Q2 report is behind us, and we are waiting for the autumn like a small child waiting for Santa Claus. Hoping for some big packages…
As previously noted, several consumer AR|MR cases are maturing, with one case now also regarded as a design-in. This brings hope that 2026 may become the year in which poLight technology starts shipping in a consumer AR|MR product. Such a move would represent a major milestone for the company and provide a strong foundation for future growth.
The CEO’s comments in both the earnings report and the Q&A of the investor call still radiate the same optimism as they did in the spring. Orders received during (and after) Q2 give reason for optimism, but as was cautioned in the Q&A, the strategic alignments of OEMs or other factors independent of poLight could change the timelines.
Regarding revenue, H1/26 exceeded the revenue for the full year 2025. The margin percentage is good and improves as the scale grows, as it naturally must with these valuation multiples. However, it is clear that without the expectation of significant (consumer) AR/MR orders, at least 3/4 would be wiped off poLight’s price tag.
The CEO emphasized being conservative, so the design-in (DI) classification and the optimism in the Q&A increase my confidence that the coming autumn will bring at least one significant player’s AR/MR glasses launch.
Activity in the sector is intense, and an example of this is the demo device from Ant Group (part of Alipay/Alibaba), glasses equipped with a “look and pay” feature. Ant Group wouldn’t manufacture the glasses themselves; instead, they act as a payment broker and seemingly serve in a consortium to oversee the certification of devices that meet the specs and to refine the payment architecture. They want to prevent a VHS/Betamax-style battle between different protocols and ecosystems. (In China, this is actually possible because those couple of big players share such a huge part of the pie de facto.)
poLight’s inclusion in this group sets, in its own way, the standards for what is expected from a “look and pay” supported device. The spec is likely technology-neutral, but poLight products are, for their part, setting a tough benchmark for what is expected from competing technologies.
When the stars align, it will add a steeper slope to the growth market’s gradient. In China, they don’t wait around; they want the technology to be in use immediately. The rest of the world will follow suit at some point.
Well, I already went off on a tangent from Q2 matters, but I think the key point became clear. In terms of the company’s valuation and outlook, H2 is particularly important. I’ve surely said this before, but it bears repeating nonetheless.
Q2 presentation: