Business Highlights since Second Quarter Results reported on
- On
August 9, 2023 , the Company filed a registration statement on Form F-3 with theUnited States Securities and Exchange Commission (“SEC”). The Form F-3 replaces the Company’s expired Form F-10. Declared effective by theSEC onAugust 18, 2023 , the Form F-3 may be used to sell securities registered underU.S. securities laws. - On
August 15, 2023 , the Company announced the development of an Optical Interposer platform specifically designed for pluggable1.6T transceivers, expandable to 3.2T, utilizing current industry form factors and employing 200G per lane technology for data centers running Artificial Intelligence networks. - On
September 1, 2023 , the Company announced a resumed ATM program inthe United States withCraig-Hallum Capital Group LLC as its sales agent, replacing its previous ATM program inthe United States andCanada (please refer to the press release of the same date that references the registration statement and shelf prospectus pertaining to the ATM program). Between September 6th and 8th, 2023 , the Company and its JV, Super Photonics Xiamen (SPX), showed live demonstrations of end-to-end optical solutions for 800G, 400G, and 200G transceivers using POET’s highly integrated optical engines at the China International Optoelectronics Expo (CIOE) inShenzhen, China . The demonstrations also featured an 800G transceiver module incorporating a POET 800G receive engine that Luxshare-ICT intends to market globally. POET also showcased its own prototype 400G module at the event.- On
September 12, 2023 , POET reported on the success of its joint appearance at the CIOE with SPX and its engagement with multiple prospective customers for POET optical engines, ranging in speeds from 100G to 800G. POET’s optical engines enable module makers to lower both labor and capital costs, and provide a seamless path to higher speeds and more efficient network architectures, while reducing customers’ own in-house R&D efforts. - On
October 5, 2023 , POET reported that SPX had committed to expand production capacity needed to fulfill existing and expected customer orders. SPX is preparing to ramp production of POET’s optical engines. - On
October 10, 2023 , POET announced a collaboration withYuanjie Semiconductor Technology Inc. (YST), to supply SPX with YST’s high-performance directly modulated lasers (DMLs) for use in the 100G and 200G optical engines being sold to module makers inChina andthe United States , including to ADVA, BFYY and Fibertop, and others to be announced. - On
November 2, 2023 , POET announced an underwritten public offering inthe United States and a concurrent offering inCanada under the LIFE exemption (see press release of the same date for additional information). - On
November 6, 2023 , the Company provided a financial update that included preliminary, unaudited financial data in advance of this press release.
Management Comments
“The third quarter of 2023 has been particularly intensive with prospect meetings following CIOE, continued support of customers with module design and qualification, and our financing efforts” said Dr.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of common shares or warrants in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification, or an exemption from registration or qualification, under the securities laws of any such jurisdiction.
Financial Summary
The Company reported a net loss of
Non-cash expenses in the third quarter of 2023 included stock-based compensation of
The Company recognized other income, including interest of
Non-cash impact of the Company’s joint venture, Super Photonics Xiamen (“SPX”), in the third quarter of 2023 was nil, compared to a net gain of
Cash flow from operating activities in the third quarter of 2023 was
From
Summary of Financial Performance
The following is a summary of the Company’s operations over the five quarters ending
SUMMARY PRESENTATION OF OPERATIONS (All figures are in | |||||||||||||||
Sep 30/23 | Jun 30/23 | Mar 31/23 | Dec 31/22 | Sep 30/22 | |||||||||||
Sales | $ | - | $ | 177,390 | $ | 180,836 | $ | 199,559 | $ | 232,928 | |||||
Research and development | 2,043,264 | 2,036,953 | 2,316,475 | 2,745,886 | 1,884,767 | ||||||||||
Depreciation and amortization | 508,484 | 462,743 | 445,044 | 341,017 | 336,446 | ||||||||||
Professional fees | 273,905 | 255,094 | 313,404 | 430,668 | 203,778 | ||||||||||
Wages and benefits | 640,241 | 655,066 | 677,924 | 665,682 | 646,349 | ||||||||||
Impact of joint venture | - | - | - | 405,471 | (116,747) | ||||||||||
Stock-based compensation | 1,251,648 | 697,690 | 1,202,018 | 1,588,706 | 880,796 | ||||||||||
General expense, rent and facility | 429,457 | 502,707 | 566,768 | 359,062 | 484,559 | ||||||||||
Interest expense | 34,890 | 11,214 | 10,531 | 11,610 | 11,707 | ||||||||||
Other (income), including interest | (45,448) | (57,454) | (78,041) | (68,592) | (57,429) | ||||||||||
Net loss, before taxes | |||||||||||||||
Net loss per share | $ (0.13) | $ (0.11) | $ (0.14) | $ (0.17) | $ (0.11) |
About
POET is a design and development company offering integration solutions based on the POET Optical Interposer™, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in
Forward-Looking Statements
This press 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. Important factors that could affect performance and cause results to differ materially from those expressed or implied in the forward-looking information or statements are described in the “Risk Factors” section in the Company’s Annual Report on Form 20-F for the fiscal year ended
Contacts:
Media Relations Contact: adrian.brijbassi@poet-technologies.com | Company Contact: tm@poet-technologies.com |
Neither
Source:
2023 GlobeNewswire, Inc., source