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Introduction & Market Context
poLight ASA (OSE:PLT) presented its second quarter 2025 earnings on August 7, 2025, highlighting a transformative strategic investment from Q Technology Group that significantly strengthens the company’s market position. The Norwegian optical solutions provider, which specializes in tunable optics technology, reported widening losses but secured substantial funding to support its growth initiatives across multiple market segments.
The company’s stock closed at 4.76 NOK on the presentation day, down 1.68% from the previous close, as investors digested the mixed financial results alongside the strategic developments.
Strategic Initiatives
The most significant development in Q2 was poLight’s strategic investment agreement with Q Technology Group, backed by a top-tier U.S. consumer electronics OEM. This partnership addresses several key business risks that poLight has faced, including its small size, lack of profitability, and single-source supply constraints.
As shown in the following detailed overview of the investment agreement:
Under the agreement, Q Technology Group acquired approximately 32.97% of poLight’s outstanding shares at NOK 2.69 per share, raising NOK 171.5 million for poLight with a two-year lock-up period. Q Tech will establish a dedicated TLens® assembly and test line, and can nominate two board members as long as their ownership exceeds 25%.
poLight CEO Dr. Øyvind Isaksen emphasized the strategic importance of this partnership: "Combining poLight’s technology and expertise with Q Tech’s experience in ramping up technology to high volume is an important element to convincing major OEMs and establishing poLight as a trusted long-term supplier."
Quarterly Performance Highlights
The quarter saw several key business developments beyond the Q Tech investment. poLight secured repeat purchase orders worth approximately NOK 0.9 million in the barcode/machine vision segment, along with three new design-ins. The company also received TWedge® purchase orders from consumer OEMs worth approximately NOK 1.1 million.
The following slide summarizes the quarter’s key events:
Post-quarter developments were equally promising, with a new enterprise design-in confirmed (with OEM product launch expected in H2 2025), a repeat purchase order worth approximately NOK 0.9 million, and a new barcode customer, IData, launching five new products using scan-engines with TLens®. Additionally, the company received a purchase order potentially worth NOK 1.7 million to supply TLens® plus driver to a top-tier consumer OEM.
Detailed Financial Analysis
poLight’s financial results showed mixed performance. Revenue for Q2 2025 was NOK 3.0 million, reflecting sales of TLens®, materials for customer development projects, and non-recurring engineering (NRE) services. However, the company reported an EBITDA loss of NOK 29.5 million, compared to a loss of NOK 21.7 million in Q2 2024. This increased loss was attributed to a NOK 2.7 million provision for inventory obsolescence and higher operating expenses of NOK 5.6 million due to increased R&D activity.
The following financial summary provides a comprehensive view of the company’s performance:
The company’s cash position significantly improved to NOK 273.1 million, compared with NOK 166.8 million at year-end 2024, primarily due to the strategic investment. Inventory decreased to NOK 56.9 million from NOK 62.4 million at the end of 2024, partly due to the increased provision for obsolescence and cost of goods sold.
The cash flow analysis shows that Q2 2025 net increase in cash was NOK 137.3 million, compared to NOK 104.0 million in Q2 2024:
Market Segments and Pipeline Progress
poLight continues to target multiple market segments with its tunable optics technology, with particular focus on augmented/mixed reality (AR/MR), consumer electronics, and industrial/machine vision applications. The company has built an impressive pipeline of opportunities across these segments.
The following slide illustrates the company’s strategic focus on high-growth markets:
The company has secured notable customer wins across various segments, demonstrating market validation of its technology:
poLight’s pipeline shows consistent growth, with 33 design-wins, 4 design-ins, 127 completed Proofs of Concept (PoCs), 54 ongoing PoCs, and 55 planning PoCs across all market segments:
In the AR/MR space, poLight reported continuing high interest in its TWedge® technology, with major consumer AR/MR OEMs testing prototypes for various applications. The company received purchase orders worth approximately NOK 1.1 million in the second quarter for technical samples.
The barcode/industrial market is developing steadily, with three customers progressing to design-in status during Q2, with product launches expected later this year. poLight is also developing a standard machine vision solution (M12) with a lens partner, with commercial units expected to ship next year.
Forward-Looking Statements
Looking ahead, poLight’s management expressed optimism about the company’s growth prospects, particularly following the Q Tech investment. The market has responded positively to this development, with several customers confirming that the investment and collaboration with Q Tech has removed many pain points.
As outlined in the outlook summary:
The company emphasized that while the Q Tech investment won’t change poLight’s market situation overnight (as OEMs dictate the pace of new technology implementation), it significantly strengthens poLight’s position. Management believes the company has many opportunities for growth that are becoming more visible quarter by quarter.
poLight’s next earnings presentation is scheduled for October 30, 2025, when investors will be able to assess the initial impact of the Q Tech partnership and progress across the company’s target markets.
Full presentation:
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