poLight (PLT) Q4 2025 earnings summary

Executive summary

• Achieved record-high Q4 2025 revenue of NOK 8.6 million, driven by strong AR/MR market traction, multiple strategic contracts, and new and repeat orders from top-tier OEMs and industrial customers.

• Significant progress in TLens, TWedge, and MLens product lines, with several design wins and maturing PoC projects across consumer, enterprise, industrial, and healthcare segments.

• Launched MLens for industrial machine vision, received positive feedback and initial orders, and advanced lead-free TLens development.

• Organization strengthened to support increased activity, with plans to increase headcount and ongoing investments in R&D and hiring.

Financial highlights

• Q4 2025 revenue: NOK 8.6 million (up from NOK 1.2 million in Q4 2024); FY 2025 revenue: NOK 20.5 million (up from NOK 9.6 million in FY 2024).

• Gross margin reached 60% in Q4 2025, aided by inventory adjustments and high-value orders.

• EBITDA for Q4 2025: NOK -32.8 million (Q4 2024: NOK -32.3 million); FY 2025 EBITDA: NOK -116.5 million.

• Cash and cash equivalents at year-end: NOK 284.0 million, up from NOK 166.8 million at end-2024.

• Inventory at NOK 53.5 million, mainly in wafers, with annual write-downs for prudency.

Outlook and guidance

• Long-term outlook remains highly positive, especially for AR/MR, with several consumer PoCs expected to reach key milestones in 2026.

• TWedge sampling to continue through H1 2026, with mass production readiness targeted in about two years.

• Operational costs expected to rise in 2026 due to increased hiring and ongoing R&D investments.

• No specific financial guidance or cash-positive timeline provided due to high uncertainty and market dependencies.