First Quarter and Recent Business Highlights:
- Participation at the
Optical Fiber Conference (OFC) held inSan Diego in mid-March represented a major commercial turning point for the Company, with the announcement of its first entry into the optical module market for artificial intelligence and cloud data center markets with an 800G pluggable transceiver. - The Company also announced four new products at OFC all directed at the AI market, including an 800G transmit optical engine chiplet (200G/lane) that is a fundamental building block for 1.6T and 3.2T pluggable transceivers and an 8-channel packaged light source for C-Band and O-Band wavelengths for chip-to-chip data communications for AI systems and co-packaged optics for the data center market.
- To support its entry into the high-speed optical transceiver market, the Company announced a collaboration with
MultiLane Inc. , a well-known, leading provider of high-speed IO and data center interconnect test solutions, to develop next-generation, performance-optimized pluggable 800G, 1.6T and higher speed transceivers. - Marking the Company’s success in launching its newly designed transmit and receive optical engines, the Company recently announced a major design win and collaboration with
Foxconn Interconnect Technology (FIT) to develop 800G and 1.6T pluggable optical transceiver modules for sale by FIT using POET optical engines with an aim to address the growth in demand for cutting-edge AI applications and high-speed data center networks. - To provide the development funding needed to address the increased demand for its products, the Company completed a series of previously-announced non-brokered private placements since
January 1, 2024 which added a total of approximatelyC$26.4 million to its balance sheet. In addition, over the same period, the Company sold 4,947,679 common shares through its ‘at-the-market’ (ATM) offering inthe United States throughCraig-Hallum LLC using the facilities of the Nasdaq Capital Market at an average price ofC$2.17 , for gross proceeds of approximatelyC$10.8 million . - As of
May 15, 2024 , the Company had cash and cash equivalents ofUS$23.6M and working capital ofUS$22.8M . There were 60,485,477 issued and outstanding common shares.
Management Comments
“Our team embarked on a dynamic first quarter preparing for the
Non-IFRS Financial Summary
The Company reported non-recurring engineering revenue (“NRE”) of
The Company reported a net loss of
Non-cash expenses in the first quarter of 2024 included stock-based compensation of
The Company recognized other income, including interest of
The Company reported non-cash fair value adjustment to derivative warrant liability of
Cash flow from operating activities in the first quarter of 2024 was
From
Non-IFRS Financial Performance Measures
Certain financial information presented in this press release is not prescribed by IFRS. These non-IFRS financial performance measures are included because management has used the information to analyze the business performance and financial position of POET. These non-IFRS financial measures are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. These non-IFRS financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS (All figures are in | |||||||||||
For the Quarter ended: | |||||||||||
Revenue | 8,710 | 107,551 | - | 177,390 | 180,836 | ||||||
Research and development | (1,922,066 | ) | (2,142,003 | ) | (2,043,264 | ) | (2,036,953 | ) | (2,316,475 | ) | |
Depreciation and amortization | (509,260 | ) | (505,869 | ) | (508,484 | ) | (462,743 | ) | (445,044 | ) | |
Professional fees | (409,726 | ) | (902,368 | ) | (273,905 | ) | (255,094 | ) | (313,404 | ) | |
Wages and benefits | (768,496 | ) | (676,539 | ) | (640,241 | ) | (655,066 | ) | (677,924 | ) | |
Stock-based compensation | (947,502 | ) | (1,050,088 | ) | (1,251,648 | ) | (697,690 | ) | (1,202,018 | ) | |
General expenses and rent | (570,819 | ) | (317,333 | ) | (429,457 | ) | (502,707 | ) | (566,768 | ) | |
Derivative liability adjustment | (629,824 | ) | (24,865 | ) | - | - | - | ||||
Interest expense | (19,753 | ) | (13,547 | ) | (34,890 | ) | (11,214 | ) | (10,531 | ) | |
Other (income), including interest | 52,558 | 54,047 | 45,448 | 57,454 | 78,041 | ||||||
Net loss | (5,716,178 | ) | (5,471,014 | ) | (5,136,441 | ) | (4,386,623 | ) | (5,273,287 | ) | |
Net loss per share | (0.12 | ) | (0.13 | ) | (0.13 | ) | (0.11 | ) | (0.14 | ) | |
ATM Quarterly Update
During the fiscal quarter ended
About
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET's Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained "Edge" computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in
Media Relations Contact: Adrian.brijbassi@poet.tech | Company Contact: tm@poet.tech |
Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the success and timing for completion of its development efforts, the introduction of new products, financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its products to meet performance requirements, lack of sales in its products, once released, operational risks in the completion of the Company’s anticipated projects, lack of performance of its joint venture, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, the ability to raise additional capital and the agreement by shareholders to approve proposals put forth by the Company at shareholders’ meetings. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Neither
Source:
2024 GlobeNewswire, Inc., source