Two Consumer Design-Ins Set the Stage for 2027
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 techno-logy 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 two consumer AR/MR design-ins secured and a first release expected in the near term, 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 14.5 per share (13.2).
- Softer Q3-26 in a Back-End Loaded Second Half
poLight delivered Q3-26 revenues of NOK 4.9m (5.0), consisting entirely of sale of goods as no NRE revenue was recognized, while 9M-26 revenues of NOK 25.4m (11.8) already surpass full-year 2025. Excluding the obsolescence provision, the gross margin on sale of goods remained stable at approx. 57%, and EBITDA of NOK -28.9m (-29.1) reflects a cost base that developed somewhat better than our expectations. The first design-in customer has built inventory ahead of a market release expected around the turn of the year, and a fourth mass production order received on November 3, with delivery in Q1-27, indicates that the release is getting closer.
- Second Consumer AR/MR Design-In Post-Quarter
Post-quarter, poLight defined a second consumer AR/MR case as a design-in, backed by a TLens® purchase order of approx. NOK 0.5m for final qualification, after which management expects the next order to be a mass production order. Given poLight’s historically cautious classification approach, the progression carries considerable weight and is consistent with the Company’s previous communication of maturing consumer cases. Together with management’s expectation of further design-ins within six months and the industrial readiness presented at the Capital Markets Day, we view 2027 as the year in which revenue growth accelerates.
- Raised Long-Term Forecasts and Valuation
Following the Q3-26 report and the Capital Markets Day, we make minor estimate adjustments, with a more moderate cost increase for 2026, raised revenue assumptions for 2027-2028 and a higher exit multiple reflecting the second consumer design-in. As the timing of the first market release is determined by the customer, a shift of the main revenue contribution into early 2027 would be a timing effect rather than a change in the underlying opportunity. With two consumer design-ins, a first market release approaching and confirmed industrial readiness, the commercialization pathway is further de-risked, with design-win conversion as the key driver.
