WeChat Pay are extremely used. You don't have cash. Only a few years ago, you always had cash when you went to China.

Øyvind Isaksen: You don't have cash. Only a few years ago, we always had cash when we go to China. Never cash, only Alipay and WeChat Pay.

Speaker #1: Never cash—only Alipay and WeChat Pay.

Speaker #2: This is dangerous—like the window shopping is now.

Joakim Hines Bredahl: It sounds dangerous, like window shopping is now.

Øyvind Isaksen: Yeah, exactly. You buy something, you look at the dress, and you buy it before you know it. Exactly. That's going to be expensive trip.

Speaker #1: Yeah, yeah, yeah, exactly. You buy something, you look at the dress and you buy it before you know it. Exactly. So that's going to be an expensive trip.

Speaker #1: I need a higher salary. Yes. Yes. No. So, of course, this kind of function would mean that they need very good, fast, and accurate capture.

Joakim Hines Bredahl: Yeah.

Øyvind Isaksen: I need a higher salary.

Joakim Hines Bredahl: Yeah. We'll look into that.

Øyvind Isaksen: Yes.

Joakim Hines Bredahl: Okay.

Øyvind Isaksen: Of course, this kind of function would mean that they need a very good, fast capture, accurate capture, and that equals AF. Different light conditions, different distances. Ant Group, which is a kind of a subgroup of Alibaba Group, have presented because they saw and they got some feedback that this Look to Pay didn't work so nice. They kind of said, "We will improve. We will make a proposal to a better design," which then is exactly that reference design, which was shown at this conference in China, big conference. They even mentioned TLens. Then they have a glass brand, Quark or something, I can't remember, which is being produced by an OEM, that is currently using fixed focus.

Speaker #1: And that equals AF. Different light conditions, different distances. So that means that, and that's what Ant, which is a kind of a subset subgroup of Alibaba, have presented because they saw, and they got some feedback, that this look-and-pay didn't work so nice.

Speaker #1: And so they kind of said, 'We will improve. We will make a proposal for a better design,' which then is exactly that reference design which was shown at this conference in China.

Speaker #1: Big conference, and they even mentioned T-lens. Then they have a camera, they have a glass brand—I can't, Quirk or something, I can't remember.

Speaker #1: Which is being produced by an ODM that is currently using fixed focus. But some of the reported challenges with these kinds of glasses are claimed to be solved by using AF, and in this case, in particular, mentioning T-lens.

Øyvind Isaksen: Kind of the reported challenges with these kind of glasses is claimed to be solved by using AF, and in this case, particular mention TLens. Of course, if this Look to Pay becomes something big, which it can, and only after that, when that was kind of announced, we saw another boost of incoming calls to poLight in China. Of course, it's fantastic. Still early to say what it will imply, but it's only positive, of course, that they do marketing for us.

Speaker #1: So of course if this look and pay becomes something big and which is can and only after that when that was kind of announced we saw another boost of incoming calls to POLIGHT in China.

Speaker #1: So of course, it's fantastic, but still early to say what it will imply. But it's only positive, of course, that they do marketing for us.

Speaker #2: Then, a few questions about T-Wedge. We talked about finding a partner for T-Wedge project development. Are there one or more stakeholders in dialogue with poLight about this?

Joakim Hines Bredahl: A few questions about TWedge.

Joakim Hines Bredahl: A few questions about TWedge. We talked about finding a partner for TWedge project development. Are there one or more stakeholders in dialogue with poLight about this?

Joakim Hines Bredahl: We talked about finding a partner for TWedge project development. Are there one or more stakeholders in dialogue with poLight about this?

Speaker #1: Yeah, we are working with a small hand. I would say at least three, very active. And we are discussing how to bring this to a mass production product with at least two of them.

Øyvind Isaksen: Yeah, we are working with a small hand, I would say three, at least, very active. We are discussing how to bring this to a mass production product with at least two of them. Hopefully, that could mean that we can get some kind of support/commitment, but we don't know yet.

Speaker #1: And hopefully that could mean that we can get some kind of support/commitment, but we don't know yet.

Joakim Hines Bredahl: Vitrealab was listed on the stock exchange with the laser LCOS demo version with TWedge by poLight a while ago.

Joakim Hines Bredahl: Vitrealab was listed on the stock exchange with the laser LCOS demo version with TWedge by poLight a while ago. Vitrealab is expanding its clean room facilities considerably and preparing for future scaling. How is poLight's further cooperation with Vitrealab?

Speaker #2: Vitrea Lab—it was listed on the stock exchange with the laser LCOS demo version featuring T-Wedge by poLight a while ago. Vitrea Lab is expanding its clean room facilities considerably and preparing for future scaling.

Joakim Hines Bredahl: Vitrealab is expanding its clean room facilities considerably and preparing for future scaling. How is poLight's further cooperation with Vitrealab?

Speaker #2: How is poLight's further cooperation with Vitrea Lab?

Speaker #1: Yeah, no, it's interesting in a way. They use—or I think I talked about it a little bit more in detail last quarter—but they use our T-Wedge for other applications.

Øyvind Isaksen: Yeah. It's interesting in a way. I think I talked about a little bit more in detail last quarter, but they use our TWedge for other application, more laser-based, as you said. We supply to them, and they implement it, and we invoice and they pay. That's the relationship. We don't really engage on the technical side. They seem to be more than capable to implement this themselves. We just ship TWedge, which is kind of a little bit out of spec for the AR TWedge display, because the laser have other specifications, we kind of are using part of the stock into that, and support them. We only support them on supply because they do it themselves. What is interesting is to see what will be the display solution in AR/MR? Question mark.

Speaker #1: More laser-based, as you said. And so, we supply to them, and they implement it. Then we invoice, and they pay. That's the relationship.

Speaker #1: We don't really engage on the technical side. They seem to be more than capable of implementing this themselves. So we just ship T-Wedge, which is kind of a little bit out of spec for the AR T-Wedge display.

Speaker #1: And because the laser has other specifications, we're kind of using part of the stock for that and supporting them. But we only support them on supply because they do it themselves.

Speaker #1: What is interesting is to see what will be the display solution in AR/MR? Today, it's a lot of LCOS, and there's a lot of talk about micro LED.

Øyvind Isaksen: Today, it's a lot of LCOS, and there's a lot of talk about MicroLED. There is also maybe a wave coming later on back from LBS, the laser, which you remember we were involved in. It seems like whatever display solution, TWedge can find its way in to improve that solution. This is very interesting. We are not kind of betting on one particular display technology, but it seems to be needed in different types of display solution. Vitrealab, one example.

Speaker #1: There is also maybe a wave coming later on, back from LVS—the laser, which you remember we were involved in. But it seems like whatever display solution, T-Wedge can find its way in to improve that solution.

Speaker #1: So, this is very interesting. So, we are not kind of betting on one particular display technology. We seem to be needed in different types of display solutions.

Speaker #1: Vitrea Lab, one example. And we do see that some of the OEMs we're working with are asking us to support Vitrea Lab. So, clearly, they have some traction.

Øyvind Isaksen: We do see that some of the OEMs we're working with, they are asking us to support Vitrealab. Clearly they have some traction.

Speaker #2: Then the question about M-lens and machine vision. How has the response to the two newest M-lens units been? And have any other customers on any of the other four M-lens units provided feedback that may indicate they will be ordering products?

Joakim Hines Bredahl: The question about MLens and machine vision. How is the response to the two newest MLens units been, and have any other customers on any of the four MLens units provided feedback that may indicate that they will be ordering products?

Speaker #1: Yeah, I think generally speaking, I don't have any particular feedback on the two latest, because it has always been communicated to the customer that this will be the portfolio—and first we launch this, and then we launch that.

Øyvind Isaksen: Yeah, I think generally speaking, I don't have any particular feedback on the two latest because it has been always communicated to customer that this will be the portfolio, and first we launch this, and then we launch that. That was not a big surprise to the market. Generally speaking, I feel that the feedback is good, both from the OEMs, from partners, it's good. Yeah, I think next year we will see how things pick up and the year after. I would say it's quite promising.

Speaker #1: So that was not a big surprise to the market. But generally speaking, I feel that the feedback is good—both from the OEMs and from partners, it's good.

Speaker #1: But, yeah, we still—I think next year we will see how things pick up, and the year after. So, I would say it's quite promising.

Speaker #2: Then about medical. So, this is quite a long question, so pay attention. A few months ago, LinkedIn said that they are working with T-lens and have projects in both AR and medical.

Joakim Hines Bredahl: About medical. This is quite a long question, so pay attention.

Joakim Hines Bredahl: About medical. This is quite a long question, so pay attention. A few months ago, TS Precision posted an update on LinkedIn that they are working with TLens and have projects in both AR and medical. They mentioned that there is a Chinese endoscopy case in the early stages for which they are supplying lenses. Is poLight aware of how this project is going, or if there is any development in other medical-related projects from other camera module makers?

Joakim Hines Bredahl: A few months ago, TS Precision posted an update on LinkedIn that they are working with TLens and have projects in both AR and medical. They mentioned that there is a Chinese endoscopy case in the early stages for which they are supplying lenses. Is poLight aware of how this project is going, or if there is any development in other medical-related projects from other camera module makers?

Speaker #2: They mentioned that there is a Chinese endoscopy case in the early stages for which they are supplying lenses. Is poLight aware of how this project is going, or if there is any development in other medical-related projects from other camera module makers?

Speaker #1: Yeah, we know TSP very well. Very well. They've done many things for them, so I think I know which project they're talking about. So this is one of the cases which I'm referring to.

Øyvind Isaksen: Yeah. We know TSP very well. We've done many things with them. I think I know which project they're talking about. This is one of the cases which I'm referring to. There are some interesting healthcare endoscope cases which start to use higher megapixel sensors, that can be relevant. Yes, we are aware of it, and yes, we know them very well.

Speaker #1: There are some interesting healthcare endoscope cases which are starting to use higher megapixel sensors, and that can be relevant. So yes, we are aware of it.

Speaker #1: And yes, we know them very well.

Speaker #2: Then we're skipping to the questions that have arrived during the presentation. So firstly, having followed poLight for over 10 years, please let me express my gratitude to you and the whole hardworking and persistent team for your impressive achievements.

Joakim Hines Bredahl: We're skipping into the questions that have arrived during the presentation. Firstly, having followed poLight for over 10 years, please let me express my gratitude to you and the whole hardworking and persistent team for impressive achievements.

Speaker #2: So that's pleasant to hear. How about competition regarding T-Lens and T-Wedge? You've mentioned it briefly. Is there any cover?

Øyvind Isaksen: Thank you

Joakim Hines Bredahl: pleasant to hear. How about competition regarding TLens and TWedge? You've mentioned it briefly. Is there any comments?

Øyvind Isaksen: I don't feel there's anything new, but it's a good question to ask. No, I would say that the competition on TWedge, we haven't really seen a lot of competition. I think the competition is not using it. On TLens, depending on which market segments you're talking about, there is a very tough competition from VCM, for sure. There are other tunable optics who can do better high optical range and bigger aperture, which in some industrial use cases is preferred. There's a competition there also.

Speaker #1: I don't feel there's anything new, but it's a good question to ask. So, no. I would say that the competition is on T-Wedge; we haven't really seen a lot of competition.

Speaker #1: I think the competition is not using it. On T-lens, there is, depending on which market segment you're talking about, a very tough competition from VCM for sure.

Speaker #1: There are other tunable optics that can achieve a higher optical range and a larger aperture, which in some industrial use cases is preferred. So there's competition there as well.

Speaker #1: So but then if you look at then our major main focus the AR/MR market on T-lens. We feel that we are from performance perspective size power speed ahead of competition.

Øyvind Isaksen: If you look at then our major main focus, the AR/MR market on TLens, we feel that we are, from performance perspective, size, power, and speed, ahead of competition.

Joakim Hines Bredahl: There were several additional questions related to competition. If we see any copycats, if we see any incumbents improving their alternatives or cutting their prices, but basically part of the same answer.

Speaker #2: Several additional questions related to competition: if we see any copycats, if we see any incumbents improving their alternatives or cutting their prices. But basically, it's part of the same answer.

Speaker #1: Yeah, we haven't seen any copycats, but that may happen one day. But they will have a tough journey to get a high-quality product.

Øyvind Isaksen: Yeah. We haven't seen any copycats, but that might happen one day. They will have a tough journey to get the high-quality product, I can promise that.

Speaker #1: I can promise that.

Joakim Hines Bredahl: What is the state of the Q Tech TLens production line?

Joakim Hines Bredahl: What is the state of the Q Tech TLens production line? When we expected to ramp volume TLens production?

Speaker #2: What is the state of the Q-tech T-lens production line, and when do you expect it to ramp up volume T-lens production?

Øyvind Isaksen: Talked about that

Joakim Hines Bredahl: when we expected to ramp volume TLens production?

Speaker #1: Yeah. I think that's a good question. And it depends at least partly on the OEM backing that investment when they need what kind of volume.

Øyvind Isaksen: Yeah, I think that's a good question. It depends, at least partly, on the OEM backing that investment, when they need what kind of volume. That is a question mark we or Q Tech don't know. To be seen.

Speaker #1: So that is a question mark we or Q-tech don't know. So to be seen.

Speaker #2: Then sort of a comparison between T-Wedge and T-lens. How does T-Wedge compare to T-lens regarding the need for robustness lifetime cycles thermal drift etc.?

Joakim Hines Bredahl: A comparison between T-Wedge and TLens. How does T-Wedge compare to TLens regarding the need for robustness, lifetime cycles, thermal drift, et cetera?

Speaker #1: Very similar. Very similar, I would say. Very similar. And we do actually do some reliability simulation and testing on T-Wedge also, even though it's still at the technical samples level, just to understand kind of where we need to focus when we do design for manufacturing.

Øyvind Isaksen: Very similar.

Speaker #2: Yeah.

Joakim Hines Bredahl: Yeah.

Øyvind Isaksen: Very similar, I would say. Very similar. We do now actually do some reliability simulation and test on T-Wedge also, even though it's still on the technical samples level, just to understand where we need to have focus when we do design for manufacturing, what do we need to take care of. That's why we do an early reliability assessment also. That will be a major thing, of course. Maybe also our reliability assessment has very much also before been related to smartphone, thin, stiff devices dropping from one and a half, 2 meters, relatively heavy, whereas with glasses it will be different. It will not be the same. They are lighter, dropping maybe from a different. Maybe the same, actually. That is very critical. Reliability will be super important also for T-Wedge. We expect to see some of it.

Speaker #1: That what do we need to take care of. So that's why we do an early reliability assessment also. So but that will be a major thing of course.

Speaker #1: The overall reliability assessment has also very much, as before, been related to smartphone thin, stiff devices dropping from one and a half to two meters.

Speaker #1: Relatively heavy. Whereas with glasses, it will be different, so it will not be the same. They are lighter. Dropping, maybe from a different—maybe the same, actually.

Speaker #1: So that is very critical reliability will be super important also for T-Wedge. And we expect to see somebody when it comes to temperature and humidity we expect to see the same.

Øyvind Isaksen: When it comes to temperature and humidity, we expect to see the same. It's polymers there, so it's the same material in that context, glass. Should be many parallel. Should be learning from TLens into T-Wedge.

Speaker #1: These polymers there. So it's the same material in that context. Glass. So, there should be many parallels—should be learnings—from TLens into TWedge.

Speaker #2: And then a few questions about the large aperture T-lens. If we could share something about progress and status, and if or when samples could be ready for customer development and evaluation.

Joakim Hines Bredahl: A few questions about the large aperture TLens. If we could share something about progress or status, when could samples be ready for customer development and evaluation? Is there customer interest?

Speaker #2: Is there a customer interest? And.

Speaker #1: There is definitely customer interest. But the design, which we developed—the concept we have developed—we feel currently is not fitting the consumer world because of cost.

Øyvind Isaksen: There's definitely customer interest. The design which we developed, the concept we have developed, we feel currently is not fitting the consumer world because of cost. We did kind of sum up that feasibility study so we know what we can do. At the moment, of course, we can take TLens today's structure based on piezo, thin film piezo. We can do more than 1.9 mm, which is the TLens Silver Premium. How much more? We have done a test on 2.2, but that's still 2.2 or 2.3 or 2.4. For many applications, that is too small. You need three, four, five, six, then you need a different concept. That concept we have, but so far we haven't seen a good way to make a cost-efficient realization of that concept. That's where we are today.

Speaker #1: So we don't we have kind of we did kind of sum up that feasibility study. So we know what we can do. So at the moment we of course we can take T-lens today's structure based on piezo thin film piezo.

Speaker #1: We can do more than 1.9 millimeters, which is the silver premium. How much more? We have done a test on 2.2, but that's still 2.2 or 2.3, and 2.4 for many applications is too small.

Speaker #1: You need 3, 4, 5, 6. And then you need a different concept. And that concept we have but so far we haven't seen a good way to make a cost efficient realization of that concept.

Speaker #1: And that's where we are today.

Speaker #2: The AI/AR/MR market is accelerating. We need to start to use it combining these.

Joakim Hines Bredahl: The AI, AR, MR market is accelerating. We need to start combining these.

Speaker #1: We can say XR?

Øyvind Isaksen: We can say XR.

Speaker #2: XR is the way to go, and several players seem to be moving their launches forward. Are you seeing any customers in your projects pushing for a faster time to market than originally planned?

Joakim Hines Bredahl: XR is the way to go.

Øyvind Isaksen: Yeah.

Joakim Hines Bredahl: Several players seem to be moving launches forward. Are you seeing any customers in your projects pushing for a faster time to market than originally planned?

Øyvind Isaksen: We do see more and more planning to have AF, of course, we would like them to go even faster. TWedge, we can see some elements of that. They are pushing us to be ready maybe earlier than we think is possible. We've seen some elements there.

Speaker #1: We do see more and more planning to have AF. But of course we would like them to go even faster. So T-Wedge we can see some element of that.

Speaker #1: They are pushing us to be ready maybe earlier than we think is possible. We've seen some elements there.

Joakim Hines Bredahl: When do you think autofocus will become standard in consumer AR glasses? Besides TLens, what optical technologies will coexist in the camera stack over the next two to three years? When will autofocus become standard in consumer AR glasses. Besides, I think TLens, our technology, what optical technologies

Speaker #2: When do you think autofocus will become standard in consumer AR glasses and besides T-lens with optical technologies will coexist in the camera stack over the next two to three years?

Speaker #2: Two to three years.

Speaker #1: So when will.

Øyvind Isaksen: When will

Speaker #2: Autofocus has become standard in consumer AR glasses. And then, besides T-lens, our technology and other optical technologies will coexist in the camera stack.

Joakim Hines Bredahl: Autofocus become standard in consumer AR glasses. Besides, I think TLens, our technology, what optical technologies

Øyvind Isaksen: Okay

Joakim Hines Bredahl: will coexist in the camera stack?

Speaker #1: Yeah. Good question. Owen. I think that that the way we see it is yeah. Two to three years is a number. I think it will be again I don't think it will be a big splash.

Øyvind Isaksen: Yeah, good question, Owen. I think that the way we see it is, yeah, two to three years is a number. Again, I don't think it will be a big splash. I think it will be some big ones, some small ones coming out, and then the market will look at the performance, and then they will follow. Yeah, that number is a number which I think in three years from now, I think that we will see definitely much more plans related to also having AF. That I strongly believe. When it comes to which technologies, if we behave and if we deliver, I think we will be one of them. I think there will be solutions with VCM, for sure. Depending on, in a way, power consumption and power budget as an example, and performance.

Speaker #1: I think there will be some big ones and some small ones coming out. Then the market will look at the performance, and they will follow.

Speaker #1: So, yeah. That number is a number which I think, in sales in three years from now, I think that we will definitely see much more plans related to also having AF.

Speaker #1: That I strongly believe. When it comes to which technologies, if we behave and if we deliver, I think we will be one of them.

Speaker #1: I think there will be solutions with VCM for sure, and then depending on, in a way, power consumption and power budget as an example.

Speaker #1: And performance. Then there are also other tunable optics which could go in. So you know the landscape. It's the liquid crystal, guys. It's the liquid guys.

Øyvind Isaksen: There are also other tunable optics which could go in. You know the landscape. It is the liquid crystal guys. It is the liquid guys. You have other kind of technologies. Yeah, I think several will coexist, but I can only restate what I said. We feel that we are in a very good position.

Speaker #1: And then you have other kind of technologies. But yeah. I think several will coexist. But I can feel we feel that we are in a very good position.

Speaker #2: On the new design, can you say whether it is an AI/AR or MR device? Maybe we shouldn't use XR. And whether it uses one or two cameras.

Joakim Hines Bredahl: On the new design in, can you say whether it is an AI, AR, or MR device? Maybe we should use XR. Whether it uses 1 or 2 cameras. While you said the volume is unknown, do you have any internal estimates or assumptions that you can share even as a range?

Speaker #2: And while you said the volume is unknown, do you have any internal estimates or assumptions that you can share, even as a range?

Speaker #1: No, I think I will pass on that one. Sorry.

Øyvind Isaksen: No, I think I will pass on that one. Sorry.

Joakim Hines Bredahl: Now that question comes up two times also.

Speaker #2: And that question comes up two times also.

Øyvind Isaksen: Oh, yeah. Okay. It's an important question.

Speaker #1: Oh okay. But it's an important question. I would love to answer it. But I need to be careful because you're so clever in the adding two and two and get five.

Joakim Hines Bredahl: It is.

Øyvind Isaksen: I would love to answer it, but I need to be careful because you're so clever in the

Joakim Hines Bredahl: Yeah

Øyvind Isaksen: in adding two and two and get five.

Speaker #2: Yeah, and I understand very much the need for that information. You mentioned that you’re gradually building capacity and capabilities across the organization. Should we expect the underlying cost base, excluding share option effects, to step up further in the second half?

Joakim Hines Bredahl: Yeah. I understand very much the need for that information.

Øyvind Isaksen: Yes.

Joakim Hines Bredahl: You mentioned that you're gradually building capacity and capabilities across the organization. Should we expect the underlying cost base, excluding share option effects, to step up further in H2? Or is the current level a reasonable run rate?

Speaker #2: Or is the current level a reasonable run rate?

Speaker #1: I need to talk to the CFO.

Øyvind Isaksen: I need to talk to the CFO.

Speaker #2: No, I think, as I mentioned, we are executing on a hiring plan. So, we see that there is a step-up, but it's very gradual.

Joakim Hines Bredahl: I think, as I mentioned, we are executing on the hiring plan. We see that there is a step up, but it's very gradual and it's not like there will be a dramatic effect from one quarter to the other. Also because we, to a certain degree, in some cases, we are exchanging external costs with internal costs. We stop paying consultants for doing the work that our employees are doing instead. That's building capability too, is to do it in-house instead of outsourcing certain critical functions. It's a good question. We do expect it to increase, but not dramatically, but gradually. You have mentioned the first camera module shipped for validation under the October 2025 project. Could you give some more color on the next decision point? We've answered that, haven't we?

Speaker #2: And it's not like there will be a dramatic effect from one quarter to the next. To a certain degree, in some cases, we are exchanging external costs with internal costs.

Speaker #2: So we stop paying consultants for doing the work that our employees are doing instead. So that’s a matter of building capability too—to do it in-house instead of outsourcing certain critical functions.

Speaker #2: That's a good question. We do expect it to increase, but not dramatically—rather, gradually. You also mentioned the first camera module shipped for validation under the October 2025 project.

Speaker #2: Could you give some more color on the next decision point? We've answered that already.

Øyvind Isaksen: Yes, I think we have answered that, yes.

Speaker #1: Yes, I think we know that. Yes.

Joakim Hines Bredahl: Yeah. Is the AR order from 24 November 2025, the same custom project where 3 POs and design-in was announced between 7 April and 10 July 2026? I found that for you here if you want to look at it.

Speaker #2: Yeah. Is the AR order from the 24th of November 2025 the same custom project where three POs and design-in was announced between the 7th of April and 10th of July 2026?

Speaker #2: I found that for you here if you want to look at it. Do you have a good memory, though?

Øyvind Isaksen: Okay, thank you.

Joakim Hines Bredahl: You have a good memory.

Speaker #1: Yeah. Yes. Seems to be the same. Yeah.

Øyvind Isaksen: Yeah. Yes. Seems to be the same, yeah.

Joakim Hines Bredahl: Yeah. Looks like the same. Are there any news on the iris scanner product that should have been released around Christmas last year?

Speaker #2: Yeah. Looks like the same. Are there any news on the iris scanner project and product that should have been released around Christmas last year?

Speaker #1: No. There seems to be on hold for whatever reason. There are some problems there. So that's what we know. It's on hold. But still live.

Øyvind Isaksen: No, it seems to be on hold, for whatever reason. There are some problems there. That's what we know. It's on hold. Still live, but on hold.

Speaker #1: But on hold.

Speaker #2: And then we've just had the same question about the design-in, and we can't say anything more about that.

Joakim Hines Bredahl: We just have the same question.

Øyvind Isaksen: Yeah

Joakim Hines Bredahl: about the design-in. We can't say anything more about that?

Speaker #1: It's an XR device.

Øyvind Isaksen: It's an XR device.

Speaker #2: It's an XR device. Let's say it like that. Oh, there's just one question coming in right now. Is the camera in the design used to take photos or videos, or is it used to read and understand the surroundings?

Joakim Hines Bredahl: It's an XR device. Let's say it like that. Oh, just one question came in right now.

Joakim Hines Bredahl: It's an XR device. Let's say it like that. Oh, just one question came in right now. Is the camera in the design-in used to take photos or videos, or is it used to read and understand the surroundings? That's another way of asking the question, isn't it?

Øyvind Isaksen: Okay.

Joakim Hines Bredahl: Is the camera in the design-in used to take photos or videos, or is it used to read and understand the surroundings? That's another way of asking the question, isn't it?

Speaker #2: That's another way of asking the question, isn't it?

Øyvind Isaksen: Yeah. They are good, huh? To be honest, these are typical information we will even not know. As I said, they are extremely sensitive to what they tell us. Very often, I'm sitting on the lap of the customer. You have to include us more and closer. We need to know more. The only way we can give you the best design proposal, the best support, is if we know much more. They are super afraid. Because, yeah, but you're also talking to others. We cannot let you in too close. That's little bit of a nightmare, actually, because we have seen many cases which we could have gone much faster to a good solution, because they're keeping us an arm length or two distance.

Speaker #1: Yeah. Yeah. Yeah. Yeah. Yeah. They are good. But to be honest I mean these are typical information we will even not know. They are as I said they are extremely sensitive to what they tell us.

Speaker #1: It's very often—just to give you a sense—very often I'm sitting on the lap of the customer. What you have to do is include us more, and be closer.

Speaker #1: We need to know more. The only way we can give you the best design proposal, the best support is if we know much more.

Speaker #1: But they are super afraid. You know. Because yeah. But you're also talking to others. We cannot let you in too close. And so that's a little bit of a nightmare actually because we have seen many cases which we could have gone much faster to a good solution because they're keeping us on arm lengths and two distance.

Speaker #2: An NDA only takes trust so far.

Joakim Hines Bredahl: The NDA only takes trust that far.

Øyvind Isaksen: Yeah. NDA takes the trust that far. Exactly. This is difficult, and it's costly. No, we don't know.

Speaker #1: Yeah. Yeah. NDA takes trust that far. Exactly. So this is difficult, and it's costly. So, no. We don't know.

Speaker #2: Then we are. We are good. And so we could open up if there are any questions from the audience. I can take. I can take the microphone.

Joakim Hines Bredahl: We are-

Øyvind Isaksen: We are good?

Joakim Hines Bredahl: We are good. We could open up if there are any questions from the audience. I can take the microphone.

Øyvind Isaksen: I can take microphone.

Joakim Hines Bredahl: Are there any questions? There's one. Yeah.

Speaker #1: Is there any questions? There's one. Yeah.

Joakim Hines Bredahl: Are there any questions? There's one. Yeah.

[Analyst]: Yes. Hello. I see there was some mentioning of expenses related to test equipment.

[Analyst]: Yes. Hello. I see there was some mentioning of expenses related to test equipment. I was wondering at what location was that test equipment used? Is it for the Q Tech line or where? Are there plans for more test equipment?

Speaker #3: Yes, hello. I saw there was some mention of expenses related to test equipment, and I was wondering—at what location was that test equipment used?

[Analyst]: I was wondering at what location was that test equipment used?

[Analyst]: Is it for the Q Tech line or where? Are there plans for more test equipment?

Speaker #3: Is it for the Q tech line or where? And are the plans for more test equipment?

Speaker #1: Good question. Yes. That particular investment is related to doubling capacity at in the Philippine factory. And yes. We assume we have to do more.

Øyvind Isaksen: Good question. Yes. That particular investment is related to doubling capacity in the Philippine factory. Yes, we are sure we have to do more, and also at the other line. Yes, there is, and they are very expensive equipment. That NOK 1.3 is only a fraction of the total cost of that kind of test equipment. It's very advanced machines. Yes, I guess that's answered your question. Yeah. Super. Okay. Next events. On your request, we have planned for a capital market day. You better come. 30 October, the day after Q3, we will have it in Pareto. Isn't it the plan?

Speaker #1: And also at the other line. So yes, there is. And they're very expensive equipment, so 1.3 is only a fraction of the total cost of that kind of test equipment.

Speaker #1: So it's a very advanced machines. So yes. I guess that's answer your question. Yeah. Super. Okay. Next events. On your request we have planned for a capital market day.

Øyvind Isaksen: Yeah. Super. Okay. Next events. On your request, we have planned for a capital market day. You better come. 30 October, the day after Q3, we will have it in Pareto. Isn't it the plan?

Speaker #1: So now you better come. 30th of October the day after Q3. We will have it in Pareto isn't it the plan?

Speaker #2: Yes.

Joakim Hines Bredahl: Yes.

Speaker #1: Yeah, in Oslo. Yes, in Oslo. We will bring in different specialists in my team, and also potentially some external, so that you can deep dive into all the different areas of the company.

Øyvind Isaksen: Yeah. In Oslo. Yes, in Oslo. We will bring in different specialists in my team, and also potentially some external, so that you can deep dive into all the different areas of the company and be exposed to more than me and Henning.

Speaker #1: And be exposed to more than me and Alf Henning. No. Alf Henning. Yeah. That was the old one.

Øyvind Isaksen: Henning, yeah? That was the old one.

Joakim Hines Bredahl: Maybe he's coming.

Speaker #2: Maybe he's coming. I don't know.

Øyvind Isaksen: Maybe he's coming. I don't know. Joakim, sorry. That will be a good day. It takes a lot of preparation, so hopefully there will be a lot of people coming. The day before that will be the Q3, 29 October 2023.

Speaker #1: Maybe he's coming. You are, Kim. Sorry. So that would be a good day. It takes a lot of preparation, so hopefully there will be a lot of people coming.

Speaker #1: And then the day before that will be the Q3, 29th of October, 2026.

Speaker #2: Yes, there will be a press release later today about the Capital Market Day.

Joakim Hines Bredahl: Yes. There will be a press release later on today about the Capital market day.

Speaker #1: Yeah.

Øyvind Isaksen: Yeah.

Speaker #2: Which is more or less a placeholder. And then there will be a new press release where it says where you can sign up for the event, because it will be an event where we require that you sign up.

Joakim Hines Bredahl: Which is more or less a placeholder, there will be a new press release where it says where you can sign up for the event, because it will be an event where we require that you sign up.

Speaker #1: Yeah. Super. Thank you. A lot for coming and be together with us face to face today. Always much better talking to you and see faces and smiles and all that instead of only talking to an empty screen.

Øyvind Isaksen: Yes. Super. Thank you a lot for coming and being together with us face-to-face today. Always much better talking to you and see faces and smiles and all that instead of only talking to an empty screen. Thanks for you following us on the webcast. Thanks for all the questions, and thanks to the team. Have a good day.

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