Analyst Group Comment on poLight’s Q3-26 Report
poLight ASA (“poLight” or “the Company”) published on October 29, 2026, the Company’s quarterly report for the third quarter of 2026. The quarter was characterized by continued high activity within consumer AR/MR programs, and in the report the Company communicates that a second consumer AR/MR case has been defined as a design-in after the end of the quarter. Total revenues of NOK 4.9m were in line with our expectations of a softer third quarter. The CEO also reiterated the hope that 2026 may become the year in which poLight technology starts shipping in a commercially available consumer AR/MR product.
The following are some key financial metrics that we have chosen to highlight in connection with the report:
- Total revenues of NOK 4.9m (5.0) in Q3-26, corresponding to a YoY decrease of approximately 3%, consisting entirely of sale of goods
- Gross profit of NOK 1.6m (2.6), corresponding to a gross margin of approximately 33%, burdened by a NOK 1.2m inventory obsolescence provision
- EBITDA of NOK -28.9m (-29.1), including NOK 5.5m in share option-related expenses; EBITDA ex share options amounted to NOK -23.4m (-21.8)
- Cash position of NOK 224.6m at the close of the quarter (NOK 243.7m at the end of Q2-26)
Summary
poLight delivered a Q3-26 report in line with the trajectory outlined in our preview comment, with a softer third quarter ahead of a second half weighted toward the end of the year. Revenue of NOK 4.9m came in above communicated orders with stated Q3-26 delivery, supported by a continued underlying delivery base, although no NRE revenue was recognized during the quarter. For the first nine months, revenues amounted to NOK 25.4m (11.8). This corresponds to an increase of approximately 115% and is already well above the full-year 2025 level of NOK 20.5m.
The most important development during the quarter is that poLight now has two consumer AR/MR cases classified as design-ins. The first case was classified in July, and its latest purchase order was placed as a mass production order for a product that may be launched in the relatively near future. In addition, the Company states that a new consumer AR/MR case was defined as a design-in post-quarter, and that a TLens® follow-on purchase order of approximately NOK 0.5m for material to be used for final qualification has been received by the Company’s distributor. In our view, this marks a meaningful broadening of the Company’s late-stage consumer exposure and a clear step toward 2027 becoming an inflection point for poLight. In parallel, the first camera modules under the October 2025 project with a top-tier U.S. consumer electronics OEM showed initial test results in line with expectations.
The cost base developed somewhat better than our expectations, with underlying operating expenses declining QoQ and remaining broadly in line YoY, while the gross margin on sale of goods excluding the obsolescence provision remained stable at approximately 57%. With a cash position of NOK 224.6m, poLight retains meaningful financial flexibility to remain in execution mode ahead of the anticipated commercial phase.
Read Analyst Group’s comment 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.