olivLaw · European equity research
poLight ASA PLT.OL
Norway · Euronext Oslo Børs · ISIN NO0012535832 · Vertical: Listed companies from Norway
poLight ASA develops the TLens® tunable optics, polymer lenses driven by MEMS actuators, aimed at cameras in AR/MR devices, barcode scanners and industrial machine vision. Revenue rose to NOK 20.5 million in 2025, yet the company remained loss-making at the operating level, so progress toward volume production is worth following closely.
At the close of 06 Nov 2026, poLight ASA (PLT.OL) stock was 12.12 NOK (−6.91% on the day), with market capitalisation 2.1 bn NOK, beta 0.92, 52-week range 5.14–17.58 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 29.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 12.04 – 18.83
- in the lower half of the band · %B 0.01 · band width 44.0%
- SMA 50 / 200
- 14.59 / 9.73
- mixed trend
- MACD (12, 26, 9)
- -0.54 / -0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.8% | −0.6% | −18.1 pp | — |
| 3 months | −0.7% | −4.2% | +3.5 pp | — |
| 6 months | +78.2% | +4.3% | +73.9 pp | — |
| Year to date | +83.9% | +7.5% | +76.4 pp | — |
| 1 year | +63.8% | +9.9% | +53.9 pp | −4.7% |
| 3 years | +18.4% | +49.8% | −31.5 pp | +12.7% |
| 5 years | −44.5% | +42.8% | −87.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 22.5 m | 9.6 m | 20.5 m |
| Revenue YoY | unavailable | −57.2% | +112.8% |
| Net income | -85.5 m | -101.8 m | -118.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.40 | -0.97 | -0.67 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -379.8% | -1,057.6% | -577.3% |
| Free cash flow | -95.0 m | -71.6 m | -92.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 284.0 m NOK
- Financial debt
- 311.0 k NOK
- Net debt
- -283.7 m NOK
- Equity
- 339.2 m NOK
- Total assets
- 372.8 m NOK
- Debt / equity
- 0.00x
- Current ratio
- 14.89x
- ROE
- -41.4%
- ROA
- -37.1%
- FCF margin
- -451.7%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 22.5 m | 9.6 m | 20.5 m | esef· 21 Oct 2026verified |
| Cost of revenue | 8.9 m | 2.2 m | 3.5 m | esef· 21 Oct 2026verified |
| Gross profit | 12.2 m | 1.0 m | 9.0 m | esef· 21 Oct 2026verified |
| Research & development | 34.6 m | 32.3 m | 49.1 m | esef· 21 Oct 2026verified |
| Operating income | -88.5 m | -108.6 m | -127.2 m | esef· 21 Oct 2026verified |
| Interest expense | 1.3 m | 685.0 k | 1.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | -85.3 m | -101.6 m | -118.1 m | esef· 21 Oct 2026verified |
| Income tax | 220.0 k | 139.0 k | 207.0 k | esef· 21 Oct 2026verified |
| Net income | -85.5 m | -101.8 m | -118.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | -1.40 | -0.97 | -0.67 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 114.8 m | 166.8 m | 284.0 m | esef· 21 Oct 2026verified |
| Receivables | 8.2 m | 3.8 m | 10.0 m | esef· 21 Oct 2026verified |
| Inventories | 70.1 m | 62.4 m | 53.5 m | esef· 21 Oct 2026verified |
| Current assets | 193.7 m | 233.9 m | 351.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 9.2 m | 9.6 m | 8.7 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 17.6 m | 10.3 m | 3.0 m | esef· 21 Oct 2026verified |
| Total assets | 223.4 m | 264.0 m | 372.8 m | esef· 21 Oct 2026verified |
| Accounts payable | 19.8 m | 14.1 m | 21.7 m | esef· 21 Oct 2026verified |
| Long-term debt | 0 | 369.0 k | 311.0 k | esef· 21 Oct 2026verified |
| Current liabilities | 21.9 m | 22.2 m | 23.6 m | esef· 21 Oct 2026verified |
| Total liabilities | 23.9 m | 32.2 m | 33.6 m | esef· 21 Oct 2026verified |
| Equity | 199.5 m | 231.9 m | 339.2 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 61.1 m | 104.9 m | 176.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -94.6 m | -69.2 m | -90.8 m | esef· 21 Oct 2026verified |
| Capex | 387.0 k | 2.4 m | 1.7 m | esef· 21 Oct 2026verified |
| Free cash flow | -95.0 m ≈ | -71.6 m ≈ | -92.5 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 6.0 k | -2.4 m | -1.6 m | esef· 21 Oct 2026verified |
| Financing cash flow | 125.0 m | 123.3 m | 209.7 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn NOK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -176.5% | 0 (vs peers) | 29% |
| Net margin · Quality | -577.3% | 5 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -89.9x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 14.9x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.3% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality2/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
POLIGHT ASA (PLT.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 20.5 m NOK in 2025; YoY growth 112.8%; net margin -577.3%; ROE -41.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 14.9x
What contradicts it
- ROIC: -176.5%
- Net margin: -577.3%
- Interest coverage: -89.9x
- FCF yield: -4.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| PLT.OLPolight Asa | 2.1 bn | — | -41.4% | -577.3% | +112.8% | +77% / −18% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for PLT.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
poLight ASA develops the TLens® tunable optics, polymer lenses driven by MEMS actuators, aimed at cameras in AR/MR devices, barcode scanners and industrial machine vision. Revenue rose to NOK 20.5 million in 2025 1, yet the company remained loss-making at the operating level, so progress toward volume production is worth following closely.
SWOT
Strengths
- The TLens® technology is validated by a growing number of products and customers, and its low power use and compactness are recognised technical advantages.
- The strategic partnership with a camera module maker brings experience in moving new technologies into high-volume production.
- The company raised capital through private placements and subsequent offerings in 2025, giving it a financial base for development.
Weaknesses
- Revenue is still small relative to research and development and operating costs, and the operating loss remains significant.
- The company relies on a limited number of subcontractors for MEMS wafers and assembly, which could affect deliveries.
- The team is small, and part of the development work depends on long-term consultants.
Opportunities
- If AR/MR glasses move to autofocus, demand for TLens® could increase considerably.
- The MLens® family could allow the company to sell higher-value products in the industrial machine vision market.
- A lead-free TLens® could open access to customers who refuse components containing lead.
Threats
- Competing autofocus solutions that are cheaper and already standardised could limit TLens® adoption in mass-market products.
- If many projects remain at sample stage, revenue could stay volatile and hard to forecast.
- Regulatory changes on lead-containing materials could force the company to accelerate costly development.
Risks
- Dependence on a few large customershigh
If a small number of consumer manufacturers do not move to series production, revenue could remain low.
- Persistent operating losseshigh
The net loss could continue if revenue does not grow enough to cover research and development expenses.
- Inventory riskmedium
The provision for inventory obsolescence increased significantly in 2025, and part of the stock could become hard to sell if projects change.
- Supply chainmedium
The company depends on external subcontractors for wafers and assembly, and delays could affect deliveries to customers.
- Lead regulationlow
If exemptions for lead-containing materials are withdrawn, current products could need redesign.
Investment thesis
What would need to be true (bull case)
- If the number of products incorporating TLens® keeps growing, the company could turn design-wins into recurring revenue.
- The partnership with a camera module maker could speed up series production and reduce execution risk.
- If MLens® and lead-free lenses are adopted by customers, the company could enter segments with higher margins.
What would break the thesis
- If series production is delayed, operating losses could stay large for a long period.
- Autofocus solutions that are already widespread could limit the addressable market for TLens® in consumer products.
- If new financing is not available on good terms, the company could be forced to scale back development activity.
What to watch
- Number of design-wins and whether consumer projects move into series productionQ1 2026
- Development of revenue and operating loss compared with the prior year2026
- Status of series production for TWedge® and the launch of a lead-free TLens®2027
- Adoption of the MLens® family in machine vision systems and the level of inventorieshalf-yearly report 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
poLight sells its technology as optical components with autofocus, and its main products are TLens®, MLens® (an off-the-shelf lens family for industrial machine vision launched in early 2026) and TWedge®, a wobulator still in technical-sample stage for customers. Revenue in 2025 came mainly from sales of TLens® and ASICs for commercial use and samples, with a smaller part from non-recurring engineering 1. The company had 27 full-time employees and works with subcontractors for MEMS wafers and assembly 1.
The business model depends on winning design-wins at large consumer electronics customers and moving them into series production. The number of products incorporating TLens® reached 42 at the end of 2025, up from 28 a year earlier 1. In 2025 the company entered a strategic investment agreement with Q Technology Group, a camera module maker, which could support high-volume production 1.
On costs, research and development is the largest item, and the net loss remains significant relative to still modest revenue. The company does not pay dividends and does not expect to in the foreseeable future, funding itself through private placements and subsequent offerings 1.
Segments
AR/MR (augmented and mixed reality)
AR/MR accounted for the largest share of deliveries in 2025, and consumer activity, especially smart glasses and mixed reality devices, is the most dynamic. The company is testing TWedge® and TLens® with several important players, although some of these projects remain at sample stage.
Industrial and machine vision
The industrial segment, covering barcodes and machine vision, saw design-wins grow, and the MLens® launch could move the company higher in the value chain. Developing this market will take time.
Healthcare
In healthcare the main anchor is the Mini2P microscope, developed with an academic institute, and several companies now offer standard solutions based on that design. The company does not expect a rapid commercial breakthrough in endoscopy in the short or medium term.
Market context
The target market includes AR/MR cameras, which several major producers are testing, as well as industrial scanners and scientific microscopes. According to the annual report, interest in fixed-focus AI glasses is growing, and future specifications could favour autofocus solutions 1.
Automotive and healthcare are monitored, but activity in automotive was almost non-existent in 2025 and would likely require a larger-aperture lens. Attention to the lead content of the piezo material may also reshape market requirements 1.
Trends
- Growing interest in AR/MRtailwind
If AR/MR glasses makers decide to integrate autofocus in series products, demand for TLens® and TWedge® could rise meaningfully.
- Demand for lead-free lensesmixed
Some OEMs prefer components without lead, and the phase-out of the European exemption for PZT could accelerate the shift to alternative materials that the company is already developing.
- Automation in machine visiontailwind
Wider use of autofocus cameras in scanners and inspection systems could support demand for the MLens® family.
- Delay to series productionheadwind
Most projects are still in sample and trial phases, and the move to series production could take longer than expected, which would keep losses high.
Competitive position
poLight's position is contested by camera lens makers and by autofocus solutions based on other technologies, especially voice-coil motors and liquid lenses already widely used in phones and consumer devices. The company cites low power use, a stable field of view and compactness as advantages for TLens®, but acknowledges that several autofocus solutions will be implemented depending on specifications and cost sensitivity 1.
The relationship with a manufacturing partner in China and a strategic investor in camera modules could give the company scale advantages, but could also concentrate dependence on a single supply chain 1.
- Voice-coil motor lens actuators and camera module makers
Traditional motor-based autofocus is dominant in phones and consumer cameras, and its low cost could limit TLens® adoption in mass-market products.
- Liquid lens suppliers for focus control
Liquid lenses offer fast focusing and are a direct alternative in some machine vision and scanning applications.
- Asian camera module manufacturers
Manufacturing partners in Asia can integrate competing autofocus solutions directly into their production lines.
- Two-photon microscope and imaging system makers
Competition in the medical segment comes from standard solutions offered by third parties that have adopted the Mini2P design.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / poLight ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.