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poLight ASA Annual Report 2025

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Annual Report 2025
Page 2
Contents
This is poLight .................................................................................................................................................... 3
Message from the CEO ...................................................................................................................................... 6
Board of Directors ............................................................................................................................................. 7
Management ..................................................................................................................................................... 8
Investor information .......................................................................................................................................... 9
Board of Directors’ report ............................................................................................................................... 13
Statement by the Board of Directors and the CEO ......................................................................................... 25
Environment, Social and Governance (ESG) Report ........................................................................................ 26
Corporate governance report ......................................................................................................................... 30
Group financial statements ............................................................................................................................. 39
poLight ASA financial statements .................................................................................................................... 73
Independent Auditor’s Report ........................................................................................................................ 88
Contact details ................................................................................................................................................. 93
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THIS IS POLIGHT
poLight ASA is a Norwegian company, headquartered in Tønsberg, that has developed a unique tunable
optical technology platform. poLight’s TLens® is the first product based on this technology platform and has
been implemented in both consumer devices and professional applications such as barcode/machine vision
devices.
Organisation
poLight has employees and long-term consultants in Norway, Finland, France, UK, US, China, Taiwan, the
Philippines and Japan. Since the company was founded in 2005, it has acquired world-class expertise in optics,
polymers and MEMS technology. The poLight team comprises highly skilled researchers and technical
specialists, all aiming to develop world-leading tunable optics.
Technology & Products
poLight´s tunable lens, TLens®, enables native capabilities that replicate the human eye, making instant
autofocus across a wide focal distance and constant field of view options possible in a variety of camera
systems. The technology platform that TLens® is based on is also well suited where beam-steering and optical
tilting capabilities are needed. poLight’s patented, proprietary technology offers considerable benefits, such
as extremely fast focus, compact size, no magnetic interference and low power consumption. These and
other features open the way for its use in a multitude of ways, many of which are as yet unimagined.
TLens
®
delivers faster and more accurate autofocus compared to standard Voice Coil Motor (VCM) systems,
at significantly lower power consumption.
The poLight TLens
®
is constructed around a piezo element (piezo film), which is placed on a thin glass
membrane and acts as an actuator. A patented polymer is sandwiched between two high-quality glass layers.

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The piezo material on the thin glass membrane is designed to spherically deform the polymer when a voltage
is applied to it. This structure offers a tuneable lens of high optical quality. When the piezo is in standby
mode, no force is applied to the thin glass and light passes through the two glass components, and the
polymer, without deviation. When a voltage is applied, the piezo actuator will immediately force the thin
glass membrane to bend accordingly. This generates a perfect lens, and an optical power, which focuses the
light rays. The TLens
®
can either be used on top of a fixed-focus camera module (i.e. add-on concept) or
integrated as part of the lens stack (i.e. add-in concept).
poLight is already mass-producing TLens
®
Silver and TLens
®
Silver Premium devices, as well as the related
ASIC driver (PDA 50), which controls the supply of variable voltage to all TLens
®
products and makes them
change focus. In future, both larger and smaller TLens® may be developed. From an application perspective,
the main difference between the various TLens
®
products is the sensor format (size of the image sensor) with
which they can be used, due to different aperture sizes (the transparent “opening” in the actuator). The
TLens
®
can be supplied as a “packaged” version to enable quick integration/testing.
The TLens
®
Silver Premium is considered suitable for both consumer and industrial products, whereas the
TLens
®
Silver is best suited for industrial applications where optical range is important.
Other products, based on the same technology platform, may be released. TWedge
®
, for instance, is a
product concept that, among other things, will improve the resolution for μLED AR display solutions. Various
technical samples have been developed and sold to customers with the aim of identifying lead customers.
The interest and feedback received so far have been promising.
Supply Chain
poLight is fabless and uses partners for most manufacturing processes, except for the polymer, which is
produced at the company’s headquarters in Norway. ST Microelectronics is poLight´s manufacturing partner
for the MEMS actuator, utilising their thin film piezo technology in an 8-inch semiconductor fabrication plant
Instant
focus
Small
real
estate
Constant
field of
view
+
+
Extremely low
power
consumption
+
OEMs

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in Italy. The polymer and wafers with actuators are shipped to manufacturing partners in the Philippines and
China which assemble and test the complete TLens
®
products and ship them to camera module vendors.
Market
poLight’s TLens® technology is suitable for a wide variety of applications, particularly those where there is a
need for compact and high-quality autofocus solutions that benefit from high speed, small size, constant field
of view and low power consumption. At present, the main focus areas are the AR/MR market (both consumer
and enterprise) as well as industrial/barcode/machine vision market.
AR|MR
Leading position in AF
design wins
Consumer
Consumers demand better
imaging on all devices
Machine Vision
AI-based imaging driving
manufacturing
Industrial
Smaller, better scan
engines
expand uses

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MESSAGE FROM THE CEO
“Leaving 2025 behind us, it feels as though we are entering a new era. Our market position strengthened
significantly during the year, and revenue was more than 100 per cent up on 2024.
The AR/MR market continues to gain momentum, both at the macro level and specifically for poLight. In
2025, it accounted for more than 50 per cent of our revenue. It is also encouraging to see continued progress
in the industrial segment, where we achieved 12 new design-wins during the year. The recent launch of
MLens® (based on the M12 standard) should further strengthen our position in this segment.
Our priority going forward is to secure a strong market position with a unique, hard-to-replace technology in
strategic, fast-growing markets. This requires having the right product offering, a long-term roadmap
compatible with customer needs, a reliable supply chain and a world-class organisation composed of skilled,
committed and flexible employees.
Through partnerships with our demanding customers, we are currently being stretched both in terms of
capability and capacity – which is the best way to push on to the next level. To capitalise on the market
opportunities ahead of us, we need to strengthen the organisation globally across the entire value chain,
both in terms of capability and capacity. Competing at this level demands a great deal from us, and we must
ensure that we systematically learn from customer interactions and use these insights to build a stronger
company capable of meeting customer expectations, scaling effectively and achieving healthy, profitable
growth.
As I have stated many times, we should not underestimate the challenges ahead, they will be numerous and
complex. We work hard to anticipate them and plan accordingly. I continue to be impressed by the team’s
dedication and commitment.
On 27 November 2025, Investinor Direkte completed a block sale of all its shares in poLight, after being a
material investor since 2011. I would like to thank Investinor for its many and varied contributions over the
years – through board participation, in equity rounds and as a sparring partner.
I would also like to express my sincere gratitude to all our partners, many of whom have supported us for
more than a decade, and not least, to our shareholders. Thank you for your unwavering support.”
Dr Øyvind Isaksen
CEO, poLight ASA

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BOARD OF DIRECTORS



Chairperson
Grethe Viksaas has had a long career in the
Northern European managed service provider
Basefarm AS. First as founder and CEO, and later
as executive chair and member of the board of
directors. Prior to Basefarm, Ms Viksaas served as
CEO for SOL System AS and held several
management positions in IT companies. She has
experience from numerous board positions,
including Telenor ASA. She is currently chair of the
boards of Farmforce AS, Norkart AS and Skygard
AS and a board member of Link Mobility Group
Holding ASA and CatalystONE Solutions Holding
AS. Ms Viksaas has a Master’s degree in Computer
Science from the University of Oslo.

Cathrine Wiig Ore

Board member
Cathrine Wiig Ore holds a Master of Laws from the
University of Oslo and has a diverse professional
background in various legal roles across Norway.
With over a decade of experience as a lawyer,
including Attorney-at-Law at Advokatfirmaet
Thommessen AS and as in-house counsel at
Telenor ASA and Ice Group ASA. Additionally, she
has also held positions as a senior advisor in the
Norwegian Ministry of Trade, Industries and
Fisheries, CEO in Stress Holding and interim COO in
RSM Norge. Through these roles he has gained
extensive experience in M&A, capital markets,
strategy and business development, risk and
compliance, organisational development, and
corporate governance.
Chris Liu

Board member
Chang-Hui (Chris) Liu is a highly experienced
professional with over 15 years of expertise
in camera module products and 8 years in
opto-mechanical products. Currently the
Senior Director and General Manager of the
IoT Business Unit at Q Tech since October
2021. Prior to this, he held several key roles
at LITEON Technology Corp. Earlier, he
worked as an Associate Project Manager in
the Product Design Division at Philips & Lite-
On Digital Solution Corps. Chang-Hui has a
Master of Science in Electrical and Control
Engineering and a Bachelor of Science in
Power Mechanical Engineering, both from
National Tsing Hua University.



Jean
-
Christophe Eloy

Board member
Jean-Christophe Eloy is the founder and CEO of
Yole Group, which specialises in the
semiconductor industry and provides
marketing, technology and strategy consulting,
reverse engineering and reverse costing, in
addition to corporate finance services. Mr Eloy
has spent his entire career in the
semiconductor industry, starting at the French
applied R&D organisation CEA/LETI as
marketing manager and then creating the
semiconductor practice at Ernst & Young. He is
also a member of the board of the French
companies Riber SA and Silmach. Mr Eloy is a
graduate from EM Lyon Business School and
from the INPG-ENSERG school of engineering.
Louis So

Board member
Yung Pang (Louis) So is a seasoned professional
with over 15 years of expertise in capital
market transactions, corporate investment,
corporate governance and financial
management. Currently the Director of
Corporate Development and Investor Relations
at Q Tech, a role that he has held since January
2017. Prior to this, Yung Pang held key capital
market roles in several Hong Kong listed tech
companies, such as TCL Communication
Technology Holdings Ltd and AAC Technologies
Inc. Limited. He was graduated with a Master’s
degree in Finance from The Chinese University
of Hong Kong, and is a member of the Hong
Kong Institute of Certified Public Accountants.
Marianne Bøe

Board member
Marianne Bøe serves as Senior Portfolio
Manager, Growth Portfolio at Hafslund. Prior
to this, she served as Head of Investor
Relations at IDEX Biometrics since January
2020, has held various senior asset
management positions, and has been a
portfolio manager for more than 20 years.
She has broad and extensive experience from
investing in globally listed companies, with a
special focus on the technology sector. Ms
Bøe holds a Master of Science degree in
Economics and Business Administration from
Norwegian School of Economics (NHH) and
has completed the Advanced Portfolio
Management Program arranged by NFF
(Norsk Finansanalytiker-forening).






Svenn-Tore Larsen
Board member
Svenn-Tore Larsen is the former CEO of Nordic
Semiconductor, a position he has held since
February 2002. Mr Larsen has broad
international experience in the semi-conductor
business, previously as Director for the Nordic
region for Xilinx Inc. He has also worked at
Philips Semiconductor. Mr Larsen has a degree
in Electrical Engineering from the University of
Strathclyde, UK.


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MANAGEMENT
Dr Øyvind Isaksen
Chief Executive Officer
Dr Øyvind Isaksen has been CEO of poLight®
since August 2014. He has previously held
several CEO positions, most recently in the
publicly listed company Q-Free ASA, which he
left in January 2014, after 7 years as CEO. Dr.
Øyvind Isaksen holds a PhD in Applied Physics.
Pierre Craen
Chief Technology Officer
Pierre Craen has more than 20 years’ experience
in opto-mechanical systems engineering. Prior to
joining poLight®, he managed product
development teams at Varioptic, Barco and
Motorola/Symbol. Mr Craen holds an MSc in
Optical Engineering from Sup-Optic, as well as an
MSc in Applied Physics.
Joakim Hines Bredahl
Chief Financial Officer
Joakim Hines Bredahl is a senior executive
with background from various aspects of
financing, through entrepreneurship,
venture capital (Verdane Capital Advisors)
and banking (Nordea). He has a BA (Hons) in
Finance and Marketing from Strathclyde
Business School.
Marianne Sandal
Chief Operating Officer
Marianne Sandal has more than 15 years’
experience heading worldwide operations in
Nera ASA (telecommunications) and Q-Free
ASA (intelligent transportation systems). Ms
Sandal holds a BSc in Mechanical Engineering,
in addition to courses in economics and
management from BI Norwegian School of
Management.

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INVESTOR INFORMATION
Share price development
poLight ASA (PLT) has one class of shares. Its shares were listed on the Oslo Stock Exchange on 1 October
2018 at NOK 10 per share (adjusted after the 1:5 share split on 30 May 2022). The company had 212,768,478
shares outstanding at the close of 2025, each with a nominal value of NOK 0.04.
In 2025, the Group’s share price increased from NOK 4.79 per share at the beginning of the year to NOK 6.59
at the close. During the year, the share price (at closing) varied between NOK 2.62 and NOK 8.48 per share.
In total, 171,095,935 shares were traded in 2025, equivalent to 80 per cent of the shares outstanding as at
year end.
Major shareholders and voting rights
poLight had 7,401 shareholders registered in the Norwegian Central Securities Depository (VPS) as at 31
December 2025. The 20 largest shareholders owned shares representing 57.0 per cent of the share capital.
Non-Norwegian shareholders owned 43.0 per cent of the shares. All the shares registered by name carry
equal voting rights. The shares are freely tradable.
0
200
400
600
800
1 000
1 200
1 400
1 600
-
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
9,00
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
PLT OSEBX
OSEBX
PLT

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Annual Report 2025
Page 10
Shareholders of poLight ASA at December 31, 2025
Ordinary
shares
Share-
holding
Voting rights
%
%
Hongkong And Shanghai Banking Corp (nominee) (1) 63 743 112
30.0 %
30.0 %
Nordnet Bank AB (nominee) 13 569 055
6.4 %
6.4 %
LHH AS 12 600 000
5.9 %
5.9 %
Nordnet Livsforsikring AS
8
640
571
4
.
1
%
4
.
1
%
J.P. Morgan Se (nominee) 2 991 824
1.4 %
1.4 %
J.P. Morgan Se (nominee) 2 811 557
1.3 %
1.3 %
Indus Production Services AS 2 000 000
0.9 %
0.9 %
Bank Pictet & Cie (Europe) AG (nominee) 2 000 000
0.9 %
0.9 %
Trond Andersen 1 300 000
0.6 %
0.6 %
Aquery Holding AS
1 292 697
0
.
6 %
0
.
6 %
Richard Hanssen 1 238 000
0.6 %
0.6 %
Fjellstuens Eftf. AS 1 084 227
0.5 %
0.5 %
Erik Schellhorn 1 064 237
0.5 %
0.5 %
Cb Helse AS 900 000
0.4 %
0.4 %
Caceis Bank (nominee)
800 000
0
.
4 %
0
.
4 %
Stefan Sveen
750 000
0
.
4 %
0
.
4 %
Borgund Invest AS 725 000
0.3 %
0.3 %
Danske Bank A/S (nominee) 713 887
0.3 %
0.3 %
Arild Hansen Rødum
705 951
0
.
3 %
0
.
3 %
Åge Sverre Heggheim 705 000
0.3 %
0.3 %
Total number of shares owned by top 20 shareholders 119 635 118
56.2 %
56.2 %
Number of shares owned by other shareholders 93 133 360
43.8 %
43.8 %
Total number of shares 212 768 478
100.0 %
100.0 %
(1) Nominee for Q Technology (Group) Company Limited
An overview of the 20 largest shareholders is available on the poLight website, updated daily.
Employee share option programme
The Board is authorised to issue shares through share option schemes up to a total nominal value of NOK
773,458.84, equal to 19,336,471 shares. In 2025, 280,828 shares were issued in order to fulfil the obligation
to provide shares in connection with the exercise of share options, through two share issues registered 20
August and 21 November respectively. As at 31 December, 15,494,213 share options (equal to 7.3 per cent
of shares outstanding) were outstanding, all at a weighted average strike price of NOK 3.98 per share.
Corporate actions/events Date
Receives TLens® Follow-on Purchase Order from a Consumer OEM for AR|MR Use
07.04.2026
New Share Capital Registered Following Share Option Exercise
12.03.2026
Receives Purchase Order for TWedge® Wobulator Technical Samples from a Leading AR
Platform Company
07.03.2026
Announces Follow
-
on TLens® Purchase Order Supporting Top Tier Consumer OEM
Qualification Program
11.02.2026
Launches MLens® Off-The-Shelf Lenses Delivering Tunable Optics Focusing Capabilities for
Industrial Machine Vision Applications
20.01.2026

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Page 11
Extends Relationship with a Barcode Reader Manufacturer in China
05.01.2026
Secures TLens® Follow-on Order from Leading Machine Cision Manufacturer in China
18.12.2025
Collaborates with Image Quality Labs on M12-based Raspberry Pi TLens® Studio for AI-
driven Industrial Machine Vision Applications
17.12.2025
Secures First Design-win for an Industrial Endoscope Application
16.12.2025
Completed Block Sale of existing shares from Investinor Direkte AS
27.11.2025
Receives Follow
-
on Purchase Order for TLens® for AR|MR Use from a Leading Consumer
OEM
24.11.2025
New Share Capital Registered Following Share Option Exercise
21.11.2025
Receives Follow-on Purchase Order for TWedge® Wobulator Technical Samples for AR|MR
Use from a Leading Consumer OEM
10.11.2025
Receives Follow-on Purchase Order from Top Tier Consumer OEM for TWedge® Wobulator
Technical Samples Advancing AR|MR Design
05.11.2025
Confirms Design-win for TLens® in SnkeXR Medical AR|MR Glasses
31.10.2025
Receives Follow-on PO for TWedge® Wobulator Technical Samples for AR|MR Use from a
Top Tier Consumer OEM Customer
24.10.2025
Receives Follow-on Purchase Order for TLens® in Leading Mini2P Imaging System 17.10.2025
Receives Purchase Order from a Top Tier U.S. Consumer Electronics OEM to support the
Design of a TLens® Camera for AR Applications
13.10.2025
Receives Repeat Design-win for Hight End Mixed Reality Head-Mounted Device 09.10.2025
New Share Capital Registered Following Share Option Exercise 20.08.2025
Receives Purchase Order for TWedge® Wobulator Technical Samples from a Top Tier
Consumer OEM Customer
12
.0
8
.202
5
Announces TLens® Purchase Order Supporting a Top Tier Consumer OEM Qualification
Program
06.08.2025
Announces iData Technology Barcode Scanners Leverage TLens® Tunable Optics 04.08.2025
New Share Capital Registered Following Subsequent Offering Raising NOK 51.4 million 07.07.2025
New Share Capital Registered Following Private Placement Raising NOK 171.5 million 04.06.2025
Ordinary
General Meeting
–
Board Election
and approval of private placement and
subsequent offering
21.05.2025
Enters into Strategic Investment Agreement with Q Technology Group backed by top tier
U.S. consumer electronics OEM
15.04.2025
Awarded Follow-on Purchase Order from a Machine Vision/Barcode Scanner Customer in
China
24.03.2025
Receives Purchase Order for TWedge® Wobulator Evaluations Kits from a Top Tier
Consumer OEM Customer
13.02.2025
Dividends and dividend policy
poLight is focused on developing and commercialising its technology and intends to retain any future
earnings in the foreseeable future to finance development activities, operations and business growth. The
company has not previously distributed any dividends to its shareholders and does not expect to do so in the
foreseeable future. Any future decision to pay a dividend will depend on the company's financial position,
operating profit and capital requirements.
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Annual Report 2025
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Analyst coverage
On 6 February 2026, the Swedish equity research firm Analyst Group announced that it intends to cover
poLight through commissioned research. The equity research reports, with quarterly updates and
comments on press releases, are published on Analyst Group’s website: https://analystgroup.se/en/.
Further details of analysts’ coverage of poLight is available at: https://www.polight.com/investors/share-
information/analyst-coverage/.
Financial calendar 2026
Date
Event
2
9
April 202
6
Quarterly Report
–
Q1 202
6
20 May 2026 Annual General Meeting
06 August 2026 Half-yearly Report 2026
29
October 202
6
Quarterly Report
–
Q3 202
6
24 February 2027 Quarterly Report – Q4 2026
Further information can be found on the company’s website www.polight.com and at www.newsweb.no.
poLight’s IR policy can be found at www.polight.com.
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BOARD OF DIRECTORS’ REPORT
Overall progress in 2025 was encouraging. At the close of the year, poLight´s TLens
®
was incorporated into
42 different products, representing both consumer and professional applications and confirming the
versatility and market potential of poLight’s unique technology. This is a considerable increase compared
with 2024, when TLens® was incorporated into 28 products. There was a high level of customer engagement
in various segments throughout the year, which has led to new design-wins and proof of concept (PoC)
activities in strategically important market segments. Revenues increase from NOK 9.6 million to NOK 20.5
million in 2025, up 114 per cent.
One of the major strategic events in 2025 was the strategic investment agreement that poLight entered into
with Q Technology (Group) Company Limited (“Q Tech”), a leading manufacturer of camera modules for
global companies. This partnership, combining poLight’s technology and expertise with Q Tech’s experience
in converting new technology into high-volume production, will be an important factor for major OEMs to
assess when they consider using poLight´s products and establishing it as a trusted long-term supplier.
Status of customer-wins as of February 2026
Corporate events in 2025
On 21 May 2025, the Annual General Meeting (AGM) resolved to change the company’s registered office to
the Norwegian municipality of Tønsberg, alter the description of the board’s composition in the articles of
association and specified who determines the compensation paid to the Nomination Committee. At the same
time, Grethe Helene Viksaas as was re-elected as board chair. Marianne Bøe, Svenn-Tore Larsen and Jean-
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Annual Report 2025
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Christophe Yves Eloy were re-elected as board members, while Cathrine Wiig Ore, Chang-Hui (Chris) Liu and
Yung Pang (Louis) So became new board members. All board members will serve until the Annual General
Meeting in 2027. The AGM also re-appointed Jan-Erik Hæreid as chair of the Nomination Committee, and
Anne E. H. Worsøe and Egil Garberg as committee members. All committee members will serve until the
Annual General Meeting in 2027.
The AGM also approved a private placement and subsequent share offering, which generated net proceeds
of NOK 171.5 million and NOK 51.4 million respectively.
Manufacturing and operations
poLight primarily works with two categories of subcontractors – a MEMS supplier and assembly partners, in
addition to various component suppliers. The MEMS partner supplies the wafer, comprising the actuators
(i.e. “eye muscles”), while the assembly partners assemble the finished product. The polymer (i.e. lens
material) is produced at poLight’s headquarters.
In 2025, deliveries were mainly to AR/MR (55%), industrial (32%) and healthcare (19%) customers.
During the year, the company continued to strengthen the organisation. This process will continue in 2026.
Output from the assembly partner has increased thought the year, and a new assembly line setup at Q Tech
in China is under establishment. No new MEMS wafers were ordered, manufactured or delivered during the
year, as inventory has been considered to be sufficient.
Product development
TLens®-related activities during the year mainly encompassed customer-driven design concepts/support, the
lead-free TLens® project and development of the MLens® concept. With TWedge®, the focus was on
producing technical samples for customers, supporting their evaluation, designing next-generation samples,
optimising the design for manufacturing and maintaining a dialogue with customers to further define
specifications for a potential mass-production product.
With respect to the development of design concepts for AR/MR, the company is in discussions with key
players in the ecosystem and made important progress during the year. The MLens® activity led to the release
of a new product family at the start of 2026. MLens® will ease the implementation of TLens®-based autofocus
(AF) systems for industrial/machine vision players, see https://www.polight.com/products/tlens/mlens/.
Today’s TLens® is based on MEMS wafers containing a small amount of lead. Although the amount concerned
is well within permitted limits, some OEMs prefer not to use products containing any lead at all. Furthermore,
it is expected that the exemption (EU) allowing the MEMS fabs to use pzt (a piezo material made of lead
zirconium titanate) will be withdrawn at some point, as alternative materials are developed. To expand
poLight´s market opportunities and future-proof poLight solutions, the company has launched a project to
replace pzt wafers with an alternative piezo material. The programme has progressed well during the year,
and the first samples of a lead-free TLens® have been assembled and characterised in the lab with
encouraging results. The project has now moved on to the next phase, which will address outstanding issues
and make further improvements. Initial discussions related to mass production of the first lead-free TLens®
are currently underway.
A process to evaluate concepts for larger aperture TLens®, and thereby support bigger image sensor formats,
was also initiated. Various concepts have been prototyped and characterised. However, because the cost
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structure of such larger aperture TLens® is probably incompatible with demands of consumer applications,
further work has been put on hold pending potential customer-driven development.
To support TWedge® and a potential new lead-free TLens®, a pre-study for developing a new ASIC driver has
been carried out, and partner selection has been initiated.
Market
poLight is actively engaged in several market areas. These include consumer applications, which currently
relate primarily to augmented/mixed reality (AR/MR), laptops and other accessories, as well as a wide range
of professional applications, such as enterprise AR/MR, barcode/machine vision, and scientific products. The
company is also monitoring the smartphone, smartwatch, automotive and healthcare markets.
Consumer market
In the consumer market, activity during the year related mainly to AR/MR, as well as some preparation work
relating to laptops and various accessories.
On the AR/MR side in general, the level of activity and interest remains high, both with respect to TLens® and
TWedge®.
TLens® is being evaluated and tested by several important AR/MR market players. The TLens® technology’s
low power consumption, insensitivity to gravity, constant field of view (i.e. no pumping/breathing when
changing focus), temperature stabilisation (often referred to as athermalisation), high speed and
compactness stand out as key technical benefits. It should, however, be expected that various autofocus (AF)
solutions will be implemented, depending on the specifications needed and cost sensitivity.
The number of potential consumer-oriented AR/MR opportunities that poLight is exploring has grown
throughout the year, with some of the TLens® cases becoming increasingly mature. In general, a growing
number of OEMs have started working in this area. Smart-glasses (AI glasses) are starting to gain good
traction in the market. Currently, these glasses mainly use fixed-focus cameras, but camera specification
trends, AI and future use cases may change this situation.
With respect to TWedge®, major consumer AR/MR OEMs are continuing to test the prototypes for various
applications. The strategy is to continue building appetite and gathering market intelligence by selling
technical samples. The company had extensive conversations with key market players during the year. These
gave a positive indication with respect to future TWedge® applications and suggested that mass production-
ready products could be needed in two years from now.
Table 1 below illustrates activities in the consumer market segment. A potential TWedge® product is included
in the numbers provided in Table 1 for PoCs (nine) and planned PoCs (three).
During the year, the number of design-wins remained unchanged. There was one fewer design-ins (project
stopped), the number of PoCs increased by seven, and the number in the planning PoC stage increased by
one.
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Table 1 Overview of consumer-related activities, also including AR/MR. Both for TLens® and TWedge®. Numbers
in brackets ( ) refer to the 2024 annual report.
Enterprise augmented/mixed reality (AR/MR)
Although AR/MR enterprise cases currently represent a relatively low volume, the exposure poLight’s
technology gains through these advanced applications is important for building trust and supporting
penetration in the ongoing consumer cases. The volume in the enterprise market is also expected to increase
as technology and applications mature.
Table 2 illustrates activities in the AR/MR market segment overall. For comparison, consumer cases (“C”) are
also included. As can be seen, most of the AR/MR PoC/planning PoC cases are consumer-related, which is
promising with respect to future volumes. TWedge® accounts for nine PoCs and five planning PoCs.
Table 2 Overview of AR/MR related activities. Also includes TWedge®. Numbers in brackets ( ) refer to the 2024
Annual Report. C = consumer
Comparing the above with the status at the close of 2024, the number of design-wins increased by two, the
number of design-ins decreased by two, ongoing PoCs increased by nine and planning PoCs increased by two.
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Barcode/Machine Vision/Industrial
It will take time to develop this market, but the number of design-wins is gradually increasing. For example,
12 new design-wins were achieved in 2025.
After the close of the year, poLight announced its new MLens® off-the-shelf (OTS) portfolio of M12 focusing
camera lenses for industrial machine vision applications. These new lenses ease the integration of TLens®-
based autofocus (AF) solutions, avoiding significant NRE and design efforts, and enable design engineers to
rapidly set and change object/focal distances to accommodate different scenarios. This offering could
potentially be an important contributor in this market segment, as it positions the company higher in the
value chain, selling higher value products.
In the barcode/machine vision market, seven companies represent 24 design-wins, of which 21 products are
still shipping. See Table 3 for an overview of activities within the Industrial market segment.
Table 3
Overview of the Industrial market segments (mainly barcode and machine vision, but also some other
applications). The “eye” icon refers to machine vision.
Comparing the above with the status at the close of 2024, the number of design-wins increased by 12, the
number of design-ins increased by three, the number of ongoing PoCs has decreased by two, while planning
PoCs increased by eight.
Healthcare
The company continues to support selected opportunities in the healthcare market segment. The partnership
poLight has developed with the Kavli Institute at the Norwegian University of Science and Technology (NTNU)
and the contribution the company has made to the development of the Mini2P microscope
1
have led to
several similar projects, and three commercial companies are now offering a standard, turnkey Mini2P
solution.
1
An open-source miniature two-photon microscope brain explorer for fast high-resolution calcium imaging in freely moving mice.
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In addition to Mini2P-related activities, poLight is engaged in some commercial endoscope cases. However,
the company does not foresee any commercial breakthrough for this application in the short/medium term,
as the market continues to favour low-resolution sensors and there is currently no clear demand for
autofocus, although this may evolve over time.
At the end of the year, the company had four design-wins (all related to Mini2P, same as for end 2024) and
seven ongoing PoCs (comparable number for 2024 is three). With effect from Q4 2025, the figures for ongoing
PoCs exclude all activities at universities not targeting the development of a commercial instrument.
Automotive
Going forward, this market segment may generate a demand for autofocus/athermalisation, and TLens® is
one of the potential solutions. The market is potentially significant but will most likely require a TLens® with
a bigger aperture. There was no/very little activity in this sector during the year.
Summary
Table 4 below presents an overview of customer activity in all market segments. The figures in brackets ( )
refer to the numbers given in the 2024 Annual Report.
The number of design-wins increased by 14 during the year. At the close of the year, there was one more
design-in compared with the close of 2024, 23 more completed PoCs, one fewer ongoing PoCs (note: all
university PoC activities have been eliminated with effect from Q4 2025) and five more planning PoCs.
Table 4 Overview of customer-related activities in the various segments. Numbers in bracket refers to 2024 Annual
Report. Medical/Healthcare: As of Q4 2025 all (9) university-related ongoing PoC activities have been
removed from the overview.
Sustainability
poLight adheres to the Norwegian Transparency Act and intends to comply with the EU’s Corporate
Sustainability Reporting Directive (CSRD) required reporting deadline. At present, poLight falls under the
transitional rules for listed SMEs and can opt out of sustainability reporting, only including a brief statement
in the 2026 annual report. This does not reflect any lack of commitment to sustainability on the part of
poLight, but rather a lack of capacity to prioritise the resource-intensive effort required. Although the
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company opts out of extensive sustainability reporting, a separate ESG (Environment, Social and Governance)
chapter is still included on a voluntary basis later in this annual report. Please refer to this chapter for
additional information.
Organisation
poLight ASA and its subsidiaries had 27 full-time employees at the close of 2025, unchanged from 2024. In
addition, 19 consultants were engaged on long-term contracts, also unchanged. In 2025, the employees and
consultants were located in eleven countries and represented 15 different nationalities. Women made up 25
per cent of the workforce, compared with 18 per cent in 2024. poLight is committed to being a healthy
workplace, which provides equal opportunities for development to all employees, irrespective of gender,
ethnicity or other characteristics.
poLight is committed to the health, safety and welfare of its employees and their families, as well as its
customers. Sickness absence came to 0.6 per cent in 2025 for the Group and 1.0 per cent for poLight ASA,
compared with 0.6 per cent in 2024. Sickness absence remains well below the Norwegian national average
of approximately 6.6 per cent (2024: 6.8 per cent). No work-related accidents (that needed to be reported
to the Norwegian Labor Inspection Authority) or material damage occurred in 2025.
Liability insurance
Members of poLight ASA’s board and management are covered by Directors and Officers (D&O) liability
insurance provided by Zurich. The insurance also includes poLight’s subsidiaries except China, which has been
insured separately. The Board considers the total insurance coverage to be reasonable.
Financial performance, poLight Group
The Group’s consolidated revenue in 2025 totalled NOK 20.5 million, compared with NOK 9.6 million in 2024.
NOK 19.4 million (NOK 7.6 million in 2024) reflects sales of TLens® and ASICs for commercial use and sample
deliveries, and sales of TWedge® technical samples. NOK 1.1 million (NOK 2.0 million in 2024) reflects revenue
from non-recurring engineering (NRE) relating to customer development projects. Geographically, NOK 8.9
million of the revenue relates to customers in the USA, NOK 10.8 million to customers in Asia and NOK 0.8
million to those in Europe.
The cost of goods sold totalled NOK 3.5 million in 2025, compared with NOK 2.2 million in 2024, mainly due
to increased sales. The provision for inventory obsolescence increased by NOK 8.0 million throughout the
year (NOK 6.4 million in 2024).
R&D expenses, net of government grants of NOK 2.2 million, amounted to NOK 49.1 million, compared with
NOK 32.3 million in 2024. No development expenditures have been capitalised in the past three years.
Expensed R&D costs include R&D management, patents, improvements of the existing TLens®, feasibility
studies on new concepts, and costs related to integration of TLens® in new customer applications/products.
Sales and marketing expenses totalled NOK 20.1 million, compared with NOK 16.3 million in 2024.
Operational/supply chain expenses totalled NOK 28.5 million, up from NOK 23.5 million in 2024, where the
cost increase is related to strengthening of the project and data management teams.
Administrative expenses totalled NOK 27.9 million, up from NOK 27.0 million in 2024.
Depreciation and amortisation amounted to NOK 10.6 million, compared with NOK 10.5 million in 2024.
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The Group made an operating loss of NOK 127.2 million in 2025, compared with an operating loss of NOK
108.6 million in 2024.
Net financial items in 2025 totalled a positive NOK 9.1 million, up from NOK 7.0 million in 2024. This is
attributable primarily to interest income on bank deposits. The tax expense in 2025 came to NOK 0.2 million
(NOK 0.1 million in 2024).
The Group made a net loss of NOK 118.3 million in 2025, compared with a net loss of NOK 101.8 million in
2024. This represents a loss in 2025 of NOK 0.67 per share on a fully-diluted basis, compared with a loss of
NOK 0.97 per share in 2024.
Financial position
As at 31 December 2025, total assets came to NOK 372.8 million, compared with NOK 264.0 million at year-
end 2024. Total equity came to NOK 339.2 million, compared with NOK 231.9 million at year-end 2024.
Intangible assets amounted to NOK 3.0 million as at 31 December 2025, compared with NOK 10.3 million at
the close of 2024, reflecting amortisation over the year.
At year-end, right-of-use assets amounted to NOK 10.1 million, compared with NOK 10.2 million as at 31
December 2024.
During the year, inventories decreased by NOK 8.9 million to NOK 53.5 million at the close of 2025, compared
with NOK 62.4 million at year-end 2024. The decrease in inventories relates to the increased obsolescence
provision of NOK 8.0 million and the sale of goods.
Trade and other receivables totalled NOK 10.0 million, compared with NOK 3.8 million in 2024, of which
recognised government grants accounted for NOK 2.3 million (NOK 1.9 million in 2024).
As at 31 December 2025, the company had cash and cash equivalents of NOK 284.0 million, compared with
NOK 166.8 million at the close of 2024. The private placement in the second quarter and the subsequent
share offering in the third quarter 2025 generated NOK 209.5 million in net proceeds (the rights issue in the
second quarter 2024 generated NOK 124.0 million in net proceeds).
Long-term liabilities totalled NOK 10.0 million at year-end 2025, the same as at the end of 2024. The lease
liability relates to the lease of the company’s headquarters in Tønsberg, Norway. Total current liabilities at
year-end 2025 came to NOK 23.6 million (NOK 22.2 million in 2024).
Cash flow
Net cash flow used in operating activities totalled NOK 90.8 million in 2025, compared with NOK 69.2 million
in 2024. The difference between net cash flow from operating activities and the NOK 16.4 million increase in
net loss is mainly attributable to increased working capital of NOK 1.5 million, compared with a corresponding
increase of NOK 12.4 million in 2024, offset by a NOK 5.2 million higher adjustment to the net loss for the
share option expense in 2025, which does not have cash effect.
Net cash flow used in investing activities totalled NOK 1.6 million in 2025, compared with NOK 2.4 million
used in 2024.
Net cash flow used in financing activities totalled NOK 209.7 million in 2025 (NOK 123.3 million in 2024). The
positive cash flow from financing activities reflects the net proceeds of NOK 209.5 million raised in connection
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with the private placement and subsequent share offering in 2025. (The rights issue in the second quarter
2024 generated NOK 124.0 million in net proceeds).
Financial performance, parent company
In 2025, the parent company generated NOK 20.5 million in revenue, compared with NOK 9.6 million the
year before. Gross profit came to NOK 9.0 million (NOK 12.0 million in 2024). It made an operating loss of
NOK 130.0 million in 2025, after total operating expenses of NOK 139.0 million. In 2024, the parent company
made an operating loss of NOK 112.0 million, after total operating expenses of NOK 113.0 million.
Operating expenses in 2025 include employee expenses (including consultants engaged on long-term
contracts) of NOK 80.7 million, compared with NOK 58.9 million in the preceding year. The parent company
had on average of 37 employees and consultants in 2025, compared with 36 in 2024. In 2025, other operating
expenses amounted to NOK 49.2 million, compared with NOK 44.8 million in 2024. (See Note 3 Specification
of operating expenses by nature).
poLight ASA made a net loss of NOK 118.8 million in 2025, compared with a net loss of NOK 103.6 million in
2024.
The Board proposes that NOK 103.6 million be transferred from the share premium and NOK 15.2 million
from retained earnings. The Board does not propose payment of a dividend for 2025.
Share capital
As at 31 December 2025, poLight ASA had a share capital of NOK 8.5 million, consisting of 212,768,405 shares,
with a nominal value of NOK 0.04 each, compared with NOK 5.2 million at the beginning of the year. The
change is attributable mainly to the private placement completed in June 2025, which increased the share
capital by NOK 2,549,724.48 and the subsequent share offering that was completed in July 2025, which raised
NOK 764,917.32.
poLight employees have been granted options to subscribe for shares under established share option
schemes. The Board is authorised by the AGM (21 May 2025) to issue shares – under the share option
schemes – up to a total nominal value of NOK 773,458.84 (19,336,471 shares at a nominal value of NOK 0.04).
Between the AGM and 31 December 2025, the share capital increased by NOK 11,233.12 in connection with
exercised share options. As at 31 December 2025, 15,494,213 share options have been granted but not yet
exercised, equal to 7.3 per cent of shares outstanding, at a weighted average strike price of NOK 3.74, with
a range from NOK 3.20 to NOK 4.33. 4,448,609 share options where vested and therefore exercisable at 31
December 2025. During the year, 10,115,000 share options were granted at a weighted average strike price
of NOK 3.98 per share.
Financial and operational risks and risk management
poLight’s risk management is based on the principle that risk assessment is an integral part of all business
activities. Reference is also made to the ESG risk assessment described in the enclosed ESG Report. As a
technology company with global operations, poLight is exposed to risk factors of a financial and operational
nature, which may affect business activities and the company’s financial position. poLight’s Board places a
high priority on managing risk and has established routines and policies to limit overall risk exposure.
Political risk: Given the technical nature of poLight’s products, the company may be subject to changes in
regulations relating to taxes, work processes or materials used (such as the EU Restriction of Hazardous
Substances Directive, where poLight along with the broader industry is currently operating under an

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exemption). The company works with experts on each of these fields to keep updated on potential regulatory
changes and mitigate this risk by staying ahead of such changes. One example, is the development project
for TLens® using lead-free material. Additionally, with its global operations, poLight is exposed to various
forms of geopolitical risk. Increased instability is caused by armed conflicts, increased tension between
nations and groups, instability in trade tariff policies, protectionism and interference in democratic elections.
Any and all of these may affect poLight’s operations or markets, both directly and indirectly. However, it is
difficult to assess the exact nature of their short or long-term impacts until these scenarios materialise.
Instability in general, however, may impact consumer spending, which again could affect poLight’s actual and
forecast income.
Market risk: poLight develops highly innovative autofocus lenses for consumer and industrial products. The
markets for these products are undergoing rapid technological changes. poLight’s future success will depend
on the company’s ability to align with customers’ development cycles, as well as meet changing industry
demands, develop new technologies that address prospective customers’ increasingly sophisticated
requirements (aperture size, optical power, size, non-lead content etc.) and ensure high-quality and cost-
effective mass production.
IPR-related risk: To protect its intellectual property rights (IPR), poLight relies on a combination of patents,
copyright and trademark laws, trade secrets, confidentiality procedures and contractual provisions. IPR
constitutes one of poLight’s key assets and poLight actively seeks to protect its products and technologies in
the markets and geographic regions in which it operates, and elsewhere as deemed relevant. In its use of
IPR, poLight faces several risks. For example, third parties may illegally copy or utilise poLight’s IPR, third
parties may (with or without merit) claim that poLight’s use of IPR infringes the IPR of that third party, or the
IPR of others may limit poLight’s freedom to operate.
Foreign exchange risk: poLight is subject to certain financial risks associated with currency and interest rates.
While the company has had limited revenue so far, it does incur costs in various currencies. No single large
currency risk that could have a significant impact on the company’s current net profit has been identified.
However, since poLight’s customers are invoiced in US dollars (USD), fluctuations in this currency could
influence the company’s future earnings. Proceeds from share issues are kept in Norwegian kroner (NOK).
poLight has not entered into any hedging agreements to manage this risk.
Liquidity risk: poLight currently operates at a loss. For the next 12 months, the Group's principal source of
liquidity will still be the cash generated from financing, both equity and debt, in addition to soft funding and
net cash flows generated from sales. The company may in the future seek to raise further capital to finance
R&D activities and expansion plans. Since listing, the company has benefitted from the improved access to
capital through the Euronext Oslo Børs in connection with several financing rounds. Continued access to
capital in potential future financing rounds is, however, conditional on the goodwill and risk appetite of
poLight’s shareholders and the stock market in general, which may be affected by a multitude of factors.
Corporate governance
poLight aims to comply with the Code of Practice for Corporate Governance published by the Norwegian
Corporate Governance Board (NUES). A separate section of this annual report provides further details of the
poLight Group’s corporate governance.
Going concern
poLight does not have any operations, customers or direct suppliers in Russia or Ukraine. The war in Ukraine
has therefore not had any direct consequences of significance for the Group’s operations. The same applies

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to increased instability in the Middle East after Israel and the USA attacked Iran. Although poLight has several
customers in the USA, the war has so far been concentrated in Iran and the surrounding countries. Although
none of these conflicts has a direct impact on the Group’s operations, the general impact of wars on the
global situation may influence the actions of the Group’s customers, in terms of the development and launch
of new technology, and the consumer market’s purchasing power and priorities.

The Group possesses sufficient liquidity to fund its operations for the next 12 months. Management, together
with the Board of Directors, continuously evaluates the Group’s liquidity requirements to ensure adequate
financing of planned operations, research and development activities, as well as any investments necessary
for scaling up the business.

Although the Group’s cash reserves, according to the current business plan, should be sufficient to cover the
Group’s activities into the foreseeable future, the risky nature of poLight’s ecosystem means that seemingly
small changes in customers’ or suppliers’ priorities could have an adverse effect on this plan which again
could require an additional need for infusion of liquidity, through equity or other instruments which may be
available to the Group, such as debt.

Accordingly, these consolidated financial statements have been prepared under the assumption that both
the Group and the parent company remain going concerns. Management confirms that assumption to be
appropriate.

Outlook
The company closed 2025 with strong momentum, which it has maintained going into the new year. The
long-term outlook remains positive, particularly within AR/MR, where some of the TLens® consumer PoCs
are progressing and may approach important milestones in 2026.

As previously noted, performance requirements and cost sensitivity will determine which autofocus solutions
are chosen in this growing AR/MR market. Multiple approaches will continue to coexist. Nevertheless,
feedback on poLight’s technology from major OEMs continues to be encouraging. To reinforce the progress
made so far, poLight must continue to consistently deliver on expectations, both technologically and
organisationally.

Interest in TWedge® remains very strong among leading consumer OEMs. Sampling of an improved version,
representing the next step towards a final, mass production-ready design with optimised performance,
mechanical dimensions and manufacturability, will continue through the first half of 2026. The ambition is to
finalise the design, initiate product development and ensure readiness for mass production in line with
expected market demand approximately two years from now.

To fully capture the opportunities in poLight’s expanding landscape, it will be essential to continue investing
in customer interactions/support, innovation, strategic partnerships and organisational development. These
efforts will increase operational costs but are necessary to build long-term shareholder value by
strengthening poLight’s position as a leader in next-generation optical solutions across multiple market
segments, with a particular emphasis on AR/MR.


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poLight ASA
Tønsberg, 28 April 2026
Grethe Viksaas
(sign)
Chairperson
Cathrine
Wiig
Ore
(sign)
Board member
Changhui “Chris” Liu
(sign)
Board member
Jean-Christophe Eloy (sign)
Board member
Yung Pang “Louis” So (sign)
Board member
Marianne Bøe (sign)
Board member
Svenn-Tore Larsen (sign)
Board member
Dr Øyvind Isaksen (sign)
Chief Executive Officer

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STATEMENT BY THE BOARD OF DIRECTORS AND THE CEO
We confirm that, to the best of our knowledge, the consolidated financial statements for 2025 have been
prepared in accordance with IFRS® Accounting Standards, as adopted by the EU, as well as additional
disclosure requirements set out in the Norwegian Accounting Act; and that the financial statements for the
parent company for 2025 have been prepared in accordance with the Norwegian Accounting Act and
generally accepted accounting practice in Norway; and that the information presented in the financial
statements provides a true and fair view of the parent company and the Group’s assets, liabilities, financial
position and results for the period as a whole; and that the Board of Directors’ report provides a true and fair
view of the development, performance and financial position of the parent company and the Group, and
includes a description of the material risks that the Board of Directors, at the time of writing this report,
considers could have a significant impact on the financial performance of the Group.
poLight ASA
Tønsberg, 28 April 2026
Grethe Viksaas (sign)
Chairperson
Cathrine Wiig Ore (sign)
Board member
Changhui “Chris” Liu (sign)
Board member
Jean
-
Christophe Eloy
(sign)
Board member
Yung Pang “Louis” So (sign)
Board member
Marianne Bøe (sign)
Board member
Svenn-Tore Larsen (sign)
Board member
Dr Øyvind Isaksen (sign)
Chief Executive Officer

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ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) REPORT
1. Introduction
poLight ASA was founded in 2005 and is publicly traded on the Oslo Stock Exchange (OSE: PLT). The company
offers a patented, proprietary tunable optics technology. Its first product, TLens®, replicates "the human eye"
experience in autofocus cameras used in devices such as smartphones, wearables, barcode scanners,
machine vision systems and various medical equipment. poLight's TLens® enables better system performance
and new user experiences, due to benefits such as extremely fast focus, small footprint, no magnetic
interference, low power consumption and constant field of view.
poLight® has built a world-class team with expertise in optics, polymers, MEMS technology, imaging
applications and camera systems. This team is establishing poLight® as the world leader in tunable optics.
poLight® is a fabless company using MEMS foundry, assembly and packaging services from well-established
suppliers. poLight® is headquartered in Tønsberg, Norway, with employees in Finland, France, UK, US, China,
Taiwan, Japan and the Philippines.
2. Sustainability
poLight aims to be a responsible company with regards to working conditions, human rights, the environment
and anti-corruption. The company promotes a healthy, safe and fair working environment in accordance with
applicable laws and regulations, including the UN Global Compact. poLight has established a code of conduct
as an initial step in developing formal guidelines, principles, procedures and standards related to corporate
social responsibility. poLight is not regulated by any environmental permits or regulatory mandates.
Sustainability Statement
We create sustainable technology
We are committed to creating cutting-edge technology for a sustainable world and doing so in a sustainable
way. We will offer innovative products that remain highly efficient throughout their service life. Every
technology we develop will be socially responsible and sustainable to preserve a liveable environment.
We prioritise people
People are our biggest asset. We work proactively to ensure the health, respect, safety and wellbeing of our
employees, while maintaining a diverse and inclusive corporate culture that establishes optimum conditions
for our employees’ commitment to sustainability. We believe diversity enables innovation and stakeholder
engagement, and supports growth.
We protect the planet
We are committed to protecting the environment by taking steps to mitigate the impact of our activities and
minimise our carbon footprint, thereby ensuring that our products and services can be delivered with
minimal environmental impact. All of our operations, processes, business practices and entire value chain
are firmly rooted in sustainability principles. We strive for carbon neutrality and are reducing greenhouse gas
emissions in our own operations, while also working to achieve zero waste.
We generate long-term value for all stakeholders
We believe in the importance of our role in the effort to create a sustainable future and that we are stronger
if we act collectively. We are committed to collaborating with suppliers who share our values and to working
locally to improve the social, economic and environmental wellbeing of the communities in which we
operate.

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3. ESG risk assessment
In recent years, management has carried out an environmental, social and governance (ESG) assessment,
which has been evaluated by poLight ASA’s Board of Directors. A risk assessment tool developed by Investinor
when that company was a shareholder was used for this purpose.
An ESG double materiality assessment was carried out in 2023. This identified the following strategic and
compliance focus areas:
1. More environmentally friendly components
ESG and environmental considerations have been implemented in the procedures for selecting suppliers,
components and process solutions. For example, poLight has established a project to incorporate lead-
free piezo in future TLens
®
. The project progressed well during the year, with initial lead-free TLens®
samples assembled and characterised in the lab with encouraging results. The project has now entered
the next phase to address remaining issues and further improve the design.
2. Business ethics
poLight’s anti-corruption efforts have a high priority. Business associates must comply with poLight’s
code of conduct, which expresses a zero tolerance for all forms of corruption.
3. Supplier working conditions and labour rights
Since the company is fabless and relies on several subcontractors around the world, poLight must
monitor these companies and ensure they provide decent working conditions to their employees.
These focus areas remained relevant to poLight’s operations in 2025. The company is currently investigating
several tools to monitor its carbon footprint on an ongoing basis.
4. Environmental
poLight is still in an early phase of its commercial development, and production volumes are therefore still
quite low. For this reason, the environmental impact of its products is not considered significant at this time.
We do, however, focus on environmental aspects in our production processes and have conducted projects
to study the use of more environmentally friendly materials in the TLens
®
.
With wafers manufactured in Europe and assembly and final test operations in the Philippines, some
transport-related environmental impact is unavoidable. With one TLens® weighing approx. 6 milligrams, the
environmental impact of their transportation is nevertheless limited, even at high volume. Since poLight
operates globally and has customers in Europe, Asia and the USA, business travel is currently the largest
contributor to the company’s carbon footprint. Although business travel is still required to reach the
company’s commercial goals, video conferences are more and more frequently used, both to reduce
poLight’s environmental impact and to boost operational efficiency.
As mentioned in the Sustainability Statement, poLight is committed to protecting the environment. All
business decisions are made with this in mind.
5. Social
poLight believes in the power of diversity and has employees and consultants in eight different countries. As
a technology company, poLight focuses on attracting and retaining employees, since these represent an
important resource for the Group.

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poLight’s code of conduct states that: “poLight expects dedicated employees, who treat others with respect
and maintain open communications. There shall be no discrimination or harassment on the grounds of age,
gender, disability, race, sexual orientation, ethnic origin, religion or political affiliation. poLight shall be an
attractive workplace with an inclusive working environment. poLight expects its employees to not act in ways
that could harm the poLight brand. When we are working in cultures other than our own, we treat everyone
– individuals as well as organisations – with respect, and act in accordance with national laws and regulations.
We also pay attention to local etiquette and values in the countries where we are working. In meetings with
contacts outside poLight, we behave with professionalism and courtesy. poLight supports and respects
internationally recognised human rights, including those set out in the International Labour Organisation’s
conventions. The company respects the right to freedom of association and opposes any form of child labour,
forced labour or discrimination, and requests all representatives and suppliers to abide by the same
principles. All employees, partners, etc., are made aware of these guidelines.”
To ensure the above:
• poLight conducts quarterly management reviews, which address all parts of the value chain with
respect to risks and opportunities,
• all managers carry out quarterly MUST (mutual understanding and special topics) meetings,
• annual appraisals are performed,
• the CEO holds one-to-one meetings with all employees to take the temperature of the entire
organisation,
• during the annual poLight seminar, management highlights the importance of the code of conduct
and ESG in general.
The company’s whistleblowing procedure is described in the code of conduct.
Organisation
poLight ASA and its subsidiaries had 27 full-time employees at the close of 2025, unchanged from 2024. In
addition, 19 consultants were engaged on long-term contracts, also unchanged. In 2025, the employees and
consultants were located in eleven countries and represented 15 different nationalities. Women made up 25
per cent of the workforce, compared with 18 per cent in 2024. poLight is committed to being a healthy
workplace, which provides equal opportunities for development to all employees, irrespective of gender,
ethnicity or other characteristics.
poLight is committed to the health, safety and welfare of its employees and their families, as well as its
customers. Sickness absence came to 0.6 per cent in 2025 for the Group and 1.0 per cent for poLight ASA,
compared with 0.6 per cent in 2024. Sickness absence remains well below the Norwegian national average
of approximately 6.6 per cent (6.8 per cent in 2024). No work-related accidents (that needed to be reported
to the Norwegian Labor Inspection Authority) or material damage occurred in 2025.
6. Governance
poLight considers good corporate governance to be a prerequisite for value creation and credibility, as well
as for attracting investors and accessing capital on favourable terms. See the Corporate Governance Report
for further details.
7. Norwegian Transparency Act
The Norwegian Transparency Act went into effect on 1 July 2022. The Act requires companies to uphold
human rights and ensure decent working conditions in their operations and supply chains.

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poLight has embedded responsible business conduct in its code of conduct, which was last updated on 9
January 2023. As a standard practice when entering into new business agreements, our business associates
are asked to commit to the code’s provisions. poLight’s code of conduct is available at
www.polight.com/Investors/Corporate Governance/Code of Conduct.
A risk assessment regarding human rights and decent working conditions has been performed by poLight. All
direct Tier 1 suppliers are required to identify, assess, address and report on social impacts and risks. When
conducting supply chain audits, specific actions have been standardised with respect to human rights and
decent working conditions. In its risk assessments, poLight focuses on the following issues, among others:
• Health, safety and hygiene
• Working hours
• Waste and pollution
These issues are also addressed when approving new Tier 1 suppliers.
A separate transparency report will be published no later than 30 June 2026. The report will be available on
poLight’s web site at: www.poLight.com/investors/corporate-governance/Transparency.
8. ESG reporting
The company is aware of the increasing demand from stakeholders and regulators for sustainability-related
information. The company’s focus and effort on this area have therefore increased in recent years. ESG
competence has been provided by Investinor, with support from external ESG expertise. A double materiality
assessment was carried out in 2023, which included frequent working sessions with key personnel across the
organisation. The company is currently reviewing options for monitoring its carbon emissions.
In February 2023, the previous Audit Charter was updated to also include sustainability reporting. ESG
reporting has therefore become a subject for discussion at Audit and Sustainability Committee meetings.

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CORPORATE GOVERNANCE REPORT
1. Governance principles and objectives
poLight ASA (“poLight” or the “company”) seeks to create sustained shareholder value and pays due respect
to the company’s various stakeholders. These include its shareholders, employees, business partners, society
in general and the public authorities. poLight is committed to maintaining a high standard of corporate
governance and has established principles and guidelines that define the roles and relationship between the
shareholders, the Board of Directors (the “Board”) and the company’s executive management
(“management”).
poLight is incorporated and registered in Norway and subject to Norwegian law. The company’s shares are
listed on the Oslo Stock Exchange. As an issuer of shares, the company must comply with rules applicable to
companies listed on the Oslo Stock Exchange and rules applicable to public limited companies in general.
The company observes the Norwegian Code of Practice for Corporate Governance, issued by the Norwegian
Corporate Governance Board (the “Code of Practice”). The Code of Practice is available at www.nues.no.
Application of the Code of Practice is based on the “comply or explain” principle, which stipulates that any
deviations from the code, should be explained. poLight seeks to follow the Code of Practice, and any deviation
will be explained in the corporate governance report included in its annual report. poLight’s corporate
governance policy is available on its website, www.polight.com, in accordance with the company’s IR policy.
The principles and implementation of corporate governance are subject to annual review by the company’s
Board of Directors. The corporate governance policy was last reviewed and approved 12 June 2025.
2. Business
The operations of the company comply with the business objective set forth in its Articles of Association,
which reads as follows:
“The company’s purpose is to develop and deliver optical components and all naturally related activities,
including ownership of shares and other securities in other companies.”
The Board of Directors has established goals, strategies and a risk profile for the company within the
definition of its business objective, which are described in the Annual Report. These are subject to annual
review by the Board.
poLight has adopted a set of ethical guidelines (code of conduct) which represents the foundation of poLight’s
corporate culture. The guidelines define the core principles and ethical standards for the company’s
operations, and the integration of stakeholder considerations and how these relate to the value creation by
the company. The code of conduct applies to the board members, all employees and representatives of
poLight as well as direct business partners such as agents or re-sellers. The code is available at
www.polight.com.

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3. Equity and dividends
Capital adequacy
As at 31 December 2025, poLight's consolidated equity totalled NOK 339.2 million, which is equivalent to 91
per cent of total assets. Liabilities were mainly lease liabilities, trade payables and other payables. The Board
of Directors is responsible for ensuring that poLight is adequately capitalised relative to the company’s goals,
strategy and risk profile.
Dividend policy
poLight has not previously distributed any dividends to its shareholders and does not expect to pay any
dividend in the foreseeable future. The company is focused on developing and commercialising its technology
and intends to retain any future earnings to finance development activities, operations and business growth.
Any future decision to pay a dividend will depend on the company's financial position, operating profit and
capital requirements.
Authorisations to the Board of Directors
On 21 May 2025, the annual general meeting (AGM) granted the Board of Directors an authorisation to issue
new shares to holders of share options in poLight who exercise their rights to subscribe for new shares. The
authorisation to issue new shares at a nominal value of NOK 0.04 each, up to the share capital equivalent of
NOK 773,458.84 is valid until the date of the 2026 AGM, or 30 June 2026 at the latest. As at 31 December
2025, 335,828 shares have been issued under this authorisation.
The AGM on 21 May 2025 granted the Board a general authorisation to issue shares and to increase the share
capital by a maximum of NOK 1,546,917.72. The authorisation is valid until the 2026 AGM, or 30 June 2026
at the latest. As at 31 December 2025, no shares had been issued under this authorisation.
The AGM also granted the Board an authorisation to buy back shares equal to a share capital of NOK
773,458.84. The authorisation is valid until the 2026 AGM, or 30 June 2026 at the latest. The authorisation
had not been utilised as at 31 December 2025.
4. Equal treatment of shareholders and transactions with related parties
Pre-emption rights to subscribe
In the event of an increase in share capital, the Board shall propose that existing shareholders be granted
pre-emptive rights. If the Board decides to waive the pre-emptive rights of existing shareholders pursuant to
an authorisation granted to it by a general meeting of shareholders, the reason therefor shall be publicly
disclosed in a stock exchange announcement.
Trading in treasury shares
Any trading undertaken by the company in its own shares shall be carried out through the stock exchange,
and always at prevailing market prices. If there is limited liquidity in the company’s shares, other ways shall
be considered to ensure that all shareholders are treated equally. There has been no trading in treasury
shares after the IPO in 2018.
Approval of agreements with shareholders and related parties
In the event of not immaterial transactions between the company and its shareholders, a shareholder’s
parent company, board members, executive personnel or close associates of any such party, the Board shall
arrange for an independent third-party valuation. There were no transactions with close non-group related
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parties in 2025. For further details see Note 18 Related parties to the financial statements in the Annual
Report.
5. Shares and negotiability
poLight ASA has one class of shares and each share carries equal rights, including the right to participate in
general meetings. All shareholders shall be treated equally, unless there is just cause for treating them
differently. The company’s shares are freely negotiable.
6. General meetings
The general meeting of shareholders is the company’s highest decision-making body. The Board shall ensure
that the general meeting is an effective forum for communication between the shareholders and the Board,
and enable as many shareholders as possible to exercise their rights through their attendance. Extraordinary
general meetings (EGM) may be called by the Board at any time, or by shareholders representing at least 5
per cent of the shares.
Notification
The Board will ensure that proposed resolutions and any supporting material shall be sufficiently detailed
and comprehensive to enable shareholders to understand and form an opinion on all matters to be
considered at the general meeting.
Registration and proxies
Deadlines for shareholders to give notice of their attendance at the general meeting shall be set as close to
the date of the general meeting as practically possible. Shareholders who cannot attend the general meeting
may vote by proxy on each individual matter.
Agenda and execution
The agenda for the general meeting is set by the Board. The agenda shall include detailed information on the
resolutions to be considered, as well as the Nomination Committee’s recommendations. The shareholders
attending may vote to determine who will chair the general meeting.
The Board and the general meeting’s chair shall ensure that the shareholders are able to vote separately on
each candidate nominated for election.
Representatives of the Board and the Nomination Committee’s chair shall be present at general meetings.
Although general meetings will normally be chaired by the Board’s chair, the Board must also ensure that the
general meeting can appoint an independent chairperson.
In 2025, poLight held its AGM on 21 May.
7. Nomination Committee
Composition
The company shall have a nomination committee consisting of two to three members, see section 7 of its
Articles of Association. The general meeting elects the Nomination Committee’s members and chair, and
determines their remuneration.
As at 31 December 2025, the Nomination Committee elected by the AGM, consisted of the following three
members:
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• Jan Erik Hæreid (independent) as chair, elected until annual general meeting of 2027,
• Anne E. H. Worsøe (independent), elected until annual general meeting of 2027 and
• Egil Garberg (independent), elected until annual general meeting of 2027.
None of the Nomination Committee’s members is a member of the Board or executive management. All the
Nomination Committee’s members are deemed to be independent of the company’s Board and executive
management.
Tasks
The Nomination Committee is responsible for recommending candidates for election to the Board and the
Board’s chair, and the remuneration payable to members of the Board and its sub-committees. It also
recommends candidates for election to the Nomination Committee itself. The objectives, responsibilities and
functions of the committees are detailed in the company’s “Guidelines for the Nomination Committee”.
All shareholders are entitled to nominate candidates for election to the Board of poLight ASA. Nominations
are submitted by sending an e-mail to the Nomination Committee’s chair at the following address:
[email protected]. Nominations must be received well in advance to be considered for election at poLight’s
AGM. All proposals should include information about the candidate, grounds for consideration and contact
details for the person nominating the candidate concerned.
8. The Board of Directors – composition and independence
According to the company’s Articles of Association, the Board of Directors shall consist of up to seven
members. At 31 December 2025, the Board consisted of the following seven members: Grethe Viksaas
(Chair), Cathrine Wiig Ore, Chris Liu, Jean-Christophe Eloy, Louis So, Marianne Bøe and Svenn-Tore Larsen.
The Board’s chair has been elected by the general meeting. Members of the Board are elected for a term of
up to two years at a time and may be re-elected. poLight’s annual report and website provide details of board
members’ background and expertise.
All board members are considered independent of executive management and material business associates.
With the exception of Chris Liu and Louis So, nominated and employed by Q Tech, all board members are
independent of the company’s shareholder(s). The Board of Directors does not include executive personnel.
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Name
Role
Considered
independent
(1)
Served
since
Served to/
Term
expires
Participation
at Board
Meetings
202
5
Shares in poLight
31 December
(direct/ indirect)
Grethe Viksaas Chair Yes June 2018 AGM 2027 100%
Svenn-Tore
Larsen
Board
member
Yes May 2019 AGM 2027 100%
Jean-Christophe
Eloy
Board
member
Yes Jan 2024 AGM 2027 71%
Marianne Bøe Board
member
Yes Jan 2024 AGM 2027 100%
Cathrine Wiig
Ore
Board
member
Yes May 2025 AGM 2027 100%
Chang-Hui
(Chris) Liu
Board
member
No (2) June 2025 AGM 2027 100%
Yung Pang
(Louis) So
Board
member
No (2)
June 2025 AGM 2027 80%
1) Independent of the company’s executive management and largest shareholders
2) Chang-Hui (Chris) Liu currently serves as the Senior Director and General Manager of the IoT Business
Unit and Yung Pang (Louis) So currently serves as Director of Corporate Development and Investor
Relations, both at Q Technology (Group) Company Limited. Q Technology (Group) Company Limited
held 63.74 million shares in poLight ASA at 31 December 2025 and has the right to nominate two
board members. None of the board members has a controlling stake in or are members of the
executive management team of Q Technology (Group) Company Limited.
Members of the Board of Directors are encouraged to own shares in the company.
9. The work of the Board of Directors
The Board of Directors’ tasks
The Board of Directors is elected by the shareholders to oversee executive management, and to make sure
that the long-term interests of shareholders and other stakeholders are properly served. The Board has
ultimate responsibility for management and the company’s activities in general. Its main responsibilities
include the company’s organisation and planning, and the control and supervision of its operations.
The Board shall also ensure that the organisation of the company’s accounting and cash management is
compliant and under satisfactory control. The Board adopts an annual plan for its work, with particular
emphasis on objectives, strategy and implementation.
Instructions to the Board of Directors
The Board has issued instructions for its own work, as well as for the CEO, to allocate duties and
responsibilities between the CEO and the Board of Directors. The instructions are based on applicable laws
and well-established practices. The current instructions were last amended by the Board in April 2025.
Members of the Board of Directors and the company’s executive management shall notify the Board in the
event of any material direct or indirect interest in a transaction entered into by the company.
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The Board’s instructions state that, in situations when its chair cannot, or should not, lead the work of the
Board, the longest-serving director shall chair the Board, until an interim chairperson has been elected by
and from among the directors present.
Audit and Sustainability Committee
The Audit and Sustainability Committee supports the Board with respect to the assessment and control of
financial risk, financial and sustainability reporting, auditing and control, and prepares discussions and
resolutions for board meetings. The Audit and Sustainability Committee does not make decisions on behalf
of the Board, and the establishment of the committee does not alter the Board’s legal responsibilities or
tasks. In addition, under the whistleblower procedure, complaints from employees and other concerned
parties are received and followed up by the Audit and Sustainability Committee. The Chief Financial Officer
participates in the meetings. The committee meets quarterly as a minimum, but may meet more frequently
if this is deemed advisable. One meeting per year is held with the auditor without the Chief Financial Officer
or any other members of executive management and the administration being present.
The Audit and Sustainability Committee held five meetings in 2025 and was in regular contact with the
company’s auditor regarding audits of the statutory accounts. The committee also assesses and monitors the
auditor’s independence, including non-audit services provided by the auditor.
The committee makes recommendations to the Board with respect to;
• the Company’s financial statements, accounting and financial reporting processes and financial
statement audits
• the Company’s compliance with legal and regulatory requirements
• the Company’s independent auditors’ qualifications, independence and performance
The committee’s tasks and rules of procedure are further regulated in the Audit and Sustainability Committee
Charter.
The Audit and Sustainability Committee shall consist of at least two members of the Board. The committee
shall in total have the expertise that, based on the company’s organisation and operations, is necessary to
carry out its tasks. At least one of the members of the committee is to be independent of the operations and
have accounting or auditing qualifications. The Board shall appoint one member of the committee to be its
chair.
As at 31 December 2025, the Audit and Sustainability Committee consisted of the following three members:
Marianne Bøe (chair), Grethe Viksaas and Louis So.
Remuneration Committee
The Board of Directors has established a remuneration committee which assists and facilitates decision-
making related to the remuneration of executive personnel. The purpose of the Remuneration Committee is
to ensure thorough and independent preparation of matters relating to compensation payable to executive
personnel. The Remuneration Committee issues a recommendation for the Board of Directors’ guidelines for
remuneration to senior executives in accordance with section 6-16a of the Norwegian Public Limited Liability
Companies Act.
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The Remuneration Committee shall consist of at least two members of the Board of Directors. The
Remuneration Committee’s members and chair are appointed for a term of two years. All members must be
independent of the company’s executive management.
As at 31 December 2025, the Remuneration Committee consisted of the following members: Grethe Viksaas
(chair), Chris Liu and Svenn-Tore Larsen.
Evaluation of the Board
The Board evaluates its performance and expertise annually.
10. Risk management and internal control
The Board places a high priority on managing risk and has established routines and policies to limit overall
risk exposure. The rules and guidelines take into account the extent and nature of the company’s activities
and the integration of stakeholder considerations in the company’s value creation through its corporate
values, ethical guidelines and corporate social responsibility policies.
The Board conducts an annual review of the company’s most important areas of risk exposure and its internal
control arrangements.
poLight’s risk management is based on the principle that risk assessment is an integral part of all business
activities. As a technology company with global operations, poLight is exposed to various risk factors of a
financial and operational nature, which may affect business activities and the company’s financial position.
Management reports monthly to the Board of Directors on key operational developments, including project
risk assessments, and on financial performance. In addition, quarterly financial reports are prepared and
distributed to the financial market, in accordance with the Oslo Stock Exchange’s requirements.
Information on the company’s operational and financial risks are included in the Annual Report.
11. Remuneration of the Board of Directors
The remuneration payable to board members is decided by the AGM, based on the Nomination Committee’s
recommendation. The remuneration paid shall reflect the Board of Directors’ responsibilities, competence,
time involved, and the complexity of the business.
The remuneration of the Board of Directors shall not be performance-based and shall not contain option
elements. Members of board sub-committees shall be compensated separately. The company shall not
provide loans to board members. Detailed information on the remuneration of board members is specified
in Note 18 to the consolidated financial statements.
Members of the Board of Directors and/or associated companies should not take on specific assignments for
the company in addition to their directorships. Should they do so, however, this must be disclosed to the full
Board. The remuneration for such additional duties must be approved by the Board of Directors.
12. Remuneration of executive management
The Board of Directors prepares guidelines for the remuneration of the company’s executive management.
These guidelines are communicated annually to the Annual General Meeting. A separate remuneration
report will be published on poLight's website as a part of the notification of the Annual General Meeting.
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The remuneration paid to members of executive management consists of a fixed salary in combination with
certain benefits in kind and a performance-based bonus, in addition to participation in a share option
scheme. See Note 5.2 Employee benefits expense, to the consolidated financial statements for further details.
Performance-related remuneration of executive personnel in the form of share options, bonus programmes,
or the like, shall be linked to value creation for the shareholders or the company’s earnings performance over
time.
13. Information and communications
The Board places great emphasis on open, honest and timely dialogue with shareholders, potential investors,
analysts and other participants in the capital markets. The primary purpose of poLight’s external information
activities, is to provide the financial markets with sufficient information to accurately appraise the company’s
shares. Such information shall be presented factually and soberly and shall be issued using methods and
channels that ensure simultaneous, fair and wide distribution. All information is published in English, which
is poLight’s corporate language.
The company’s primary channels for communication are its interim reports, the annual report and associated
financial statements. poLight also issues other notices to shareholders when appropriate. All reports and
notices are issued and distributed in accordance with the Oslo Stock Exchange’s rules and practices and are
made available on the company’s website and at www.newsweb.no.
poLight has adopted an investor relations policy and guidelines for the company’s contact with shareholders
other than through general meetings. The CEO and the CFO are responsible for communicating with
shareholders, the stock exchange, analysts and the media. The general meeting provides a forum for
shareholders to raise issues with the Board. The Board of Directors will review and evaluate the content of
the IR policy at least annually.
14. Takeovers
General
In the event of a takeover bid, the Board of Directors and the company’s executive management each have
an individual responsibility to ensure that the company’s shareholders are treated equally, and that the
company’s activities are not unnecessarily interrupted. The Board has a special responsibility to ensure that
the shareholders have sufficient information and time to form an informed opinion about the offer.
The Board has established guiding principles for how it will act in the event of a takeover bid. These are
available at www.polight.com.
If an offer is made for the company’s shares, the Board shall issue a statement evaluating the offer, and make
a recommendation as to whether, in the Board’s opinion, the shareholders should or should not accept the
offer. If the Board finds itself unable to give a recommendation to shareholders on whether or not to accept
the offer, it should explain the reasons for this. The Board of Director’s statement on a takeover bid shall
make it clear whether the views expressed are unanimous, and if this is not the case, it shall explain the
reasons why specific members of the Board do not endorse the statement.
The Board shall consider whether to arrange a valuation from an independent expert. If any member of the
Board, or close associates of such member, or anyone who has recently held such a position but has ceased
to do so, is either the bidder or has a particular personal interest in the bid, the Board shall arrange an
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independent valuation. This shall also apply if the bidder is a major shareholder. Any such valuation should
either be enclosed with the Board’s statement or reproduced or referred to in the statement.
15. Auditor
The company’s external auditor is KPMG. Each year, the Audit and Sustainability Committee ensures that it
receives a presentation of the auditor’s plan for its annual audit of the company. Additionally, the Audit and
Sustainability Committee requires the auditor to participate in committee meetings where any of the
following is on the agenda: the annual financial statements, accounting principles, assessment of any
important accounting estimates and matters of importance on which there has been disagreement between
the auditor and the company’s management.
At least once a year, the Audit and Sustainability Committee and the auditor will jointly review the company’s
internal control procedures, including identification of weaknesses and proposals for improvement. The
auditor, also at least once a year, meets with the committee without the CEO and CFO being present.
The remuneration paid to the auditor is approved by shareholders at the AGM. The Audit and Sustainability
Committee will provide the AGM with a breakdown of the fee paid for audit work and fees paid for other
services, if any.
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GROUP FINANCIAL STATEMENTS
Consolidated statement of income for the year ended 31 December
(in NOK 000) Note 2025 2024
Sale of goods 4 19 370 7 586
Rendering of services 1 114 2 038
Revenue 20 484 9 624
Change in obsolescence provision 12 8 013 6 409
Cost of goods sold 5.1 3 504 2 208
Gross profit 8 967 1 007
Research and development expenses 5.4 -49 070 -32 323
Sales and marketing expenses 5.5 -20 092 -16 305
Operational / supply chain expenses 5.6 -28 472 -23 542
Administrative expenses 5.7 -27 855 -26 950
Depreciation, amortisation and net impairment losses 8, 9, 11 -10 628 -10 489
Operating profit / loss (-) -127 150 -108 602
Finance income 5.9 10 510 7 642
Finance costs 5.9 -1 414 -685
Net financial items 9 096 6 956
Profit / loss (-) before tax -118 054 -101 646
Income tax expense 6 -207 -139
Profit / loss (-) for the year -118 261 -101 785
Attributable to:
Equity holders of the parent -118 261 -101 785
Non-controlling interests 0 0
Earnings per share:
Basic, attributable to ordinary equity holders of the parent (NOK) 7 -0.67 -0.97
Diluted, attributable to ordinary equity holders of the parent (NOK) 7 -0.67 -0.97


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Consolidated statement of comprehensive income for the year ended 31 December
(in NOK 000) Note 2025 2024
Profit / loss (-) for the year -118 261 -101 785
Other comprehensive income
Exchange differences on translation of foreign operations -107 155
Income tax effect 0 0
Net other comprehensive income to be reclassified to profit or loss in subsequent periods -107 155
Total comprehensive income for the year, net of tax -118 368 -101 630
Attributable to:
Equity holders of the parent -118 368 -101 630
Non-controlling interests 0 0


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Consolidated statement of financial position as at 31 December
(in NOK 000) Note 2025 2024
ASSETS
Property, plant and equipment 8 8 683 9 559
Intangible assets 9 3 031 10 306
Right-of-use assets 11 10 091 10 241
Total non-current assets 21 805 30 106
Inventories 12 53 515 62 431
Trade and other receivables 13.1, 14 9 991 3 792
Prepayments 3 484 953
Cash and cash equivalents 15 283 981 166 752
Total current assets 350 971 233 927
Total assets 372 776 264 033
EQUITY AND LIABILITIES
Share capital 16 8 511 5 185
Share premium 16 325 907 222 373
Translation reserve 1 329 1 436
Retained earnings 3 466 2 889
Total equity 339 213 231 882
Interest-bearing loans and borrowings 13.2 311 369
Lease liabilities 11, 13.2 9 687 9 615
Total non-current liabilities 9 998 9 984
Trade and other payables 13.2 21 725 14 116
Interest-bearing loans and borrowings 13.2 57 57
Current lease liabilities 11, 13.2 783 663
Provisions 17 1 000 7 331
Total current liabilities 23 565 22 167
Total liabilities 33 563 32 151
Total equity and liabilities 372 776 264 033
Tønsberg, 28 April 2026
THE BOARD OF DIRECTORS OF POLIGHT ASA
Grethe Viksaas (sign) Chairperson Svenn-Tore Larsen (sign) Board member Jean-Christophe Eloy (sign) Board member Marianne Bøe (sign) Board member
Cathrine Wiig Ore (sign) Chris Liu (sign) Louis So (sign) Dr Øyvind Isaksen (sign)
Board member Board member Board member Chief Executive Officer


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Consolidated statement of changes in equity for the year ended 31 December
Attributable to equity holders of the parent
(in NOK 000)
Note
Share
capital
Share
premium
Retained
earnings
Translation
reserve
Total
As at 1 January 2024 2 648
194 503
1 108
1 281
199 541
Profit / loss (-) for the year
-101 785
-101 785
Other comprehensive income
155
155
Total comprehensive income 0
0
-101 785
155
-101 630
Issue of ordinary shares 16 2 536
143 846
146 382
Share options exercised
16
0
Transaction costs 16
-22 419
-22 419
Equity-settled share-based payments 5.3
10 008
10 008
Allocation to retained earnings
-93 556
93 556
0
At 31 December 2024
5 185
222 373
2 889
1 436
231 882
Profit / loss (-) for the year
-

118 261

-

118 261

Other comprehensive income
-107
-107
Total comprehensive income 0
0
-118 261
-107
-118 368
Issue of ordinary shares 16 3 315
219 595
222 910
Share options exercised 16 11
930
941
Transaction costs 16
-13 376
-13 376
Equity
-
settled share
-
based payments
5.3
15 223
15 223
Allocation to retained earnings
-103 615
103 615
0
At 31 December 2025
8 511
325 907
3 466
1 329
339 213


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Consolidated statement of cash flows for the year ended 31 December
(in NOK 000) Note 2025 2024
Operating activities
Profit / loss (-) before tax -118 054 -101 646
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets 8 3 352 3 214
Amortisation and impairment of intangible assets 9 7 275 7 275
Net finance income 5.9 -9 096 -6 956
Equity-settled share-based payments 5.3 15 225 10 008
Gain on disposal of property, plant and equipment -8 0
Other non-cash items -227 -404
Changes in unrealised net foreign exchange rate differences/fluctuations -116 -162
Changes in working capital:
Increase (-) in trade and other receivables and prepayments -8 384 3 905
Decrease (+) in inventories 12 8 916 7 658
Increase (+) in trade and other payables 7 609 -5 641
Changes in provisions and government grants 17, 14 -6 677 6 502
Interest received 5.9 10 510 7 431
Interest paid 5.9 -965 -256
Income tax paid 6 -207 -139
Net cash flows used in operating activities -90 847 -69 213
Investing activities
Proceeds from sale of property, plant and equipment 45 0
Purchase of property, plant and equipment 8, 9 -1 681 -2 402
Net cash flows used in investing activities -1 636 -2 402
Financing activities
Proceeds from issuance of ordinary shares 16 222 910 146 382
Proceeds from exercise of share options 16 941 0
Transaction costs on issuance of shares 16 -13 376 -22 419
Payment of lease liabilities 11 -714 -1 128
Proceeds from borrowings 13.2 0 474
Repayment of borrowings 13.2 -58 -48
Net cash flows from / (used in) financing activities 209 703 123 261
Net increase in cash and cash equivalents 117 220 51 647
Effect of exchange rate changes on cash and cash equivalents 9 317
Cash and cash equivalents at 1 January 15 166 752 114 788
Cash and cash equivalents at 31 December 15 283 981 166 752


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Notes to the Consolidated Financial statements

1 Corporate information
poLight ASA is a publicly listed limited company, founded in 2005, which is incorporated and domiciled in Norway. The address of its
registered office is Kjelleveien 21A, N-3125 Tønsberg, Norway.
poLight ASA (OSE: PLT) offers a patented, proprietary tunable optics technology, starting with its first product, TLens® which replicates
"the human eye" experience in autofocus cameras used in devices such as smartphones, wearables, barcode scanners, machine vision
systems and various medical equipment. poLight's TLens® enables better system performance and new user experiences due to
benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and constant field of view.
poLight® is headquartered in Tønsberg, Norway, with employees in Finland, France, UK, US, China, Taiwan, Japan and the Philippines.
For more information, please visit https://www.polight.com.
Information on the Group and related parties are presented in Note 18 Related parties.
The consolidated financial statements of poLight ASA and its subsidiaries (collectively, poLight or the Group) for the year ended 31
December 2025 were authorised for issue in accordance with a resolution of the Board of Directors on 28 April 2025, to be approved
by the annual general meeting on 20 May 2026.





2 Material accounting policies


2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS® Accounting Standards adopted by
the EU.

The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are
presented in Norwegian kroner (NOK), and all values are rounded off to the nearest thousand (NOK 000), unless otherwise indicated.


2.2 Basis of consolidation
The consolidated financial statements comprise the financial statements of poLight ASA and its subsidiaries.

2.3 Summary of material accounting policies
The following are the material accounting policies applied by the Group in preparing its consolidated financial statements:
Revenue from contracts with customers
The Group has two revenue streams:
• Sales of TLenses and related driver ASICs.
The Group recognizes revenue from sale of TLenses and other components at the point in time when the control of goods is
transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in
exchange for those goods. Revenue is generally recognised on delivery of the goods.
• Non-recurring engineering (“NRE”) services related to customer development projects.
In certain cases, when the counterparty to the contract is a customer or a potential customer, the Group will engage in
customer development projects financed by the customer. In general, income is recognised when the project is finalised
according to the contract and the customer can obtain the benefits from the project. Revenue may be recognised over time
when one of the following criteria are met:
• Customer consumes benefits as the Group performs the service
• Customer controls benefits as the Group performs the service



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Earned revenue for the period is earned revenue at the reporting date, less earned revenue in prior periods. If the project is
ongoing, income will be recognized continuously in accordance with the agreement, based on actual deliveries.
The Group has for the periods presented limited sales and revenues. Further information on revenue recognition or disclosures
according to IFRS 15 is consequently not relevant for these financial statements.

Foreign currencies
The Group’s consolidated financial statements are presented in Norwegian kroner (NOK), which is also the parent company’s
functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of
each entity are measured using that functional currency. The Group uses the direct method of consolidation, and on disposal of a
foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.
Differences arising on settlement or translation of monetary items are recognised in profit or loss.
On consolidation, the assets and liabilities of foreign operations are translated into NOK at the rate of exchange prevailing at the
reporting date, and the statement of profit or loss are translated at average monthly exchange rates. The exchange differences arising
on the translation are recognised in OCI. Exchange differences arising from the translation of net investment in subsidiaries and
borrowings are included in OCI. At December 31, 2025 an intercompany subordinated loan to poLight France SAS of EUR 2,600,000 /
NOK 30,199,650 (2024: EUR 2,650,000 / NOK 31,256,750) was regarded as a part of the net investment in poLight France SAS.

Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received, and that all attached
conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense on a systematic
basis over the periods that the costs, which it is intended to compensate, are expensed. Where the grant relates to an asset, it reduces
the carrying amount of the asset. The grant is then recognised as income over the useful life of the depreciable asset, by way of a
reduced depreciation charge.


Taxes
Current income tax
Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively
enacted at the reporting date in the countries where the Group operates and generates taxable income.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations
are subject to interpretation, and it establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their
carrying amounts, for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences.
Deferred tax assets are recognised for: all deductible temporary differences: the carry forward of unused tax credits and unused tax
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax
assets are reassessed at each reporting date, and are recognised, to the extent that it has become probable that future taxable profits
will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected
to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the end of the reporting period.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised
in correlation to the underlying transaction, either in other comprehensive income or directly in equity.



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Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
current income tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation authority.



Property, plant and equipment
Office/lab upgrades and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if
any. Such cost includes the cost of replacing parts of the facility upgrades and equipment. Repair and maintenance costs are
recognised in the profit or loss as incurred. Refer to Significant accounting judgements, estimates and assumptions (Note 3).
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
• Leased building: The duration of the lease agreement
• Equipment: 3 to 6 years
An item of office/lab upgrade and equipment is derecognised upon disposal, or when no future economic benefits are expected from
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
The residual values, useful lives and methods of depreciation of office/lab upgrade and equipment are reviewed at each financial
year end, and adjusted prospectively, if appropriate.


Leases
The Group assesses at contract inception whether a contract is, or contains, a lease.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
underlying assets.
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets, as follows:
• Office & lab lease, headquarter
The right-of-use assets are also subject to an impairment assessment.
In calculating the present value of the fixed lease payments, the Group uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable.
The Group applies the short-term lease recognition exemption to its short-term leases of office leases in Finland and China (i.e., those
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease
payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.


Intangible assets
Intangible assets acquired separately, are measured on initial recognition at cost. Following initial recognition, intangible assets are
carried at cost less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets,
excluding capitalised development costs, are not capitalised, and expenditure is recognised in the statement of profit or loss when it
is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.
Development costs
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
when the Group can demonstrate:




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• The technical feasibility of completing the intangible asset, so that it will be available for use or sale
• Its intention to complete and its ability to use or sell the asset
• How the asset will generate future economic benefits
• The availability of resources to complete the asset
• The ability to measure reliably the expenditure during development
Expenses related to the development of the TLens® technology platform were recognised as an intangible asset with effect from
2015. The development project ended in 2019 when the initial mass production line was qualified. Since then, R&D resources have
been devoted to improvement projects and helping customers to integrate TLens® into their products. Related costs have therefore
not been recognised as an intangible asset.
The company has also engaged in research/concept studies related to potential new products. However, as they have not met the
definition given above, they have not been defined as an intangible asset. This relates, for example, to the TWedge® – a potential
product for the enhancement of AR/MR display solutions.

Software license
Licences for the use of intellectual property are granted for periods ranging between three and five years, depending on the specific
licence.
A summary of the policies applied to the Group’s intangible assets is as follows:
Software licence Development costs
Useful lives Finite (3-5 years) Finite (3-7 years)
Amortisation method used Amortised on a straight- line basis Amortised on a straight- line basis over
over the lives of the licences the period of expected consumption of
future economic benefits from the
related project
Internally generated or acquired Acquired Internally generated




Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity, and a financial liability or equity instrument of
another entity.
i) Financial assets
The Group´s financial assets are trade receivables, government grant receivables, accruals and cash.
Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. The
other financial assets are measured initially at fair value plus transaction costs.
Subsequently the assets are measured at amortised cost. Gains and losses are recognised in profit or loss when the asset is
derecognised, modified or impaired.

ii) Financial liabilities
Financial liabilities are recognised initially at net of directly attributable transaction costs and subsequently measured at amortised
cost.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.



Impairment of financial assets
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs).
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
reporting date.




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A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.


Inventories
Inventories are valued at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and condition, are accounted for as follows:
Components:
• Purchase cost on a first-in, first-out basis
Finished goods and work in progress:
• Cost of direct materials and services from subcontractors
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
estimated costs to sell. When determining the net realisable value, the Group assesses the provision for obsolescence. Customers’
demand and age are parameters that are considered when assessing this provision.


Impairment of non-financial assets
Disclosures relating to impairment of non-financial assets are summarised in the following notes:
• Disclosures of significant judgements and estimation uncertainty Note 3
• Property, plant and equipment Note 8
• Intangible assets Note 9
• Research and development costs Note 10
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or
when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable
amount is the higher of an asset’s or Cash-Generating Unit (CGU)’s fair value less costs of disposal and its value in use. The recoverable
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
from other assets, or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
considered impaired, and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of
disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
is used.
Value in use impairment calculation is based on detailed budgets and forecasts and with use of scenario analyses. These budgets and
forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future
cash flows after the fifth year.
Impairment losses are recognised in the consolidated statement of comprehensive income.


Cash and short-term deposits
Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand, and short-term deposits
with a maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the consolidated statement cash flows, cash and cash equivalents consist of cash and short-term deposits as
defined above, as they are considered an integral part of the Group’s cash management.

Provisions
The Group’s terms and conditions agreed with the customers contains a warranty clause. A general provision to meet potential claims
under the clause have been recognised (Note 17 Provisions).



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Pensions and other post-employment benefits
The Group operates one defined contribution plan. Contributions are recognised in the statement of income in the period in which
the contribution amounts are earned by the employee.

Share option plans
Employees (including senior executives) of the Group have received remuneration in the form of share options in poLight ASA (equity-
settled transactions). The fair value of share options that are granted has been calculated using the Black-Scholes option pricing
model. The basis for the valuation comprises several factors that affect the calculated fair value of granted share options like the
share price at the date of the grant, exercise price (strike), the likelihood of holding the share options to expiry date, risk-free interest
rate and the volatility that is deemed based on historic volatility of the poLight share.
The cost of equity-settled transactions is recognised in employee benefits expense (Note 5.3 Employee benefits expense), together
with a corresponding increase in equity (other equity) over the period in which the service and, where applicable, the performance
conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date
until the vesting date, reflects the extent to which the vesting period has expired, and the Group’s best estimate of the number of
equity instruments that will ultimately vest. The share options expense recognised in the income statement includes accrued
employer’s national insurance contribution (“NICs”) expenses that are calculated based on the number of vested share options and
a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for the
period. The NICs is accounted for as a cash settled element with a liability recognised in the consolidated statement of financial
position. The expense in the consolidated statement of income for a period, represents the movement in cumulative expense
recognised as at the beginning and end of that period.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share
(further details are given in Note 7).


3 Significant accounting judgements and key sources of estimation uncertainty
3.1 Significant judgements in applying the Group’s accounting policies
The following summarizes the most significant judgements used in preparing the consolidated financial statements.
Share option plans
Estimating fair value for share option plans transactions requires determination of the most appropriate valuation model, which
depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the
valuation model, including the expected life of the share option, volatility and dividend yield, and assumptions about the inputs.
For determining the fair value of equity-settled transactions with employees at the grant date, the Group uses the Black-Scholes
option pricing model. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed
in Note 5.3 Employee benefits expense.
Development costs
Initial capitalisation of costs is based on management’s assessment that technological and economic feasibility is likely, usually when
a product development project has reached a defined milestone, according to an established project management model. Cost of
material used in manufacturing line until status of “mass production” is achieved is recognised as development costs to the extent
that it is not sellable parts. In determining the amounts to be capitalised, management makes assumptions regarding the expected
future cash generation of the project, discount rates to be applied, and the expected period of benefits.
Impairment of non-financial fixed and intangible assets
The management has evaluated that the Group as a whole is one cash generating unit (CGU) for impairment testing, see note 10.
Judgements are required to determine if impairment indicators are present. During 2025, no impairment indicators have been


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identified, and no impairment test has been performed. As the Group as a whole is one CGU, the market capitalisation based on the
company’s share price is both one of the impairment indicators and basis for estimating fair value less Cost of goods sold if an
impairment test should be performed. See Note 10 Development costs for further details. See also note 3.2. below.
3.2 Key sources of estimation uncertainty – significant accounting estimates
The preparation of poLight’s consolidated financial statements requires the use of accounting estimates. These estimates affect the
reported amounts of assets, liabilities, income and expenses, and the accompanying disclosures. Accounting estimates and
assumptions, which are continuously reviewed, are based on historical experience and various other factors that are believed to be
reasonable and appropriate under the circumstances. Uncertainty about these estimates and assumptions could result in outcomes
that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
The following summarizes the most significant estimates used in preparing the consolidated financial statements.
Provision for obsolescence
When estimating net realisable value of the inventory the Group assesses the provision for obsolescence. Customers’ demand,
expected sales prices obtainable in the market and age are parameters that are considered when assessing this provision. Customers’
demand for each product and each variant of the products are determined based on feedback from customers using the TLens® in
released products as well as completed and ongoing PoC’s. Specifically, poLight has made provision on most of the first generation
of the TLenses as it will not likely be offered for sale to the smart phone market or other mass market products as was intended
originally when the wafers were produced. In addition, a general provision has been made for aging of wafers and materials. As a
general rule, a provision equal to 10% of the cost price is recognized for each year after the year of purchase or assembly. Accordingly,
one-year-old wafers and units are provided for at 10%, two-year-old items at 20%, and three-year-old items at 30% etc. As there
have been limited sales volumes to date, the provisions made are subject to significant estimation uncertainty. The provision is
disclosed in Note 12 Inventories.
Impairment of non-financial fixed and intangible assets
As described in note 3.1 and note 10 Development costs, the Group has not performed an impairment test during 2025, among other
things with reference to its market capitalisation. The market capitalisation at 31 December 2025 materially exceeded the carrying
amount of equity. The share price improved slightly during the first quarter of 2026, and accordingly the market capitalisation at the
end of the first quarter of 2026 remained above the carrying amount of equity at 31 December 2025. If the market capitalisation
should decline below the carrying amount of equity, or other impairment indicators are present, the Group would have to perform
an impairment test, which could result in an impairment charge being recognised.


4 Segment information
The Group has only one operating segment – the TLens® technology platform, consistent with the reporting to the CEO and the
Board.
poLight’s product TLens® may be used in devices such as smartphones, wearables, barcode scanners, machine vision systems and
various medical equipment. poLight's TLens® enables better system performance and new user experiences due to benefits such as
extremely fast focus, small footprint, no magnetic interference, low power consumption and constant field of view.
Geographical distribution Revenue
(in NOK 000) 2025 2024
America 8 875 4 982
Asia 10 787 4 410
Europe 822 232
Total 20 484 9 624



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Geographical distribution Right-of-use assets Machinery & equipment Development costs
(in NOK 000) 2025 2024 2025 2024 2025 2024
Norway 10 091 10 241 2 297 3 161 3 031 10 306
France 0 0 0 2 0 0
Finland 0 0 35 48 0 0
Taiwan 0 0 0 2 0 0
The Philippines 0 0 4 243 6 338 0 0
China 0 0 2 109 8 0 0
Total 10 091 10 241 8 683 9 559 3 031 10 306
All patents and most of the economic IP (intellectual property) is owned by parent company based in Norway. A sales office has been
established in China, with a parent holding company in Hong Kong.


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5 Other income/expenses
5.1 Specification of Cost of goods sold
(in NOK 000) Note 2025 2024
Wafer and assembly production cost, outsourced 2 693 2 097
Customer customisations, employee expense 5.3 295 19
Final testing, employee expense 5.3 403 67
Depreciation of final testing equipment 8 113 25
Total Cost of goods
sold 3 504 2 208

5.2 Specification of operating expenses by nature
(in NOK 000) Note 2025 2024
Employee benefits expense1) 5.3 92 702 70 401
Depreciation and amortisation 10 628 10 489
Other operating expenses 32 787 28 720
Total operating expenses 136 117 109 610
1) Including consultants engaged on long-term contracts




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5.3 Employee benefits expense
(in NOK 000) 2025 2024
Included in Research and development expenses:
Wages and salaries 12 537 10 388
Consultants engaged on long-term contracts 10 664 9 214
Social security costs 2 220 1 979
Pension costs 651 514
Other benefits and social costs 451 645
Share based compensation costs 5 083 2 154
Grants -527 -323
Included in Sales and marketing expenses:
Wages and salaries 3 744 2 572
Consultants engaged on long-term contracts 8 492 7 834
Social security costs 663 490
Pension costs 194 127
Other benefits and social costs 135 160
Share based compensation costs 2 514 2 115
Included in Operational / supply chain expenses:
Wages and salaries 8 176 5 679
Consultants engaged on long-term contracts 5 125 8 054
Social security costs 1 395 1 082
Pension costs 409 281
Other benefits and social costs 283 353
Share based compensation costs 3 887 1 460
Internal assembly and testing (COGS) -698 0
Included in Administrative expenses:
Wages and salaries 15 316 12 571
Consultants engaged on long-term contract 1 075 287
Social security costs 2 712 2 394
Pension costs 795 622
Other benefits and social costs 551 781
Share based compensation costs 6 855 -1 032
Total employee benefits expense 92 702 70 401
Average number of man-years, employees 27 27
Average number of man-years, total 46 45
Bonus program
All employees are included in a cash bonus program with identical bonus triggers for all employees except the CEO, who has additional
triggers related to capital raise and exit, and some modifications implemented for the sales employees. The bonus is calculated based
on fixed salary, with a maximum of 80% for the CEO, 40% for the other members of the Executive Management Team, 20-30% for
sales employees, 20% for department managers, and 10% for other employees. The bonus costs are included in “Wages and salaries”
and “Consultants engaged on long-term contracts”.






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Pensions
poLight ASA (the Group’s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
company’s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees’
income. In 2024 and 2025, 7% of the salary between 0G (1G=NOK 130,160 per May 1, 2025) and 7.1G, and 15% of the salary between
7.1G and 12G was calculated. The period’s contributions are recognised in the Consolidated statement of income.
(in NOK 000) 2025 2024
Defined contribution plan 1 928 1 467
Employer’s national insurance contribution 272 207
Total pension cost 2 200 1 674
Share option plans (equity-settled)
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
the market price of the underlying shares on the date of grant.
The share options are vested over 3 years, and exercisable with 1/12 each quarter over 3 years, starting at the date of grant. According
to the share option agreement, the company is liable for corporate taxes including National Insurance, with a limitation of 20%. The
program is conditional on the employee’s continued employment in poLight.
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
rule, be exercised and shares issued once per quarter each following the release of poLight ASA’s quarterly reports.
Share option expense
(in NOK 000) 2025 2024
Share based compensation costs 15 223 10 008
Employer’s national insurance contribution 3 116 -5 312
Recognised as employee benefits expense 18 339 4 697
The share options expense includes accrued employer’s national insurance contribution expenses that are calculated based on the
number of vested share options and a proportion of share options under vesting multiplied by the difference between market price
and exercise price at the end for the period.
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 773,459 (19,336,471 shares
at par value of NOK 0.04).






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Outstanding share options at December 31, 2025
Remaining
Outstanding Exercisable Remaining Total estimated
Exercise price no. of share no. of share contractual expensed (in expense (in
Year granted Note (NOK) options options life (years) NOK 000) NOK 000)
2019 1 3.78 157 215 157 215 1.75 574 0
2023 2 12.15 0 0 0.00 6 879 668
2023 2 12.82 0 0 0.00 2 087 3
2024 2 3.20 4 935 330 2 423 073 3.46 6 013 1 139
2024 4.33 533 334 212 497 3.72 992 330
2025 5.11 250 000 62 500 4.01 369 203
2025 3.95 9 618 334 1 593 324 4.45 9 363 11 765
15 494 213 4 448 609 4.07 26 276 14 107
1) 157,215 share options issued in 2019 originally expired in June 2024 was extended by board resolution in June 2024 and
April 2025 with totally 39 months.
2) The board offered, after board resolution in June 2024, a replacement share option agreement (after cancellation) to all
share option holders. 5,304,490 share options were cancelled and replaced with a new share option agreement at strike
3.20. The fair value of the new share options was measured to NOK 7.5 million net after reduction of the fair value of the
cancelled share options.
The terms of the stock options imply that exercise windows for exercising stock options shall be opened, normally each quarter after
the presentation of quarterly reports. Throughout the term of these options, the Board has on several occasions not been able to
open such exercise windows. The Board have mandate to extend the term of previously granted options for a period equivalent to
the period of exercise windows that have not been opened, or subject to lock-up arrangements.
The weighted average remaining contractual life for the share options outstanding as at 31 December 2025 was 4.07 years (2024:
4.38 years).
Reconciliation of outstanding share options
2025 2024
Number of WAEP Number of WAEP
share options share options
Outstanding at 1 January 6 271 705 3.3 5 579 066 11.3
Granted during the year 10 115 000 4.0 6 129 490 3.3
Terminated during the year -556 664 3.5 -113 750 11.1
Cancelled during the year 0 -5 304 490 11.7
Exercised during the year -335 828 3.3 -1 250 3.2
Expired during the year 0 -17 361 22.8
Outstanding at 31 December 15 494 213 3.7 6 271 705 3.3
In % of outstanding shares 7.28 % 4.84 %
Exercisable at 31 December 4 448 609 3.6 1 130 444 3.3
The weighted average exercise price (WAEP) for the share options exercised during 2025 was NOK 3.3 (2024: NOK 3.2), and the
average market price at the exercise dates was NOK 6.68 (2024: NOK 3.82).
The weighted average exercise price for the share options outstanding as at 31 December 2025, was NOK 3.7 (2024: NOK 3.3) with a
range from NOK 3.20 to NOK 5.11. At the end of the year, the weighted average exercise price was NOK 3.6 (2024: NOK 3.3) on
exercisable options.
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
immediately vested.







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Share option valuation
The fair value of the options granted in 2024 has been calculated to NOK 8.8 million excluding social security expenses (2023: NOK
7.5 million), by using the Black-Scholes option pricing model.
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
in the calculation was:
2025 2024
Price at grant date* NOK 4.13 NOK 3.85
Exercise price* NOK 3.98 NOK 3.30
Maximum1) option life 5 years 5 years
Assumed option life 2.63 years 2.63 years
Risk-free interest rate* 3,76 % 3.62 %
Volatility* 86 % 85 %
Fair value per share option* NOK 2.19 NOK 1.442)
1) Although the share options expire 5 years from the date of the grant, any vested options are required to be exercised
no later than the first exercise window after an employee's last day of service with the company.
2) The low fair value is due to the fact that most of the grants in 2024 were replacements of existing programs, where the
fair value was measured to net after reduction of the fair value of the cancelled share options.
*) Weighted average parameters at grant of the share options.
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
Sensitivity analysis
The fair value of the share options granted in 2025 of NOK 22.2 million was determined based on an assumption of a volatility of
86%. At a volatility of 60%, holding other assumptions constants, would have decreased the fair value with NOK 5.4 million over the
vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with NOK
4.2 million over the vesting period.








5.4 Research and development expenses
(in NOK 000) 2025 2024
Employee benefits expense (incl. consultants) 31 605 24 895
Other operating expenses 19 670 9 646
Government grants -2 205 -2 217
Capitalized 0 0
Total Research and development expenses 49 070 32 323
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
as Research and development expenses.
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
feasibility study of new concepts, software license and costs related to integration of TLens in new customer applications/products.
None of the activities were eligible for capitalisation during 2025 and 2024 since these have so far been in an early phase from an
R&D point of view.




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5.5 Sales and marketing expenses
(in NOK 000) 2025 2024
Employee benefits expense (incl. consultants) 15 742 13 298
Other operating expenses 4 350 3 007
Total Sales and marketing expenses 20 092 16 305
5.6 Operational/supply chain expenses
(in NOK 000) 2025 2024
Employee benefits expense (incl. consultants) 19 276 16 909
Other operating expenses 9 197 6 633
Total Operational / supply chain expenses 28 472 23 542
5.7 Administrative expenses
(in NOK 000) 2025 2024
Employee benefits expense 27 304 15 622
Other operating expenses 551 11 328
Total Administrative expenses 27 855 26 950

5.8 Auditor's remuneration
(in NOK 000) 2025 2024
Statutory audit 1 182 985
Other attestation services 485 279
Tax consultancy 132 38
Other services that are not part of the audit 102 128
Total Auditor's remuneration(excluding VAT) 1 900 1 430







5.9 Financial items
(in NOK 000) 2025 2024
Finance income 0 211
Interest income 10 510 7 431
Finance income 10 510 7 642
(in NOK 000) 2025 2024
Net foreign exchange losses 424 404
Interest expense on debts and borrowings 4 4
Interest expense on lease liabilities 961 252
Finance expenses 26 25
Finance cost 1 414 685









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6 Income tax
The significant components of income tax expense are:
(in NOK 000) 2025 2024
Consolidated statement of profit or loss
Current income tax expense 207 139
Deferred tax:
Relating to origination and reversal of temporary differences 0 0
Income tax expense reported in the statement of profit or loss 207 139
A reconciliation between tax expense and the product of accounting profit multiplied by Norway’s domestic tax rate is as follows:
(in NOK 000) 2025 2024
Calculated income tax at statutory rate of 22% -25 972 -22 362
Government grants exempt from tax -504 -428
Tax effect of permanent differences 1) 3 845 1 083
Change in unrecognised deferred tax assets 22 738 22 122
Effect of different tax rates compared with Norwegian tax rate -326 -249
Foreign currency effects 410 112
Adjustments previous year 16 -139
Income tax expense 207 139
Effective tax rate 0,2 % 0,1 %
1) Includes tax effect of share option expense, see Note 5.3 Employee benefits expense.
Movements in deferred tax balances
Balance at 31 December
2025 Net balance at Recognised in Recognised in Deferred tax Deferred tax
(in NOK 000) 1 January profit or loss OCI Net assets liabilities
Property, plant and
equipment -220 60 0 -160 0 -160
Intangible assets 4 896 -135 0 4 761 4 761 0
Inventories 4 698 1 916 0 6 613 6 613 0
Group loan -2 156 0 -25 -2 181 0 -2 181
Provisions 1 613 -1 393 0 220 220 0
Tax losses carried forward 206 784 25 433 0 232 217 232 217 0
Tax assets (liabilities) before
set-off 215 614 25 881 -25 241 471 243 811 -2 341
Set-off of tax 0 -2 341 2 341
Unrecognised deferred tax
assets -215 614 -25 881 25 -241 471 -241 471
Net tax assets (liabilities) 0 0 0 0 0 0



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Balance at 31 December
2024 Net balance Recognised in Recognised in Deferred tax Deferred tax
(in NOK 000) at 1 January profit or loss OCI Net assets liabilities
Property, plant and
equipment -87 -134 0 -220 0 -220
Intangible assets 5 031 -135 0 4 896 4 896 0
Inventories 3 288 1 410 0 4 698 4 698 0
Group loan -1 833 0 -323 -2 156 0 -2 156
Provisions 220 1 393 0 1 613 1 613 0
Tax losses carried forward 182 101 24 682 0 206 784 206 784 0
Tax assets (liabilities) before
set-off 188 720 27 217 -323 215 614 217 990 -2 376
Set-off of tax 0 -2 376 2 376
Unrecognised deferred tax
assets -188 720 -27 217 323 -215 614 -215 614
Net tax assets (liabilities) 0 0 0 0 0 0
Since the Group is still in an early commercialisation phase with significant losses, no deferred tax assets have been recognized.
Total unrecognised deferred tax assets net, relate to
(in NOK 000) 2025 2024
Norway (no expiry date) 237 110 211 225
France (no expiry date) 4 360 4 388
Total unrecognised deferred tax assets 241 471 215 614


7 Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the
parent, by the weighted average number of shares outstanding during the year.
The following table reflects the income and share data used in the basic and diluted EPS computations:
2025 2024
Weighted average number of ordinary shares for basic EPS 175 337 522 104 962 138
Effect of dilution:
Share options in-the-money (average) 2 390 124 484 537
Anti-dilutive for the periods presented -2 390 124 -484 537
Weighted average number of shares adjusted for the effect of dilution 175 337 522 104 962 138
Fully vested and Exercisable share options have no dilution effect on EPS computations, because this would have decreased loss per
share.
There have been no other transactions involving ordinary shares, or potential ordinary shares, between the reporting date and the
date of authorisation of these financial statements.


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(in NOK) 2025 2024
Profit / loss (-) attributable to ordinary equity holders of the parent -118 261 -101 785
Earnings per share for income attributable to equity holders of poLight:
Basic -0.67 -0.97
Diluted -0.67 -0.97

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8 Property, plant and equipment
Leasehold
(in NOK 000) improvements Equipment Total
Cost at 1 January 2024 1 248 22 123 23 371
Additions 27 2 375 2 402
Disposals at cost -68 -91 -159
Foreign currency translation effect 0 109 109
Cost at 31 December 2024 1 207 24 516 25 723
Accumulated depreciation and impairment losses at 1 January 2024 -598 -13 533 -14 131
Depreciation -249 -1 811 -2 060
Impairment losses 0 -26 -26
Accumulated depreciation and impairment losses disposals 41 91 132
Effect of changes in foreign exchange 0 -79 -79
Accumulated depreciation and impairment losses at 31 December 2024 -805 -15 359 -16 164
Net book value at 31 December 2024 402 9 157 9 559
Leasehold
(in NOK 000) improvements Equipment Total
Cost at 1 January 2025 1 207 24 516 25 723
Additions 0 1 681 1 681
Disposals at cost 0 -90 -90
Foreign currency translation effect 0 10 10
Cost at 31 December 2025 1 207 26 117 27 324
Accumulated depreciation and impairment losses at 1 January 2025 -805 -15 359 -16 164
Depreciation -243 -2 274 -2 517
Accumulated depreciation and impairment losses disposals 0 49 49
Effect of changes in foreign exchange 0 -10 -10
Accumulated depreciation and impairment losses at 31 December 2025 -1 048 -17 593 -18 641
Net book value at 31 December
2025 159 8 524 8 683
Estimated useful lives
(years) 1) 3-7
1) Modifications and upgrades in leased premises are depreciated over the leasing period.




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9 Intangible assets
Development costs Software
(in NOK 000) and TLens patents license Total
Cost at 1 January 2024 78 184 181 78 365
Cost at 31 December 2024 78 184 181 78 365
Accumulated amortisation and impairment losses at 1 January 2024 -60 604 -181 -60 785
Amortisation -7 275 0 -7 275
Accumulated amortisation and impairment losses at 31 December 2024 -67 879 -181 -68 060
Net book value at 31 December 2024 10 306 0 10 306
Development costs Software
(in NOK 000) and TLens patents license Total
Cost at 1 January 2025 78 184 181 78 365
Disposals 0 -110 -110
Cost at 31 December 2025 78 184 71 78 255
Accumulated amortisation and impairment losses at 1 January 2025 -67 879 -181 -68 059
Amortisation -7 275 0 -7 275
Disposals 0 110 110
Accumulated amortisation and impairment losses at 31 December
2025 -75 153 -71 -75 224
Net book value at 31 December 2025 3 031 0 3 031
Intangible assets with finite useful lives, are amortised systematically over their estimated useful lives, ranging between 3 and 7 years.
In 2008/2009, poLight acquired the core patents of the TLens® technology for NOK 5 million. The patents were granted in 10 different
countries in 2006. poLight has since invested substantial resources in research and product development of the TLens®.
poLight started amortising capitalised development costs for TLens Silver in the second quarter of 2019 as it became ready for
commercial shipments. The useful lives are deemed to be 7 years which correlates with the remaining number of years of the first
patent.
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
in Research and development expenses net of government grants received.





10 Development costs
The part of poLight’s IP (intellectual property) that is recognised as an intangible asset is the fundamental TLens® technology, which
can become a component in smartphones, wearables, augmented reality and various medical equipment, as well as a wide range of
industrial applications, such as barcode readers and machine vision/sensor applications.




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Carrying amount
before Carrying amount Accumulated net
(in NOK 000) impairment after impairment impairment loss
CGU: TLens® technology platform
At 31 December 2024 28 586 10 306 18 280
At 31 December 2025 21 311 3 031 18 280
The TLens® technology platform is poLight’s major asset. In January 2020, the first product using TLens Silver was launched within
the consumer market segment: a smartwatch phone for children, with a main camera with an advanced autofocus (AF) function
delivered by poLight. Since then, many design-wins have been achieved. The first smartphone design-win was achieved in January
2023. poLight has also achieved design-wins in barcode and machine vision, augmented / mixed reality (AR/MR) and healthcare
products.
The company has one major asset, the TLens® technology platform, and management has evaluated that the Group as a whole
constitutes one CGU for impairment testing. The remaining carrying value of development costs are NOK 3.0 million and are related
to TLens® technology platform. Indicators of impairment of the TLens ® technology platform have been reviewed, and none identified.
TLens® Platinum, a larger version of the TLens®, is still under development. Engineering samples have been produced and tested by
some potential customers. However, efforts to prepare TLens® Platinum for mass production have been put on hold until the product
is closer to the anticipated market breakthrough. In December 2019, a management assessment was made and an impairment charge
of NOK 18.3 million was recognised with respect to this product, reducing the carrying amount to NOK 0. This variant of the TLens®
is still on the technological roadmap, and will be continued when the product has sufficient customer commitment.
In addition, management considers that the equity value of the company is an indication of the fair value of the CGU. The company’s
shares are listed on Oslo Stock Exchange and fair value is estimated on the basis of the observed share price. The fair value
measurement is categorised in level 2 of the fair value hierarchy in accordance with IFRS 13. There is considerable headroom between
the carrying value and the fair value less cost of disposal.




11 Lease agreements
poLight has entered into leases with regard to premises and office equipment used in its operations. In Norway (HQ), the Group
leases lab facilities, including a clean room, and further offices are leased in Norway, Finland and China. In November 2024, the Group
moved its headquarters from Horten to Tønsberg. The new premises in Norway comprise 720 m
2
. The contract expires in October
2034, with two options to extend the lease agreement by an additional 5 years each. The value of the right-to-use assets and the
corresponding liability was determined to NOK 10.2 million. Due to the duration of the lease agreement, the options are not assumed
to be utilised when determining the lease period, which would have increased the lease assets and liabilities.
The office lease terms in Finland and China are terminable by both lessee and lessor with twelve months’ notice or less. The leases
relating to office equipment are of low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition
exemptions for these leases.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Lab and office lease agreement
(in NOK 000) 2025 2024
At 1 January 10 241 2 915
Additions 907 10 324
Termination of contract 0 -1 846
Depreciation expense -1 057 -1 153
At 31 December 10 091 10 241



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Set out below are the carrying amounts of lease liabilities and the movements during the period:
(in NOK 000) 2025 2024
At 1 January 10 278 3 133
Additions 907 10 324
Termination of contract 0 -2 052
Interest expense 961 252
Payments -1 675 -1 380
At 31 December 10 470 10 278
Current, < 1 year 783 663
Non-current 9 687 9 615
The Group had non-cash additions to right-of-use assets and lease liabilities of NOK 0.9 million in 2025 related to the yearly index
adjustment of the lease agreement (2024: NOK 10.3 million – new lease agreement).
The maturity analysis of lease liabilities are disclosed in Note 13.2 Financial liabilities.
The following are the amounts recognised in profit or loss:
(in NOK 000) 2025 2024
Depreciation expense of right-of-use assets 1 057 1 153
Interest expense on lease liabilities 961 252
Expense relating to short-term leases (included in research and development expenses) 561 535
Expense relating to short-term leases (included in sales and marketing expenses) 0 868
Expense relating to leases of low-value assets (included in administrative expenses) 54 47
Total amount recognised in profit or loss 2 634 2 854
The Group had total cash outflows for leases of NOK 2 291 in 2025 (2024: NOK 2 829).



12 Inventories
(in NOK 000) 2025 2024
Components; mainly wafers (at cost) 78 267 77 472
Finished goods; lenses and driver ASICs (at cost) 5 309 6 312
Obsolescence provision -30 061 -21 353
Total inventories at the lower of cost and net realisable value 53 515 62 431
During 2025, NOK 8.7 million (2024: NOK 6.4 million) was recognised as an obsolescence expense for inventories carried at net
realisable value.



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13 Financial assets and financial liabilities





13.1 Financial assets
(in NOK 000) 2025 2024
Financial assets at amortised cost:
Trade receivables 6 697 217
Grants recognised, not received 2 292 1 946
Other receivables 1 002 1 629
Total financial assets 9 991 3 792
Total current 9 991 3 792
Total non-current 0 0
Trade receivables are non-interest bearing and generally on 30-day terms.








13.2 Financial liabilities
(in NOK 000) Interest rate Maturity 2025 2024
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 % < 1 year 783 663
Secured loan, DnB 0.99% < 1 year 57 57
Total 840 720
(in NOK 000) Interest rate Maturity 2025 2024
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 % 2034 9 687 9 615
Secured loan, DnB 0.99/6.35% 2032 311 369
Total 9 998 9 984
In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
(in NOK 000) 2025 2024
Financial liabilities at amortised cost, other than interest-bearing loans and
borrowings:
Trade payables 8 345 6 571
Other payables 9 739 7 017
Accrued employer’s NICs on share option plan (Note 5.3) 3 642 527
Provisions (Note 17) 1 000 7 331
Total 22 725 21 447
Total current 22 725 21 447
Total non-current 0 0
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.







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Terms and conditions of the above financial liabilities
• Trade payables are non-interest bearing, and are settled on 15–45 day terms
• Other payables are non-interest bearing, and have an average term of 2.9 months
• Accrued employer’s NICs on exercisable share options with remaining contractual life of 4.07 years as at 31 December
2025. See Note 5.3 Employee benefits expense for additional information.








13.3 Financial instruments risk management objectives and policies
poLight’s principal financial assets include trade and other receivables, and cash. poLight’s principal financial liabilities comprise trade
and other payables, lease liabilities and provisions.
poLight is exposed to foreign currency risk, credit risk and liquidity risk. The Executive Management oversees the management of
these risks.

Foreign currency risk
Trade receivables, trade payables and inventory; poLight’s contracts with the suppliers of the actuator and the assembly of the
TLens®, are denominated in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging
instruments. The Group had not entered into any hedging instruments as at 31 December 2025.
Research and development (“R&D”); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
by entering into forward exchange rate contracts or other as of today.
Since the monetary assets and liabilities in foreign currency, as at 31. December mainly consists of trade payables and receivables
which are naturally hedged for the most part, any change in exchange rates will not have a material impact on the profit before tax,
nor the equity.


Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Historically, no bad debt has been recognised and since the trade receivables, post balance sheet date, have been paid in full, no
provision has been made.
The credit quality of a customer is assessed based on D&B’s credit rating scorecard when deemed necessary. As at 31 December
2025, most of other receivables consisted of government grants with low credit risk.
As at 31 December, the ageing analysis of the receivables is as follows:
Past due
Not past
(in NOK 000) Total due < 30 days 30–60 days 61–90 days 91–120 days > 120 days
2025 9 991 7 203 2 719 16 53 0 0
2024 3 792 3 764 2 26 0 0 0
Credit risk from balances with banks are mitigated using 15 different Norwegian banks with a deposit less then NOK 25 million each.
Credit quality is assessed and regularly monitored.

Liquidity risk and Capital Management
The Group monitors its risk of a shortage of funds using 5 years forecasting model. At year-end, poLight had cash deposits of NOK
284.0 million. Over the next 12 months, the Group’s principal source of liquidity will remain cash generated from financing, equity




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and/or debt, in addition to net cash flows generated from sales. On 4 June and 7 July 2025, the private placement with Q Technologies
Group and oversubscribed subsequent offering generated a total of NOK 209.5 million in net proceeds.



The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
3 to 12
(in NOK 000) < 3 months months 1 to 5 years > 5 years Total
As at 31. December 2025
Interest-bearing loans 15 46 342 6 410
Lease liabilities 434 1 302 6 924 6 756 15 416
Trade and other payables 18 651 3 074 0 0 21 725
19 101 4 422 7 266 6 762 37 550
3 to 12
(in NOK 000) < 3 months months 1 to 5 years > 5 years Total
As at 31. December 2024
Interest-bearing loans 15 46 342 76 480
Lease liabilities 398 1 192 6 338 7 741 15 668
Trade andother payables 11 764 2 352 0 0 14 116
12 177 3 590 6 680 7 817 30 264




The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital
ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
the capital structure, the Group may issue new shares and/or debt.
The Group monitors cash monthly towards 5-year budgets and forecasts.
(in NOK 000) 2025 2024
Interest-bearing loans 368 426
Trade and other payables 22 725 21 447
Less: cash and short-term deposits -283 981 -166 752
Net debt -260 888 -144 879
The Group's capital structure is primarily based on deposits.




14 Government grants
(in NOK 000) 2025 2024
Receivable at 1 January 1 946 2 117
Received during the year -1 859 -2 388
Grants recognised as reduction of research and development expenses in the consolidated statement
of income 2 205 2 217
Receivable at 31 December 2 292 1 946


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During the period 2024–2025, two projects were granted tax grants. There is a clear market demand for cameras with both smaller
and larger aperture sizes. One project focuses on larger devices, such as lenses with a wide aperture (typical of mobile phone main
cameras and conventional cameras), as well as devices that bend or shift the light path (Wobulator). The other project focuses on
solutions with smaller aperture sizes, which are suitable for, among other applications, medical products.
(in NOK 000) 2025 2024
Current 2 292 1 946
Non-current 0 0
Total 2 292 1 946


15 Cash and short-term deposits
(in NOK 000) 2025 2024
Cash at banks 282 116 165 572
Restricted cash, taxes withheld 1 865 1 180
Cash and short-term deposits 283 981 166 752
Cash at banks earns interest at floating rates based on daily bank deposit rates.



16 Issued capital and reserves
2025 2024
Ordinary shares 212 768 478 129 621 605
The shareholders are presented in Note 16 Share capital and shareholder information, in the financial statement of the parent
company, poLight ASA.
Number of Issued capital
Shares issued and fully paid shares (in NOK 000)
At 1 January 2024 of NOK 0.20 each 66 211 548 2 649
Rights Issue on 21 May 2024 each with a par value of NOK 0.04 60 481 758 2 419
Underwriting commission related to the rights Issue on 21 May 2024 each with a par
value of NOK 0.04 2 928 299 117
At 31 December 2024 129 621 605 5 185
Private placement (Q Technology Group) on 4 June 2025 each with a par value of NOK
0.04 63 743 112 2 550
Subsequent offering on 7 July 2025 each with a par value of NOK 0.04 19 122 933 765
Exercise of share options on 20 August 2025 each with a par value of NOK 0.04 81 559 3
Exercise of share options on 21 November 2025 each with a par value of NOK 0.04 199 269 8
At 31 December 2025 212 768 478 8 511



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(in NOK 000) Share premium
At 1 January 2024 194 503
Rights Issue on 21 May 2024 each with a par value of NOK 0.04 143 846
Decrease due to transaction costs for issued share capital -22 419
Allocated to retain earnings -93 556
At 31 December 2024 222 373
Private placement (Q Technology Group) on 4 June 2025 each with a par value of NOK 0.04 168 919
Subsequent offering on 7 July 2025 each with a par value of NOK 0.04 50 676
Exercise of share options on 20 August 2025 each with a par value of NOK 0.04 258
Exercise of share options on 21 November 2025 each with a par value of NOK 0.04 672
Decrease due to transaction costs for issued share capital -13 376
Allocated to retain earnings -103 615
At 31 December 2025 325 907
The board is authorised to increase the share capital issuing new shares up to a total nominal value of NOK 1,546,918 (38,672,943
shares at par value of NOK 0.04) that is approximately 18 per cent of shares outstanding, in addition to shares through share option
schemes.
Share option schemes
The board is authorised to issue shares through share option schemes up to a total nominal value of NOK 773,459 (19,336,471 shares
at par value of NOK 0.04), that is approximately 9 per cent of shares outstanding. The company’s share option schemes, with the
opportunity to subscribe for shares in poLight, have been offered all employees (Note 5.3 Employee benefits expense).


17 Provisions
Warranty
(in NOK 000) provision Claims Total
At 1 January 2024 1 000 0 1 000
New or increased provisions 0 6331 6331
At 31 December 2024 1 000 6 331 7 331
New or increased provisions 0 0 0
Utilised 0 -6 331 -6 331
At 31 December 2025 1 000 0 1 000
Expected timing of cash flow
Warranty
(in NOK 000) provision Claims Total
Current, < 1 year 1 000 0 1 000
Non-current 0 0 0
At 31 December 2025 1 000 0 1 000
Warranty provision
A general provision to meet potential claims under the warranty clause.


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Claims
In 2024, a patent infringement claim was filed against two poLight customers, and legal proceedings were initiated. Although poLight
and its local and domestic legal advisors consider that the use of TLens® does not infringe any of the patents mentioned, resolving
the matter through the courts would have entailed very high legal expenses for poLight. As such, any direct financial exposure to
poLight was decided to be resolved commercially and is now closed.



18 Related parties
The financial statements include the financial statements of the Group and the subsidiaries listed in the following table:
Country of
Name Principal activities incorporation 2025 2024
R&D, Sales and
poLight ASA management Norway 100 % 100 %
poLight France SAS R&D France 100 % 100 %
poLight Finland Oy R&D Finland 100 % 100 %
poLight Hong Kong Limited Holding company HK, China 100 % 100 %
poLight (Shenzhen) Technical
Service Company Limited Sales China 100 % 100 %
poLight ASA is the ultimate parent company. None of the shareholders of poLight ASA have control of the company. As at 31
December 2025, the largest shareholder was Q Technology (Group) Company Limited, which owned 29.96 per cent of the company’s
shares.
Transactions between group companies
Intercompany agreements are entered with all the subsidiaries in the Group. All sales in the subsidiaries are made with parent
company. All transactions are considered to be on an arm’s length basis.
(in NOK 000) 2025 2024
Purchases from subsidiaries 17 115 16 617
Outstanding balances 2025 2024
EUR 000 NOK 000 EUR 000 NOK 000
Subordinated loan agreement 2 600 30 200 2 650 31 257
Trade and other payables 2 063 3 238
A subordinated loan agreement was concluded on 29 December 2016, between poLight ASA and poLight France SAS. Only the part
that exceeds a prudent level, with regards to both equity and subordinated loan combined, shall be regarded as loan in respect to
interest accrual. For the financial year 2025, the entire principal is considered as equity, and not interest-bearing. Since the loan is
considered to be a part of the net investment in poLight France SAS, the currency translation effect is recognised in OCI. In the parent
company an impairment loss of NOK 27,959,650 related to the subordinated loan have been recognised. NOK 497,100 in reversed
impairment loss was recognised in 2025.


Compensation to management personnel and board of director’s
A separate remuneration report will be published on poLight's website as a part of the notification of the Annual General Meeting.


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Management remuneration
In accordance with the Norwegian public Limited Companies Act §6-16 a, the board of directors prepares a separate statement
related to the determination of salary and other benefits for the corporate management. The statement shall be subject to an
advisory vote by the annual general meeting in accordance with §5-6 (3). The statement for 2025 will be submitted for approval in
the annual general meeting 20 May 2026 and will be available on poLight ASA’s website at the time the notice of the meeting is sent
to the shareholders.
The total remuneration to the management consists of fixed salary, bonus, benefits in-kind, share option program and pension
schemes. The fixed salary is subject to an annual evaluation, and any salary increases and other amendments to the employments
terms shall be based on a review by the CEO and the Board each year, taking into account trends in local labour markets, the results
achieved, and individual contributions to the development of the Company.
Value1)
Pension Other share Total Total
(in NOK 000) Salaries Bonus costs benefits options 2025 2024
Øyvind Isaksen - CEO 3 818 2 613 212 438 3 742 10 823 7 382
Pierre Craen - CTO 2) 2 709 528 0 0 934 4 172 3 078
Marianne Sandal - COO 1 966 345 236 104 962 3 613 2 643
Joakim Bredahl- CFO 3) 1 590 309 198 31 828 2 956 800
Total management team 10 083 3 795 645 573 6 467 21 563 13 903
1) Fair value of the share options vested in 2025 are calculated using the Black-Scholes option pricing model at the date of the
grant. see more details in Note 5.3 Employee benefits expense.
2) Pierre Craen has invoiced NOK 3,614 thousand whereof NOK 3,237 thousand is remuneration (2024: NOK 2,582 thousand)
and NOK 376 thousand are travel expenses, through Tilia-Blue SRL as a consultant. Only the remuneration is included in the
above figure.
3) Joakim Bredahl served as CFO from 2 September 2024.
If the company terminates the CEO’s employment, the CEO is entitled to nine months’ salary, in addition to a three months’ notice
period.
Below is an overview of poLight management's and board members' granted share options:
Opening Cancelled Exercised Granted Ending Exercisable
balance options options options balance options
Øyvind Isaksen - CEO 2 083 745 0 0 2 250 000 4 333 745 1 495 480
Pierre Craen - CTO 410 615 0 0 645 000 1 055 615 312 807
Marianne Sandal - COO 458 615 0 0 645 000 1 103 615 336 807
Joakim Bredahl-CFO 250 000 0 0 645 000 895 000 232 500
Total management team 3 202 975 0 0 4 185 000 7 387 975 2 377 594
The exercise price on exercisable share options for the management’s balance at 31 December 2025 was NOK 3.46 per share in
weighted average. No share options were exercised in 2025. See additional information in Note 5.3 Employee benefits expense.
In the case of an offeror becoming the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options
becomes immediately vested and exercisable.



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Remuneration members of the board
(in NOK 000) 2025 2024
Grethe Viksaas - chair of the board 563 538
Svenn Tore Larsen 283 270
Thomas Görling1) 138 270
Jean-Christophe Eloy2) 283 231
Marianne Bøe2) 283 231
Cathrine Wiig Ore 3) 145 0
Chris Liu4) 145 0
Louis So4) 145 0
Ann-Tove Kongsnes5) 0 39
Total Board of Directors 1 983 1 578
1) Member to May 21, 2025
2) Member from January 15, 2024
3) Member from May 21, 2025
4) Member from June 2025
5) Member to January 15, 2024
There are no loans from poLight to the management or members of the board.
Remuneration of the nomination committee
(in NOK 000) 2025 2024
Jan-Erik Hæreid-chair1) 40 39
Thomas S. Wrede-Holm - former chair 2) 0 6
Anne E. H. Worsøe 30 30
Egil Garberg 3) 30 26
Total 100 100
1) Chair from January 15, 2024
2) Chair to January 15, 2024
3) Member from January 15, 2024. The remuneration is invoiced from Investinor AS.
Remuneration of the audit and sustainability committee
(in NOK 000) 2025 2024
Marianne Bøe - chair 1) 40 34
Ann-Tove Kongsnes - former chair 2) 0 6
Grethe Viksaas 30 30
Louis So3) 15 0
Total 85 70
1) Chair from January 15, 2024
2) Chair to January 15, 2024
3) Member from June, 2025



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Remuneration of the remuneration committee
(in NOK 000) 2025 2024
Grethe Viksaas - chair 40 35
Svenn Tore Larsen1) 15 0
Chris Liu2) 15 0
Thomas Görling3) 15 30
Total 85 65
1) Member from May, 2025
2) Member from June, 2025
3) Member to May, 2025

Transactions with other related parties
No direct transactions have been made with other related parties for the relevant financial years. Although not a related party
transaction, it could be mentioned that some TLens® components have been delivered to Q Tech during the year through poLight’s
distributor at commercial terms. Further, and as announced on 15 April 2025, Q Tech is establishing a dedicated TLens® assembly
and test line pursuant to the Strategic Partnership Agreement. poLight has consigned test equipment which has been shipped to Q
Tech's premises. As would be the case for any new assembly and test line, significant efforts have been dedicated by poLight to
support Q Tech in establishing the assembly line and getting it qualified for mass production. An agreement was made after the end
of the year that poLight could receive compensation for this support. In March 2026, poLight invoiced, through its distributor, USD
313,141 for support provided as NRE in 2025. This work has continued into 2026.


19 Going Concern and significant events after the end of the reporting period
The Group possesses sufficient liquidity to fund its operations for the next 12 months. On 4 June and 7 July 2025, the private
placement with Q Technologies Group and oversubscribed subsequent offering generated a total of NOK 209.5 million in net
proceeds. Accordingly, these consolidated financial statements have been prepared under the assumption that both the Group and
the parent company are going concerns.
Management, together with the Board of Directors, continuously evaluates the Group’s liquidity requirements to ensure adequate
financing of planned operations, research and development activities, as well as any investments necessary for scaling up the
business.
No events have occurred after the end of the reporting period that requires disclosure except that poLight and Q Tech have come to
an agreement that poLight can invoice 50% of its expenses incurred in supporting the establishment of a dedicated TLens® assembly
and test line, mentioned in Note 18 Related parties. For this support, poLight have already invoiced USD 313,141 in March 2026
related to services provided in 2025.



20 Standards issued, but not yet effective
A number of new or amended accounting standards are effective for annual periods beginning after 1 January 2026 and earlier
application is permitted. However, the Group has not early adopted any of these, and none are expected to have a significant impact
on the Group’s consolidated financial statements, except potentially IFRS 18.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January
2027. The new standard introduces the following key new requirements: 1) Classify all income and expenses into five categories in
the consolidated statement of income, namely the operating, investing, financing, discontinued operations and income tax
categories. It is also required to present a newly-defined operating profit subtotal. Net result will not change. 2) Management-defined



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performance measures (MPMs) are disclosed in a single note in the financial statements. 3) Enhanced guidance is provided on how
to group information in the financial statements.
In addition, it is required to use the operating profit subtotal as the starting point for the consolidated statement of cash flows when
presenting cash flows from operating activities under the indirect method.
The Group has not assessed the impact of the new standard, particularly with respect to the structure of the profit or loss section of
the consolidated statement of comprehensive income, the consolidated statement of cash flows and the additional disclosures
required for MPMs.



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POLIGHT ASA FINANCIAL STATEMENTS
Statement of income poLight ASA – for the year ended 31 December
(in NOK 000) Note 2025 2024
Sale of goods 2 19 370 7 586
Rendering of services 2 1 114 2 038
Revenue 20 484 9 624
Change in obsolescence provision 13 8 013 6 409
Cost of goods sold 3 504 2 208
Gross profit 8 967 1 007
Research and development expenses -50 272 -34 017
Sales and marketing expenses -21 622 -17 835
Operational / supply chain expenses -28 472 -23 542
Administrative expenses -29 531 -28 330
Depreciation, amortisation and net impairment losses 10,11 -9 551 -9 304
Operating profit / loss (-) -130 481 -112 020
Finance income 8 12 144 10 347
Finance costs 8 -501 -1 892
Net financial items 11 643 8 456
Profit / loss (-) before tax -118 838 -103 564
Income tax expense 9 0 0
Profit / loss (-) for the year -118 838 -103 564
Allocated to/from:
Share premium 17 -103 615 -93 556
Retained earnings 17 -15 223 -10 008
Profit / loss (-) for the year -118 838 -103 564

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Balance sheet poLight ASA – as at 31 December
(in NOK 000) Note 2025 2024
ASSETS
Property, plant and equipment 10 8 648 9 502
Intangible assets 11 3 031 10 306
Investments in subsidiaries 12 320 320
Subordinated loan to subsidiaries 14,21 2 240 2 800
Total non-current assets 14 239 22 927
Inventories 13 53 515 62 431
Trade receivables 14 6 697 217
Other receivables 14 6 788 4 085
Cash and cash equivalents 15 276 465 160 688
Total current assets 343 465 227 420
Total assets 357 704 250 347
EQUITY AND LIABILITIES
Share capital 16,17 8 511 5 185
Share premium 17 325 907 222 373
Total equity 334 418 227 558
Interest-bearing loans and borrowings 18 368 426
Total non-current liabilities 368 426
Trade payables 14 10 056 9 115
Public duties payable 6 681 2 606
Other payables 14 6 181 10 643
Total current liabilities 22 918 22 363
Total liabilities 23 286 22 789
Total equity and liabilities 357 704 250 347
Tønsberg, 28 April 2026
THE BOARD OF DIRECTORS OF POLIGHT ASA
Grethe Viksaas (sign) Chairperson Svenn-Tore Larsen (sign) Board member Jean-Christophe Eloy (sign) Board member Marianne Bøe (sign) Board member
Cathrine Wiig Ore (sign) Chris Liu (sign) Louis So (sign) Dr Øyvind Isaksen (sign)
Board member Board member Board member Chief Executive Officer

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Statement of cash flows poLight ASA – for the year ended 31 December
(in NOK 000) Note 2025 2024
Operating activities
Profit before tax -118 838 -103 564
Gain on disposal of property, plant and
equipment -8 0
Depreciation, amortisation and net impairment losses 10,11 9 551 9 304
Depreciation of final testing equipment recognised as Cost of goods sold 10 222 25
Changes in inventories, trade receivables and trade payable 3 377 12 646
Changes in other accruals 10 947 8 791
Net cash flows from / (used in) operating activities -94 749 -72 800
Investing activities
Proceeds from sale of property, plant and equipment 45 0
Purchase of property, plant and equipment 10 -1 681 -2 402
Proceeds from group borrowings 14,21 1 169 0
Dividend from subsidiaries 8 576 933
Net cash flows from / (used in) investing activities 109 -1 469
Financing activities
Proceeds from Issue of ordinary shares 17 222 910 146 382
Proceeds from exercise of share options 17 941 0
Transaction costs on issue of shares 17 -13 376 -22 419
Proceeds from borrowings 18 0 474
Repayment of borrowings 18 -58 -48
Net cash flows from / (used in) financing activities 210 417 124 389
Net increase in cash and cash equivalents 115 777 50 120
Cash and cash equivalents at 1 January 15 160 688 110 568
Cash and cash equivalents at 31 December 15 276 465 160 688

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Notes to the Financial statement poLight ASA
1 Significant accounting policies
The financial statements have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting
principles in Norway. The consolidated financial statements of the Group have been prepared in accordance with IFRS® Accounting
Standards. The Company’s accounting principles are similar to the accounting principles for the Group with the following exceptions;
• Leases (IFRS 16 in the consolidated financial statement). The company’s financial statements have been prepared without
recognition of the right-of use of premises and related lease liabilities.
• In the parent company the subsidiaries are valued as cost less any impairment losses and not consolidated.
Use of estimates
The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information about
potential liabilities in accordance with generally accepted accounting principles in Norway.
Foreign currency translation
Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items in a foreign currency
are translated into NOK, using the exchange rate applicable on the balance sheet date. Non-monetary items that are measured at
their historical price expressed in a foreign currency are translated into NOK, using the exchange rate applicable on the transaction
date. Non-monetary items that are measured at their fair value expressed in a foreign currency are translated at the exchange rate
applicable on the balance sheet date. Changes to exchange rates are recognised in the income statement as they occur during the
accounting period.
Revenue recognition
Revenues from the sale of goods are recognised in the income statement, once delivery has taken place and the risk and control has
been transferred.
Research and development
Development costs are capitalised, providing that a future economic benefit associated with development of the intangible asset can
be established and costs can be measured reliably. Otherwise, the costs are expensed as incurred. Capitalised development cost is
amortised straight-line over its useful life. Research costs are expensed as incurred.
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received, and that all attached
conditions will be complied with. When the grant relates to an expense item, it is deducted in the related expense on a systematic
basis over the periods that the costs it is intended to compensate, are expensed. Where the grant relates to an asset, it reduces the
carrying amount of the asset. The grant is then recognised as income over the useful life of the depreciable asset by way of a reduced
depreciation charge.
Income tax
The tax expense comprises tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between
the book value and tax value of assets and liabilities. Deferred tax is calculated as 22% of temporary differences and the tax effect of
tax losses carried forward. Deferred tax assets are recorded in the balance sheet when it is more likely than not that the tax assets
will be utilized. Taxes payable and deferred taxes are recognised directly in equity, to the extent that they relate to equity
transactions.
Classification and valuation of balance sheet items
Current assets and short-term liabilities consist of receivables and payables due within one year, and items related to the operating
cycle. Other balance sheet items are classified as fixed assets/long-term liabilities.
Current assets are valued at the lower of cost and fair value. Short-term liabilities are recognised at nominal value.
Fixed assets are valued at cost, less depreciation and impairment losses. Long-term liabilities are recognised at nominal value.

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Fixed assets
Property, plant and equipment is capitalised and depreciated straight-line over the estimated useful life. Significant fixed assets which
consist of substantial components with dissimilar economic life, have been unbundled; depreciation of each component is based on
the economic life of the component. Costs for maintenance are expensed as incurred, whereas costs for improving and upgrading
property, plant and equipment are added to the acquisition cost and depreciated with the related asset. If carrying value of a non-
current asset exceeds the estimated recoverable amount, the asset is written down to the recoverable amount. The recoverable
amount is the greater of the net realisable value and value in use. In assessing value in use, the discounted estimated future cash
flows from the asset are discounted.
Investments in subsidiaries
The investments in subsidiaries are valued as cost less any impairment losses. An impairment loss is recognised if the impairment is
not considered temporary, in accordance with generally accepted accounting principles. Impairment losses are reversed if the reason
for the impairment loss disappears in a later period.
Dividends, group contributions and other distributions from subsidiaries are recognised in the same year as they are recognised in
the financial statement of the subsidiaries. If dividends/group contribution exceeds withheld profits after the acquisition date, the
excess amount represents repayment of invested capital, and the distribution will be deducted from the recorded value of the
acquisition in the balance sheet for the parent company.
Inventory
Inventories are recognised at the lowest of cost and net selling price. The net selling price is the estimated selling price in the case of
ordinary operations, minus the estimated completion, marketing and distribution costs. The cost is arrived at using the FIFO method,
and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location.
Receivables
Accounts receivable and other current receivables are recorded in the balance sheet at nominal value less provisions for doubtful
accounts. Provisions for doubtful accounts are based on an individual assessment of the different receivables.
Cash flow statement
The cash flow statement is presented using the indirect method. Cash and cash equivalents include cash, bank deposits and other
short-term, highly liquid investments with maturities of three months or less.
2 Revenue
(in NOK 000) 2025 2024
By business area
TLens® 20 484 9 624
Total 20 484 9 624
Geographical distribution
America 8 875 4 982
Asia 10 787 4 410
Europe 822 232
Total 20 484 9 624

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3 Specification of operating expenses by nature
(in NOK 000) Note 2025 2024
Employee benefits expense1) 5,6 80 689 58 992
Depreciation, amortisation and net impairment losses 10,11 9 551 9 304
Other operating expenses 7,19 49 208 44 732
Total operating expenses 139 448 113 027
1) Including consultants engaged on long-term contract
4 Government grants
(in NOK 000) 2025 2024
At 1 January 1 946 2 117
Received during the year -1 859 -2 388
Grants earned 2 205 2 217
At 31 December 2 292 1 946
poLight ASA has received grants for reimbursement of expenses related to technology and product development.
5 Employee benefits expense
(in NOK 000) 2025 2024
Wages and salaries 30 198 22 130
Consultants engaged on long-term contract 25 355 25 456
Social security costs 4 602 3 618
Pension costs (note 6) 2 063 1 544
Other benefits and social costs 1 358 1 870
Share based compensation costs 18 339 4 697
Government grants -527 -323
Internal assembly and testing (COGS) -698 0
Total employee benefits expense 80 689 58 992
Average number of man-years, employees 18 18
Average number of man-years, total 37 36
All employees are included in a cash bonus program with identical bonus triggers for all employees except the CEO, who has additional
triggers related to capital raise and exit, and some modifications implemented for the sales employees. The bonus is calculated based
on fixed salary, with a maximum of 80% for the CEO, 40% for the other members of the Executive Management Team, 20-30% for
sales employees, 20% for department managers, and 10% for other employees.
All employees in the Group are included in a share option programme. Details are presented in Note 5.3 Employee benefits expense,
in the consolidated financial statement.
Management and board member’s remuneration are presented in Note 18 Related parties, in the consolidated financial statement.
6 Pensions
PoLight ASA is subject to the requirements in the Mandatory Occupational Pensions Act, and the company’s pension scheme adheres
to the stipulations of the Act.

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The pension scheme is based on a defined contribution plan, and the premium is calculated on the basis of the employee’s income.
In 2024 and 2025, 7% of the salary between 0G (1G=NOK 130,160 per May 1, 2025) and 7.1G, and 15% of the salary between 7.1G
and 12G was calculated. At 31 December 2025, 21 members were covered by the plan.
(in NOK 000) 2025 2024
Defined contribution plan 1 928 1 467
Social security 272 207
Total pension cost 2 200 1 674
7 Auditor's remuneration
(in NOK 000) 2025 2024
Statutory audit 1 150 956
Other attestation services 485 279
Tax consultancy 132 38
Other services that are not part of the audit1) 102 128
Total (excluding VAT) 1 868 1 401
1) The auditor participated in the meetings held by the Audit and Sustainability Committee
8 Financial items
Finance income
(in NOK 000) 2025 2024
Interest income from group companies *) 0 0
Other interest income 10 510 7 431
Currency gain on loan to group companies 480 1 469
Dividend subsidiaries 576 933
Other financial income (currency gain) 946 514
Total finance income 12 513 10 347
*) According to the subordinated loan (see Note 14 Intercompany balances with group companies) only the part that exceeds a
prudent level, both equity and subordinated loan combined, shall be regarded as loan in respect to interest accrual.
Finance expenses
(in NOK 000) 2025 2024
Other interest expenses 4 4
Impairment of group loan -497 969
Other financial expenses (currency loss) 995 918
Total finance expenses 501 1 892

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9 Income tax
Income tax expense
(in NOK 000) 2025 2024
Current income tax
expense 0 0
Changes in deferred tax 0 0
Total income tax expense 0 0
Tax base calculation
(in NOK 000) 2025 2024
Profit before income
tax -118 838 -103 564
Permanent differences 17 479 4 921
Transaction costs on issue of shares -13 376 -22 419
Government grants exempt from tax -2 292 -1 946
Temporary differences 1 429 11 019
Adjustments previous year 6 005 -633
Tax base -109 593 -112 622
Temporary differences:
(in NOK 000) 2025 2024
Inventories 30 061 21 353
Fixed assets -728 -1 002
Intangible assets 21 640 22 253
Group loan 18 048 18 657
Provisions 1 000 7 331
Tax losses carry forward 1 035 503 919 979
Net deferred tax assets/(liabilities) 1 105 525 988 572
22 % deferred tax asset/(liability) 243 215 217 486
Unrecognised deferred tax assets -243 215 -217 486
Recognised net deferred tax assets 0 0
Reconciliation of nominal tax rate to effective tax rate:
(in NOK 000) 2025
Calculated income tax at statutory rate of 22% -26 144
Tax effect of permanent differences 903
Government grants exempt from tax -504
Change in unrecognised deferred tax assets 25 730
Adjustments previous year 16
Income tax expense 0
Effective tax rate 0 %

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10 Property, plant and equipment
(in NOK 000) Building Equipment Total
Cost at 1 January 2025 1 207 22 083 23 290
Additions 0 1 681 1 681
Disposals at cost 0 -90 -90
Cost at 31 December 2025 1 207 23 674 24 881
Accumulated depreciation -1 048 -15 185 -16 233
Accumulated impairment losses 0 0 0
Accumulated depreciation and impairment losses at 31 December 2025 -1 048 -15 185 -16 233
Net book value at 31 December 2025 159 8 490 8 648
Impairment losses for the year 0 0 0
Depreciation of equipment recognised as Cost of goods sold for the
year 0 222 222
Depreciation for the year 243 2 033 2 276
Estimated useful lives (years) Note 1) 3-7
Amortisation plan Linear Linear
1) Modifications and upgrades in leased premises are depreciated over the leasing period.
11 Intangible assets
Development
costs and Software
(in NOK 000) TLens patents license Total
Cost at 1 January 2025 78 184 110 78 294
Disposals 0 -110 -110
Cost at 31 December 2025 78 184 0 78 184
Accumulated amortisation -56 873 0 -56 873
Accumulated impairment losses -18 280 0 -18 280
Accumulated amortisation and impairment losses at 31
December 2025 -75 153 0 -75 153
Net book value at 31 December 2025 3 031 0 3 031
Amortisation for the year 7 275 0 7 275
Estimated useful lives (years) 3-7 3-7
Amortisation plan Linear Linear
In 2008/2009, poLight acquired the core patents of the TLens® technology for NOK 5 million. The patents were granted in 10 different
countries in 2006. poLight has since invested substantial resources in research and product development of the TLens®.

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poLight started amortising capitalised development investments for TLens Silver in the second quarter of 2019 as it became ready
for commercial shipments. The useful lives are deemed to be 7 years which correlates with the remaining number of years of the first
patent.
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
in Research and development expenses.
12 Investment in subsidiaries
Date of Share Voting
Company foundation Location ownership rights
poLight France SAS 19.08.2010 Lyon, France 100 % 100 %
poLight Finland Oy 15.09.2016 Tampere, Finland 100 % 100 %
poLight Hong Kong Limited 08.12.2016 HK, China 100 % 100 %
poLight (Shenzhen) Technical Service Company
Limited 24.04.2017 Shenzhen, China 100 % 100 %
Number of Net profit
Company Share capital shares Book value Equity 2025
NOK 000 NOK 000 NOK 000 NOK 000
poLight France SAS 80 10 000 0 -21 040 299
poLight Finland Oy 23 100 23 1 225 690
poLight Hong Kong Limited 202 200 000 202 202 0
poLight (Shenzhen) Technical Service Company
Limited 246 200 000 94 3 893 1 423
The entities in France and Finland provide R&D services to poLight ASA, Norway. In China a sales office is established with a parent
holding company in Hong Kong.
13 Inventories
(in NOK 000) 2025 2024
Work in progress (at cost) 78 267 77 472
Finished goods (at cost) 5 309 6 312
Obsolescence provision (expensed as Cost of goods sold) -30 061 -21 353
Total inventories at the lower of cost and net realisable value 53 515 62 431
During 2025, NOK 8.7 million (2024: NOK 6.4 million) was recognised as an obsolescence expense for inventories carried at net
realisable value. This is recognised in Cost of goods sold.

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14 Intercompany balances with group companies
Receivables
(in NOK 000) 2025 2024
Trade receivables 0 0
Other receivables 0 0
Total 0 0
Subordinated loan
(in NOK 000) 2025 2024
Non-current receivables 30 200 31 257
Impairment -27 960 -28 457
Total 2 240 2 800
A subordinated loan agreement was concluded on 29 December 2016, replacing all intercompany balance. Because of limited activity
in France, a significant part of the loan has been subject to impairment.
Payables
(in NOK 000) 2025 2024
Trade payables 2 063 3 238
Other payables 0 0
Total 2 063 3 238
15 Cash and short-term deposits
(in NOK 000) 2025 2024
Cash at banks and on hand 274 600 159 508
Restricted cash, taxes withheld 1 865 1 180
Cash and short-term deposits 276 465 160 688
16 Share capital and shareholder information
Number of
shares Par value Book value
NOK NOK 000
Ordinary shares 212 768 478 0.04 8 511

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Ordinary Share-
Shareholders of poLight ASA at December 31, 2025 shares holding Voting rights
% %
Hongkong And Shanghai Banking Corp (nominee)(1) 63 743 112 30.0 % 30.0 %
Nordnet Bank AB (nominee) 13569055 6.4 % 6.4 %
LHH AS 12 600 000 5.9 % 5.9 %
Nordnet Livsforsikring AS 8 640 571 4.1 % 4.1 %
J.P. Morgan Se (nominee) 2 991 824 1.4 % 1.4 %
J.P. Morgan Se (nominee) 2 811 557 1.3 % 1.3 %
Indus Production Services AS 2 000 000 0.9 % 0.9 %
Bank Pictet & Cie (Europe) AG (nominee) 2 000 000 0.9 % 0.9 %
Trond Andersen 1 300 000 0.6 % 0.6 %
Aquery Holding AS 1 292 697 0.6 % 0.6 %
Richard Hanssen 1 238 000 0.6 % 0.6 %
Fjellstuens Eftf. AS 1 084 227 0.5 % 0.5 %
Erik Schellhorn 1 064 237 0.5 % 0.5 %
Cb Helse AS 900 000 0.4 % 0.4 %
Caceis Bank (nominee) 800 000 0.4 % 0.4 %
Stefan Sveen 750 000 0.4 % 0.4 %
Borgund Invest AS 725 000 0.3 % 0.3 %
Danske Bank A/S (nominee) 713 887 0.3 % 0.3 %
Arild Hansen Rødum 705 951 0.3 % 0.3 %
Åge Sverre Heggheim 705 000 0.3 % 0.3 %
Total number of shares owned by top 20 shareholders 119 635 118 56.2 % 56.2 %
Number of shares owned by other shareholders 93 133360 43.8% 43.8%
Total number of shares 212 768 478 100.0 % 100.0 %
(1) Nominee for Q Technology (Group) Company Limited
At 31 December 2025, Øyvind Isaksen, CEO, owned 377,339 shares (0.18%), through his company Oimacon AS.
Share option schemes
The board is authorised to issue shares through share option schemes up to a total nominal value of NOK 773,459 (19,336,471 shares
at par value of NOK 0.04), that is approximately 9 per cent of shares outstanding. The company’s share option schemes, with the
opportunity to subscribe for shares in poLight, have been offered all employees (Note 5.3 Employee benefits expense in the
consolidated financial statement).

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17 Equity
Share Share Retained
(in NOK 000) capital premium earnings Total
Equity at 31 December 2024 5 185 222 373 0 227 558
Loss for the period -118 838 -118 838
Issue of ordinary shares 3 315 219 595 0 222 910
Share options exercised 11 930 0 941
Transaction costs -13 376 0 -13 376
Equity-settled share-based payment 15 223 15 223
Allocation to retained earnings -103 615 103 615 0
Equity at 31 December 2025 8 511 325 907 0 334 418
18 Financial liabilities
Interest-bearing loans and borrowings:
(in NOK 000) Interest rate 2025 2024
Secured loan, DnB 0.99/6.35% 368 426
Total 368 426
In 2024 a company car was bought with car loan from DnB with monthly instalments over 96 months, secured by car mortgage.
Pledged assets
(in NOK 000) 2025 2024
Accounts receivable 6 697 217
Company car 435 435
Total 7 132 652
DnB have issued a bank guarantee to lessor of the premises in Tønsberg, of NOK 0.6 million with a duration to 31.12.2034 with
account receivable pledge with nominal value of NOK 1.5 million.
19 Operating lease agreements
poLight ASA has entered into commercial leases on premises and office equipment. The premises (lab facilities and offices) comprise
720 square meters. The contract expires in October 2034 with two options to extend the lease agreement with additional 5 years
each.
Future minimum rentals payable under non-cancellable operating leases are as follows:
(in NOK 000) 2025 2024
Within one year 1 769 1 622
After one year but not more than five years 7 024 6 501
More than five years 6 756 7 743
Total 15 549 15 867

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20 Provisions
Warranty
(in NOK 000) provision Claims Total
At 1 January 2025 1 000 6 331 7 331
New or increased provisions 0 0 0
Utilised 0 -6 331 -6 331
Unused reversed as Cost of goods sold 0 0 0
At 31 December 2025 1 000 0 1 000
Expected timing of cash flow
Warranty
(in NOK 000) provision Claims Total
Current, < 1 year 1 000 0 1 000
Non-current 0 0 0
At 31 December 2025 1 000 0 1 000
Warranty provision
A general provision to meet potential claims under the warranty clause.
Claims
In 2024, a patent infringement claim was filed against two poLight customers, and legal proceedings were initiated. Although poLight
and its local and domestic legal advisors consider that the use of TLens® does not infringe any of the patents mentioned, resolving
the matter through the courts would have entailed very high legal expenses for poLight. As such, any direct financial exposure to
poLight was decided to be resolved commercially and is now closed.
21 Related parties
poLight ASA is the ultimate parent. None of the shareholders of poLight ASA have control of the company. As at 31 December 2025,
the largest shareholder was Q Technology (Group) Company Limited (“Q Tech”), which owned 29.96 per cent of the company’s
shares.
Transactions between group companies
Intercompany agreements are entered with all the subsidiaries in the Group. All sales in the subsidiaries are made with the parent
company. All transactions are considered to be on an arm’s length basis.
A subordinated loan agreement (balance 31.12.2025: EUR 2,600,000) was concluded on 29 December 2016, between poLight ASA
and poLight France SAS. Only the part that exceeds a prudent level, with regards both to equity and subordinated loan combined,
shall be regarded as loan in respect to interest accrual. For the financial year 2025, the entire principal is considered as equity, and
not interest-bearing.
Transactions with other related parties
No direct transactions have been made with other related parties for the relevant financial years. Although not a related party
transaction, it could be mentioned that some TLens® components have been delivered to Q Tech during the year through poLight’s
distributor at commercial terms. Further, and as announced on 15 April 2025, Q Tech is establishing a dedicated TLens® assembly
and test line pursuant to the Strategic Partnership Agreement. poLight has consigned test equipment which has been shipped to Q
Tech's premises. As would be the case for any new assembly and test line, significant efforts have been dedicated by poLight to
support Q Tech in establishing the assembly line and getting it qualified for mass production. An agreement was made after the end

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of the year that poLight could receive compensation for this support. In March 2026, poLight invoiced, through its distributor, USD
313,141 for support provided as NRE in 2025. This work has continued into 2026.
22 Going Concern and significant events after the end of the reporting period
The Group possesses sufficient liquidity to fund its operations for the next 12 months. On 4 June and 7 July 2025, the private
placement with Q Technologies Group and oversubscribed subsequent offering generated a total of NOK 209.5 million in net
proceeds. Accordingly, these consolidated financial statements have been prepared under the assumption that both the Group and
the parent company are going concerns.
Management, together with the Board of Directors, continuously evaluates the Group’s liquidity requirements to ensure adequate
financing of planned operations, research and development activities, as well as any investments necessary for scaling up the
business.
No events have occurred after the end of the reporting period that requires disclosure except that poLight and Q Tech have come to
an agreement that poLight can invoice 50% of its expenses incurred in supporting the establishment of a dedicated TLens® assembly
and test line, mentioned in Note 21 Related parties. For this support, poLight have already invoiced USD 313,141 in March 2026
related to services provided in 2025.

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CONTACT DETAILS
Homepage www.polight.com
HQ address Kjelleveien 21A, 3125 Tønsberg, Norway
Investor relations contacts:
Dr Øyvind Isaksen CEO +47 90876398, [email protected]
Joakim Bredahl CFO +47 97521731, [email protected]om

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poLight ASA
Kjelleveien 21A
NO-3125 Tønsberg, Norway
E-mail: info@polight.com