A Secured Design-In Meets an Accelerating AR/MR Market
poLight ASA (”poLight” or ”the Company”) 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. With a first consumer AR/MR design-in secured, and an expected product release during 2026, the Company approaches 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 13.2 per share (9.1).
- High AR/MR Activity Characterized the Q2-26 Report
poLight delivered Q2-26 revenues of NOK 9.1m, corresponding to YoY growth of 206%, with AR/MR-related deliveries representing more than 80% of total revenue and H1-26 revenues of NOK 20.6m already surpassing full-year 2025. Gross margin amounted to approx. 48%, burdened by a NOK 2.2m obsolescence provision, while the revenue outcome supports a minor upward revision of our revenue assumptions. EBITDA of NOK -33.1m was weighed down by NOK 7.6m in share price-driven NICs, a non-cash item, while EBITDA excluding share options improved to NOK -22.9m, with the underlying cost development in line with, if not slightly better than, our expectations.
- Consumer AR/MR Design-In Earlier than Expected
Shortly after quarter-end, poLight classified its first consumer AR/MR case as a design-in, arriving earlier than we had anticipated and backed by three purchase orders totaling approx. NOK 4.0m placed at mass production prices, with an expected product release during 2026. A confirmed market release would trigger reclassification to a design-win, poLight’s first within consumer AR/MR, establishing a reference position ahead of subsequent programs. In parallel, the first camera modules under the October 2025 OEM project were shipped for validation, underlining that several late-stage programs are maturing within an AR/MR market gaining clear momentum.
- Raised Forecasts Following the Design-In
Following the Q2-26 report and the design-in, which materialized earlier than we had expected, we raise our revenue assumptions for 2026E-2028E alongside a higher exit multiple, consistent with a gradually de-risked commercialization pathway. Pricing on volume terms and an expected product release during 2026 shorten the distance to initial consumer deliveries. While conversion into a formal design-win ultimately rests on the customer’s launch decision, and initial volumes are likely to remain limited, the reference position established constitutes the principal near-term value. We therefore raise our justified present value across all scenarios.
