Analyst Group Comment on poLight’s Q2-26 Report
poLight ASA (“poLight” or “the Company”) published on August 6, 2026, the Company’s quarterly report for the second quarter of 2026. The quarter was characterized by continued high activity within AR/MR development programs, headlined by the Company’s first consumer AR/MR design-in with expected product release in 2026. Total revenues of NOK 9.1m came in somewhat below the record Q1-26 level, as anticipated, while representing strong growth YoY.
The following are some key financial metrics that we have chosen to highlight in connection with the report:
- Total revenues of NOK 9.1m (3.0) in Q2-26, corresponding to a YoY increase of approximately 206%, supported by NOK 3.7m in NRE-related revenue
- Gross profit of NOK 4.4m (-0.2), corresponding to a gross margin of approximately 48%, burdened by a NOK 2.2m inventory obsolescence provision
- EBITDA of NOK -33.1m in Q2-26 (-29.5), where the decline is attributable to NOK 7.1m in higher share option-related expenses driven by the share price appreciation; EBITDA ex share options improved to NOK -22.9m (-26.4)
- Cash position of NOK 243.7m at the close of the quarter (NOK 261.7m at the end of Q1-26)
Summary
poLight delivered a Q2-26 report in line with the trajectory outlined in our preview comment, with revenues stepping down sequentially from the Q1-26 record while roughly tripling YoY. The reported outcome of NOK 9.1m came in clearly above communicated orders with stated Q2-26 delivery of approximately NOK 3.5m, supported by NRE revenue and a continued underlying delivery base. AR/MR accounted for more than 80% of quarterly revenue, up from approximately 66% in Q1-26, reinforcing the segment’s increasing commercial weight.
The most important development in the report is that the consumer AR/MR case, first disclosed on April 7 and formally classified as a design-in on July 10, is now included in the Company’s pipeline with expected product release in 2026. As CEO Øyvind Isaksen notes, this brings hope that 2026 may become the year in which poLight technology starts shipping in a consumer AR/MR product, which would represent a major milestone. In parallel, the first camera modules under the NOK 5m order announced in October 2025 from a top-tier U.S. consumer electronics OEM were tested and shipped for customer validation at the end of the quarter, marking tangible progress in a second late-stage program.
Headline EBITDA weakened YoY, although the deterioration is explained by higher non-cash share option expenses, where accrued employer’s NICs increased by NOK 7.6m as a direct consequence of the share price appreciation during the quarter. EBITDA ex share options improved by NOK 3.5m YoY, supporting the view of gradually improving underlying operating leverage. poLight ended the quarter with a cash position of NOK 243.7m, retaining meaningful financial flexibility through the ongoing qualification cycle.
Read Analyst Group’s 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.