poLight ASA (“poLight” or “the Company”) published on April 29, 2026, the Company’s quarterly report for the first quarter 2026. The quarter was characterized by sustained commercial activity within AR/MR development programs. Total revenues of NOK 11.4m represented an all-time high for the Company in one quarter, supported by elevated non-recurring engineering (NRE) revenue and continued AR/MR-related deliveries. Operating expenses remained elevated, in line with poLight’s communicated strategy to scale the organization ahead of potential consumer commercialization milestones. The following are some key financial metrics that we have chosen to highlight in connection with the report:

• Total revenues of NOK 11.4m (3.8) in Q1-26 – representing a new all-time high, supported by NOK 4.2m in NRE-related revenue
• Gross profit of NOK 7.9m (1.3), corresponding to a gross margin of approximately 69%, supported by the high NRE share and a comparatively low COGS base
• EBITDA of NOK -21.7m in Q1-26 (-25.2) – reflecting continued investment in scaling and qualification programs, with an improved gross margin contribution offsetting higher operating expenses
• Cash position of NOK 261.7m at the close of the quarter (NOK 284m at year-end 2025)

Summary

poLight delivered a strong Q1-26 report, with revenues of NOK 11.4m representing a new all-time high and a YoY increase of approximately 197%. As highlighted in our preview comment, communicated orders with stated Q1-26 delivery amounted to approximately NOK 10.1m, broadly in line with our expectations, while the reported outcome came in moderately above this level. The revenue composition confirmed our prior view that a meaningful share would relate to NRE work and that underlying volumes would remain comparatively low. Sale of goods came in broadly in line with the previous quarter at NOK 7.2m (7.8m in Q4-25), while rendering of services grew materially to NOK 4.2m, indicating sustained high activity within the Company’s ongoing customer projects.

A particularly notable development during the quarter was the operationalization of the Strategic Partnership Agreement with Q Tech, where NOK 3.0m of NRE-related revenue specifically related to poLight’s support for the establishment of Q Tech’s TLens® production and test line, addressing key OEM requirements around supply chain robustness and scalability. AR/MR-related deliveries accounted for approximately 66% of total quarterly revenue, while the post-quarter dialogues around potential co-financing of further TWedge® development reinforce the broader engagement intensity across both poLight’s product platforms.

Gross margin developed favorably, supported by the high NRE share, while EBITDA improved to NOK -21.7m (-25.2 in Q1-25), driven by the NOK 6.6m higher gross profit contribution. poLight ended the quarter with a cash position of NOK 261.7m, retaining meaningful financial flexibility to continue executing on strategic priorities.

With the operationalization of the Q Tech partnership, continued AR/MR-related order activity, and strategically relevant developments around TWedge®, poLight maintains commercial momentum across multiple progressing optionalities, although the timing of formal design-in conversion within consumer AR/MR remains the principal value driver to monitor going forward.

Revenue Outcome Reflects Continued AR/MR Activity and Q Tech-Related NRE

During the first quarter of 2026, poLight reported total revenues of NOK 11.4m (3.8), corresponding to a YoY increase of approximately 197% and a QoQ increase of approximately 33% versus the previous quarterly record of NOK 8.6m in Q4-25. Total revenues consisted of sale of goods of NOK 7.2m and rendering of services of NOK 4.2m. The latter reflects elevated NRE activity during the quarter, with NOK 3.0m specifically attributable to poLight’s support for the establishment of Q Tech’s TLens® production and test line under the Strategic Partnership Agreement announced in 2025.

As highlighted in our preview comment, communicated orders with stated Q1-26 delivery amounted to approximately NOK 10.1m, broadly in line with our expectations. Consistent with our prior view that a meaningful share of these orders would relate to NRE work alongside TLens® samples, the reported revenue composition confirms that underlying volumes remain comparatively low. At the same time, engagement intensity within customer development programs has continued to increase. Sale of goods of NOK 7.2m came in broadly in line with the Q4-25 level of NOK 7.8m, indicating a stable underlying delivery base, which combined with the strong development in rendering of services overall reflects sustained high activity within the customer projects currently being pursued.

The growth was primarily driven by TLens® deliveries into AR/MR development programs, in particular under the NOK 5m purchase order announced on October 13, 2025, supporting a top-tier U.S. consumer electronics OEM in the design of a TLens®-based camera for AR applications. According to CEO Øyvind Isaksen, AR/MR-related deliveries accounted for approximately 66% of total quarterly revenue, with industrial and healthcare contributing approximately 24% and 10% respectively, reinforcing AR/MR’s increasing commercial weight relative to the Company’s broader pipeline.

Post quarter, poLight announced a follow-on TLens® purchase order of approximately NOK 2.4m for an AR/MR application on April 7, 2026. According to the Company’s Q1-26 commentary, the underlying customer program is approaching an important milestone, although certain design challenges remain to be resolved. Read our analyst comment about the follow-on purchase order here. Analyst Group views the order activity during the quarter as a continued validation that poLight’s expanding AR/MR engagement is translating into tangible purchase orders, while the qualification path naturally entails technical iteration before formal design-in conversion.

Gross Margin Reflects High NRE Contribution and Favorable Mix

poLight reported a cost of goods sold of NOK 2.2m in Q1-26, which combined with an inventory obsolescence provision of NOK 1.3m resulted in a total COGS of NOK 3.5m and a reported gross profit of NOK 7.9m, corresponding to a gross margin of approximately 69%. The favorable margin development is primarily attributable to the NRE-heavy revenue composition during the quarter. NOK 4.2m in rendering of services revenue did not carry a corresponding charge through the COGS line, which is also assumed to be supported by continued development-phase ASPs on TLens® deliveries. Excluding the NRE contribution, the underlying gross margin amounted to approximately 51%, which Analyst Group views as a strong data point reflecting the quality of poLight’s product-related deliveries during the quarter.

The gross margin development should be interpreted with caution given the relatively low absolute volumes and the development-phase nature of current revenues. As poLight transitions toward consumer volume ramp scenarios over the medium term, ASPs are expected to normalize, which would likely result in structurally lower but more stable gross margins. At the same time, increased scale, improved cost absorption, and greater system-level value capture through MLens® could partially offset this normalization effect.

Cost Base Reflects Continued Strategic Scaling

EBITDA for Q1-26 amounted to NOK -21.7m (-25.2), an improvement of approximately NOK 3.5m compared to Q1-25. The improvement was primarily driven by a NOK 6.6m higher gross profit contribution, partially offset by NOK 3.1m in higher operating expenses YoY. EBITDA ex share options improved to NOK -19.6m (-23.8), supporting the view of gradually improving operating leverage at the underlying level.

For Q1-26, R&D expenses amounted to NOK 10.2m (10.4), sales and marketing expenses to NOK 7.5m (5.0), operational and supply chain expenses to NOK 7.7m (6.6), and administrative expenses to NOK 4.3m (4.5). The change in cost composition partly reflects a reclassification of pre-sales customer development support from R&D to sales and marketing effective January 1, 2026, which explains the apparent decline in R&D personnel costs and the corresponding increase in sales and marketing personnel costs. Adjusted for this reclassification, the underlying cost base continues to expand, in line with the Company’s communicated strategy to strengthen organizational capacity ahead of potential consumer commercialization milestones. Analyst Group expects operating expenses to remain elevated through 2026 as poLight continues to invest in technology development, customer-specific qualification processes and organizational readiness ahead of a potential commercial inflection.

Cash Flow and Financial Position

As of 31 March 2026, poLight reported cash and cash equivalents of NOK 261.7m, compared to NOK 284.0m at year-end 2025. Net cash outflow from operating activities amounted to NOK 18.8m in Q1-26 (-30.6 in Q1-25), reflecting both an improved operating result and a smaller change in working capital during the quarter. Working capital increased by NOK 3.1m in Q1-26, compared to an NOK 8.8m increase in Q1-25. Net cash flows used in investing activities of NOK 3.6m primarily related to investments in new equipment for the headquarters laboratory. With a continued robust cash position, poLight retains meaningful financial flexibility to remain in execution mode through the ongoing qualification cycle, where the pace of conversion from advanced qualification programs into formal design-ins and eventual production commitments remains the key variable to monitor.

Pipeline Expansion and Strategic Positioning

poLight’s pipeline continued to mature during Q1-26, with two new industrial barcode design-wins added and the total number of design-wins reaching 44 (42 in Q4-25). The reduction in planning PoCs across consumer, AR/MR, and industrial segments reflects natural progression rather than program attrition, supported by the Company’s commentary that activity within the previously communicated programs is advancing.

The reporting period coincides with continued structural development across the broader consumer AR/MR ecosystem, as outlined in our preview comment ahead of the Q1-26 report, where major OEMs including Meta, Snap and reportedly Apple continue to advance their respective smart glasses and AR/MR roadmaps. Read our preview comment here.

As poLight notes in its own outlook, autofocus capability appears to be on the roadmap for several players in the AR/MR space, although multiple AF approaches will likely coexist depending on performance requirements and cost sensitivity. This dynamic supports the strategic relevance of TLens® without implying exclusivity and reinforces the importance of poLight maintaining technological differentiation across performance-critical applications.

Within AR/MR, sustained order recurrence and the post-quarter NOK 2.4m TLens® follow-on order continue to suggest structured advancement within a defined qualification framework. Although the Company’s disclosure that certain technical design challenges remain ahead of milestone progression highlights that the qualification path naturally entails iteration.

With respect to TWedge®, the collaboration with Vitrealab announced on April 23, 2026, represents an early external validation within next-generation laser-LCoS display architectures. More notably, the Company disclosed that initial dialogue has been initiated with key OEMs to explore co-financing of further TWedge® development efforts ahead of a potential mass production product. The Company describes these discussions as multi-faceted and complex, with the final outcome difficult to assess at this stage. However, OEM-led co-financing arrangements are not uncommon in advanced component development within consumer electronics, where lead customers occasionally share NRE costs in exchange for early access, prioritization or specification influence. A successful structuring of such an arrangement would reduce poLight’s standalone development burden and could serve as a directional signal of OEM commitment to TWedge®, although the early stage of the discussions warrants caution in extrapolating outcomes. A successful structuring of such an arrangement would reduce poLight’s standalone development burden and could serve as a directional signal of OEM commitment to TWedge®, although the early stage of the discussions warrants caution in extrapolating outcomes.

In industrial and machine vision, the launch of MLens® during the quarter, combined with positive market reception at CES and SPIE Photonics West, broadens poLight’s addressable market and supports a gradual transition toward a more system-level offering with potentially higher value capture per unit. Combined with the continued pipeline maturation in AR/MR and the strategic positioning around TWedge®, poLight enters the remainder of 2026 with multiple progressing optionalities, where the timing of formal design-in conversion within consumer AR/MR remains the principal value driver to monitor going forward.

We will return with an updated equity research report of poLight.

poLight ASA (“poLight” or “the Company”) is scheduled to publish its Q1-26 interim report on April 29, 2026, marking the first financial checkpoint of what Analyst Group considers an important year for further commercial validation and qualification advancement within consumer AR/MR.

Following the record Q4-25 outcome, where revenues of NOK 8.6m were supported by AR/MR-related activity accounting for approximately 70% of quarterly sales, attention now shifts to whether the elevated order intensity observed in late 2025 has carried into the first quarter of the year. Although revenues remain primarily tied to AR/MR development programs and volumes are still at relatively low levels, the sustained order flow continues to suggest advancing program engagement. Based on communicated orders, Q1-26 deliveries are expected to amount to approximately NOK 10m, supported in particular by the NOK 5m order announced in October 2025 from a top-tier U.S. consumer electronics OEM to support the design of a TLens®-based AR camera. Given the order’s magnitude and stated focus on design, build and execution efforts, Analyst Group expects a meaningful share to relate to non-recurring engineering (NRE) work alongside TLens® Add-In and camera module samples. While individual orders remain development-related in nature, recurring and increasingly substantial order activity continues to represent the most tangible leading indicator ahead of a potential design-in conversion.

Industry Development

The reporting period coincides with notable structural developments across the broader consumer AR/MR ecosystem. EssilorLuxottica disclosed in February that Meta-related smart glasses sales more than tripled during 2025, exceeding 7 million units, while Meta has continued to expand its product line-up with two new prescription-oriented models launched in late March. In parallel, Snap formalized the separation of its AR glasses operations into a wholly-owned subsidiary, Specs Inc., explicitly positioned to attract external investment, supported by a recently announced hardware partnership with Qualcomm ahead of a planned consumer launch. According to media reports during April, Apple is said to have accelerated development of its first AI-powered smart glasses, with targeted production start in late 2026 and a consumer launch in 2027. Taken together, these dynamics underline that the consumer-oriented smart glasses segment is transitioning from early-stage deployment toward broader adoption, reinforcing the strategic relevance of compact, power-efficient optical components of the type poLight provides through its TLens® platform.

poLight Operational Focus

At the same time, Analyst Group expects poLight’s cost base to remain elevated in the near term, reflecting continued investment in customer interaction and support, product innovation, strategic partnerships, and organizational scaling. Given the long qualification cycles within consumer AR/MR, sustained customer engagement and supply chain robustness remain critical, and the elevated operating expense profile should therefore be viewed as a strategic allocation of capital toward long-term competitive positioning.

Going Forward

Against this backdrop, Analyst Group will primarily monitor the Company’s communication around the pace and composition of order activity within AR/MR programs, pipeline updates indicating qualification progression, and the trajectory of the operating cost base. With a robust cash position of NOK 284m as of year-end 2025, poLight retains meaningful financial flexibility to remain in execution mode through the ongoing qualification cycle. Our justified present value of NOK 9.1 per share is unchanged ahead of the report, with successful conversion and continued progression of late-stage consumer programs remaining the principal long-term value driver.

poLight ASA (“poLight” or “the Company”) announced on Tuesday, April 7, 2026, that the Company has received a follow-on purchase order with a total value of approximately NOK 2.4 million to supply TLens® to a consumer OEM for an AR|MR application. Deliveries are expected to commence in May 2026, with completion dependent on customer demand.

Analyst Group’s View on the Follow-on Purchase Order

Analyst Group considers the announced follow-on purchase order to be a positive development. The order value of approximately NOK 2.4m is notably above the majority of individual orders communicated during 2025 and 2026, which have generally been in the range of approximately NOK 1m. While the order remains development-related and does not alter the near-term financial outlook in isolation, the increasing order value suggests that the underlying AR/MR program is progressing in scope and maturity, which we consider an important confirmation.

More broadly, poLight has demonstrated strong commercial momentum entering 2026, with communicated orders implying expected deliveries of approximately NOK 10m during Q1-26 and approximately NOK 3.5m during Q2-26, assuming the newly announced order is delivered in full within the quarter and based on currently announced orders. This level of sustained activity, combined with continued engagement across both TLens® and TWedge® programs, reinforces the view that poLight’s customer interactions are intensifying ahead of what Analyst Group considers a potential milestone year in the qualification cycle.

Analyst Group notes that the CEO’s comments acknowledge both the progress and the inherent challenges and risks associated with the program. This framing in our view is consistent with the nature of a pre-volume qualification phase, where program advancement remains conditional upon meeting successive technical and integration criteria. Importantly, for investors, the primary value driver in poLight remains the progression of advanced consumer qualification programs toward formal design-ins and eventual design wins. While the current order does not constitute such a conversion, sustained and increasing purchase activity within consumer AR/MR programs represents the most tangible leading indicator available to the market, and on that measure, the trajectory remains constructive.

Against a share price that has weakened since the beginning of the year, the continued commercial progression within AR and MR programs provides a constructive counterpoint. In Analyst Group’s view, the underlying commercial development has not deteriorated; rather, the order flow and program intensity observed year-to-date support the view that poLight remains well positioned ahead of what Analyst Group considers an important period for further commercial validation.

Analyst Group’s View on poLight as an Investment

poLight develops and commercializes tunable optics solutions based on its proprietary TLens® technology, enabling ultra-fast autofocus with low-power consumption in compact form factors. The technology is particularly well suited for next-generation AR and MR devices, where optical performance, power efficiency and integration constraints are critical. poLight has reached an advanced stage of industrial readiness, supported by validated products, a maturing customer pipeline and increasing engagement with top-tier global OEMs. The Company is positioned ahead of a potential volume inflection driven by consumer AR and MR adoption, while industrial and enterprise applications provide near-term validation and baseline revenues. Based on a DCF valuation, supported by a relative valuation, Analyst Group derives a justified present value of NOK 9.1 per share.

poLight ASA (“poLight” or “the Company”) published on February the 24^th, 2026, the Company’s quarterly report for the fourth quarter 2025. poLight closed the year characterized by increasing commercial traction within AR/MR and continued expansion of the industrial pipeline. The following are some key financial metrics that we have chosen to highlight in connection with the report:

• Total revenues of NOK 8.6m (1.2) in Q4-25 – record quarterly level driven by strong AR/MR activity
• Full year revenues of NOK 20.5m (9.6) – exceeding Analyst Group’s estimates by 13%
• Gross margin above expectations, supported by development-phase ASPs and inventory effects
• EBITDA of NOK -32.8m in Q4-25 and NOK -116.5m for FY 2025 – reflecting continued investment in scaling and qualification programs
• Cash position of NOK 284m at year-end

Summary

poLight delivered a strong Q4-25 report, highlighted by record quarterly revenues of NOK 8.6m and full-year revenues of NOK 20.5m, exceeding Analyst Group’s estimates. Growth was primarily driven by increased activity within AR/MR development programs, which accounted for approximately 70% of Q4 revenues. While volumes remain tied to qualification programs and Proof-of-Concept engagements, increasing order magnitude and repeat activity indicate strengthening late-stage customer engagement, although poLight remains in a pre-volume phase.

Gross margin development was solid and above expectations, supported by high development-phase ASPs and inventory adjustments. However, margins should be interpreted cautiously given the relatively low absolute volumes. Operating expenses increased as anticipated, reflecting continued investments in R&D, supply chain readiness, and organizational scaling ahead of potential consumer ramps. poLight ended the year with a robust cash position of NOK 284m, providing substantial financial runway to execute on strategic priorities.

With several consumer AR/MR programs potentially approaching important milestones in 2026, poLight enters the year with strengthening commercial momentum and a gradually de-risked pathway toward larger-scale commercialization.

Revenue Beat Driven by AR/MR and Strong Momentum

During the fourth quarter of 2025, poLight reported total revenues of NOK 8.6m (1.2), corresponding to a substantial YoY increase of approximately 605% and a QoQ increase of approximately 73%. The growth was primarily driven by TLens® deliveries into AR/MR development programs, alongside continued deliveries to industrial and healthcare customers, including non-recurring engineering (NRE) projects. Total revenues in Q4-25 consisted of sale of goods of NOK 7.8m and rendering of services of NOK 0.9m. The quarterly revenue level of NOK 8.6m represents an all-time high for the Company, reflecting a period of elevated commercial activity. For the full year 2025, total revenues amounted to NOK 20.5m (9.6), representing growth of approximately 113% YoY.

Compared to Analyst Group’s estimates, the reported revenues represent a clear beat. We had estimated full year sale of goods of NOK 17.8m and Rendering of Services of NOK 0.3m, implying total revenues of NOK 18.1m. The reported outcome of NOK 20.5m is therefore approximately NOK 2.4m, or 13%, above our forecast. The deviation is primarily attributable to stronger-than-anticipated execution during Q4, particularly within AR/MR-related customer programs. According to CEO Øyvind Isaksen, the AR/MR market accounted for nearly 70% of total revenues in Q4-25, underlining the increasing commercial weight of this segment.

During H2-25, poLight demonstrated clearly increasing commercial activity, characterized by high order intensity and continued momentum within AR/MR. The positive topline development in Q4-25 should be viewed as a confirmation of this trajectory. However, we emphasize that volumes are still assessed to be at relatively low levels, as AR/MR-related orders remain tied to customer qualification programs, including Proof-of-Concepts (PoCs). This implies that current revenues likely reflect comparatively high average selling prices (ASPs).

From a segment perspective, Q4-25 included continued activity linked to the top-tier U.S. consumer electronics OEM qualification program, as well as repeat and follow-on orders from both consumer and industrial customers. Post quarter, poLight also announced the launch of MLens®, an off-the-shelf portfolio targeting industrial machine vision. While MLens® is expected to gradually broaden the Company’s near-term addressable revenue base, its strategic importance lies primarily in lowering adoption thresholds, expanding the addressable market, and position poLight further up the value chain through a more integrated, system-level offering.

Analyst Group views the revenue outperformance as validation that poLight’s expanding AR/MR engagement is translating into tangible purchase orders, strengthening confidence in late-stage program intensity, even though the Company remains in a pre-volume phase within the consumer segment.

Strong Gross Margin Development During the Quarter

poLight reported total cost of goods sold of NOK 0.9m in Q4-25. Combined with an inventory obsolescence provision of NOK 2.5m, this resulted in total COGS of NOK 3.4m and a reported gross profit of NOK 5.3m, corresponding to a gross margin of approximately 61%. Excluding the inventory obsolescence provision, the implied gross margin would have amounted to approximately 89%, partly reflecting the high ASP structure associated with development-phase deliveries.

For the full year 2025, total COGS amounted to NOK 11.5m, implying a gross profit of NOK 9m and a gross margin of approximately 44%. Excluding inventory obsolescence provisions, the adjusted gross margin would amount to approximately 83% for the full year.

The quarterly gross margin includes both the age-based inventory provision policy and an additional NOK 1.2m provision related to certain assembled products under internal review, reflecting a prudent accounting approach. This strengthens the quality of the reported figures.

While the gross margin development is clearly encouraging and exceeded our expectations, it should be interpreted with caution. At the current stage, margins are significantly influenced by low absolute volumes and development-phase ASPs. In a future consumer volume ramp scenario, ASPs are expected to normalize, which would likely result in structurally lower but more stable gross margins. At the same time, increased scale, improved cost absorption, and greater system-level value capture through MLens® could partially offset this normalization effect.

Increased Cost Base Reflects Strategic Scaling

EBITDA for Q4-25 amounted to NOK -32.8m (-32.3), while full-year EBITDA for 2025 was NOK -116.5m (-98.1), marginally weaker than Analyst Group’s estimate of NOK -115.2m. The deviation is primarily attributable to higher-than-expected Research and Development expenses and operational and supply chain expenses. For FY 2025, R&D expenses amounted to NOK -49.1m compared to our estimate of NOK -45.6m, while operational and supply chain expenses amounted to NOK -28.5m versus our estimate of NOK -25.0m. Sales and marketing expenses were broadly in line with expectations at NOK -20.1m, while administrative expenses came in below our forecast.

The quarterly cost increase was primarily driven by higher personnel-related expenses and NOK 3.0m in increased external R&D costs. Operational expenses rose by NOK 5.8m YoY, partly offset by a NOK 5.3m improvement in gross profit. Share option plan expenses, including employer’s national insurance contributions, amounted to NOK 6.5m in Q4-25, compared to NOK 3.7m in Q4-24, reflecting the higher share price during the quarter. Importantly, these costs are non-cash in nature.

The cost profile reflects continued investment in customer interaction and support, product innovation, strategic partnerships, and organizational scaling across TLens®, TWedge®, and MLens®. In line with poLight’s communicated strategy, capturing the expanding opportunity within AR/MR and adjacent optical segments requires strengthening both industrial readiness and ecosystem positioning. The elevated operating cost base should therefore be viewed as a strategic allocation of capital toward long-term competitive positioning.

Given the long qualification cycles within consumer AR/MR, sustained customer engagement and supply chain robustness remain critical. Analyst Group therefore expects operating expenses to remain elevated in the near term as poLight continues to invest in technology development, customer-specific qualification processes, and organizational readiness ahead of a potential commercial inflection.

Cash Flow and Financial Position

As of 31 December 2025, poLight reported cash and cash equivalents of NOK 284.0m, compared to NOK 166.8m at year-end 2024, providing substantial financial flexibility to execute ongoing strategic initiatives.

Net cash outflow from operating activities amounted to NOK 14.4m in Q4-25 (NOK 11.8m in Q4-24), corresponding to an average quarterly operational burn of approximately NOK 4.8m per month. Working capital improved by NOK 11.5m during the quarter, although to a lesser extent than in Q4-24. Interest income amounted to NOK 8.8m in the quarter, benefiting from the strengthened cash position. As previously highlighted, the key variable to monitor into 2026 is not short-term cost containment but the pace of conversion from advanced qualification programs into formal design-ins and eventual production commitments.

Pipeline Expansion and Strategic Positioning into 2026

As of Q4-25, poLight’s total pipeline comprised 42 design-wins (38), 3 design-ins (5), 139 completed PoCs (134), 43 ongoing PoCs (57), and 54 planning PoCs (47). Although nine university-related PoCs were removed from the overview, the commercially relevant pipeline remains broad and increasingly concentrated toward AR/MR and industrial applications, which represent the Company’s primary long-term value drivers.

Within AR/MR, Q4 was characterized by continued purchase activity related to the top-tier U.S. consumer electronics OEM qualification program, including previously announced development-related orders and subsequent follow-on activity. Post quarter, the final call-off under the August 2025 purchase order, totaling approximately NOK 1.8m with a final tranche of approximately NOK 1.0m, confirmed continued program progression. While these orders remain development-phase in nature, their magnitude and recurrence suggest structured advancement within a defined qualification framework rather than exploratory engagement.

Importantly, several consumer-oriented AR/MR programs may approach important milestones in 2026. In Analyst Group’s view, this increases the relevance of the current qualification phase, as milestone progression represents a necessary step toward formal design-in and eventual volume commitments.

TWedge® continued to generate technical sample orders from major consumer OEMs during the quarter, indicating sustained evaluation of advanced optical architectures beyond early feasibility testing. The continuity of these engagements supports the view that poLight is positioning itself within next-generation optical stacks rather than isolated component testing.

In industrial and machine vision, order intake remained stable, including repeat orders and two new design-wins during the quarter. The launch of MLens® introduces a standardized off-the-shelf product platform with shorter integration cycles and lower adoption barriers compared to custom component solutions. Strategically, this broadens poLight’s addressable market and strengthens its position in the value chain. Over time, increased system-level value capture through MLens® could support improved gross margin resilience relative to a pure component-based model.

Taken together, poLight enters 2026 with a strengthened commercial position and increasing strategic relevance within AR/MR optical ecosystems. The Company remains in a pre-volume phase within consumer AR/MR; however, increasing order magnitude, repeat engagement, and milestone progression indicate gradual de-risking of the commercialization pathway.

We will return with an updated equity research report of poLight.

poLight ASA (“poLight” or “the Company”) announced on Tuesday, February 11, 2026, that the Company has received the final 50% call-off under the purchase order originally announced on August 6, 2025. The total order amounts to approximately NOK 1.8m, of which approximately NOK 1.0m relates to the final call-off. The order supports an ongoing qualification program for a potential consumer product with the unnamed top-tier U.S. consumer electronics OEM referenced in connection with the strategic investment agreement with Q Tech. Final deliveries are expected in Q1 2026.

Analyst Group’s View on the Follow-on Order from Unnamed Top-Tier U.S. consumer electronics OEM

Analyst Group considers the announced final call-off under the previously communicated purchase order to be strategically important, despite the relatively modest order value in absolute terms. The original purchase order, announced in August 2025, amounted to approximately NOK 1.8m in total, of which approximately NOK 1.0m relates to the final call-off announced today. Importantly, the order relates to the unnamed top-tier U.S. consumer electronics OEM referenced in the strategic investment agreement with Q Tech. In Analyst Group’s view, this qualification program remains important to monitor, as the underlying engagement with the top-tier U.S. consumer electronics OEM was a key catalyst behind Q Tech’s decision to invest, aimed at strengthening poLight’s industrial setup and credibility in the consumer supply chain. The activation of the final call-off therefore provides a tangible datapoint indicating that the program remains active and continues to progress.

From a pipeline perspective, execution of the final call-off indicates continued technical validation and program advancement. Qualification programs with leading consumer OEMs are typically milestone-driven, with continued technical engagement and purchase activity conditional upon meeting defined performance, integration, and readiness criteria. The call-off therefore signals forward momentum within the OEM’s development roadmap. While the order does not alter near-term financial estimates, it adds incremental confirmation that poLight remains engaged in a late-stage consumer qualification process with a strategically important counterpart. As future scale is primarily determined by the successful conversion of advanced consumer programs into design wins, continued purchase activity within such a program constitutes a positive indicator that the qualification track is developing in the intended direction.

In Analyst Group’s assessment, the announcement should be viewed as a positive progress marker within poLight’s broader commercialization trajectory. Although several milestones remain before a potential design win can be confirmed, sustained program-related demand from the referenced OEM supports the view that consumer-oriented validation efforts continue to advance.

Analyst Group’s View on poLight as an Investment

poLight develops and commercializes tunable optics solutions based on its proprietary TLens® technology, enabling ultra-fast autofocus with low-power consumption in compact form factors. The technology is particularly well suited for next-generation Augmented Reality (“AR”) and Mixed Reality (“MR”) devices, where optical performance, power efficiency and integration constraints are critical. poLight has reached an advanced stage of industrial readiness, supported by validated products, a maturing customer pipeline and increasing engagement with top-tier global OEMs. The Company is positioned ahead of a potential volume inflection driven by consumer AR and MR adoption, while industrial and enterprise applications provide near-term validation and baseline revenues. Based on a DCF valuation, supported by a relative valuation, Analyst Group derives a justified present value of NOK 9.0 per share.