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.

Read Analyst Group’s full comment on the report here

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This is a press release from Analyst Group regarding the publication of a comment on poLight. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.