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\n
1 Corporate information
\n
poLight ASA is a publicly listed limited company, founded in 2005, which is incorporated and domiciled in Norway. The address of its
\n
registered office is Kjelleveien 21A, N-3125 T\u00f8nsberg, Norway.
\n

\n\n
poLight ASA (OSE: PLT) offers patented, state-of-the-art tunable optics technology, leveraging its proprietary polymer and piezo
\n
MEMS technology
\n\n\n\n\n\n\n\n
. Founded in 2005, its first product TLens\u00ae replicates \"the human eye\" experience in autofocus cameras used in
\n
applications such as AR/MR devices, smartphones, wearables, webcams and other consumer devices, industrial barcode scanners
\n
and machine vision systems, and healthcare applications. With over 160 granted patents, poLight's technology delivers extremely
\n
fast focus, small footprint, ultra-low power consumption, no magnetic interference, and constant field of view, enabling better
\n
imaging system performance and new user experiences compared to alternative technologies. poLight is based in T\u00f8nsberg, Norway,
\n
with employees in Finland, France, UK, US, China, Taiwan, the Philippines and Japan. For more information, please visit
\n
https://www.polight.com.
\n
Information on the Group and related parties are presented in Note 18 Related parties.
\n\n
The consolidated financial statements of poLight ASA and its subsidiaries (collectively, poLight or the Group) for the year ended 31
\n
December 2024 were authorised for issue in accordance with a resolution of the Board of Directors on 29 April 2024, to be approved
\n
by the annual general meeting on 21 May 2025.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag279": { "value": "poLight ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag280": { "value": "poLight ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag227": { "value": "poLight ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag228": { "value": "publicly listed limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag281": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag282": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag229": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag230": { "value": "Kjelleveien 21A, N-3125 T\u00f8nsberg, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag231": { "value": "\npoLight ASA (OSE: PLT) offers patented, state-of-the-art tunable optics technology, leveraging its proprietary polymer and piezo \nMEMS technology\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag226": { "value": "\n
The consolidated financial statements of poLight ASA and its subsidiaries (collectively, poLight or the Group) for the year ended 31
\n
December 2024 were authorised for issue in accordance with a resolution of the Board of Directors on 29 April 2024, to be approved
\n
by the annual general meeting on 21 May 2025.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag232": { "value": "\n

\n

\n

\n
2 Material accounting policies
\n\n

\n

\n
2.1 Basis of preparation
\n\n
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting Standards adopted by
\n
the EU.
\n

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

\n\n\n\n\n\n\n\n

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

\n\n\n\n\n\n\n\n
2.3 Summary of material accounting policies
\n
The following are the material accounting policies applied by the Group in preparing its consolidated financial statements:
\n\n
Revenue from contracts with customers
\n
The Group has two revenue streams:
\n
\u2022 Sales of TLenses and related driver ASICs.
\n
The Group recognizes revenue from sale of TLenses and other components at the point in time when the control of goods is
\n
transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in
\n
exchange for those goods. Revenue is generally recognised on delivery of the goods.
\n
\u2022 Non-recurring engineering (\u201cNRE\u201d) services related to customer development projects.
\n
In certain cases, when the counterparty to the contract is a customer or a potential customer, the Group will engage in
\n
customer development projects financed by the customer. In general, income is recognised when the project is finalised
\n
according to the contract and the customer can obtain the benefits from the project. Revenue may be recognised over time
\n
when one of the following criteria are met:
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n

\n

\n

\n\n
\u2022 Customer consumes benefits as the Group performs the service
\n
\u2022 Customer controls benefits as the Group performs the service
\n
Earned revenue for the period is earned revenue at the reporting date, less earned revenue in prior periods. If the project is
\n
ongoing, income will be recognized continuously in accordance with the agreement, based on actual deliveries.
\n
The Group has for the periods presented limited sales and revenues. Further information on revenue recognition or disclosures
\n
according to IFRS 15 is consequently not relevant for these financial statements.
\n

\n\n\n\n\n\n\n\n\n
Foreign currencies
\n
The Group\u2019s consolidated financial statements are presented in Norwegian kroner (NOK), which is also the parent company\u2019s
\n
functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of
\n
each entity are measured using that functional currency. The Group uses the direct method of consolidation, and on disposal of a
\n
foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.
\n
Differences arising on settlement or translation of monetary items are recognised in profit or loss.
\n
On consolidation, the assets and liabilities of foreign operations are translated into NOK at the rate of exchange prevailing at the
\n
reporting date, and the statement of profit or loss are translated at average monthly exchange rates. The exchange differences arising
\n
on the translation are recognised in OCI. Exchange differences arising from the translation of net investment in subsidiaries and
\n
borrowings are included in OCI. At December 31, 2024 an intercompany subordinated loan to poLight France SAS of EUR 2,650,000 /
\n
NOK 31,256,750 (2023: EUR 2,650,000 / NOK 29,787,325) was regarded as a part of the net investment in poLight France SAS.
\n

\n\n\n\n\n\n\n\n\n
Government grants
\n
Government grants are recognised when there is reasonable assurance that the grant will be received, and that all attached
\n
conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense on a systematic
\n
basis over the periods that the costs, which it is intended to compensate, are expensed. Where the grant relates to an asset, it reduces
\n
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
\n
reduced depreciation charge.
\n

\n\n\n\n\n\n\n\n\n

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

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n

\n

\n

\n\n

\n\n
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised
\n
in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
\n
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
\n
current income tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation authority.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
Property, plant and equipment
\n
Office/lab upgrades and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if
\n
any. Such cost includes the cost of replacing parts of the facility upgrades and equipment. Repair and maintenance costs are
\n
recognised in the profit or loss as incurred. Refer to Significant accounting judgements, estimates and assumptions (Note 3).
\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u2022Leased building: The duration of the lease agreement
\u2022Equipment: 3 to 6 years
\n\n\n\n\n
\n
An item of office/lab upgrade and equipment is derecognised upon disposal, or when no future economic benefits are expected from
\n
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
\n
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
\n
The residual values, useful lives and methods of depreciation of office/lab upgrade and equipment are reviewed at each financial
\n
year end, and adjusted prospectively, if appropriate.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
Leases
\n
The Group assesses at contract inception whether a contract is, or contains, a lease.
\n
Group as a lessee
\n
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
\n
assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
\n
underlying assets.
\n
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
\n
remeasurement of lease liabilities.
\n
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
\n
assets, as follows:
\n
\u2022 Office & lab lease, headquarter
\n
The right-of-use assets are also subject to an impairment assessment.
\n
In calculating the present value of the fixed lease payments, the Group uses its incremental borrowing rate at the lease
\n
commencement date because the interest rate implicit in the lease is not readily determinable.
\n
The Group applies the short-term lease recognition exemption to its short-term leases of office leases in Finland and China (i.e., those
\n
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
\n
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease
\n
payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
\n

\n\n\n\n\n\n\n\n\n
Intangible assets
\n
Intangible assets acquired separately, are measured on initial recognition at cost. Following initial recognition, intangible assets are
\n
carried at cost less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets,
\n
excluding capitalised development costs, are not capitalised, and expenditure is recognised in the statement of profit or loss when it
\n
is incurred.
\n
The useful lives of intangible assets are assessed as either finite or indefinite.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n

\n\n

\n

\n\n
Development costs
\n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
\n
when the Group can demonstrate:
\n
\u2022 The technical feasibility of completing the intangible asset, so that it will be available for use or sale
\n
\u2022 Its intention to complete and its ability to use or sell the asset
\n
\u2022 How the asset will generate future economic benefits
\n
\u2022 The availability of resources to complete the asset
\n
\u2022 The ability to measure reliably the expenditure during development
\n
Expenses related to the development of the TLens\u00ae technology platform were recognised as an intangible asset with effect from
\n
2015. The development project ended in 2019 when the initial mass production line was qualified. Since then, R&D resources have
\n
been devoted to improvement projects and helping customers to integrate TLens\u00ae into their products. Related costs have therefore
\n
not been recognised as an intangible asset.
\n
The company has also engaged in research/concept studies related to potential new products. However, as they have not met the
\n
definition given above, they have not been defined as an intangible asset. This relates, for example, to the TWedge\u00ae \u2013 a potential
\n
product for the enhancement of AR/MR display solutions.
\n

\n\n\n\n\n\n\n\n\n
Software license
\n
Licences for the use of intellectual property are granted for periods ranging between three and five years, depending on the specific
\n
licence.
\n
A summary of the policies applied to the Group\u2019s intangible assets is as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Software licenceDevelopment costs
Useful lives Finite (3-5 years) Finite (3-7 years)
Amortisation method usedAmortised 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
\n\n\n\n\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n
Financial instruments
\n
A financial instrument is any contract that gives rise to a financial asset of one entity, and a financial liability or equity instrument of
\n
another entity.
\n\n
i) Financial assets
\n
The Group\u00b4s financial assets are trade receivables, government grant receivables, accruals and cash.
\n
Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. The
\n
other financial assets are measured initially at fair value plus transaction costs.
\n
Subsequently the assets are measured at amortised cost. Gains and losses are recognised in profit or loss when the asset is
\n
derecognised, modified or impaired.
\n

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

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n

\n

\n

\n\n

\n\n
Impairment of financial assets
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs).
\n
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
\n
reporting date.
\n
\n
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n
\n\n
Inventories
\n
Inventories are valued at the lower of cost and net realisable value.
\n
Costs incurred in bringing each product to its present location and condition, are accounted for as follows:
\n
Components:
\n
\u2022 Purchase cost on a first-in, first-out basis
\n
Finished goods and work in progress:
\n
\u2022 Cost of direct materials and services from subcontractors
\n
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
\n
estimated costs to sell. When determining the net realisable value, the Group assesses the provision for obsolescence. Customers\u2019
\n
demand and age are parameters that are considered when assessing this provision.
\n

\n\n\n\n\n\n\n\n

\n\n
Impairment of non-financial assets
\n
Disclosures relating to impairment of non-financial assets are summarised in the following notes:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u2022Disclosures of significant judgements and estimation uncertainty Note 3
\u2022Property, plant and equipment Note 8
\u2022Intangible assets Note 9
\u2022Research and development costs Note 10
\n\n\n\n\n
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or
\n
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable
\n
amount is the higher of an asset\u2019s or Cash-Generating Unit (CGU)\u2019s fair value less costs of disposal and its value in use. The recoverable
\n
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
\n
from other assets, or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
\n
considered impaired, and is written down to its recoverable amount.
\n
In assessing value in use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of
\n
disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
\n
is used.
\n
Value in use impairment calculation is based on detailed budgets and forecasts and with use of scenario analyses. These budgets and
\n
forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future
\n
cash flows after the fifth year.
\n
Impairment losses are recognised in the consolidated statement of comprehensive income.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n
\n\n
Cash and short-term deposits
\n
Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand, and short-term deposits
\n
with a maturity of three months or less, which are subject to an insignificant risk of changes in value.
\n
For the purpose of the consolidated statement cash flows, cash and cash equivalents consist of cash and short-term deposits as
\n
defined above, as they are considered an integral part of the Group\u2019s cash management.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n

\n

\n\n
Provisions
\n
The Group\u2019s terms and conditions agreed with the customers contains a warranty clause. A general provision to meet potential claims
\n
under the clause have been recognised (Note 17 Provisions).
\n

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

\n\n\n\n\n\n\n\n
Share option plans
\n
Employees (including senior executives) of the Group have received remuneration in the form of share options in poLight ASA (equity-
\n
settled transactions). The fair value of share options that are granted has been calculated using the Black-Scholes option pricing
\n
model. The basis for the valuation comprises several factors that affect the calculated fair value of granted share options like the
\n
share price at the date of the grant, exercise price (strike), the likelihood of holding the share options to expiry date, risk-free interest
\n
rate and the volatility that is deemed based on historic volatility of the poLight share.
\n
The cost of equity-settled transactions is recognised in employee benefits expense (Note 5.3 Employee benefits expense), together
\n
with a corresponding increase in equity (other equity) over the period in which the service and, where applicable, the performance
\n
conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date
\n
until the vesting date, reflects the extent to which the vesting period has expired, and the Group\u2019s best estimate of the number of
\n
equity instruments that will ultimately vest. The share options expense recognised in the income statement includes accrued
\n
employer\u2019s national insurance contribution (\u201cNICs\u201d) expenses that are calculated based on the number of vested share options and
\n
a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for the
\n
period. The NICs is accounted for as a cash settled element with a liability recognised in the consolidated statement of financial
\n
position. The expense in the consolidated statement of income for a period, represents the movement in cumulative expense
\n
recognised as at the beginning and end of that period.
\n
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share
\n
(further details are given in Note 7).
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag233": { "value": "\n

\n

\n
2.1 Basis of preparation
\n\n
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting Standards adopted by
\n
the EU.
\n

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

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag234": { "value": "\n
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting Standards adopted by
\n
the EU.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag235": { "value": "\n
The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are
\n
presented in Norwegian kroner (NOK), and all values are rounded off to the nearest thousand (NOK 000), unless otherwise indicated.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag236": { "value": "\n
2.2 Basis of consolidation
\n
The consolidated financial statements comprise the financial statements of poLight ASA and its subsidiaries.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag237": { "value": "\n
Revenue from contracts with customers
\n
The Group has two revenue streams:
\n
\u2022 Sales of TLenses and related driver ASICs.
\n
The Group recognizes revenue from sale of TLenses and other components at the point in time when the control of goods is
\n
transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in
\n
exchange for those goods. Revenue is generally recognised on delivery of the goods.
\n
\u2022 Non-recurring engineering (\u201cNRE\u201d) services related to customer development projects.
\n
In certain cases, when the counterparty to the contract is a customer or a potential customer, the Group will engage in
\n
customer development projects financed by the customer. In general, income is recognised when the project is finalised
\n
according to the contract and the customer can obtain the benefits from the project. Revenue may be recognised over time
\n
when one of the following criteria are met:
\n

\n\n\n\n\n\n\n\n
\u2022 Customer consumes benefits as the Group performs the service
\n
\u2022 Customer controls benefits as the Group performs the service
\n
Earned revenue for the period is earned revenue at the reporting date, less earned revenue in prior periods. If the project is
\n
ongoing, income will be recognized continuously in accordance with the agreement, based on actual deliveries.
\n
The Group has for the periods presented limited sales and revenues. Further information on revenue recognition or disclosures
\n
according to IFRS 15 is consequently not relevant for these financial statements.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag240": { "value": "\n
Foreign currencies
\n
The Group\u2019s consolidated financial statements are presented in Norwegian kroner (NOK), which is also the parent company\u2019s
\n
functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of
\n
each entity are measured using that functional currency. The Group uses the direct method of consolidation, and on disposal of a
\n
foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.
\n
Differences arising on settlement or translation of monetary items are recognised in profit or loss.
\n
On consolidation, the assets and liabilities of foreign operations are translated into NOK at the rate of exchange prevailing at the
\n
reporting date, and the statement of profit or loss are translated at average monthly exchange rates. The exchange differences arising
\n
on the translation are recognised in OCI. Exchange differences arising from the translation of net investment in subsidiaries and
\n
borrowings are included in OCI. At December 31, 2024 an intercompany subordinated loan to poLight France SAS of EUR 2,650,000 /
\n
NOK 31,256,750 (2023: EUR 2,650,000 / NOK 29,787,325) was regarded as a part of the net investment in poLight France SAS.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag241": { "value": "\n
Government grants
\n
Government grants are recognised when there is reasonable assurance that the grant will be received, and that all attached
\n
conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense on a systematic
\n
basis over the periods that the costs, which it is intended to compensate, are expensed. Where the grant relates to an asset, it reduces
\n
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
\n
reduced depreciation charge.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag242": { "value": "\n

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

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised
\n
in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
\n
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
\n
current income tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation authority.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag243": { "value": "\n
Deferred tax
\n
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their
\n
carrying amounts, for financial reporting purposes at the reporting date.
\n
Deferred tax liabilities are recognised for all taxable temporary differences.
\n
Deferred tax assets are recognised for: all deductible temporary differences: the carry forward of unused tax credits and unused tax
\n
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences.
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
\n
that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax
\n
assets are reassessed at each reporting date, and are recognised, to the extent that it has become probable that future taxable profits
\n
will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected
\n
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
\n
substantively enacted at the end of the reporting period.
\n

\n\n\n\n\n\n\n\n
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised
\n
in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
\n
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
\n
current income tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation authority.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag247": { "value": "\n

\n\n
Property, plant and equipment
\n
Office/lab upgrades and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if
\n
any. Such cost includes the cost of replacing parts of the facility upgrades and equipment. Repair and maintenance costs are
\n
recognised in the profit or loss as incurred. Refer to Significant accounting judgements, estimates and assumptions (Note 3).
\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u2022Leased building: The duration of the lease agreement
\u2022Equipment: 3 to 6 years
\n\n\n\n\n
\n
An item of office/lab upgrade and equipment is derecognised upon disposal, or when no future economic benefits are expected from
\n
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
\n
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
\n
The residual values, useful lives and methods of depreciation of office/lab upgrade and equipment are reviewed at each financial
\n
year end, and adjusted prospectively, if appropriate.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag248": { "value": "\n
Property, plant and equipment
\n
Office/lab upgrades and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if
\n
any. Such cost includes the cost of replacing parts of the facility upgrades and equipment. Repair and maintenance costs are
\n
recognised in the profit or loss as incurred. Refer to Significant accounting judgements, estimates and assumptions (Note 3).
\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u2022Leased building: The duration of the lease agreement
\u2022Equipment: 3 to 6 years
\n\n\n\n\n
\n
An item of office/lab upgrade and equipment is derecognised upon disposal, or when no future economic benefits are expected from
\n
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
\n
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
\n
The residual values, useful lives and methods of depreciation of office/lab upgrade and equipment are reviewed at each financial
\n
year end, and adjusted prospectively, if appropriate.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag249": { "value": "\n
Leases
\n
The Group assesses at contract inception whether a contract is, or contains, a lease.
\n
Group as a lessee
\n
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
\n
assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
\n
underlying assets.
\n
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
\n
remeasurement of lease liabilities.
\n
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
\n
assets, as follows:
\n
\u2022 Office & lab lease, headquarter
\n
The right-of-use assets are also subject to an impairment assessment.
\n
In calculating the present value of the fixed lease payments, the Group uses its incremental borrowing rate at the lease
\n
commencement date because the interest rate implicit in the lease is not readily determinable.
\n
The Group applies the short-term lease recognition exemption to its short-term leases of office leases in Finland and China (i.e., those
\n
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
\n
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease
\n
payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag250": { "value": "\n
Intangible assets
\n
Intangible assets acquired separately, are measured on initial recognition at cost. Following initial recognition, intangible assets are
\n
carried at cost less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets,
\n
excluding capitalised development costs, are not capitalised, and expenditure is recognised in the statement of profit or loss when it
\n
is incurred.
\n
The useful lives of intangible assets are assessed as either finite or indefinite.
\n

\n\n\n\n\n\n\n\n

\n

\n\n
Development costs
\n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
\n
when the Group can demonstrate:
\n
\u2022 The technical feasibility of completing the intangible asset, so that it will be available for use or sale
\n
\u2022 Its intention to complete and its ability to use or sell the asset
\n
\u2022 How the asset will generate future economic benefits
\n
\u2022 The availability of resources to complete the asset
\n
\u2022 The ability to measure reliably the expenditure during development
\n
Expenses related to the development of the TLens\u00ae technology platform were recognised as an intangible asset with effect from
\n
2015. The development project ended in 2019 when the initial mass production line was qualified. Since then, R&D resources have
\n
been devoted to improvement projects and helping customers to integrate TLens\u00ae into their products. Related costs have therefore
\n
not been recognised as an intangible asset.
\n
The company has also engaged in research/concept studies related to potential new products. However, as they have not met the
\n
definition given above, they have not been defined as an intangible asset. This relates, for example, to the TWedge\u00ae \u2013 a potential
\n
product for the enhancement of AR/MR display solutions.
\n

\n\n\n\n\n\n\n\n\n
Software license
\n
Licences for the use of intellectual property are granted for periods ranging between three and five years, depending on the specific
\n
licence.
\n
A summary of the policies applied to the Group\u2019s intangible assets is as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Software licenceDevelopment costs
Useful lives Finite (3-5 years) Finite (3-7 years)
Amortisation method usedAmortised 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
\n\n\n\n\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag253": { "value": "\n
Development costs
\n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
\n
when the Group can demonstrate:
\n
\u2022 The technical feasibility of completing the intangible asset, so that it will be available for use or sale
\n
\u2022 Its intention to complete and its ability to use or sell the asset
\n
\u2022 How the asset will generate future economic benefits
\n
\u2022 The availability of resources to complete the asset
\n
\u2022 The ability to measure reliably the expenditure during development
\n
Expenses related to the development of the TLens\u00ae technology platform were recognised as an intangible asset with effect from
\n
2015. The development project ended in 2019 when the initial mass production line was qualified. Since then, R&D resources have
\n
been devoted to improvement projects and helping customers to integrate TLens\u00ae into their products. Related costs have therefore
\n
not been recognised as an intangible asset.
\n
The company has also engaged in research/concept studies related to potential new products. However, as they have not met the
\n
definition given above, they have not been defined as an intangible asset. This relates, for example, to the TWedge\u00ae \u2013 a potential
\n
product for the enhancement of AR/MR display solutions.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag254": { "value": "\n
Software license
\n
Licences for the use of intellectual property are granted for periods ranging between three and five years, depending on the specific
\n
licence.
\n
A summary of the policies applied to the Group\u2019s intangible assets is as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Software licenceDevelopment costs
Useful lives Finite (3-5 years) Finite (3-7 years)
Amortisation method usedAmortised 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
\n\n\n\n\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag255": { "value": "\n

\n

\n
Financial instruments
\n
A financial instrument is any contract that gives rise to a financial asset of one entity, and a financial liability or equity instrument of
\n
another entity.
\n\n
i) Financial assets
\n
The Group\u00b4s financial assets are trade receivables, government grant receivables, accruals and cash.
\n
Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. The
\n
other financial assets are measured initially at fair value plus transaction costs.
\n
Subsequently the assets are measured at amortised cost. Gains and losses are recognised in profit or loss when the asset is
\n
derecognised, modified or impaired.
\n

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

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag256": { "value": "\n
i) Financial assets
\n
The Group\u00b4s financial assets are trade receivables, government grant receivables, accruals and cash.
\n
Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. The
\n
other financial assets are measured initially at fair value plus transaction costs.
\n
Subsequently the assets are measured at amortised cost. Gains and losses are recognised in profit or loss when the asset is
\n
derecognised, modified or impaired.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag257": { "value": "\n
ii) Financial liabilities
\n
Financial liabilities are recognised initially at net of directly attributable transaction costs and subsequently measured at amortised
\n
cost.
\n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag259": { "value": "\n

\n\n
Impairment of financial assets
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs).
\n
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
\n
reporting date.
\n
\n
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag260": { "value": "\n
Impairment of financial assets
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs).
\n
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
\n
reporting date.
\n
\n
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
\n

\n\n\n\n\n\n\n
Impairment of non-financial assets
\n
Disclosures relating to impairment of non-financial assets are summarised in the following notes:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u2022Disclosures of significant judgements and estimation uncertainty Note 3
\u2022Property, plant and equipment Note 8
\u2022Intangible assets Note 9
\u2022Research and development costs Note 10
\n\n\n\n\n
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or
\n
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable
\n
amount is the higher of an asset\u2019s or Cash-Generating Unit (CGU)\u2019s fair value less costs of disposal and its value in use. The recoverable
\n
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
\n
from other assets, or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
\n
considered impaired, and is written down to its recoverable amount.
\n
In assessing value in use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of
\n
disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
\n
is used.
\n
Value in use impairment calculation is based on detailed budgets and forecasts and with use of scenario analyses. These budgets and
\n
forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future
\n
cash flows after the fifth year.
\n
Impairment losses are recognised in the consolidated statement of comprehensive income.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag261": { "value": "\n
Inventories
\n
Inventories are valued at the lower of cost and net realisable value.
\n
Costs incurred in bringing each product to its present location and condition, are accounted for as follows:
\n
Components:
\n
\u2022 Purchase cost on a first-in, first-out basis
\n
Finished goods and work in progress:
\n
\u2022 Cost of direct materials and services from subcontractors
\n
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
\n
estimated costs to sell. When determining the net realisable value, the Group assesses the provision for obsolescence. Customers\u2019
\n
demand and age are parameters that are considered when assessing this provision.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag262": { "value": "\n

\n\n
Impairment of non-financial assets
\n
Disclosures relating to impairment of non-financial assets are summarised in the following notes:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u2022Disclosures of significant judgements and estimation uncertainty Note 3
\u2022Property, plant and equipment Note 8
\u2022Intangible assets Note 9
\u2022Research and development costs Note 10
\n\n\n\n\n
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or
\n
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable
\n
amount is the higher of an asset\u2019s or Cash-Generating Unit (CGU)\u2019s fair value less costs of disposal and its value in use. The recoverable
\n
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
\n
from other assets, or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
\n
considered impaired, and is written down to its recoverable amount.
\n
In assessing value in use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of
\n
disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
\n
is used.
\n
Value in use impairment calculation is based on detailed budgets and forecasts and with use of scenario analyses. These budgets and
\n
forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future
\n
cash flows after the fifth year.
\n
Impairment losses are recognised in the consolidated statement of comprehensive income.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag264": { "value": "\n
Cash and short-term deposits
\n
Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand, and short-term deposits
\n
with a maturity of three months or less, which are subject to an insignificant risk of changes in value.
\n
For the purpose of the consolidated statement cash flows, cash and cash equivalents consist of cash and short-term deposits as
\n
defined above, as they are considered an integral part of the Group\u2019s cash management.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag266": { "value": "\n
Provisions
\n
The Group\u2019s terms and conditions agreed with the customers contains a warranty clause. A general provision to meet potential claims
\n
under the clause have been recognised (Note 17 Provisions).
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag267": { "value": "\n
Pensions and other post-employment benefits
\n
The Group operates one defined contribution plan. Contributions are recognised in the statement of income in the period in which
\n
the contribution amounts are earned by the employee.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag268": { "value": "\n
Share option plans
\n
Employees (including senior executives) of the Group have received remuneration in the form of share options in poLight ASA (equity-
\n
settled transactions). The fair value of share options that are granted has been calculated using the Black-Scholes option pricing
\n
model. The basis for the valuation comprises several factors that affect the calculated fair value of granted share options like the
\n
share price at the date of the grant, exercise price (strike), the likelihood of holding the share options to expiry date, risk-free interest
\n
rate and the volatility that is deemed based on historic volatility of the poLight share.
\n
The cost of equity-settled transactions is recognised in employee benefits expense (Note 5.3 Employee benefits expense), together
\n
with a corresponding increase in equity (other equity) over the period in which the service and, where applicable, the performance
\n
conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date
\n
until the vesting date, reflects the extent to which the vesting period has expired, and the Group\u2019s best estimate of the number of
\n
equity instruments that will ultimately vest. The share options expense recognised in the income statement includes accrued
\n
employer\u2019s national insurance contribution (\u201cNICs\u201d) expenses that are calculated based on the number of vested share options and
\n
a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for the
\n
period. The NICs is accounted for as a cash settled element with a liability recognised in the consolidated statement of financial
\n
position. The expense in the consolidated statement of income for a period, represents the movement in cumulative expense
\n
recognised as at the beginning and end of that period.
\n
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share
\n
(further details are given in Note 7).
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag269": { "value": "\n
3 Significant accounting judgements and key sources of estimation uncertainty
\n
3.1 Significant judgements in applying the Group\u2019s accounting policies
\n
The following summarizes the most significant judgements used in preparing the consolidated financial statements.
\n
Share option plans
\n
Estimating fair value for share option plans transactions requires determination of the most appropriate valuation model, which
\n
depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the
\n
valuation model, including the expected life of the share option, volatility and dividend yield, and assumptions about the inputs.
\n
For determining the fair value of equity-settled transactions with employees at the grant date, the Group uses the Black-Scholes
\n
option pricing model. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed
\n
in Note 5.3 Employee benefits expense.
\n
Development costs
\n
Initial capitalisation of costs is based on management\u2019s assessment that technological and economic feasibility is likely, usually when
\n
a product development project has reached a defined milestone, according to an established project management model. Cost of
\n
material used in manufacturing line until status of \u201cmass production\u201d is achieved is recognised as development costs to the extent
\n
that it is not sellable parts. In determining the amounts to be capitalised, management makes assumptions regarding the expected
\n
future cash generation of the project, discount rates to be applied, and the expected period of benefits.
\n

\n\n\n\n\n\n\n
Impairment of non-financial assets
\n
The management has evaluated that the Group as a whole is one cash generating unit (CGU) for impairment testing, see note 10.
\n
Judgements are required to determine if impairment indicators are present. During 2024, no impairment indicators have been
\n
identified, and no impairment test has been performed. As the Group as a whole is one CGU, the market capitalisation based on the
\n
company\u2019s share price is both one of the impairment indicators and basis for estimating fair value less cost of sales if an impairment
\n
test should be performed. See Note 10 Development costs for further details. See also note 3.2. below.
\n
3.2 Key sources of estimation uncertainty \u2013 significant accounting estimates
\n
The preparation of poLight\u2019s consolidated financial statements requires the use of accounting estimates. These estimates affect the
\n
reported amounts of assets, liabilities, income and expenses, and the accompanying disclosures. Accounting estimates and
\n
assumptions, which are continuously reviewed, are based on historical experience and various other factors that are believed to be
\n
reasonable and appropriate under the circumstances. Uncertainty about these estimates and assumptions could result in outcomes
\n
that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
\n
The following summarizes the most significant estimates used in preparing the consolidated financial statements.
\n
Provision for obsolescence
\n
When estimating net realisable value of the inventory the Group assesses the provision for obsolescence. Customers\u2019 demand,
\n
expected sales prices obtainable in the market and age are parameters that are considered when assessing this provision. Customers\u2019
\n
demand for each product and each variant of the products are determined based on feedback from customers using the TLens\u00ae in
\n
released products as well as completed and ongoing PoC\u2019s. Specifically, poLight has made provision on most of the first generation
\n
of the TLenses as it most likely is not addressable to the smart phone market or other mass market products as was intended originally
\n
when the wafers were produced. In addition, a general provision has been made for aging of wafers and materials. As a general rule,
\n
one-year-old wafers and units prompt a 10 per cent provision, while the provision for two-year-old and three-year-old wafers and
\n
units is 20 per cent and 30 per cent respectively. As there have been limited sales volumes to date, the provisions made are subject
\n
to significant estimation uncertainty. The provision is disclosed in Note 12 Inventories.
\n
Impairment of non-financial assets
\n
As described in note 3.1 and note 10 Development costs, the Group has not performed an impairment test during 2024, among other
\n
things with reference to its market capitalisation. The market capitalisation at 31 December 2024 materially exceeded the carrying
\n
amount of equity. The share price has in the first quarter of 2025 declined materially, but market capitalisation at the end of the first
\n
quarter 2025 was still above the carrying amount of equity at 31 December 2024. If the market capitalisation should decline below
\n
the carrying amount of equity, or other impairment indicators are present, the Group would have to perform an impairment test,
\n
which could result in an impairment charge being recognised.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag271": { "value": "\n

\n
4 Segment information
\n
The Group has only one operating segment \u2013 the TLens\u00ae technology platform, consistent with the reporting to the CEO and the
\n
Board.
\n
poLight\u2019s product TLens\u00ae may be used in devices such as smartphones, wearables, barcode, machine vision systems and various
\n
medical equipment. poLight's TLens\u00ae enables better system performance and new user experiences due to benefits such as extremely
\n
fast focus, small footprint, no magnetic interference, low power consumption and constant field of view.
\n
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Geographical distribution Revenue
(in NOK 000) 20242023
America 4 9825 990
Asia 4 41011 818
Europe 2324 702
Total9 62422 511
\n\n\n\n
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\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Geographical distributionRight-of-use assetsMachinery & equipmentDevelopment costs
(in NOK 000)202420232024202320242023
Norway 10 2412 9153 1611 94710 30617 580
France 002900
Finland 00486100
Taiwan 0023000
The Philippines 006 3387 17600
China 0081600
Total 10 2412 9159 5599 23910 30617 580
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All patents and most of the economic IP (intellectual property) is owned by parent company based in Norway. A sales office has been
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\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag272": { "value": "\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Geographical distribution Revenue
(in NOK 000) 20242023
America 4 9825 990
Asia 4 41011 818
Europe 2324 702
Total9 62422 511
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Geographical distributionRight-of-use assetsMachinery & equipmentDevelopment costs
(in NOK 000)202420232024202320242023
Norway 10 2412 9153 1611 94710 30617 580
France 002900
Finland 00486100
Taiwan 0023000
The Philippines 006 3387 17600
China 0081600
Total 10 2412 9159 5599 23910 30617 580
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All patents and most of the economic IP (intellectual property) is owned by parent company based in Norway. A sales office has been
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established in China, with a parent holding company in Hong Kong.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag275": { "value": "\n

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5 Other income/expenses
\n\n
5.1 Specification of Cost of Sales
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) Note 20242023
Wafer and assembly production cost, outsourced 2 0977 556
Customer customisations, employee expense 5.3 19248
Final testing, employee expense5.3 67871
Depreciation of final testing equipment825264
Total Cost of Sales 2 2088 939
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5.2 Specification of operating expenses by nature
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(in NOK 000) Note 20242023
Employee benefits expense1)5.370 40168 725
Depreciation and amortisation10 4899 670
Other operating expenses 28 72022 258
Total operating expenses109610100 653
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1) Including consultants engaged on long-term contracts
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5.3 Employee benefits expense
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Included in Research and development expenses:
Wages and salaries10 38810 616
Consultants engaged on long-term contracts 9 21410 108
Social security costs 1 9792 087
Pension costs 514516
Other benefits and social costs 645363
Share based compensation costs 2 1542 053
Grants-323-495
Included in Sales and marketing expenses:
Wages and salaries 2 5725 054
Consultants engaged on long-term contracts7 8346 297
Social security costs 490993
Pension costs 127246
Other benefits and social costs 160173
Share based compensation costs 2 1151 976
Included in Operational / supply chain expenses:
Wages and salaries 5 6792 141
Consultants engaged on long-term contracts 8 0546 194
Social security costs 1 082421
Pension costs281104
Other benefits and social costs35373
Share based compensation costs 1 4602 188
Included in Administrative expenses:
Wages and salaries12 57110 631
Consultants engaged on long-term contract 287238
Social security costs 2 3942 090
Pension costs 622516
Other benefits and social costs 781363
Share based compensation costs -1 0323 779
Total employee benefits expense 70 40168 725
Average number of man-years, employees2723
Average number of man-years, total4538
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Bonus program
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All employees are included in a cash bonus program with identical bonus triggers for all employees except the CEO, who has additional
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triggers related to capital raise and exit, and some modifications implemented for the sales employees. The bonus is calculated based
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on fixed salary, with a maximum of 80% for the CEO, 40% for the other members of the Executive Management Team, 20-30% for
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sales employees, 20% for department managers, and 10% for other employees. The bonus costs are included in \u201cWages and salaries\u201d
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and \u201cConsultants engaged on long-term contracts\u201d.
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Pensions
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poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
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company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
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mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
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The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
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income. In 2023 and 2024, 7% of the salary between 0G (1G=NOK 124,028 per May 1, 2024) and 7.1G, and 15% of the salary between
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7.1G and 12G was calculated. The period\u2019s contributions are recognised in the Consolidated statement of income.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Defined contribution plan 1 4671 299
Employer\u2019s national insurance contribution 207183
Total pension cost 1 6741 483
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Share option plans (equity-settled)
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Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant.
\n
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
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to the share option agreement, the company is liable for corporate taxes including National Insurance, with a limitation of 20%. The
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program is conditional on the employee\u2019s continued employment in poLight.
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The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
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rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
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Share option expense
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Share based compensation costs 10 0088 101
Employer\u2019s national insurance contribution -5 3121 894
Recognised as employee benefits expense4 6979 996
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The share options expense includes accrued employer\u2019s national insurance contribution expenses that are calculated based on the
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number of vested share options and a proportion of share options under vesting multiplied by the difference between market price
\n
and exercise price at the end for the period.
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The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 264,846 (6,621,155 shares
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at par value of NOK 0.04).
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Outstanding share options at December 31, 2024
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Remaining
Outstanding Exercisable Remaining Total estimated
Exercise price no. of share no. of share contractual expensed (in expense (in
Year grantedNotes(NOK)optionsoptionslife (years)NOK 000)NOK 000)
2019 13.78157 215157 2150.473680
2022 221.00000.001 406162
2023312.15000.005 1992 347
2023 312.82000.001 840249
2024 33.205 564 490927 3994.463 4524 073
2024 4.33550 00045 8304.72355967
6 271 7051 130 4444.3812 6207 799
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1) 157,215 share options issued in 2019 originally expired in June 2024 was extended by board resolution in June 2024 with 1
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year
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2) The board offered, after board resolution in August 2023, a replacement share option agreement (after cancellation) to
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those how got share options at strike 21.00 (2022). 800,000 share options were cancelled and replaced with a new share
\n
option agreement at strike 12.82. The fair value of the new share options was measured to NOK 2.1 million net after
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reduction of the fair value of the cancelled share options.
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3) The board offered, after board resolution in June 2024, a replacement share option agreement (after cancellation) to all
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share option holders. 5,304,490 share options were cancelled and replaced with a new share option agreement at strike
\n
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
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cancelled share options.
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The terms of the stock options imply that exercise windows for exercising stock options shall be opened, normally each quarter after
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the presentation of quarterly reports. Throughout the term of these options, the Board has on several occasions not been able to
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open such exercise windows. The Board have mandate to extend the term of previously granted options for a period equivalent to
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the period of exercise windows that have not been opened, or subject to lock-up arrangements.
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The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 4.38 years (2023:
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2.69 years).
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Reconciliation of outstanding share options
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Number of WAEPNumber of WAEP
share optionsshare options
Outstanding at 1 January 5 579 06611.34 238 64512.9
Granted during the year6 129 4903.32 270 00012.5
Forfeited during the year -113 75011.1-65 55622.1
Cancelled during the year -5 304 49011.7-800 00022.4
Exercised during the year-1 2503.2-48 3305.9
Expired during the year -17 36122.8-15 69314.9
Outstanding at 31 December6 271 7053.35 579 06611.3
In % of outstanding shares 4.84 %8.43 %
Exercisable at 31 December1 130 4443.33 498 12210.6
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The weighted average exercise price (WAEP) for the share options exercised during 2024 was NOK 3.2 (2023: NOK 5.9), and the
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average market price at the exercise dates was NOK 3.82 (2023: NOK 12.27).
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The weighted average exercise price for the share options outstanding as at 31 December 2024, was NOK 3.3 (2023: NOK 11.3) with
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a range from NOK 3.20 to NOK 4.33. At the end of the year, the weighted average exercise price was NOK 3.3 (2023: NOK 10.6) on
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exercisable options.
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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
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Share option valuation
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The fair value of the options granted in 2024 has been calculated to NOK 8.8 million excluding social security expenses (2023: NOK
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7.5 million), by using the Black-Scholes option pricing model.
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The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
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2024 2023
Program 1Program 2
Price at grant date* NOK 3.85NOK 12.15NOK 12.15
Exercise price* NOK 3.30NOK 12.15NOK 12.15
Maximum1) option life 5 years5 years5 years
Assumed option life 2.63 years2.5 years4 years
Risk-free interest rate*3.62 %4.1%4.1%
Volatility* 85 %60 %60 %
Fair value per share option*NOK 1.442)NOK 4.8NOK 6.0
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1) Although the share options expire 5 years from the date of the grant, any vested options are required to be exercised
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no later than the first exercise window after an employee's last day of service with the company.
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2) The low fair value is due to the fact that most of the grants in 2024 were replacements of existing programs, where the
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fair value was measured to net after reduction of the fair value of the cancelled share options.
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*) Weighted average parameters at grant of the share options.
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Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
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Sensitivity analysis
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The fair value of the share options granted in 2024 of NOK 8.8 million was determined based on an assumption of a volatility of 85%.
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At a volatility of 60%, holding other assumptions constants, would have decreased the fair value with NOK 2.8 million over the vesting
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period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with NOK 2.2 million
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5.4 Research and development expenses
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(in NOK 000) 20242023
Employee benefits expense (incl. consultants)24 89525 743
Other operating expenses 9 64610 990
Government grants-2 217-2 117
Capitalized 00
Total Research and development expenses 32 32334 616
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Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
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R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
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feasibility study of new concepts, software license and costs related to integration of TLens in new customer applications/products.
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None of the activities were eligible for capitalisation during 2024 and 2023 since these have so far been in an early phase from an
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5.5 Sales and marketing expenses
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(in NOK 000) 20242023
Employee benefits expense (incl. consultants) 13 29814 739
Other operating expenses 3 0072 973
Total Sales and marketing expenses 16 30517 712
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5.6 Operational/supply chain expenses
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(in NOK 000) 20242023
Employee benefits expense (incl. consultants)16 90911 121
Other operating expenses 6 6335 563
Total Operational / supply chain expenses 23 54216 684
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5.7 Administrative expenses
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(in NOK 000)20242023
Employee benefits expense 15 62217 617
Other operating expenses 11 3284 354
Total Administrative expenses 26 95021 971
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5.8 Auditor's remuneration
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(in NOK 000)20242023
Statutory audit 9851 528
Other attestation services279309
Tax consultancy 3866
Other services that are not part of the audit 128128
Total Auditor's remuneration (excluding VAT)1 4302 031
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5.9 Financial items
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(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag276": { "value": "\n

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5 Other income/expenses
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5.1 Specification of Cost of Sales
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(in NOK 000) Note 20242023
Wafer and assembly production cost, outsourced 2 0977 556
Customer customisations, employee expense 5.3 19248
Final testing, employee expense5.3 67871
Depreciation of final testing equipment825264
Total Cost of Sales 2 2088 939
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5.2 Specification of operating expenses by nature
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(in NOK 000) Note 20242023
Employee benefits expense1)5.370 40168 725
Depreciation and amortisation10 4899 670
Other operating expenses 28 72022 258
Total operating expenses109610100 653
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5.3 Employee benefits expense
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(in NOK 000) 20242023
Included in Research and development expenses:
Wages and salaries10 38810 616
Consultants engaged on long-term contracts 9 21410 108
Social security costs 1 9792 087
Pension costs 514516
Other benefits and social costs 645363
Share based compensation costs 2 1542 053
Grants-323-495
Included in Sales and marketing expenses:
Wages and salaries 2 5725 054
Consultants engaged on long-term contracts7 8346 297
Social security costs 490993
Pension costs 127246
Other benefits and social costs 160173
Share based compensation costs 2 1151 976
Included in Operational / supply chain expenses:
Wages and salaries 5 6792 141
Consultants engaged on long-term contracts 8 0546 194
Social security costs 1 082421
Pension costs281104
Other benefits and social costs35373
Share based compensation costs 1 4602 188
Included in Administrative expenses:
Wages and salaries12 57110 631
Consultants engaged on long-term contract 287238
Social security costs 2 3942 090
Pension costs 622516
Other benefits and social costs 781363
Share based compensation costs -1 0323 779
Total employee benefits expense 70 40168 725
Average number of man-years, employees2723
Average number of man-years, total4538
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Bonus program
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All employees are included in a cash bonus program with identical bonus triggers for all employees except the CEO, who has additional
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triggers related to capital raise and exit, and some modifications implemented for the sales employees. The bonus is calculated based
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on fixed salary, with a maximum of 80% for the CEO, 40% for the other members of the Executive Management Team, 20-30% for
\n
sales employees, 20% for department managers, and 10% for other employees. The bonus costs are included in \u201cWages and salaries\u201d
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and \u201cConsultants engaged on long-term contracts\u201d.
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Pensions
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poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2023 and 2024, 7% of the salary between 0G (1G=NOK 124,028 per May 1, 2024) and 7.1G, and 15% of the salary between
\n
7.1G and 12G was calculated. The period\u2019s contributions are recognised in the Consolidated statement of income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Defined contribution plan 1 4671 299
Employer\u2019s national insurance contribution 207183
Total pension cost 1 6741 483
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Share option plans (equity-settled)
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Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
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the market price of the underlying shares on the date of grant.
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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
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to the share option agreement, the company is liable for corporate taxes including National Insurance, with a limitation of 20%. The
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program is conditional on the employee\u2019s continued employment in poLight.
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The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n
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Share option expense
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Share based compensation costs 10 0088 101
Employer\u2019s national insurance contribution -5 3121 894
Recognised as employee benefits expense4 6979 996
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The share options expense includes accrued employer\u2019s national insurance contribution expenses that are calculated based on the
\n
number of vested share options and a proportion of share options under vesting multiplied by the difference between market price
\n
and exercise price at the end for the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 264,846 (6,621,155 shares
\n
at par value of NOK 0.04).
\n

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Outstanding share options at December 31, 2024
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Remaining
Outstanding Exercisable Remaining Total estimated
Exercise price no. of share no. of share contractual expensed (in expense (in
Year grantedNotes(NOK)optionsoptionslife (years)NOK 000)NOK 000)
2019 13.78157 215157 2150.473680
2022 221.00000.001 406162
2023312.15000.005 1992 347
2023 312.82000.001 840249
2024 33.205 564 490927 3994.463 4524 073
2024 4.33550 00045 8304.72355967
6 271 7051 130 4444.3812 6207 799
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1) 157,215 share options issued in 2019 originally expired in June 2024 was extended by board resolution in June 2024 with 1
\n
year
\n
2) The board offered, after board resolution in August 2023, a replacement share option agreement (after cancellation) to
\n
those how got share options at strike 21.00 (2022). 800,000 share options were cancelled and replaced with a new share
\n
option agreement at strike 12.82. The fair value of the new share options was measured to NOK 2.1 million net after
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reduction of the fair value of the cancelled share options.
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3) The board offered, after board resolution in June 2024, a replacement share option agreement (after cancellation) to all
\n
share option holders. 5,304,490 share options were cancelled and replaced with a new share option agreement at strike
\n
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
\n
cancelled share options.
\n
The terms of the stock options imply that exercise windows for exercising stock options shall be opened, normally each quarter after
\n
the presentation of quarterly reports. Throughout the term of these options, the Board has on several occasions not been able to
\n
open such exercise windows. The Board have mandate to extend the term of previously granted options for a period equivalent to
\n
the period of exercise windows that have not been opened, or subject to lock-up arrangements.
\n
The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 4.38 years (2023:
\n
2.69 years).
\n
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Reconciliation of outstanding share options
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\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Number of WAEPNumber of WAEP
share optionsshare options
Outstanding at 1 January 5 579 06611.34 238 64512.9
Granted during the year6 129 4903.32 270 00012.5
Forfeited during the year -113 75011.1-65 55622.1
Cancelled during the year -5 304 49011.7-800 00022.4
Exercised during the year-1 2503.2-48 3305.9
Expired during the year -17 36122.8-15 69314.9
Outstanding at 31 December6 271 7053.35 579 06611.3
In % of outstanding shares 4.84 %8.43 %
Exercisable at 31 December1 130 4443.33 498 12210.6
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The weighted average exercise price (WAEP) for the share options exercised during 2024 was NOK 3.2 (2023: NOK 5.9), and the
\n
average market price at the exercise dates was NOK 3.82 (2023: NOK 12.27).
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The weighted average exercise price for the share options outstanding as at 31 December 2024, was NOK 3.3 (2023: NOK 11.3) with
\n
a range from NOK 3.20 to NOK 4.33. At the end of the year, the weighted average exercise price was NOK 3.3 (2023: NOK 10.6) on
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exercisable options.
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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
\n
immediately vested.
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Share option valuation
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The fair value of the options granted in 2024 has been calculated to NOK 8.8 million excluding social security expenses (2023: NOK
\n
7.5 million), by using the Black-Scholes option pricing model.
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The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Program 1Program 2
Price at grant date* NOK 3.85NOK 12.15NOK 12.15
Exercise price* NOK 3.30NOK 12.15NOK 12.15
Maximum1) option life 5 years5 years5 years
Assumed option life 2.63 years2.5 years4 years
Risk-free interest rate*3.62 %4.1%4.1%
Volatility* 85 %60 %60 %
Fair value per share option*NOK 1.442)NOK 4.8NOK 6.0
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1) Although the share options expire 5 years from the date of the grant, any vested options are required to be exercised
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no later than the first exercise window after an employee's last day of service with the company.
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2) The low fair value is due to the fact that most of the grants in 2024 were replacements of existing programs, where the
\n
fair value was measured to net after reduction of the fair value of the cancelled share options.
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*) Weighted average parameters at grant of the share options.
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Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
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Sensitivity analysis
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The fair value of the share options granted in 2024 of NOK 8.8 million was determined based on an assumption of a volatility of 85%.
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At a volatility of 60%, holding other assumptions constants, would have decreased the fair value with NOK 2.8 million over the vesting
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period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with NOK 2.2 million
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over the vesting period.
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5.4 Research and development expenses
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(in NOK 000) 20242023
Employee benefits expense (incl. consultants)24 89525 743
Other operating expenses 9 64610 990
Government grants-2 217-2 117
Capitalized 00
Total Research and development expenses 32 32334 616
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Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
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R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
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feasibility study of new concepts, software license and costs related to integration of TLens in new customer applications/products.
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None of the activities were eligible for capitalisation during 2024 and 2023 since these have so far been in an early phase from an
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5.5 Sales and marketing expenses
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Employee benefits expense (incl. consultants) 13 29814 739
Other operating expenses 3 0072 973
Total Sales and marketing expenses 16 30517 712
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5.6 Operational/supply chain expenses
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(in NOK 000) 20242023
Employee benefits expense (incl. consultants)16 90911 121
Other operating expenses 6 6335 563
Total Operational / supply chain expenses 23 54216 684
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5.7 Administrative expenses
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)20242023
Employee benefits expense 15 62217 617
Other operating expenses 11 3284 354
Total Administrative expenses 26 95021 971
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5.8 Auditor's remuneration
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)20242023
Statutory audit 9851 528
Other attestation services279309
Tax consultancy 3866
Other services that are not part of the audit 128128
Total Auditor's remuneration (excluding VAT)1 4302 031
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5.9 Financial items
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag277": { "value": "\n

\n
5 Other income/expenses
\n\n
5.1 Specification of Cost of Sales
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) Note 20242023
Wafer and assembly production cost, outsourced 2 0977 556
Customer customisations, employee expense 5.3 19248
Final testing, employee expense5.3 67871
Depreciation of final testing equipment825264
Total Cost of Sales 2 2088 939
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5.2 Specification of operating expenses by nature
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(in NOK 000) Note 20242023
Employee benefits expense1)5.370 40168 725
Depreciation and amortisation10 4899 670
Other operating expenses 28 72022 258
Total operating expenses109610100 653
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1) Including consultants engaged on long-term contracts
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5.3 Employee benefits expense
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Included in Research and development expenses:
Wages and salaries10 38810 616
Consultants engaged on long-term contracts 9 21410 108
Social security costs 1 9792 087
Pension costs 514516
Other benefits and social costs 645363
Share based compensation costs 2 1542 053
Grants-323-495
Included in Sales and marketing expenses:
Wages and salaries 2 5725 054
Consultants engaged on long-term contracts7 8346 297
Social security costs 490993
Pension costs 127246
Other benefits and social costs 160173
Share based compensation costs 2 1151 976
Included in Operational / supply chain expenses:
Wages and salaries 5 6792 141
Consultants engaged on long-term contracts 8 0546 194
Social security costs 1 082421
Pension costs281104
Other benefits and social costs35373
Share based compensation costs 1 4602 188
Included in Administrative expenses:
Wages and salaries12 57110 631
Consultants engaged on long-term contract 287238
Social security costs 2 3942 090
Pension costs 622516
Other benefits and social costs 781363
Share based compensation costs -1 0323 779
Total employee benefits expense 70 40168 725
Average number of man-years, employees2723
Average number of man-years, total4538
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Bonus program
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All employees are included in a cash bonus program with identical bonus triggers for all employees except the CEO, who has additional
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triggers related to capital raise and exit, and some modifications implemented for the sales employees. The bonus is calculated based
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on fixed salary, with a maximum of 80% for the CEO, 40% for the other members of the Executive Management Team, 20-30% for
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sales employees, 20% for department managers, and 10% for other employees. The bonus costs are included in \u201cWages and salaries\u201d
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and \u201cConsultants engaged on long-term contracts\u201d.
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Pensions
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poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2023 and 2024, 7% of the salary between 0G (1G=NOK 124,028 per May 1, 2024) and 7.1G, and 15% of the salary between
\n
7.1G and 12G was calculated. The period\u2019s contributions are recognised in the Consolidated statement of income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Defined contribution plan 1 4671 299
Employer\u2019s national insurance contribution 207183
Total pension cost 1 6741 483
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Share option plans (equity-settled)
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Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant.
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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
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to the share option agreement, the company is liable for corporate taxes including National Insurance, with a limitation of 20%. The
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program is conditional on the employee\u2019s continued employment in poLight.
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The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
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rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
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Share option expense
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Share based compensation costs 10 0088 101
Employer\u2019s national insurance contribution -5 3121 894
Recognised as employee benefits expense4 6979 996
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The share options expense includes accrued employer\u2019s national insurance contribution expenses that are calculated based on the
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number of vested share options and a proportion of share options under vesting multiplied by the difference between market price
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and exercise price at the end for the period.
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The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 264,846 (6,621,155 shares
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at par value of NOK 0.04).
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Outstanding share options at December 31, 2024
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Remaining
Outstanding Exercisable Remaining Total estimated
Exercise price no. of share no. of share contractual expensed (in expense (in
Year grantedNotes(NOK)optionsoptionslife (years)NOK 000)NOK 000)
2019 13.78157 215157 2150.473680
2022 221.00000.001 406162
2023312.15000.005 1992 347
2023 312.82000.001 840249
2024 33.205 564 490927 3994.463 4524 073
2024 4.33550 00045 8304.72355967
6 271 7051 130 4444.3812 6207 799
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1) 157,215 share options issued in 2019 originally expired in June 2024 was extended by board resolution in June 2024 with 1
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year
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2) The board offered, after board resolution in August 2023, a replacement share option agreement (after cancellation) to
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those how got share options at strike 21.00 (2022). 800,000 share options were cancelled and replaced with a new share
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option agreement at strike 12.82. The fair value of the new share options was measured to NOK 2.1 million net after
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reduction of the fair value of the cancelled share options.
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3) The board offered, after board resolution in June 2024, a replacement share option agreement (after cancellation) to all
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share option holders. 5,304,490 share options were cancelled and replaced with a new share option agreement at strike
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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
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cancelled share options.
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The terms of the stock options imply that exercise windows for exercising stock options shall be opened, normally each quarter after
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the presentation of quarterly reports. Throughout the term of these options, the Board has on several occasions not been able to
\n
open such exercise windows. The Board have mandate to extend the term of previously granted options for a period equivalent to
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the period of exercise windows that have not been opened, or subject to lock-up arrangements.
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The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 4.38 years (2023:
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2.69 years).
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Reconciliation of outstanding share options
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2024 2023
Number of WAEPNumber of WAEP
share optionsshare options
Outstanding at 1 January 5 579 06611.34 238 64512.9
Granted during the year6 129 4903.32 270 00012.5
Forfeited during the year -113 75011.1-65 55622.1
Cancelled during the year -5 304 49011.7-800 00022.4
Exercised during the year-1 2503.2-48 3305.9
Expired during the year -17 36122.8-15 69314.9
Outstanding at 31 December6 271 7053.35 579 06611.3
In % of outstanding shares 4.84 %8.43 %
Exercisable at 31 December1 130 4443.33 498 12210.6
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The weighted average exercise price (WAEP) for the share options exercised during 2024 was NOK 3.2 (2023: NOK 5.9), and the
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average market price at the exercise dates was NOK 3.82 (2023: NOK 12.27).
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The weighted average exercise price for the share options outstanding as at 31 December 2024, was NOK 3.3 (2023: NOK 11.3) with
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a range from NOK 3.20 to NOK 4.33. At the end of the year, the weighted average exercise price was NOK 3.3 (2023: NOK 10.6) on
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exercisable options.
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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
\n
immediately vested.
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Share option valuation
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The fair value of the options granted in 2024 has been calculated to NOK 8.8 million excluding social security expenses (2023: NOK
\n
7.5 million), by using the Black-Scholes option pricing model.
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The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
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in the calculation was:
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2024 2023
Program 1Program 2
Price at grant date* NOK 3.85NOK 12.15NOK 12.15
Exercise price* NOK 3.30NOK 12.15NOK 12.15
Maximum1) option life 5 years5 years5 years
Assumed option life 2.63 years2.5 years4 years
Risk-free interest rate*3.62 %4.1%4.1%
Volatility* 85 %60 %60 %
Fair value per share option*NOK 1.442)NOK 4.8NOK 6.0
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1) Although the share options expire 5 years from the date of the grant, any vested options are required to be exercised
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*) Weighted average parameters at grant of the share options.
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Sensitivity analysis
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The fair value of the share options granted in 2024 of NOK 8.8 million was determined based on an assumption of a volatility of 85%.
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5.4 Research and development expenses
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(in NOK 000) 20242023
Employee benefits expense (incl. consultants)24 89525 743
Other operating expenses 9 64610 990
Government grants-2 217-2 117
Capitalized 00
Total Research and development expenses 32 32334 616
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Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
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5.5 Sales and marketing expenses
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(in NOK 000) 20242023
Employee benefits expense (incl. consultants) 13 29814 739
Other operating expenses 3 0072 973
Total Sales and marketing expenses 16 30517 712
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(in NOK 000) 20242023
Employee benefits expense (incl. consultants)16 90911 121
Other operating expenses 6 6335 563
Total Operational / supply chain expenses 23 54216 684
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5.7 Administrative expenses
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(in NOK 000)20242023
Employee benefits expense 15 62217 617
Other operating expenses 11 3284 354
Total Administrative expenses 26 95021 971
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5.8 Auditor's remuneration
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(in NOK 000)20242023
Statutory audit 9851 528
Other attestation services279309
Tax consultancy 3866
Other services that are not part of the audit 128128
Total Auditor's remuneration (excluding VAT)1 4302 031
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5.9 Financial items
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(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag278": { "value": "\n
5.1 Specification of Cost of Sales
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) Note 20242023
Wafer and assembly production cost, outsourced 2 0977 556
Customer customisations, employee expense 5.3 19248
Final testing, employee expense5.3 67871
Depreciation of final testing equipment825264
Total Cost of Sales 2 2088 939
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12 Inventories
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(in NOK 000) 20242023
Components; mainly wafers (at cost) 77 47278 837
Finished goods; lenses and driver ASICs (at cost) 6 3126 195
Obsolescence provision -21 353-14 944
Total inventories at the lower of cost and net realisable value62 43170 089
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During 2024, NOK 6.4 million (2023: NOK 1.4 million) was recognised as an obsolescence expense for inventories carried at net
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag286": { "value": "\n

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5.3 Employee benefits expense
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(in NOK 000) 20242023
Included in Research and development expenses:
Wages and salaries10 38810 616
Consultants engaged on long-term contracts 9 21410 108
Social security costs 1 9792 087
Pension costs 514516
Other benefits and social costs 645363
Share based compensation costs 2 1542 053
Grants-323-495
Included in Sales and marketing expenses:
Wages and salaries 2 5725 054
Consultants engaged on long-term contracts7 8346 297
Social security costs 490993
Pension costs 127246
Other benefits and social costs 160173
Share based compensation costs 2 1151 976
Included in Operational / supply chain expenses:
Wages and salaries 5 6792 141
Consultants engaged on long-term contracts 8 0546 194
Social security costs 1 082421
Pension costs281104
Other benefits and social costs35373
Share based compensation costs 1 4602 188
Included in Administrative expenses:
Wages and salaries12 57110 631
Consultants engaged on long-term contract 287238
Social security costs 2 3942 090
Pension costs 622516
Other benefits and social costs 781363
Share based compensation costs -1 0323 779
Total employee benefits expense 70 40168 725
Average number of man-years, employees2723
Average number of man-years, total4538
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Bonus program
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All employees are included in a cash bonus program with identical bonus triggers for all employees except the CEO, who has additional
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Pensions
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poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
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\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
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The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
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(in NOK 000) 20242023
Defined contribution plan 1 4671 299
Employer\u2019s national insurance contribution 207183
Total pension cost 1 6741 483
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Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
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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
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program is conditional on the employee\u2019s continued employment in poLight.
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The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
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(in NOK 000) 20242023
Share based compensation costs 10 0088 101
Employer\u2019s national insurance contribution -5 3121 894
Recognised as employee benefits expense4 6979 996
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The share options expense includes accrued employer\u2019s national insurance contribution expenses that are calculated based on the
\n
number of vested share options and a proportion of share options under vesting multiplied by the difference between market price
\n
and exercise price at the end for the period.
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The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 264,846 (6,621,155 shares
\n
at par value of NOK 0.04).
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Outstanding share options at December 31, 2024
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Remaining
Outstanding Exercisable Remaining Total estimated
Exercise price no. of share no. of share contractual expensed (in expense (in
Year grantedNotes(NOK)optionsoptionslife (years)NOK 000)NOK 000)
2019 13.78157 215157 2150.473680
2022 221.00000.001 406162
2023312.15000.005 1992 347
2023 312.82000.001 840249
2024 33.205 564 490927 3994.463 4524 073
2024 4.33550 00045 8304.72355967
6 271 7051 130 4444.3812 6207 799
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1) 157,215 share options issued in 2019 originally expired in June 2024 was extended by board resolution in June 2024 with 1
\n
year
\n
2) The board offered, after board resolution in August 2023, a replacement share option agreement (after cancellation) to
\n
those how got share options at strike 21.00 (2022). 800,000 share options were cancelled and replaced with a new share
\n
option agreement at strike 12.82. The fair value of the new share options was measured to NOK 2.1 million net after
\n
reduction of the fair value of the cancelled share options.
\n
3) The board offered, after board resolution in June 2024, a replacement share option agreement (after cancellation) to all
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share option holders. 5,304,490 share options were cancelled and replaced with a new share option agreement at strike
\n
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
\n
cancelled share options.
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The terms of the stock options imply that exercise windows for exercising stock options shall be opened, normally each quarter after
\n
the presentation of quarterly reports. Throughout the term of these options, the Board has on several occasions not been able to
\n
open such exercise windows. The Board have mandate to extend the term of previously granted options for a period equivalent to
\n
the period of exercise windows that have not been opened, or subject to lock-up arrangements.
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The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 4.38 years (2023:
\n
2.69 years).
\n
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Reconciliation of outstanding share options
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Number of WAEPNumber of WAEP
share optionsshare options
Outstanding at 1 January 5 579 06611.34 238 64512.9
Granted during the year6 129 4903.32 270 00012.5
Forfeited during the year -113 75011.1-65 55622.1
Cancelled during the year -5 304 49011.7-800 00022.4
Exercised during the year-1 2503.2-48 3305.9
Expired during the year -17 36122.8-15 69314.9
Outstanding at 31 December6 271 7053.35 579 06611.3
In % of outstanding shares 4.84 %8.43 %
Exercisable at 31 December1 130 4443.33 498 12210.6
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\n\n
The weighted average exercise price (WAEP) for the share options exercised during 2024 was NOK 3.2 (2023: NOK 5.9), and the
\n
average market price at the exercise dates was NOK 3.82 (2023: NOK 12.27).
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The weighted average exercise price for the share options outstanding as at 31 December 2024, was NOK 3.3 (2023: NOK 11.3) with
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a range from NOK 3.20 to NOK 4.33. At the end of the year, the weighted average exercise price was NOK 3.3 (2023: NOK 10.6) on
\n
exercisable options.
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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
\n
immediately vested.
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Share option valuation
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The fair value of the options granted in 2024 has been calculated to NOK 8.8 million excluding social security expenses (2023: NOK
\n
7.5 million), by using the Black-Scholes option pricing model.
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The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Program 1Program 2
Price at grant date* NOK 3.85NOK 12.15NOK 12.15
Exercise price* NOK 3.30NOK 12.15NOK 12.15
Maximum1) option life 5 years5 years5 years
Assumed option life 2.63 years2.5 years4 years
Risk-free interest rate*3.62 %4.1%4.1%
Volatility* 85 %60 %60 %
Fair value per share option*NOK 1.442)NOK 4.8NOK 6.0
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1) Although the share options expire 5 years from the date of the grant, any vested options are required to be exercised
\n
no later than the first exercise window after an employee's last day of service with the company.
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2) The low fair value is due to the fact that most of the grants in 2024 were replacements of existing programs, where the
\n
fair value was measured to net after reduction of the fair value of the cancelled share options.
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*) Weighted average parameters at grant of the share options.
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Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
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Sensitivity analysis
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The fair value of the share options granted in 2024 of NOK 8.8 million was determined based on an assumption of a volatility of 85%.
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At a volatility of 60%, holding other assumptions constants, would have decreased the fair value with NOK 2.8 million over the vesting
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period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with NOK 2.2 million
\n
over the vesting period.
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\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag287": { "value": "\n
5.3 Employee benefits expense
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Included in Research and development expenses:
Wages and salaries10 38810 616
Consultants engaged on long-term contracts 9 21410 108
Social security costs 1 9792 087
Pension costs 514516
Other benefits and social costs 645363
Share based compensation costs 2 1542 053
Grants-323-495
Included in Sales and marketing expenses:
Wages and salaries 2 5725 054
Consultants engaged on long-term contracts7 8346 297
Social security costs 490993
Pension costs 127246
Other benefits and social costs 160173
Share based compensation costs 2 1151 976
Included in Operational / supply chain expenses:
Wages and salaries 5 6792 141
Consultants engaged on long-term contracts 8 0546 194
Social security costs 1 082421
Pension costs281104
Other benefits and social costs35373
Share based compensation costs 1 4602 188
Included in Administrative expenses:
Wages and salaries12 57110 631
Consultants engaged on long-term contract 287238
Social security costs 2 3942 090
Pension costs 622516
Other benefits and social costs 781363
Share based compensation costs -1 0323 779
Total employee benefits expense 70 40168 725
Average number of man-years, employees2723
Average number of man-years, total4538
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Bonus program
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All employees are included in a cash bonus program with identical bonus triggers for all employees except the CEO, who has additional
\n
triggers related to capital raise and exit, and some modifications implemented for the sales employees. The bonus is calculated based
\n
on fixed salary, with a maximum of 80% for the CEO, 40% for the other members of the Executive Management Team, 20-30% for
\n
sales employees, 20% for department managers, and 10% for other employees. The bonus costs are included in \u201cWages and salaries\u201d
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and \u201cConsultants engaged on long-term contracts\u201d.
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\n\n\n\n\n\n

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\n\n

\n
Pensions
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poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2023 and 2024, 7% of the salary between 0G (1G=NOK 124,028 per May 1, 2024) and 7.1G, and 15% of the salary between
\n
7.1G and 12G was calculated. The period\u2019s contributions are recognised in the Consolidated statement of income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Defined contribution plan 1 4671 299
Employer\u2019s national insurance contribution 207183
Total pension cost 1 6741 483
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Share option plans (equity-settled)
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Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant.
\n
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
\n
to the share option agreement, the company is liable for corporate taxes including National Insurance, with a limitation of 20%. The
\n
program is conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
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Share option expense
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Share based compensation costs 10 0088 101
Employer\u2019s national insurance contribution -5 3121 894
Recognised as employee benefits expense4 6979 996
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The share options expense includes accrued employer\u2019s national insurance contribution expenses that are calculated based on the
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number of vested share options and a proportion of share options under vesting multiplied by the difference between market price
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and exercise price at the end for the period.
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The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 264,846 (6,621,155 shares
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at par value of NOK 0.04).
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Outstanding share options at December 31, 2024
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Remaining
Outstanding Exercisable Remaining Total estimated
Exercise price no. of share no. of share contractual expensed (in expense (in
Year grantedNotes(NOK)optionsoptionslife (years)NOK 000)NOK 000)
2019 13.78157 215157 2150.473680
2022 221.00000.001 406162
2023312.15000.005 1992 347
2023 312.82000.001 840249
2024 33.205 564 490927 3994.463 4524 073
2024 4.33550 00045 8304.72355967
6 271 7051 130 4444.3812 6207 799
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1) 157,215 share options issued in 2019 originally expired in June 2024 was extended by board resolution in June 2024 with 1
\n
year
\n
2) The board offered, after board resolution in August 2023, a replacement share option agreement (after cancellation) to
\n
those how got share options at strike 21.00 (2022). 800,000 share options were cancelled and replaced with a new share
\n
option agreement at strike 12.82. The fair value of the new share options was measured to NOK 2.1 million net after
\n
reduction of the fair value of the cancelled share options.
\n
3) The board offered, after board resolution in June 2024, a replacement share option agreement (after cancellation) to all
\n
share option holders. 5,304,490 share options were cancelled and replaced with a new share option agreement at strike
\n
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
\n
cancelled share options.
\n
The terms of the stock options imply that exercise windows for exercising stock options shall be opened, normally each quarter after
\n
the presentation of quarterly reports. Throughout the term of these options, the Board has on several occasions not been able to
\n
open such exercise windows. The Board have mandate to extend the term of previously granted options for a period equivalent to
\n
the period of exercise windows that have not been opened, or subject to lock-up arrangements.
\n
The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 4.38 years (2023:
\n
2.69 years).
\n
\n
Reconciliation of outstanding share options
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Number of WAEPNumber of WAEP
share optionsshare options
Outstanding at 1 January 5 579 06611.34 238 64512.9
Granted during the year6 129 4903.32 270 00012.5
Forfeited during the year -113 75011.1-65 55622.1
Cancelled during the year -5 304 49011.7-800 00022.4
Exercised during the year-1 2503.2-48 3305.9
Expired during the year -17 36122.8-15 69314.9
Outstanding at 31 December6 271 7053.35 579 06611.3
In % of outstanding shares 4.84 %8.43 %
Exercisable at 31 December1 130 4443.33 498 12210.6
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\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n
The weighted average exercise price (WAEP) for the share options exercised during 2024 was NOK 3.2 (2023: NOK 5.9), and the
\n
average market price at the exercise dates was NOK 3.82 (2023: NOK 12.27).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2024, was NOK 3.3 (2023: NOK 11.3) with
\n
a range from NOK 3.20 to NOK 4.33. At the end of the year, the weighted average exercise price was NOK 3.3 (2023: NOK 10.6) on
\n
exercisable options.
\n
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
\n
immediately vested.
\n
\n
Share option valuation
\n
The fair value of the options granted in 2024 has been calculated to NOK 8.8 million excluding social security expenses (2023: NOK
\n
7.5 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Program 1Program 2
Price at grant date* NOK 3.85NOK 12.15NOK 12.15
Exercise price* NOK 3.30NOK 12.15NOK 12.15
Maximum1) option life 5 years5 years5 years
Assumed option life 2.63 years2.5 years4 years
Risk-free interest rate*3.62 %4.1%4.1%
Volatility* 85 %60 %60 %
Fair value per share option*NOK 1.442)NOK 4.8NOK 6.0
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\n
\n
1) Although the share options expire 5 years from the date of the grant, any vested options are required to be exercised
\n
no later than the first exercise window after an employee's last day of service with the company.
\n
2) The low fair value is due to the fact that most of the grants in 2024 were replacements of existing programs, where the
\n
fair value was measured to net after reduction of the fair value of the cancelled share options.
\n
*) Weighted average parameters at grant of the share options.
\n
\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2024 of NOK 8.8 million was determined based on an assumption of a volatility of 85%.
\n
At a volatility of 60%, holding other assumptions constants, would have decreased the fair value with NOK 2.8 million over the vesting
\n
period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with NOK 2.2 million
\n
over the vesting period.
\n

\n\n\n\n\n\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag293": { "value": "\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant.
\n
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
\n
to the share option agreement, the company is liable for corporate taxes including National Insurance, with a limitation of 20%. The
\n
program is conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n
\n
Share option expense
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Share based compensation costs 10 0088 101
Employer\u2019s national insurance contribution -5 3121 894
Recognised as employee benefits expense4 6979 996
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The share options expense includes accrued employer\u2019s national insurance contribution expenses that are calculated based on the
\n
number of vested share options and a proportion of share options under vesting multiplied by the difference between market price
\n
and exercise price at the end for the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 264,846 (6,621,155 shares
\n
at par value of NOK 0.04).
\n

\n\n\n\n\n\n
Outstanding share options at December 31, 2024
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Remaining
Outstanding Exercisable Remaining Total estimated
Exercise price no. of share no. of share contractual expensed (in expense (in
Year grantedNotes(NOK)optionsoptionslife (years)NOK 000)NOK 000)
2019 13.78157 215157 2150.473680
2022 221.00000.001 406162
2023312.15000.005 1992 347
2023 312.82000.001 840249
2024 33.205 564 490927 3994.463 4524 073
2024 4.33550 00045 8304.72355967
6 271 7051 130 4444.3812 6207 799
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\n
1) 157,215 share options issued in 2019 originally expired in June 2024 was extended by board resolution in June 2024 with 1
\n
year
\n
2) The board offered, after board resolution in August 2023, a replacement share option agreement (after cancellation) to
\n
those how got share options at strike 21.00 (2022). 800,000 share options were cancelled and replaced with a new share
\n
option agreement at strike 12.82. The fair value of the new share options was measured to NOK 2.1 million net after
\n
reduction of the fair value of the cancelled share options.
\n
3) The board offered, after board resolution in June 2024, a replacement share option agreement (after cancellation) to all
\n
share option holders. 5,304,490 share options were cancelled and replaced with a new share option agreement at strike
\n
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
\n
cancelled share options.
\n
The terms of the stock options imply that exercise windows for exercising stock options shall be opened, normally each quarter after
\n
the presentation of quarterly reports. Throughout the term of these options, the Board has on several occasions not been able to
\n
open such exercise windows. The Board have mandate to extend the term of previously granted options for a period equivalent to
\n
the period of exercise windows that have not been opened, or subject to lock-up arrangements.
\n
The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 4.38 years (2023:
\n
2.69 years).
\n
\n
Reconciliation of outstanding share options
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Number of WAEPNumber of WAEP
share optionsshare options
Outstanding at 1 January 5 579 06611.34 238 64512.9
Granted during the year6 129 4903.32 270 00012.5
Forfeited during the year -113 75011.1-65 55622.1
Cancelled during the year -5 304 49011.7-800 00022.4
Exercised during the year-1 2503.2-48 3305.9
Expired during the year -17 36122.8-15 69314.9
Outstanding at 31 December6 271 7053.35 579 06611.3
In % of outstanding shares 4.84 %8.43 %
Exercisable at 31 December1 130 4443.33 498 12210.6
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\n\n\n\n\n\n
The weighted average exercise price (WAEP) for the share options exercised during 2024 was NOK 3.2 (2023: NOK 5.9), and the
\n
average market price at the exercise dates was NOK 3.82 (2023: NOK 12.27).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2024, was NOK 3.3 (2023: NOK 11.3) with
\n
a range from NOK 3.20 to NOK 4.33. At the end of the year, the weighted average exercise price was NOK 3.3 (2023: NOK 10.6) on
\n
exercisable options.
\n
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
\n
immediately vested.
\n
\n
Share option valuation
\n
The fair value of the options granted in 2024 has been calculated to NOK 8.8 million excluding social security expenses (2023: NOK
\n
7.5 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Program 1Program 2
Price at grant date* NOK 3.85NOK 12.15NOK 12.15
Exercise price* NOK 3.30NOK 12.15NOK 12.15
Maximum1) option life 5 years5 years5 years
Assumed option life 2.63 years2.5 years4 years
Risk-free interest rate*3.62 %4.1%4.1%
Volatility* 85 %60 %60 %
Fair value per share option*NOK 1.442)NOK 4.8NOK 6.0
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\n
1) Although the share options expire 5 years from the date of the grant, any vested options are required to be exercised
\n
no later than the first exercise window after an employee's last day of service with the company.
\n
2) The low fair value is due to the fact that most of the grants in 2024 were replacements of existing programs, where the
\n
fair value was measured to net after reduction of the fair value of the cancelled share options.
\n
*) Weighted average parameters at grant of the share options.
\n
\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2024 of NOK 8.8 million was determined based on an assumption of a volatility of 85%.
\n
At a volatility of 60%, holding other assumptions constants, would have decreased the fair value with NOK 2.8 million over the vesting
\n
period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with NOK 2.2 million
\n
over the vesting period.
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag309": { "value": "\n
5.4 Research and development expenses
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Employee benefits expense (incl. consultants)24 89525 743
Other operating expenses 9 64610 990
Government grants-2 217-2 117
Capitalized 00
Total Research and development expenses 32 32334 616
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Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
as Research and development expenses.
\n
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
\n
feasibility study of new concepts, software license and costs related to integration of TLens in new customer applications/products.
\n
None of the activities were eligible for capitalisation during 2024 and 2023 since these have so far been in an early phase from an
\n
R&D point of view.
\n

\n\n\n\n\n\n

\n\n

\n\n
10 Development costs
\n
The part of poLight\u2019s IP (intellectual property) that is recognised as an intangible asset is the fundamental TLens\u00ae technology, which
\n
can become a component in smartphones, wearables, augmented reality and various medical equipment, as well as a wide range of
\n
industrial applications, such as barcode readers and machine vision/sensor applications.
\n
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Carrying amount
before Carrying amount Accumulated net
(in NOK 000)impairmentafter impairmentimpairment loss
CGU: TLens\u00ae technology platform
At 31 December 2023 35 86017 58018 280
At 31 December 2024 28 58610 30618 280
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The TLens\u00ae technology platform is poLight\u2019s major asset. In January 2020, the first product using TLens Silver was launched within
\n
the consumer market segment: a smartwatch phone for children, with a main camera with an advanced autofocus (AF) function
\n
delivered by poLight. Since then, a further 27 design-wins have been achieved, including an additional three in consumer products.
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The first smartphone design-win was achieved in January 2023. poLight has also achieved 16 design-wins in industrial products like
\n
barcode and machine vision, 4 design-wins in augmented / mixed reality (AR/MR) and 4 design-wins in healthcare products.
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The company has one major asset, the TLens\u00ae technology platform, and management has evaluated that the Group as a whole
\n
constitutes one CGU for impairment testing. The remaining carrying value of development costs are NOK 10.3 million and are related
\n
to TLens\u00ae technology platform. Indicators of impairment of the TLens \u00ae technology platform have been reviewed, and none identified.
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TLens\u00ae Platinum, a larger version of the TLens\u00ae, is still under development. Engineering samples have been produced and have
\n
already been tested by some potential customers. However, efforts to prepare TLens\u00ae Platinum for mass production have been put
\n
on hold until the product is closer to the anticipated market breakthrough. In December 2019, a management assessment was made
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and an impairment charge of NOK 18.3 million was recognised with respect to this product, reducing the carrying amount to NOK 0.
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This variant of the TLens\u00ae is still on the technological roadmap, and will be continued when the product has sufficient customer
\n
commitment.
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In addition, management considers that the equity value of the company is an indication of the fair value of the CGU. The company\u2019s
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shares are listed on Oslo Stock Exchange and fair value is estimated on the basis of the observed share price. The fair value
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measurement is categorised in level 2 of the fair value hierarchy in accordance with IFRS 13. There is considerable headroom between
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the carrying value and the fair value less cost of disposal.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag310": { "value": "\n
5.7 Administrative expenses
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(in NOK 000)20242023
Employee benefits expense 15 62217 617
Other operating expenses 11 3284 354
Total Administrative expenses 26 95021 971
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag314": { "value": "\n
5.8 Auditor's remuneration
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(in NOK 000)20242023
Statutory audit 9851 528
Other attestation services279309
Tax consultancy 3866
Other services that are not part of the audit 128128
Total Auditor's remuneration (excluding VAT)1 4302 031
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag315": { "value": "\n

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5.9 Financial items
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(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag316": { "value": "\n

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5.9 Financial items
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(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag317": { "value": "\n

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5.9 Financial items
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(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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5.9 Financial items
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(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag320": { "value": "\n
5.9 Financial items
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(in NOK 000) 20242023
Finance income 2110
Interest income 7 4314 518
Finance income 7 6424 518
Net foreign exchange losses 4041 020
Interest expense on debts and borrowings 40
Interest expense on lease liabilities 252259
Finance expenses2516
Finance cost 6851 295
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\n\n
6 Income tax
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The significant components of income tax expense are:
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(in NOK 000) 20242023
Consolidated statement of profit or loss
Current income tax expense139220
Deferred tax:
Relating to origination and reversal of temporary differences00
Income tax expense reported in the statement of profit or loss 139220
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A reconciliation between tax expense and the product of accounting profit multiplied by Norway\u2019s domestic tax rate is as follows:
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(in NOK 000) 20242023
Calculated income tax at statutory rate of 22% -22 362-18 759
Government grants exempt from tax -428-466
Tax effect of permanent differences 1)1 0832 053
Change in unrecognised deferred tax assets 22 12214 162
Change in tax rate 03 314
Effect of different tax rates compared with Norwegian tax rate -24943
Foreign currency effects11214
Adjustments previous year -139-142
Income tax expense 139220
Effective tax rate 0.1 %0.3 %
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1) Includes tax effect of share option expense, see Note 5.3 Employee benefits expense.
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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 -87-1340-2200-220
Intangible assets 5 031-13504 8964 8960
Inventories3 2881 41004 6984 6980
Group loan -1 8330-323-2 1560-2 156
Provisions 2201 39301 6131 6130
Tax losses carried forward 182 10124 6820206 784206 7840
Tax assets (liabilities) before
set-off188 72027217-323215614217 990-2 376
Set-off of tax 0-2 3762 376
Unrecognised deferred tax
assets -188 720-27 217323-215 614-215 614
Net tax assets (liabilities) 000000
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Balance at 31 December
2023Net 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 equipment4-910-870-87
Intangible assets 5 166-13505 0315 0310
Inventories2 97831003 2883 2880
Group loan-1 3870-445-1 8330-1 833
Provisions 220002202200
Tax losses carried forward 162 52219 5800182 101182 1010
Tax assets (liabilities) before
set-off 169 50219 664-445188 720190 640-1 920
Set-off of tax 0-1 9201 920
Unrecognised deferred tax
assets -169 502-19 664445-188 720-188 720
Net tax assets (liabilities) 000000
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Since the Group is still in an early commercialisation phase with significant losses, no deferred tax assets have been recognized.
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Total unrecognised deferred tax assets net, relate to
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)20242023
Norway (no expiry date) 211 225184 398
France (no expiry date) 4 3884 322
Total unrecognised deferred tax assets215614188 720
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag322": { "value": "\n
6 Income tax
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The significant components of income tax expense are:
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(in NOK 000) 20242023
Consolidated statement of profit or loss
Current income tax expense139220
Deferred tax:
Relating to origination and reversal of temporary differences00
Income tax expense reported in the statement of profit or loss 139220
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A reconciliation between tax expense and the product of accounting profit multiplied by Norway\u2019s domestic tax rate is as follows:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Calculated income tax at statutory rate of 22% -22 362-18 759
Government grants exempt from tax -428-466
Tax effect of permanent differences 1)1 0832 053
Change in unrecognised deferred tax assets 22 12214 162
Change in tax rate 03 314
Effect of different tax rates compared with Norwegian tax rate -24943
Foreign currency effects11214
Adjustments previous year -139-142
Income tax expense 139220
Effective tax rate 0.1 %0.3 %
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1) Includes tax effect of share option expense, see Note 5.3 Employee benefits expense.
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Movements in deferred tax balances
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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 -87-1340-2200-220
Intangible assets 5 031-13504 8964 8960
Inventories3 2881 41004 6984 6980
Group loan -1 8330-323-2 1560-2 156
Provisions 2201 39301 6131 6130
Tax losses carried forward 182 10124 6820206 784206 7840
Tax assets (liabilities) before
set-off188 72027217-323215614217 990-2 376
Set-off of tax 0-2 3762 376
Unrecognised deferred tax
assets -188 720-27 217323-215 614-215 614
Net tax assets (liabilities) 000000
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Balance at 31 December
2023Net 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 equipment4-910-870-87
Intangible assets 5 166-13505 0315 0310
Inventories2 97831003 2883 2880
Group loan-1 3870-445-1 8330-1 833
Provisions 220002202200
Tax losses carried forward 162 52219 5800182 101182 1010
Tax assets (liabilities) before
set-off 169 50219 664-445188 720190 640-1 920
Set-off of tax 0-1 9201 920
Unrecognised deferred tax
assets -169 502-19 664445-188 720-188 720
Net tax assets (liabilities) 000000
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Since the Group is still in an early commercialisation phase with significant losses, no deferred tax assets have been recognized.
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Total unrecognised deferred tax assets net, relate to
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)20242023
Norway (no expiry date) 211 225184 398
France (no expiry date) 4 3884 322
Total unrecognised deferred tax assets215614188 720
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag325": { "value": "\n
7 Earnings per share
\n
Basic earnings per share (EPS) is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the
\n
parent, by the weighted average number of shares outstanding during the year.
\n
The following table reflects the income and share data used in the basic and diluted EPS computations:
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20242023
Weighted average number of ordinary shares for basic EPS 104 962 13861 045 873
Effect of dilution:
Share options in-the-money (average) 484 5372 883 370
Anti-dilutive for the periods presented-484 537-2 883 370
Weighted average number of shares adjusted for the effect of dilution 104 962 13861 045 873
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Fully vested and Exercisable share options have no dilution effect on EPS computations, because this would have decreased loss per
\n
share.
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There have been no other transactions involving ordinary shares, or potential ordinary shares, between the reporting date and the
\n
date of authorisation of these financial statements.
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(in NOK) 20242023
Profit / loss (-) attributable to ordinary equity holders of the parent-101 785-85 489
Earnings per share for income attributable to equity holders of poLight:
Basic -0.97-1.40
Diluted-0.97-1.40
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag326": { "value": "\n

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8 Property, plant and equipment
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) BuildingEquipmentTotal
Cost at 1 January 20231 23222 08123 313
Additions 16371387
Disposals at cost0-472-472
Foreign currency translation effect 0144144
Cost at 31 December 2023 1 24822 12323 371
Accumulated depreciation and impairment losses at 1 January 2023-348-12 217-12 565
Depreciation -249-1 303-1 552
Impairment losses 000
Accumulated depreciation and impairment losses disposals 09494
Effect of changes in foreign exchange 0-108-108
Accumulated depreciation and impairment losses at 31 December 2023-598-13 533-14 131
Net book value at 31 December 2023 6508 5909 240
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\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)BuildingEquipmentTotal
Cost at 1 January 20241 24822 12323 371
Additions 272 3752 402
Disposals at cost -68-91-159
Foreign currency translation effect 0109109
Cost at 31 December 2024 1 20724 51625 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 4191132
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 4029 1579 559
Estimated useful lives (years) 1)3-7
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1) Modifications and upgrades in leased premises are depreciated over the leasing period.
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag327": { "value": "\n

\n\n
8 Property, plant and equipment
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) BuildingEquipmentTotal
Cost at 1 January 20231 23222 08123 313
Additions 16371387
Disposals at cost0-472-472
Foreign currency translation effect 0144144
Cost at 31 December 2023 1 24822 12323 371
Accumulated depreciation and impairment losses at 1 January 2023-348-12 217-12 565
Depreciation -249-1 303-1 552
Impairment losses 000
Accumulated depreciation and impairment losses disposals 09494
Effect of changes in foreign exchange 0-108-108
Accumulated depreciation and impairment losses at 31 December 2023-598-13 533-14 131
Net book value at 31 December 2023 6508 5909 240
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(in NOK 000)BuildingEquipmentTotal
Cost at 1 January 20241 24822 12323 371
Additions 272 3752 402
Disposals at cost -68-91-159
Foreign currency translation effect 0109109
Cost at 31 December 2024 1 20724 51625 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 4191132
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 4029 1579 559
Estimated useful lives (years) 1)3-7
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1) Modifications and upgrades in leased premises are depreciated over the leasing period.
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\n\n
9 Intangible assets
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Development costs Software
(in NOK 000) and TLens patentslicenseTotal
Cost at 1 January 202378 18418178 365
Cost at 31 December 2023 78 18418178 365
Accumulated amortisation and impairment losses at 1 January 2023-53 329-181-53 511
Amortisation-7 2750-7 275
Accumulated amortisation and impairment losses at 31 December
2023 -60 604-181-60 785
Net book value at 31 December 2023 17 580017 580
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Development costs Software
(in NOK 000) and TLens patentslicenseTotal
Cost at 1 January 202478 18418178 365
Cost at 31 December 2024 78 18418178 365
Accumulated amortisation and impairment losses at 1 January 2024 -60 604-181-60 785
Amortisation -7 2750-7 275
Accumulated amortisation and impairment losses at 31 December 2024 -67 879-181-68 060
Net book value at 31 December 202410 306010 306
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Intangible assets with finite useful lives, are amortised systematically over their estimated useful lives, ranging between 3 and 7 years.
\n
In 2008/2009, poLight acquired the core patents of the TLens\u00ae technology for NOK 5 million. The patents were granted in 10 different
\n
countries in 2006. poLight has since invested substantial resources in research and product development of the TLens\u00ae.
\n
poLight started amortising capitalised development costs for TLens Silver in the second quarter of 2019 as it became ready for
\n
commercial shipments. The useful lives are deemed to be 7 years which correlates with the remaining number of years of the first
\n
patent.
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Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
in Research and development expenses net of government grants received.
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\n\n\n\n\n\n
11 Lease agreements
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poLight has entered into leases with regard to premises and office equipment used in its operations. In Norway (HQ), the Group
\n
leases lab facilities, including a clean room, and further offices are leased in Norway, Finland and China. In November 2024, the Group
\n
moved its headquarters from Horten to T\u00f8nsberg. The new premises in Norway comprise 720 m
\n
2
\n
. The contract expires in December
\n
2034, with two options to extend the lease agreement by an additional 5 years each. The determined value of the right-to-use assets
\n
and the corresponding liability is NOK 10.2 million. Due to the duration of the lease agreement, the options are not assumed to be
\n
utilised when determining the lease period, which would have increased the lease assets and liabilities.
\n
The office lease terms in Finland and China are terminable by both lessee and lessor with twelve months\u2019 notice or less. The leases
\n
relating to office equipment are of low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition
\n
exemptions for these leases.
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Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
\n
Building
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
At 1 January 2 9153 871
Additions 10 324152
Termination of contract -1 8460
Depreciation expense-1 153-1 108
At 31 December 10 2412 915
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Set out below are the carrying amounts of lease liabilities and the movements during the period:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
At 1 January 3 1334 070
Additions10 324152
Termination of contract -2 0520
Interest expense 252259
Payments -1 380-1 348
At 31 December 10 2783 133
Current, < 1 year6631 182
Non-current 9 6151 951
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The Group had non-cash additions to right-of-use assets and lease liabilities of NOK 10.3 million in 2024 (2023: NOK 0.2 million)
\n
whereof NOK 10.2 million related to the new HQ lease. The addition is also attributable to the yearly adjustment in lease payment.
\n
The maturity analysis of lease liabilities are disclosed in Note 13.2 Financial liabilities.
\n
The following are the amounts recognised in profit or loss:
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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(in NOK 000) 20242023
Depreciation expense of right-of-use assets 1 1531 108
Interest expense on lease liabilities 252259
Expense relating to short-term leases (included in research and development expenses)535529
Expense relating to short-term leases (included in sales and marketing expenses) 86889
Expense relating to leases of low-value assets (included in administrative expenses) 4742
Total amount recognised in profit or loss2 8542 026
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The Group had total cash outflows for leases of NOK 2 829 in 2023 (2023: NOK 2 007).
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag328": { "value": "\n
8 Property, plant and equipment
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) BuildingEquipmentTotal
Cost at 1 January 20231 23222 08123 313
Additions 16371387
Disposals at cost0-472-472
Foreign currency translation effect 0144144
Cost at 31 December 2023 1 24822 12323 371
Accumulated depreciation and impairment losses at 1 January 2023-348-12 217-12 565
Depreciation -249-1 303-1 552
Impairment losses 000
Accumulated depreciation and impairment losses disposals 09494
Effect of changes in foreign exchange 0-108-108
Accumulated depreciation and impairment losses at 31 December 2023-598-13 533-14 131
Net book value at 31 December 2023 6508 5909 240
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\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)BuildingEquipmentTotal
Cost at 1 January 20241 24822 12323 371
Additions 272 3752 402
Disposals at cost -68-91-159
Foreign currency translation effect 0109109
Cost at 31 December 2024 1 20724 51625 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 4191132
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 4029 1579 559
Estimated useful lives (years) 1)3-7
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1) Modifications and upgrades in leased premises are depreciated over the leasing period.
\n

\n\n\n\n\n\n
9 Intangible assets
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development costs Software
(in NOK 000) and TLens patentslicenseTotal
Cost at 1 January 202378 18418178 365
Cost at 31 December 2023 78 18418178 365
Accumulated amortisation and impairment losses at 1 January 2023-53 329-181-53 511
Amortisation-7 2750-7 275
Accumulated amortisation and impairment losses at 31 December
2023 -60 604-181-60 785
Net book value at 31 December 2023 17 580017 580
\n\n\n
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\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development costs Software
(in NOK 000) and TLens patentslicenseTotal
Cost at 1 January 202478 18418178 365
Cost at 31 December 2024 78 18418178 365
Accumulated amortisation and impairment losses at 1 January 2024 -60 604-181-60 785
Amortisation -7 2750-7 275
Accumulated amortisation and impairment losses at 31 December 2024 -67 879-181-68 060
Net book value at 31 December 202410 306010 306
\n\n\n
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\n
\n
\n
\n
\n
Intangible assets with finite useful lives, are amortised systematically over their estimated useful lives, ranging between 3 and 7 years.
\n
In 2008/2009, poLight acquired the core patents of the TLens\u00ae technology for NOK 5 million. The patents were granted in 10 different
\n
countries in 2006. poLight has since invested substantial resources in research and product development of the TLens\u00ae.
\n
poLight started amortising capitalised development costs for TLens Silver in the second quarter of 2019 as it became ready for
\n
commercial shipments. The useful lives are deemed to be 7 years which correlates with the remaining number of years of the first
\n
patent.
\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
in Research and development expenses net of government grants received.
\n

\n\n\n\n\n\n
10 Development costs
\n
The part of poLight\u2019s IP (intellectual property) that is recognised as an intangible asset is the fundamental TLens\u00ae technology, which
\n
can become a component in smartphones, wearables, augmented reality and various medical equipment, as well as a wide range of
\n
industrial applications, such as barcode readers and machine vision/sensor applications.
\n
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amount
before Carrying amount Accumulated net
(in NOK 000)impairmentafter impairmentimpairment loss
CGU: TLens\u00ae technology platform
At 31 December 2023 35 86017 58018 280
At 31 December 2024 28 58610 30618 280
\n\n\n
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\n
\n
The TLens\u00ae technology platform is poLight\u2019s major asset. In January 2020, the first product using TLens Silver was launched within
\n
the consumer market segment: a smartwatch phone for children, with a main camera with an advanced autofocus (AF) function
\n
delivered by poLight. Since then, a further 27 design-wins have been achieved, including an additional three in consumer products.
\n
The first smartphone design-win was achieved in January 2023. poLight has also achieved 16 design-wins in industrial products like
\n
barcode and machine vision, 4 design-wins in augmented / mixed reality (AR/MR) and 4 design-wins in healthcare products.
\n
The company has one major asset, the TLens\u00ae technology platform, and management has evaluated that the Group as a whole
\n
constitutes one CGU for impairment testing. The remaining carrying value of development costs are NOK 10.3 million and are related
\n
to TLens\u00ae technology platform. Indicators of impairment of the TLens \u00ae technology platform have been reviewed, and none identified.
\n
TLens\u00ae Platinum, a larger version of the TLens\u00ae, is still under development. Engineering samples have been produced and have
\n
already been tested by some potential customers. However, efforts to prepare TLens\u00ae Platinum for mass production have been put
\n
on hold until the product is closer to the anticipated market breakthrough. In December 2019, a management assessment was made
\n

\n\n\n\n\n\n
and an impairment charge of NOK 18.3 million was recognised with respect to this product, reducing the carrying amount to NOK 0.
\n
This variant of the TLens\u00ae is still on the technological roadmap, and will be continued when the product has sufficient customer
\n
commitment.
\n
In addition, management considers that the equity value of the company is an indication of the fair value of the CGU. The company\u2019s
\n
shares are listed on Oslo Stock Exchange and fair value is estimated on the basis of the observed share price. The fair value
\n
measurement is categorised in level 2 of the fair value hierarchy in accordance with IFRS 13. There is considerable headroom between
\n
the carrying value and the fair value less cost of disposal.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag332": { "value": "\n

\n\n

\n\n
9 Intangible assets
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development costs Software
(in NOK 000) and TLens patentslicenseTotal
Cost at 1 January 202378 18418178 365
Cost at 31 December 2023 78 18418178 365
Accumulated amortisation and impairment losses at 1 January 2023-53 329-181-53 511
Amortisation-7 2750-7 275
Accumulated amortisation and impairment losses at 31 December
2023 -60 604-181-60 785
Net book value at 31 December 2023 17 580017 580
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\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n

\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development costs Software
(in NOK 000) and TLens patentslicenseTotal
Cost at 1 January 202478 18418178 365
Cost at 31 December 2024 78 18418178 365
Accumulated amortisation and impairment losses at 1 January 2024 -60 604-181-60 785
Amortisation -7 2750-7 275
Accumulated amortisation and impairment losses at 31 December 2024 -67 879-181-68 060
Net book value at 31 December 202410 306010 306
\n\n\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
Intangible assets with finite useful lives, are amortised systematically over their estimated useful lives, ranging between 3 and 7 years.
\n
In 2008/2009, poLight acquired the core patents of the TLens\u00ae technology for NOK 5 million. The patents were granted in 10 different
\n
countries in 2006. poLight has since invested substantial resources in research and product development of the TLens\u00ae.
\n
poLight started amortising capitalised development costs for TLens Silver in the second quarter of 2019 as it became ready for
\n
commercial shipments. The useful lives are deemed to be 7 years which correlates with the remaining number of years of the first
\n
patent.
\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
in Research and development expenses net of government grants received.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n
10 Development costs
\n
The part of poLight\u2019s IP (intellectual property) that is recognised as an intangible asset is the fundamental TLens\u00ae technology, which
\n
can become a component in smartphones, wearables, augmented reality and various medical equipment, as well as a wide range of
\n
industrial applications, such as barcode readers and machine vision/sensor applications.
\n
\n
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amount
before Carrying amount Accumulated net
(in NOK 000)impairmentafter impairmentimpairment loss
CGU: TLens\u00ae technology platform
At 31 December 2023 35 86017 58018 280
At 31 December 2024 28 58610 30618 280
\n\n\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The TLens\u00ae technology platform is poLight\u2019s major asset. In January 2020, the first product using TLens Silver was launched within
\n
the consumer market segment: a smartwatch phone for children, with a main camera with an advanced autofocus (AF) function
\n
delivered by poLight. Since then, a further 27 design-wins have been achieved, including an additional three in consumer products.
\n
The first smartphone design-win was achieved in January 2023. poLight has also achieved 16 design-wins in industrial products like
\n
barcode and machine vision, 4 design-wins in augmented / mixed reality (AR/MR) and 4 design-wins in healthcare products.
\n
The company has one major asset, the TLens\u00ae technology platform, and management has evaluated that the Group as a whole
\n
constitutes one CGU for impairment testing. The remaining carrying value of development costs are NOK 10.3 million and are related
\n
to TLens\u00ae technology platform. Indicators of impairment of the TLens \u00ae technology platform have been reviewed, and none identified.
\n
TLens\u00ae Platinum, a larger version of the TLens\u00ae, is still under development. Engineering samples have been produced and have
\n
already been tested by some potential customers. However, efforts to prepare TLens\u00ae Platinum for mass production have been put
\n
on hold until the product is closer to the anticipated market breakthrough. In December 2019, a management assessment was made
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n
and an impairment charge of NOK 18.3 million was recognised with respect to this product, reducing the carrying amount to NOK 0.
\n
This variant of the TLens\u00ae is still on the technological roadmap, and will be continued when the product has sufficient customer
\n
commitment.
\n
In addition, management considers that the equity value of the company is an indication of the fair value of the CGU. The company\u2019s
\n
shares are listed on Oslo Stock Exchange and fair value is estimated on the basis of the observed share price. The fair value
\n
measurement is categorised in level 2 of the fair value hierarchy in accordance with IFRS 13. There is considerable headroom between
\n
the carrying value and the fair value less cost of disposal.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag344": { "value": "\n

\n\n
11 Lease agreements
\n
poLight has entered into leases with regard to premises and office equipment used in its operations. In Norway (HQ), the Group
\n
leases lab facilities, including a clean room, and further offices are leased in Norway, Finland and China. In November 2024, the Group
\n
moved its headquarters from Horten to T\u00f8nsberg. The new premises in Norway comprise 720 m
\n
2
\n
. The contract expires in December
\n
2034, with two options to extend the lease agreement by an additional 5 years each. The determined value of the right-to-use assets
\n
and the corresponding liability is NOK 10.2 million. Due to the duration of the lease agreement, the options are not assumed to be
\n
utilised when determining the lease period, which would have increased the lease assets and liabilities.
\n
The office lease terms in Finland and China are terminable by both lessee and lessor with twelve months\u2019 notice or less. The leases
\n
relating to office equipment are of low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition
\n
exemptions for these leases.
\n
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
\n
Building
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
At 1 January 2 9153 871
Additions 10 324152
Termination of contract -1 8460
Depreciation expense-1 153-1 108
At 31 December 10 2412 915
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n
Set out below are the carrying amounts of lease liabilities and the movements during the period:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
At 1 January 3 1334 070
Additions10 324152
Termination of contract -2 0520
Interest expense 252259
Payments -1 380-1 348
At 31 December 10 2783 133
Current, < 1 year6631 182
Non-current 9 6151 951
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The Group had non-cash additions to right-of-use assets and lease liabilities of NOK 10.3 million in 2024 (2023: NOK 0.2 million)
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whereof NOK 10.2 million related to the new HQ lease. The addition is also attributable to the yearly adjustment in lease payment.
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The maturity analysis of lease liabilities are disclosed in Note 13.2 Financial liabilities.
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The following are the amounts recognised in profit or loss:
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(in NOK 000) 20242023
Depreciation expense of right-of-use assets 1 1531 108
Interest expense on lease liabilities 252259
Expense relating to short-term leases (included in research and development expenses)535529
Expense relating to short-term leases (included in sales and marketing expenses) 86889
Expense relating to leases of low-value assets (included in administrative expenses) 4742
Total amount recognised in profit or loss2 8542 026
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The Group had total cash outflows for leases of NOK 2 829 in 2023 (2023: NOK 2 007).
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag348": { "value": "\n

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12 Inventories
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(in NOK 000) 20242023
Components; mainly wafers (at cost) 77 47278 837
Finished goods; lenses and driver ASICs (at cost) 6 3126 195
Obsolescence provision -21 353-14 944
Total inventories at the lower of cost and net realisable value62 43170 089
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During 2024, NOK 6.4 million (2023: NOK 1.4 million) was recognised as an obsolescence expense for inventories carried at net
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13 Financial assets and financial liabilities
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13.1 Financial assets
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(in NOK 000) 20242023
Financial assets at amortised cost:
Trade receivables 2174 265
Grants recognised, not received 1 9462 117
Other receivables1 6291 813
Total financial assets 3 7928 194
Total current 3 7928 194
Total non-current 00
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Trade receivables are non-interest bearing and generally on 30-day terms.
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13.2 Financial liabilities
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(in NOK 000) Interest rateMaturity20242023
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %< 1 year6631 182
Secured loan, DnB 0.99%< 1 year570
Total 7201 182
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(in NOK 000) Interest rateMaturity20242023
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %20349 6151 951
Secured loan, DnB0.99/6.35%20323690
Total 9 9841 951
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In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
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first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
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(in NOK 000) 20242023
Financial liabilities at amortised cost, other than interest-bearing loans and borrowings:
Trade payables 6 5715 893
Other payables7 0178 025
Accrued employer\u2019s NICs on share option plan (Note 5.3) 5275 839
Provisions(Note 17)73311 000
Total 21 44720 757
Total current 21 44720 757
Total non-current 00
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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
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\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
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\u2022 Other payables are non-interest bearing, and have an average term of 3.0 months
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\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 4.38 years as at 31 December
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2024. See Note 5.3 Employee benefits expense for additional information.
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13.3 Financial instruments risk management objectives and policies
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poLight\u2019s principal financial assets include trade and other receivables, and cash. poLight\u2019s principal financial liabilities comprise trade
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poLight is exposed to foreign currency risk, credit risk and liquidity risk. The Executive Management oversees the management of
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Foreign currency risk
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Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
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TLens\u00ae, are denominated in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging
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instruments. The Group had not entered into any hedging instruments as at 31 December 2024.
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Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
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invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
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Since the monetary assets and liabilities in foreign currency, as at 31. December mainly consists of trade payables and receivables
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Credit risk
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Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
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financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
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Historically, no bad debt has been recognised and since the trade receivables, post balance sheet date, have been paid in full, no
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Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2024,
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As at 31 December, the ageing analysis of the receivables is as follows:
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Past due
Not past
(in NOK 000) Totaldue < 30 days30\u201360 days61\u201390 days91\u2013120 days> 120 days
2024 3 7923 764226000
2023 8 1947 67547939000
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Credit risk from balances with banks are mitigated using 10 different Norwegian banks with a deposit limit of NOK 40 million each.
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Liquidity risk and Capital Management
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The Group monitors its risk of a shortage of funds using 5 years forecasting model. At year-end, poLight had cash deposits of NOK
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166.8 million. In the current business plan, the Group\u2019s cash deposits will fund activities through the second quarter of 2026.
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However, on 15 April 2025, the company announced a private placement by Q Technology Group, that when approved by the General
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Assembly and completed will provide gross proceeds of NOK 171.5 million and a subsequent offering to existing shareholders that
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could result in additional NOK 51.4 million, if fully subscribed.
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The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2024
Interest-bearing loans 154634276480
Lease liabilities3981 1926 3387 74115 668
Trade and other payables 11 7642 3520014 116
12 1773 5906 6807 81730 264
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2023
Lease liabilities3421 0252 04903 416
Trade and payables17 7741 9830019 757
18 1163 0082 049023 173
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The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
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ratios in order to support its business and maximise shareholder value.
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The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
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the capital structure, the Group may issue new shares and/or debt.
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The Group monitors cash monthly towards 5-year budgets and forecasts.
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(in NOK 000)20242023
Interest-bearing loans 4260
Trade and other payables 21 44720 757
Less: cash and short-term deposits-166 752-114 788
Net debt -144 879-94 031
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The Group's capital structure is primarily based on deposits.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag351": { "value": "\n

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13.1 Financial assets
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(in NOK 000) 20242023
Financial assets at amortised cost:
Trade receivables 2174 265
Grants recognised, not received 1 9462 117
Other receivables1 6291 813
Total financial assets 3 7928 194
Total current 3 7928 194
Total non-current 00
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Trade receivables are non-interest bearing and generally on 30-day terms.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag352": { "value": "\n

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13.1 Financial assets
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(in NOK 000) 20242023
Financial assets at amortised cost:
Trade receivables 2174 265
Grants recognised, not received 1 9462 117
Other receivables1 6291 813
Total financial assets 3 7928 194
Total current 3 7928 194
Total non-current 00
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Trade receivables are non-interest bearing and generally on 30-day terms.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag353": { "value": "\n

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13.1 Financial assets
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(in NOK 000) 20242023
Financial assets at amortised cost:
Trade receivables 2174 265
Grants recognised, not received 1 9462 117
Other receivables1 6291 813
Total financial assets 3 7928 194
Total current 3 7928 194
Total non-current 00
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Trade receivables are non-interest bearing and generally on 30-day terms.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag354": { "value": "\n

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13.1 Financial assets
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(in NOK 000) 20242023
Financial assets at amortised cost:
Trade receivables 2174 265
Grants recognised, not received 1 9462 117
Other receivables1 6291 813
Total financial assets 3 7928 194
Total current 3 7928 194
Total non-current 00
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Trade receivables are non-interest bearing and generally on 30-day terms.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag384": { "value": "\n
13.1 Financial assets
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(in NOK 000) 20242023
Financial assets at amortised cost:
Trade receivables 2174 265
Grants recognised, not received 1 9462 117
Other receivables1 6291 813
Total financial assets 3 7928 194
Total current 3 7928 194
Total non-current 00
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Trade receivables are non-interest bearing and generally on 30-day terms.
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13.2 Financial liabilities
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(in NOK 000) Interest rateMaturity20242023
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %< 1 year6631 182
Secured loan, DnB 0.99%< 1 year570
Total 7201 182
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(in NOK 000) Interest rateMaturity20242023
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %20349 6151 951
Secured loan, DnB0.99/6.35%20323690
Total 9 9841 951
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In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
\n
first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Financial liabilities at amortised cost, other than interest-bearing loans and borrowings:
Trade payables 6 5715 893
Other payables7 0178 025
Accrued employer\u2019s NICs on share option plan (Note 5.3) 5275 839
Provisions(Note 17)73311 000
Total 21 44720 757
Total current 21 44720 757
Total non-current 00
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For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 3.0 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 4.38 years as at 31 December
\n
2024. See Note 5.3 Employee benefits expense for additional information.
\n
\n\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag356": { "value": "\n

\n\n

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\n\n
\n\n
13.2 Financial liabilities
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) Interest rateMaturity20242023
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %< 1 year6631 182
Secured loan, DnB 0.99%< 1 year570
Total 7201 182
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) Interest rateMaturity20242023
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %20349 6151 951
Secured loan, DnB0.99/6.35%20323690
Total 9 9841 951
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In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
\n
first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Financial liabilities at amortised cost, other than interest-bearing loans and borrowings:
Trade payables 6 5715 893
Other payables7 0178 025
Accrued employer\u2019s NICs on share option plan (Note 5.3) 5275 839
Provisions(Note 17)73311 000
Total 21 44720 757
Total current 21 44720 757
Total non-current 00
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For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 3.0 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 4.38 years as at 31 December
\n
2024. See Note 5.3 Employee benefits expense for additional information.
\n
\n\n

\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag357": { "value": "\n

\n\n

\n\n

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\n\n
\n\n
13.2 Financial liabilities
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) Interest rateMaturity20242023
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %< 1 year6631 182
Secured loan, DnB 0.99%< 1 year570
Total 7201 182
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(in NOK 000) Interest rateMaturity20242023
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %20349 6151 951
Secured loan, DnB0.99/6.35%20323690
Total 9 9841 951
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In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
\n
first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Financial liabilities at amortised cost, other than interest-bearing loans and borrowings:
Trade payables 6 5715 893
Other payables7 0178 025
Accrued employer\u2019s NICs on share option plan (Note 5.3) 5275 839
Provisions(Note 17)73311 000
Total 21 44720 757
Total current 21 44720 757
Total non-current 00
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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
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 3.0 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 4.38 years as at 31 December
\n
2024. See Note 5.3 Employee benefits expense for additional information.
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

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The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2024
Interest-bearing loans 154634276480
Lease liabilities3981 1926 3387 74115 668
Trade and other payables 11 7642 3520014 116
12 1773 5906 6807 81730 264
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2023
Lease liabilities3421 0252 04903 416
Trade and payables17 7741 9830019 757
18 1163 0082 049023 173
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag358": { "value": "\n

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13.2 Financial liabilities
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(in NOK 000) Interest rateMaturity20242023
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %< 1 year6631 182
Secured loan, DnB 0.99%< 1 year570
Total 7201 182
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(in NOK 000) Interest rateMaturity20242023
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %20349 6151 951
Secured loan, DnB0.99/6.35%20323690
Total 9 9841 951
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In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
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first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
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(in NOK 000) 20242023
Financial liabilities at amortised cost, other than interest-bearing loans and borrowings:
Trade payables 6 5715 893
Other payables7 0178 025
Accrued employer\u2019s NICs on share option plan (Note 5.3) 5275 839
Provisions(Note 17)73311 000
Total 21 44720 757
Total current 21 44720 757
Total non-current 00
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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
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\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
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\u2022 Other payables are non-interest bearing, and have an average term of 3.0 months
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\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 4.38 years as at 31 December
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2024. See Note 5.3 Employee benefits expense for additional information.
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The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2024
Interest-bearing loans 154634276480
Lease liabilities3981 1926 3387 74115 668
Trade and other payables 11 7642 3520014 116
12 1773 5906 6807 81730 264
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2023
Lease liabilities3421 0252 04903 416
Trade and payables17 7741 9830019 757
18 1163 0082 049023 173
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag359": { "value": "\n

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13.2 Financial liabilities
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(in NOK 000) Interest rateMaturity20242023
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %< 1 year6631 182
Secured loan, DnB 0.99%< 1 year570
Total 7201 182
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(in NOK 000) Interest rateMaturity20242023
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %20349 6151 951
Secured loan, DnB0.99/6.35%20323690
Total 9 9841 951
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In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
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first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
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(in NOK 000) 20242023
Financial liabilities at amortised cost, other than interest-bearing loans and borrowings:
Trade payables 6 5715 893
Other payables7 0178 025
Accrued employer\u2019s NICs on share option plan (Note 5.3) 5275 839
Provisions(Note 17)73311 000
Total 21 44720 757
Total current 21 44720 757
Total non-current 00
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For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
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\u2022 Other payables are non-interest bearing, and have an average term of 3.0 months
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\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 4.38 years as at 31 December
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2024. See Note 5.3 Employee benefits expense for additional information.
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2024
Interest-bearing loans 154634276480
Lease liabilities3981 1926 3387 74115 668
Trade and other payables 11 7642 3520014 116
12 1773 5906 6807 81730 264
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2023
Lease liabilities3421 0252 04903 416
Trade and payables17 7741 9830019 757
18 1163 0082 049023 173
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag360": { "value": "\n

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13.2 Financial liabilities
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) Interest rateMaturity20242023
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %< 1 year6631 182
Secured loan, DnB 0.99%< 1 year570
Total 7201 182
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(in NOK 000) Interest rateMaturity20242023
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %20349 6151 951
Secured loan, DnB0.99/6.35%20323690
Total 9 9841 951
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In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
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first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
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(in NOK 000) 20242023
Financial liabilities at amortised cost, other than interest-bearing loans and borrowings:
Trade payables 6 5715 893
Other payables7 0178 025
Accrued employer\u2019s NICs on share option plan (Note 5.3) 5275 839
Provisions(Note 17)73311 000
Total 21 44720 757
Total current 21 44720 757
Total non-current 00
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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
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\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
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\u2022 Other payables are non-interest bearing, and have an average term of 3.0 months
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\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 4.38 years as at 31 December
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2024. See Note 5.3 Employee benefits expense for additional information.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2024
Interest-bearing loans 154634276480
Lease liabilities3981 1926 3387 74115 668
Trade and other payables 11 7642 3520014 116
12 1773 5906 6807 81730 264
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3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2023
Lease liabilities3421 0252 04903 416
Trade and payables17 7741 9830019 757
18 1163 0082 049023 173
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag403": { "value": "\n
13.2 Financial liabilities
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(in NOK 000) Interest rateMaturity20242023
Current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %< 1 year6631 182
Secured loan, DnB 0.99%< 1 year570
Total 7201 182
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(in NOK 000) Interest rateMaturity20242023
Non-current interest-bearing loans and borrowings:
Lease liabilities (Note 11 Lease agreements) 9,9 %20349 6151 951
Secured loan, DnB0.99/6.35%20323690
Total 9 9841 951
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In 2024 a company car was bought with car loan from DnB with monthly instalments over 60 months, secured by car mortgage. The
\n
first 36 months annual interest rate of 0.99% is payable. The annual interest rate increases to 6.35% the next 60 months.
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(in NOK 000) 20242023
Financial liabilities at amortised cost, other than interest-bearing loans and borrowings:
Trade payables 6 5715 893
Other payables7 0178 025
Accrued employer\u2019s NICs on share option plan (Note 5.3) 5275 839
Provisions(Note 17)73311 000
Total 21 44720 757
Total current 21 44720 757
Total non-current 00
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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
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\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
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\u2022 Other payables are non-interest bearing, and have an average term of 3.0 months
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\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 4.38 years as at 31 December
\n
2024. See Note 5.3 Employee benefits expense for additional information.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag361": { "value": "\n
13.3 Financial instruments risk management objectives and policies
\n
poLight\u2019s principal financial assets include trade and other receivables, and cash. poLight\u2019s principal financial liabilities comprise trade
\n
and other payables, lease liabilities and provisions.
\n
poLight is exposed to foreign currency risk, credit risk and liquidity risk. The Executive Management oversees the management of
\n
these risks.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n

\n\n

\n\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are denominated in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging
\n
instruments. The Group had not entered into any hedging instruments as at 31 December 2024.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
by entering into forward exchange rate contracts or other as of today.
\n
Since the monetary assets and liabilities in foreign currency, as at 31. December mainly consists of trade payables and receivables
\n
which are naturally hedged for the most part, any change in exchange rates will not have a material impact on the profit before tax,
\n
nor the equity.
\n

\n\n\n\n

\n\n\n\n\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
\n
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
\n
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
\n
Historically, no bad debt has been recognised and since the trade receivables, post balance sheet date, have been paid in full, no
\n
provision has been made.
\n
Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2024,
\n
most of other receivables consisted of government grants with low credit risk.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

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\n

\n

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Past due
Not past
(in NOK 000) Totaldue < 30 days30\u201360 days61\u201390 days91\u2013120 days> 120 days
2024 3 7923 764226000
2023 8 1947 67547939000
\n\n
\n

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\n

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\n

\n

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\n
Credit risk from balances with banks are mitigated using 10 different Norwegian banks with a deposit limit of NOK 40 million each.
\n
Credit quality is assessed and regularly monitored.
\n

\n\n\n\n\n

\n
Liquidity risk and Capital Management
\n
The Group monitors its risk of a shortage of funds using 5 years forecasting model. At year-end, poLight had cash deposits of NOK
\n
166.8 million. In the current business plan, the Group\u2019s cash deposits will fund activities through the second quarter of 2026.
\n
However, on 15 April 2025, the company announced a private placement by Q Technology Group, that when approved by the General
\n
Assembly and completed will provide gross proceeds of NOK 171.5 million and a subsequent offering to existing shareholders that
\n
could result in additional NOK 51.4 million, if fully subscribed.
\n\n

\n\n

\n\n

\n\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2024
Interest-bearing loans 154634276480
Lease liabilities3981 1926 3387 74115 668
Trade and other payables 11 7642 3520014 116
12 1773 5906 6807 81730 264
\n\n
\n

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\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2023
Lease liabilities3421 0252 04903 416
Trade and payables17 7741 9830019 757
18 1163 0082 049023 173
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)20242023
Interest-bearing loans 4260
Trade and other payables 21 44720 757
Less: cash and short-term deposits-166 752-114 788
Net debt -144 879-94 031
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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The Group's capital structure is primarily based on deposits.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag389": { "value": "\n

\n\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are denominated in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging
\n
instruments. The Group had not entered into any hedging instruments as at 31 December 2024.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
by entering into forward exchange rate contracts or other as of today.
\n
Since the monetary assets and liabilities in foreign currency, as at 31. December mainly consists of trade payables and receivables
\n
which are naturally hedged for the most part, any change in exchange rates will not have a material impact on the profit before tax,
\n
nor the equity.
\n

\n\n\n\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag390": { "value": "\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are denominated in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging
\n
instruments. The Group had not entered into any hedging instruments as at 31 December 2024.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
by entering into forward exchange rate contracts or other as of today.
\n
Since the monetary assets and liabilities in foreign currency, as at 31. December mainly consists of trade payables and receivables
\n
which are naturally hedged for the most part, any change in exchange rates will not have a material impact on the profit before tax,
\n
nor the equity.
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag391": { "value": "\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
\n
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
\n
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
\n
Historically, no bad debt has been recognised and since the trade receivables, post balance sheet date, have been paid in full, no
\n
provision has been made.
\n
Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2024,
\n
most of other receivables consisted of government grants with low credit risk.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Past due
Not past
(in NOK 000) Totaldue < 30 days30\u201360 days61\u201390 days91\u2013120 days> 120 days
2024 3 7923 764226000
2023 8 1947 67547939000
\n\n
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\n

\n

\n

\n

\n

\n

\n
Credit risk from balances with banks are mitigated using 10 different Norwegian banks with a deposit limit of NOK 40 million each.
\n
Credit quality is assessed and regularly monitored.
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag392": { "value": "\n

\n
Liquidity risk and Capital Management
\n
The Group monitors its risk of a shortage of funds using 5 years forecasting model. At year-end, poLight had cash deposits of NOK
\n
166.8 million. In the current business plan, the Group\u2019s cash deposits will fund activities through the second quarter of 2026.
\n
However, on 15 April 2025, the company announced a private placement by Q Technology Group, that when approved by the General
\n
Assembly and completed will provide gross proceeds of NOK 171.5 million and a subsequent offering to existing shareholders that
\n
could result in additional NOK 51.4 million, if fully subscribed.
\n\n

\n\n

\n\n

\n\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2024
Interest-bearing loans 154634276480
Lease liabilities3981 1926 3387 74115 668
Trade and other payables 11 7642 3520014 116
12 1773 5906 6807 81730 264
\n\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
3 to 12
(in NOK 000) < 3 monthsmonths1 to 5 years> 5 yearsTotal
As at 31. December 2023
Lease liabilities3421 0252 04903 416
Trade and payables17 7741 9830019 757
18 1163 0082 049023 173
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)20242023
Interest-bearing loans 4260
Trade and other payables 21 44720 757
Less: cash and short-term deposits-166 752-114 788
Net debt -144 879-94 031
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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The Group's capital structure is primarily based on deposits.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag369": { "value": "\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000)20242023
Interest-bearing loans 4260
Trade and other payables 21 44720 757
Less: cash and short-term deposits-166 752-114 788
Net debt -144 879-94 031
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The Group's capital structure is primarily based on deposits.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag370": { "value": "\n
14 Government grants
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(in NOK 000) 20242023
Receivable at 1 January 2 1174 614
Received during the year-2 388-4 614
Grants recognised as reduction of research and development expenses in the consolidated
statement of income 2 2172 117
Receivable at 31 December 1 9462 117
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The Group have in 2023 received grants for development of next generation optical components based on TLens\u00ae technology. In
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2024 two new projects have been granted a tax grant. There is a clear need in the market for cameras with both smaller and lager
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aperture size. One of these projects\u2019 focus will be on larger devices like lenses with a big aperture (typical for mobile phone main
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camera and conventional cameras) and other that bend or shift the light path (Wobulator). The other project will focus on smaller
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aperture size solutions that could fit for medical products among others.
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(in NOK 000) 20242023
Current 1 9462 117
Non-current 00
Total 1 9462 117
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag371": { "value": "\n

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15 Cash and short-term deposits
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(in NOK 000) 20242023
Cash at banks 165 572113 602
Restricted cash, taxes withheld 1 1801 186
Cash and short-term deposits 166 752114 788
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Cash at banks earns interest at floating rates based on daily bank deposit rates.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag372": { "value": "\n
15 Cash and short-term deposits
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(in NOK 000) 20242023
Cash at banks 165 572113 602
Restricted cash, taxes withheld 1 1801 186
Cash and short-term deposits 166 752114 788
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Cash at banks earns interest at floating rates based on daily bank deposit rates.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag373": { "value": "\n

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16 Issued capital and reserves
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20242023
Ordinary shares 129 621 60566 211 548
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The shareholders are presented in Note 16 Share capital and shareholder information, in the financial statement of the parent
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company, poLight ASA.
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Number of Issued capital
Shares issued and fully paidshares(in NOK 000)
At 1 January 2023 of NOK 0.20 each 51 952 7002 078
Rights Issue on 10 May 2023 each with a par value of NOK 0.0.4 12 918 660517
Underwriting commission related to the rights Issue on 10 May 2023 each with a par value of NOK
0.0.4 1 291 85852
Exercise of share options on 18 September 2023 each with a par value of NOK 0.04 48 3302
At 31 December 2023 66 211 5482 649
Rights Issue on 21 May 2024 each with a par value of NOK 0.0.460 481 7582 419
Underwriting commission related to the rights Issue on 21 May 2024 each with a par value of NOK
0.0.42 928 299117
At 31 December 2024 129 621 6055 185
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(in NOK 000) Share premium
At 1 January 2023 145 785
Rights Issue on 10 May 2023 each with a par value of NOK 0.0.4 147 931
Decrease due to transaction costs for issued share capital-22 702
Exercise of share options on 18 September 2023 each with a par value of NOK 0.04 285
Allocated to retain earnings-76 796
At 31 December 2023 194 503
Rights Issue on 21 May 2024 each with a par value of NOK 0.0.4 143 846
Decrease due to transaction costs for issued share capital -22 419
Allocated to retain earnings-93 556
At 31 December 2024 222 373
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The board is authorised to increase the share capital issuing new shares up to a total nominal value of NOK 529,692 (13,242,310
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shares at par value of NOK 0.04) that is approximately 20 per cent of shares outstanding, in addition to shares through share option
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schemes.
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Share option schemes
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The board is authorised to issue shares through share option schemes up to a total nominal value of NOK 264,846 (6,621,155 shares
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at par value of NOK 0.04), that is approximately 5 per cent of shares outstanding. The company\u2019s share option schemes, with the
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opportunity to subscribe for shares in poLight, have been offered all employees (Note 5.3 Employee benefits expense).
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag374": { "value": "\n
16 Issued capital and reserves
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20242023
Ordinary shares 129 621 60566 211 548
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The shareholders are presented in Note 16 Share capital and shareholder information, in the financial statement of the parent
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company, poLight ASA.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Number of Issued capital
Shares issued and fully paidshares(in NOK 000)
At 1 January 2023 of NOK 0.20 each 51 952 7002 078
Rights Issue on 10 May 2023 each with a par value of NOK 0.0.4 12 918 660517
Underwriting commission related to the rights Issue on 10 May 2023 each with a par value of NOK
0.0.4 1 291 85852
Exercise of share options on 18 September 2023 each with a par value of NOK 0.04 48 3302
At 31 December 2023 66 211 5482 649
Rights Issue on 21 May 2024 each with a par value of NOK 0.0.460 481 7582 419
Underwriting commission related to the rights Issue on 21 May 2024 each with a par value of NOK
0.0.42 928 299117
At 31 December 2024 129 621 6055 185
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) Share premium
At 1 January 2023 145 785
Rights Issue on 10 May 2023 each with a par value of NOK 0.0.4 147 931
Decrease due to transaction costs for issued share capital-22 702
Exercise of share options on 18 September 2023 each with a par value of NOK 0.04 285
Allocated to retain earnings-76 796
At 31 December 2023 194 503
Rights Issue on 21 May 2024 each with a par value of NOK 0.0.4 143 846
Decrease due to transaction costs for issued share capital -22 419
Allocated to retain earnings-93 556
At 31 December 2024 222 373
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The board is authorised to increase the share capital issuing new shares up to a total nominal value of NOK 529,692 (13,242,310
\n
shares at par value of NOK 0.04) that is approximately 20 per cent of shares outstanding, in addition to shares through share option
\n
schemes.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Share option schemes
\n
The board is authorised to issue shares through share option schemes up to a total nominal value of NOK 264,846 (6,621,155 shares
\n
at par value of NOK 0.04), that is approximately 5 per cent of shares outstanding. The company\u2019s share option schemes, with the
\n
opportunity to subscribe for shares in poLight, have been offered all employees (Note 5.3 Employee benefits expense).
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag377": { "value": "\n
17 Provisions
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Warranty
(in NOK 000) provision ClaimsTotal
At 1 January 2023 1 0000 1 000
At 31 December 2023 1 00001 000
New or increased provisions06 3316 331
Utilised 000
At 31 December 20241 00063317331
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Expected timing of cash flow
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Warranty
(in NOK 000)provision ClaimsTotal
Current, < 1 year 1 0006 3317 331
Non-current000
At 31 December 2024 1 0006 3317 331
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Warranty provision
\n
A general provision to meet potential claims under the warranty clause.
\n
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Claims
\n
Two customers of poLight received a patent infringement claim during 2024, and lawsuits have been filed. Although poLight and its
\n
local and domestic legal advisors consider that the use of TLens\u00ae does not infringe any of the patents mentioned, resolving the matter
\n
will require legal expenses for poLight and a provision has been made to reflect the legal strategy and expected outcome of these
\n
legal claims discussed. Although the cost involved with the final outcome of these claims are uncertain, the provisions currently made
\n
are management\u2019s best estimate and increased provisions affecting future accounting periods should not be required under current
\n
scenarios. Since the company's Q4 reporting the year-end provision has been increased with NOK 3 000 000 to reflect re-assessed
\n
expected remaining legal fees in order to come to a resolution.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag378": { "value": "\n

\n\n

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\n
18 Related parties
\n
The financial statements include the financial statements of the Group and the subsidiaries listed in the following table:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Country of
Name Principal activities incorporation 20242023
R&D, Sales and
poLight ASAmanagementNorway100 %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 %
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poLight ASA is the ultimate parent. None of the shareholders of poLight ASA has control of the company. As of 31 December 2024,
\n
the largest shareholder was Investinor Direkte AS, with an ownership of 11.32%.
\n
\n
Transactions between group companies
\n
Intercompany agreements are entered with all the subsidiaries in the Group. All sales in the subsidiaries are made with parent
\n
company. All transactions are considered to be on an arm\u2019s length basis.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Purchases from subsidiaries 16 61715 735
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Subordinated loan 2024 2023
EUR 000NOK 000EUR 000NOK 000
Subordinated loan agreement 2 65031 2572 65029 787
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A subordinated loan agreement was concluded on 29 December 2016, between poLight ASA and poLight France SAS. Only the part
\n
that exceeds a prudent level, with regards to both equity and subordinated loan combined, shall be regarded as loan in respect to
\n
interest accrual. For the financial year 2024, the entire principal is considered as equity, and not interest-bearing. Since the loan is
\n
considered to be a part of the net investment in poLight France SAS, the currency translation effect is recognised in OCI. In the parent
\n
company an impairment loss of NOK 28,456,51 related to the subordinated loan have been recognised, whereof NOK 969,425
\n
recognised in 2024.
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\n\n\n\n\n
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Transactions with other related parties
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No transactions have been made with other related parties for the relevant financial years.
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Compensation to management personnel and board of director\u2019s
\n
A separate remuneration report will be published on poLight's website as a part of the notification of the Annual General Meeting.
\n

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Management remuneration
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In accordance with the Norwegian public Limited Companies Act \u00a76-16 a, the board of directors prepares a separate statement
\n
related to the determination of salary and other benefits for the corporate management. The statement shall be subject to an
\n
advisory vote by the annual general meeting in accordance with \u00a75-6 (3). The statement for 2024 will be submitted for approval in
\n
the annual general meeting 21 May 2025 and will be available on poLight ASA\u2019s website at the time the notice of the meeting is sent
\n
to the shareholders.
\n
The total remuneration to the management consists of fixed salary, bonus, benefits in-kind, share option program and pension
\n
schemes. The fixed salary is subject to an annual evaluation, and any salary increases and other amendments to the employments
\n
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
\n
achieved, and individual contributions to the development of the Company.
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Value1)
Pension Other share Total Total
(in NOK 000)SalariesBonuscostsbenefitsoptions20242023
\u00d8yvind Isaksen -CEO3 7418141383552 3347 3827 256
Pierre Craen - CTO 2)2 5820004963 0783 162
Alf Henning Bekkevik - former CFO 3)9860105122981 4012 223
Marianne Sandal - COO 1 9090154505302 6432 770
Joakim Bredahl- CFO 4)5500982338000
Total management team 9 7688144064253 89115 30415 412
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1) Fair value of the share options vested in 2024 are calculated using the Black-Scholes option pricing model at the date of the
\n
grant. Most of the programs were replaced with a new program in June 2024 \u2013 see more details in Note 5.3 Employee
\n
benefits expense.
\n
2) Pierre Craen has invoiced NOK 2,582 (2023: NOK 2,764) thousands of the remuneration through Tilia-Blue SRL as a
\n
consultant, included in the above figure.
\n
3) Alf Henning Bekkevik served as CFO from 1 February 2016 to 1 September 2024 and now serves as VP Finance. The
\n
remuneration in the figure above reflects the remuneration as CFO.
\n
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4) Joakim Bredahl served as CFO from 2 September 2024
\n
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If the company terminates the CEO\u2019s employment, the CEO is entitled to nine months\u2019 salary, in addition to a three months\u2019 notice
\n
period.
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Below is an overview of poLight management's and board members' granted share options:
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Opening Cancelled Exercised Granted Ending Exercisable
balanceoptionsoptionsoptionsbalanceoptions
\u00d8yvind Isaksen - CEO 2 083 746-1 926 53101 926 5302 083 745478 303
Pierre Craen - CTO410 615-410 6150410 615410 61568 435
Alf Henning Bekkevik - former CFO 351 115-351 1150351 115351 11558 519
Marianne Sandal - COO 458 615-458 6150458 615458 61576 435
Joakim Bredahl- CFO 000250 000250 00041 666
Total management team3 304 091-3 146 87603 396 8753 554 090723 358
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\n\n
Most of the programs were replaced with a new program in June 2024 \u2013 see more details in Note 5.3 Employee benefits expense. The
\n
exercise price on exercisable share options for the management\u2019s balance at 31 December 2024 was NOK 3.33 per share in weighted
\n
average. No share options were exercised in 2024.
\n
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
\n
becomes immediately vested and exercisable.
\n
\n
Remuneration members of the board
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Grethe Viksaas - chair of the board 538500
Ann-Tove Kongsnes 1)39258
Svenn Tore Larsen 270258
Thomas G\u00f6rling 270258
Jean-Christophe Eloy 2)2310
Marianne B\u00f8e 2)2310
Juha Alakarhu 3)0125
Total Board of Directors 1 5781 399
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1) Member to January 15, 2024
\n
2) Member from January 15, 2024
\n
3) Member to May 24, 2023
\n
\n
There are no loans from poLight to the management or members of the board.
\n
\n
Remuneration of the nomination committee
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Jan-Erik H\u00e6reid - chair 1)3930
Thomas S. Wrede-Holm - formerchair2)640
Anne E. H. Wors\u00f8e 3030
Egil Garberg 3)260
Total 100100
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1) Chair from January 15, 2024
\n
2) Chair to January 15, 2024
\n
3) Member from January 15, 2024
\n
\n
Remuneration of the audit and sustainability committee
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Marianne B\u00f8e - chair 1)340
Ann-Tove Kongsnes - former chair 2)657
Grethe Viksaas 3048
Total 70105
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1) Chair from January 15, 2024
\n
2) Chair to January 15, 2024
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Remuneration of the remuneration committee
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Grethe Viksaas - chair 3545
Ann-Tove Kongsnes038
Thomas G\u00f6rling 3045
Total 65128
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\n\n\n\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag381": { "value": "\n

\n

\n
18 Related parties
\n
The financial statements include the financial statements of the Group and the subsidiaries listed in the following table:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Country of
Name Principal activities incorporation 20242023
R&D, Sales and
poLight ASAmanagementNorway100 %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 %
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n
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\n
\n
poLight ASA is the ultimate parent. None of the shareholders of poLight ASA has control of the company. As of 31 December 2024,
\n
the largest shareholder was Investinor Direkte AS, with an ownership of 11.32%.
\n
\n
Transactions between group companies
\n
Intercompany agreements are entered with all the subsidiaries in the Group. All sales in the subsidiaries are made with parent
\n
company. All transactions are considered to be on an arm\u2019s length basis.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Purchases from subsidiaries 16 61715 735
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Subordinated loan 2024 2023
EUR 000NOK 000EUR 000NOK 000
Subordinated loan agreement 2 65031 2572 65029 787
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\n\n
A subordinated loan agreement was concluded on 29 December 2016, between poLight ASA and poLight France SAS. Only the part
\n
that exceeds a prudent level, with regards to both equity and subordinated loan combined, shall be regarded as loan in respect to
\n
interest accrual. For the financial year 2024, the entire principal is considered as equity, and not interest-bearing. Since the loan is
\n
considered to be a part of the net investment in poLight France SAS, the currency translation effect is recognised in OCI. In the parent
\n
company an impairment loss of NOK 28,456,51 related to the subordinated loan have been recognised, whereof NOK 969,425
\n
recognised in 2024.
\n

\n\n\n\n\n
\n
Transactions with other related parties
\n
No transactions have been made with other related parties for the relevant financial years.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag386": { "value": "\n
A subordinated loan agreement was concluded on 29 December 2016, between poLight ASA and poLight France SAS. Only the part
\n
that exceeds a prudent level, with regards to both equity and subordinated loan combined, shall be regarded as loan in respect to
\n
interest accrual. For the financial year 2024, the entire principal is considered as equity, and not interest-bearing. Since the loan is
\n
considered to be a part of the net investment in poLight France SAS, the currency translation effect is recognised in OCI. In the parent
\n
company an impairment loss of NOK 28,456,51 related to the subordinated loan have been recognised, whereof NOK 969,425
\n
recognised in 2024.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag382": { "value": "\n
Management remuneration
\n
In accordance with the Norwegian public Limited Companies Act \u00a76-16 a, the board of directors prepares a separate statement
\n
related to the determination of salary and other benefits for the corporate management. The statement shall be subject to an
\n
advisory vote by the annual general meeting in accordance with \u00a75-6 (3). The statement for 2024 will be submitted for approval in
\n
the annual general meeting 21 May 2025 and will be available on poLight ASA\u2019s website at the time the notice of the meeting is sent
\n
to the shareholders.
\n
The total remuneration to the management consists of fixed salary, bonus, benefits in-kind, share option program and pension
\n
schemes. The fixed salary is subject to an annual evaluation, and any salary increases and other amendments to the employments
\n
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
\n
achieved, and individual contributions to the development of the Company.
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Value1)
Pension Other share Total Total
(in NOK 000)SalariesBonuscostsbenefitsoptions20242023
\u00d8yvind Isaksen -CEO3 7418141383552 3347 3827 256
Pierre Craen - CTO 2)2 5820004963 0783 162
Alf Henning Bekkevik - former CFO 3)9860105122981 4012 223
Marianne Sandal - COO 1 9090154505302 6432 770
Joakim Bredahl- CFO 4)5500982338000
Total management team 9 7688144064253 89115 30415 412
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1) Fair value of the share options vested in 2024 are calculated using the Black-Scholes option pricing model at the date of the
\n
grant. Most of the programs were replaced with a new program in June 2024 \u2013 see more details in Note 5.3 Employee
\n
benefits expense.
\n
2) Pierre Craen has invoiced NOK 2,582 (2023: NOK 2,764) thousands of the remuneration through Tilia-Blue SRL as a
\n
consultant, included in the above figure.
\n
3) Alf Henning Bekkevik served as CFO from 1 February 2016 to 1 September 2024 and now serves as VP Finance. The
\n
remuneration in the figure above reflects the remuneration as CFO.
\n
\n
4) Joakim Bredahl served as CFO from 2 September 2024
\n
\n
If the company terminates the CEO\u2019s employment, the CEO is entitled to nine months\u2019 salary, in addition to a three months\u2019 notice
\n
period.
\n
Below is an overview of poLight management's and board members' granted share options:
\n
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Opening Cancelled Exercised Granted Ending Exercisable
balanceoptionsoptionsoptionsbalanceoptions
\u00d8yvind Isaksen - CEO 2 083 746-1 926 53101 926 5302 083 745478 303
Pierre Craen - CTO410 615-410 6150410 615410 61568 435
Alf Henning Bekkevik - former CFO 351 115-351 1150351 115351 11558 519
Marianne Sandal - COO 458 615-458 6150458 615458 61576 435
Joakim Bredahl- CFO 000250 000250 00041 666
Total management team3 304 091-3 146 87603 396 8753 554 090723 358
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Most of the programs were replaced with a new program in June 2024 \u2013 see more details in Note 5.3 Employee benefits expense. The
\n
exercise price on exercisable share options for the management\u2019s balance at 31 December 2024 was NOK 3.33 per share in weighted
\n
average. No share options were exercised in 2024.
\n
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
\n
becomes immediately vested and exercisable.
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Remuneration members of the board
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Grethe Viksaas - chair of the board 538500
Ann-Tove Kongsnes 1)39258
Svenn Tore Larsen 270258
Thomas G\u00f6rling 270258
Jean-Christophe Eloy 2)2310
Marianne B\u00f8e 2)2310
Juha Alakarhu 3)0125
Total Board of Directors 1 5781 399
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1) Member to January 15, 2024
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2) Member from January 15, 2024
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3) Member to May 24, 2023
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There are no loans from poLight to the management or members of the board.
\n
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Remuneration of the nomination committee
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Jan-Erik H\u00e6reid - chair 1)3930
Thomas S. Wrede-Holm - formerchair2)640
Anne E. H. Wors\u00f8e 3030
Egil Garberg 3)260
Total 100100
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1) Chair from January 15, 2024
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2) Chair to January 15, 2024
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3) Member from January 15, 2024
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Remuneration of the audit and sustainability committee
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Marianne B\u00f8e - chair 1)340
Ann-Tove Kongsnes - former chair 2)657
Grethe Viksaas 3048
Total 70105
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1) Chair from January 15, 2024
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2) Chair to January 15, 2024
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Remuneration of the remuneration committee
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in NOK 000) 20242023
Grethe Viksaas - chair 3545
Ann-Tove Kongsnes038
Thomas G\u00f6rling 3045
Total 65128
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\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag399": { "value": "\n

\n\n
19 Going Concern and significant events after the end of the reporting period
\n
The Group possesses sufficient liquidity to fund its operations for the next 12 months. Additionally, on 15 April 2025, the company
\n
announced a private placement by Q Technology Group, that when approved by the General Assembly and completed will provide
\n
gross proceeds of NOK 171.5 million and a subsequent offering to existing shareholders that could result in additional NOK 51.4
\n
million, if fully subscribed. Management, together with the Board of Directors, continuously evaluates the Group\u2019s liquidity
\n
requirements to ensure adequate financing of planned operations, research and development activities, as well as any investments
\n
necessary for scaling up the business.
\n
According to the business plan before the private placement, the Group\u2019s cash reserves were expected to cover activities through
\n
the second quarter of 2026. However, contingent on shareholders approving the private placement in the company\u2019s AGM, a revision
\n
of the business plan will be carried out to reflect the improved runway. Accordingly, these consolidated financial statements have
\n
been prepared under the assumption that both the Group and the parent company are going concerns.
\n
No events, except the private placement mentioned above, have occurred after the end of the reporting period that requires
\n
disclosure. The completion of the Private Placement is conditional upon the approval by the Company's general meeting for the share
\n
issuance to Q Tech, the appointment of Q Tech's two nominated directors to poLight's Board of Directors, and certain amendments
\n
to the Company's articles of association regarding the composition of the Board of Directors. The Company's largest shareholders
\n
Investinor Direkte AS and LHH AS, holding 10.42% and 5.01% of the shares of the Company respectively, have entered into irrevocable
\n
undertakings to vote in favour of the Private Placement and the related resolutions at the general meeting. Following the Private
\n
Placement, the Company may carry out a subsequent offering of up to 19,122,933 new shares to existing shareholders of poLight
\n
(the \"Subsequent Offering\"). As a part of the strategic investment, Q Tech is working to establish a dedicated TLens\u00ae assembly and
\n
test line (\"Strategic Partnership Agreement\"), in addition to poLight's existing manufacturing capabilities.
\n

\n\n\n\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag400": { "value": "\n
19 Going Concern and significant events after the end of the reporting period
\n
The Group possesses sufficient liquidity to fund its operations for the next 12 months. Additionally, on 15 April 2025, the company
\n
announced a private placement by Q Technology Group, that when approved by the General Assembly and completed will provide
\n
gross proceeds of NOK 171.5 million and a subsequent offering to existing shareholders that could result in additional NOK 51.4
\n
million, if fully subscribed. Management, together with the Board of Directors, continuously evaluates the Group\u2019s liquidity
\n
requirements to ensure adequate financing of planned operations, research and development activities, as well as any investments
\n
necessary for scaling up the business.
\n
According to the business plan before the private placement, the Group\u2019s cash reserves were expected to cover activities through
\n
the second quarter of 2026. However, contingent on shareholders approving the private placement in the company\u2019s AGM, a revision
\n
of the business plan will be carried out to reflect the improved runway. Accordingly, these consolidated financial statements have
\n
been prepared under the assumption that both the Group and the parent company are going concerns.
\n
No events, except the private placement mentioned above, have occurred after the end of the reporting period that requires
\n
disclosure. The completion of the Private Placement is conditional upon the approval by the Company's general meeting for the share
\n
issuance to Q Tech, the appointment of Q Tech's two nominated directors to poLight's Board of Directors, and certain amendments
\n
to the Company's articles of association regarding the composition of the Board of Directors. The Company's largest shareholders
\n
Investinor Direkte AS and LHH AS, holding 10.42% and 5.01% of the shares of the Company respectively, have entered into irrevocable
\n
undertakings to vote in favour of the Private Placement and the related resolutions at the general meeting. Following the Private
\n
Placement, the Company may carry out a subsequent offering of up to 19,122,933 new shares to existing shareholders of poLight
\n
(the \"Subsequent Offering\"). As a part of the strategic investment, Q Tech is working to establish a dedicated TLens\u00ae assembly and
\n
test line (\"Strategic Partnership Agreement\"), in addition to poLight's existing manufacturing capabilities.
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag401": { "value": "\n

\n\n
20 Standards issued, but not yet effective
\n
A number of new or amended accounting standards are effective for annual periods beginning after 1 January 2024 and earlier
\n
application is permitted provided approval by the EU. However, the Group has not early adopted any of these, and none are expected
\n
to have a significant impact on the Group\u2019s consolidated financial statements, except potentially IFRS 18.
\n
IFRS 18 Presentation and Disclosure in Financial Statements
\n
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January
\n
2027, provided it is approved by the EU. The new standard introduces the following key new requirements: 1) Classify all income and
\n
expenses into five categories in the consolidated statement of income, namely the operating, investing, financing, discontinued
\n
operations and income tax categories. It is also required to present a newly-defined operating profit subtotal. Net result will not
\n
change. 2) Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.3)
\n
Enhanced guidance is provided on how to group information in the financial statements.
\n
In addition, it is required to use the operating profit subtotal as the starting point for the consolidated statement of cash flows when
\n
presenting cash flows from operating activities under the indirect method.
\n
The Group has not assessed the impact of the new standard, particularly with respect to the structure of the profit or loss section of
\n
the consolidated statement of comprehensive income, the consolidated statement of cash flows and the additional disclosures
\n
required for MPMs.
\n

\n\n\n\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag402": { "value": "\n
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\n
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\n
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\n
to have a significant impact on the Group\u2019s consolidated financial statements, except potentially IFRS 18.
\n
IFRS 18 Presentation and Disclosure in Financial Statements
\n
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January
\n
2027, provided it is approved by the EU. The new standard introduces the following key new requirements: 1) Classify all income and
\n
expenses into five categories in the consolidated statement of income, namely the operating, investing, financing, discontinued
\n
operations and income tax categories. It is also required to present a newly-defined operating profit subtotal. Net result will not
\n
change. 2) Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.3)
\n
Enhanced guidance is provided on how to group information in the financial statements.
\n
In addition, it is required to use the operating profit subtotal as the starting point for the consolidated statement of cash flows when
\n
presenting cash flows from operating activities under the indirect method.
\n
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\n
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\n
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\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }