poLight ASA (“poLight” or “the Company”) published on February the 24th, 2026, the Company’s quarterly report for the fourth quarter 2025. poLight closed the year characterized by increasing commercial traction within AR/MR and continued expansion of the industrial pipeline.

The following are some key financial metrics that we have chosen to highlight in connection with the report:

Total revenues of NOK 8.6m (1.2) in Q4-25 – record quarterly level driven by strong AR/MR activity
Full year revenues of NOK 20.5m (9.6) – exceeding Analyst Group’s estimates by 13%
Gross margin above expectations, supported by development-phase ASPs and inventory effects
EBITDA of NOK -32.8m in Q4-25 and NOK -116.5m for FY 2025 – reflecting continued investment in scaling and qualification programs
Cash position of NOK 284m at year-end

SummarypoLight delivered a strong Q4-25 report, highlighted by record quarterly revenues of NOK 8.6m and full-year revenues of NOK 20.5m, exceeding Analyst Group’s estimates. Growth was primarily driven by increased activity within AR/MR development programs, which accounted for approximately 70% of Q4 revenues. While volumes remain tied to qualification programs and Proof-of-Concept engagements, increasing order magnitude and repeat activity indicate strengthening late-stage customer engagement, although poLight remains in a pre-volume phase.

Gross margin development was solid and above expectations, supported by high development-phase ASPs and inventory adjustments. However, margins should be interpreted cautiously given the relatively low absolute volumes. Operating expenses increased as anticipated, reflecting continued investments in R&D, supply chain readiness, and organizational scaling ahead of potential consumer ramps. poLight ended the year with a robust cash position of NOK 284m, providing substantial financial runway to execute on strategic priorities.

With several consumer AR/MR programs potentially approaching important milestones in 2026, poLight enters the year with strengthening commercial momentum and a gradually de-risked pathway toward larger-scale commercialization.

Read Analyst Group’s comment on the report here

About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.Read more about Analyst Group This is a press release from Analyst Group regarding the publication of a comment on poLight. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.