Planned IPO

on Euronext Growth Paris

“Our OLED microdisplay solutions are currently undergoing huge development with the digital transition of our equipment! In less than 15 years, our ongoing commitment to innovation has made us the number one player in Europe and number two worldwide* in this market. Going forward, our acceleration in the sports technology and augmented reality space will serve as a new growth driver alongside our historical activities, which continue to contribute strongly to our growth and profitability.”

Read the message from Microoled CEO Eric Marcellin-Dibon

Dear Investors,

OLED microdisplays are at the core of a "macro-revolution" thanks to the ongoing development in near-eye display applications and the accelerated shift from analog to digital equipment. Whether for outdoor optics, night vision, infrared cameras, ocular equipment for medical devices, augmented reality, microdisplays are progressing at a rapid pace!

In less than 15 years, we have become Europe’s leading player and number two worldwide* in this high-tech market. Our ongoing commitment to innovation has enabled us to develop and manufacture unique microdisplay products that combine high resolution with a high level of brightness and low power consumption. Through these unique differentiating technological features, we have rapidly conquered a loyal client base of major global integrators in resilient, high-growth professional markets. With more than 100 clients on board as of today, and more than 95% of our revenue from outside France, we have embarked on a strong growth path with average annual growth of nearly 35% since 2017, for revenue of more than €20 million, and operating income of more than €4m, representing an increase of 147%!

Naturally, we intend to take things further. We are now committed to conquering a new market, the augmented reality space, which we expect to become a new growth accelerator alongside our historical activities. To make this happen, we have developed ActiveLook®, a unique world-class optical module making it possible to transform sports glasses into connected glasses without compromising on design. ActiveLook® has been adapted to meet the requirements of a variety of sports disciplines, including running and cycling, and is already being rolled out with very positive results. Thanks to its unrivalled design, quality of display and energy consumption, ActiveLook® paves the way for a new generation of sports technology equipment set to win over major equipment manufacturers and sports enthusiasts worldwide.

We have set out a clear strategy to underpin this new adventure and consolidate the momentum around our historical activities. As well as boosting our technological leadership through the development of next-generation microdisplays, we are focused on extending our production capacities in Europe and Asia to multiply them by a factor of 2.5 by 2023.

We will also focus on ramping up marketing and sales resources to accelerate the rollout of ActiveLook® on a large scale, our aim being to make this technology a global standard in connected sports glasses. In addition to developing our showcase brand, we already have a programme under way to build an ecosystem around the solution, integrating major global connected sports equipment players, application developers and leading sports glasses brands.

Our planned IPO on Euronext Growth is naturally part of this deliberate strategy, which we expect to help generate revenue in excess of €50m by 2024 and in excess of €110m by 2026 with an EBITDA margin of more than 25%.

By investing in Microoled you will be contributing directly to the development of a French technology champion and recognised world player conquering new segments of the high-potential digital transformation and augmented reality markets.

We will write shortly to let you know the next stages of this operation, which I hope will appeal to you.

Eric Marcellin-Dibon, CEO Microoled

About us

MICROOLED, a specialist in OLED microdisplays in the heart of Tech Valley

With €25 million invested in research and development since its creation in 2007 in Grenoble’s Tech Valley, Microoled has established itself in the design, production and marketing of OLED microdisplays for near-eye applications: outdoor optical equipment, night vision glasses, ocular equipment for medical devices, augmented reality glasses, etc.

In just a few years, Microoled has become a key partner of the world’s top technology integrators with a unique technology that combines high resolution, high levels of brightness and low energy consumption. Thanks to unique differentiating technological features, Microoled is the leading player in Europe and number two worldwide* in its historical markets. Today, the company is eyeing the sports technology market with ActiveLook®, its breakthrough solution for augmented reality glasses designed for sports enthusiasts anywhere in the world.

Microoled – Key figures



  • 1/3 of its workforce committed
  • Approx. €3m invested in R&D per year (net of research tax credit)
  • Award-winning innovation:
  • Leading industrial and technological partners


  • No. 1 in Europe for OLED microdisplays*
  • No. 2 worldwide for OLED microdisplays*
  • 97% of revenue from outside France
  • Around 100 clients in 25 countries
Growth and profitability

Growth and profitability

  • More than 100 employees, one industrial facility in France
  • Revenue of €20.2m in 2020: +58% vs. 2019
  • EBITDA of €7.2m in 2020 (35% of revenue)
  • Growth of 56% in H1 2021


  • Overall non-financial score of 54 according to specialist firm EthiFinance compared to an average peer rating of 35

    Extra-financial summary report available for download at bottom of page

*Company estimates, by number of units sold. Microdisplay market estimated to be €175m, in which Microoled has generated revenue of €20.2m in 2020 with yet marginal contribution from new activities in Augmented Reality glasses.

ActiveLook® by Microoled

ENGO – Powered by ActiveLook®

Why invest in Microoled?

A global champion in OLED microdisplays for B2B markets that are resilient and enjoy sustainable growth

In the OLED microdisplay market, Microoled is currently the leader in Europe and number two worldwide* with more than 100 loyal customers and more than 95% of its business from outside France, coming from Asia and the United States in particular. Since its creation, Microoled has focused on the most resilient and high value-added markets, becoming the number one player in eyewear for outdoor sports, and in the top 3 in security and defence - two growth markets driven by the shift from analog to digital equipment.

Two clear competitive advantages: strong technological differentiation and inhouse production

Microoled can draw on a broad portfolio of patents with more than 260 applications spanning over 30 categories. Since its creation in 2007, the company has invested more than €25 million in R&D and has established solid technological partnerships, particularly with the CEA (French atomic energy commission) through a joint laboratory. Microoled has capitalised on these advantages to develop a unique OLED technology combining high resolution, high levels of brightness and low energy consumption. Microoled also stands out through its industrial know-how and its best-in-class production platform in France.

A new growth accelerator: sports technology and augmented reality

Microoled’s microdisplay technology combines high pixel density with a high degree of brightness and low energy consumption; the latter two factors are critical in new augmented reality applications. With this, Microoled is today focused on rolling out its unique ActiveLook® optical module to transform sports glasses into connected glasses and leverage the sharp growth on this market, whose sales are expected to reach 3.9 million units by 2024 (source: Statista).

A solid track record

Since 2017, Microoled has seen its revenue grow by nearly 35% a year to €20.2m in 2020. This sustainable performance trajectory is based on a highly visible revenue model, backed by orders for long life-cycle products from a loyal client base of global integrators. Its growth momentum, which is fully organic, generates solid profitability, with operating income in 2020 of €4.3m, an increase of 147%.

A goal to reach revenue of €50m by 2024, and €110m from 2026

Microoled is now ready to set new goals thanks to the strong momentum in its historical markets and the opportunities in sight thanks to its positioning in the promising augmented reality market. It aims to achieve revenue of €50m by 2024, with sales multiplying by a factor of around 2.5 in relation to 2020. By 2026, it projects revenue of €110m, with ActiveLook® contributing around 50% of total activity and an EBITDA margin topping 25%.


Registration document

Press release

CSR report (in French only)

*Company estimates, by number of units sold. Microdisplay market estimated to be €175m, in which Microoled has generated revenue of €20.2m in 2020 with yet marginal contribution from new activities in Augmented Reality glasses.