POET Technologies Inc. (“
POET” or the
“
Company”) (TSX Venture: PTK; NASDAQ: POET), the
designer and developer of the POET Optical Interposer™, Photonic
Integrated Circuits (PICs) and light sources for the data center,
tele-communication and artificial intelligence markets, today
reported its unaudited consolidated financial results for the third
quarter ended September 30, 2023. The Company’s financial results
as well as the Management Discussion and Analysis have been filed
on SEDAR+ and are available on the SEC’s EDGAR website
(www.sec.gov/EDGAR). All financial figures in this press release
are in United States dollars unless otherwise indicated.
Business Highlights since Second Quarter
Results reported on August 11, 2023:
-
On August 9, 2023, the Company filed a registration statement on
Form F-3 with the United States Securities and Exchange Commission
(“SEC”). The Form F-3 replaces the Company’s expired Form F-10.
Declared effective by the SEC on August 18, 2023, the Form F-3 may
be used to sell securities registered under U.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
in the United States with Craig-Hallum Capital Group LLC as its
sales agent, replacing its previous ATM program in the United
States and Canada (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) in Shenzhen, 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 with Yuanjie
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 in China
and the United States, including to ADVA, BFYY and Fibertop, and
others to be announced.
-
On November 2, 2023, POET announced an underwritten public offering
in the United States and a concurrent offering in Canada 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. Suresh Venkatesan, Chairman & CEO.
“Supporting module design and assembly for optical engine customers
in China has been the principal focus of much of our engineering
resources, but soon those efforts will be behind us, and we can
look forward to SPX fulfilling production orders with expanded
capacity. In the US, we are sharply focused on the market for
Artificial Intelligence hardware, which encompasses both
leading-edge, high-speed 800G and 1.6T transceivers, and light
sources for disaggregated network architectures in AI. These two
market segments are expected to yield direct revenue to POET in the
form of NRE for custom designs, sampling and initial module
production, particularly in light sources for AI. We are confident
in POET’s value proposition and competitive advantage in these
market segments, especially in pluggables at 1.6T and 3.2T,
high-performance light sources for light-enabled data transmission
in AI servers, and for co-packaged optics. 2024 should set the
stage for what we expect will be accelerated growth in 2025 and
2026, driven by a large projected demand in high-speed transceivers
for AI, combined with our innovative product introduction
roadmap.”
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 SummaryThe Company
reported a net loss of $5.1 million, or ($0.13) per share, in the
third quarter of 2023 compared with a net loss $4.0 million, or
($0.11) per share, for the same period in 2022 and a net loss of
$4.4 million, or ($0.11) per share, in the second quarter of 2023.
The net loss in the third quarter of 2023 included research and
development costs of $2.0 million compared to $1.9 million for the
same period in 2022 and $2.0 million in the second quarter of 2023.
Fluctuations in R&D for a company of this size and this stage
of growth is expected on a period-over-period basis as the Company
transitions from technology development to product development.
Non-cash expenses in the third quarter of 2023
included stock-based compensation of $1.3 million and depreciation
and amortization of $0.5 million. Non-cash stock-based compensation
and depreciation and amortization in the same period of 2022 were
$0.9 million and $0.3 million, respectively. Second quarter 2023
stock-based compensation and depreciation and amortization were
$0.7 million and $0.5 million, respectively. The Company had
non-cash finance costs of $18,000 in the third quarter of 2023
compared to non-cash finance costs of $12,000 in the third quarter
of 2022 and non-cash costs of $11,000 in the second quarter of
2023.
The Company recognized other income, including
interest of $45,000 in the third quarter of 2023, compared to
$57,000 in the same period in 2022 and $57,000 in the second
quarter of 2023.
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 $0.1 million in the same period of
2022 and nil in the second quarter of 2023. The Company’s share of
loss is approximately 78.4% of the loss of SPX in the third quarter
of 2023, 86.3% in the third quarter of 2022 and 80.7% in the second
quarter of 2023. The Company's current share of the operating loss
is a result of the high value of the Company's initial
contribution. Although the Company’s equity ownership of SPX was
approximately 78.4% at September 30, 2023, the Company did not
recognize a share of loss in SPX in the third quarter of 2023
because the value of its investment is carried at nil on the
consolidated statements of financial position precluding further
loss recognition under the relevant accounting standards.
Cash flow from operating activities in the third
quarter of 2023 was ($4.1) million, compared to ($2.5) million in
the third quarter of 2022 and ($4.0) million in the second quarter
of 2023.
From January 1, 2023 to date, the Company
received net proceeds of $9.0 million from the sale of shares,
including through the exercise of warrants and stock options.
Summary of Financial
PerformanceThe following is a summary of the Company’s
operations over the five quarters ending September 30, 2023. This
information should be read in conjunction with the Company’s
financial statements filed on SEDAR + on November 14, 2023.
POET TECHNOLOGIES INC.SUMMARY PRESENTATION OF
OPERATIONS(All figures are in U.S. Dollars) |
|
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 |
$ 5,136,441 |
|
$ 4,386,623 |
|
$ 5,273,287 |
|
$ 6,279,951 |
|
$ 4,041,298 |
|
Net loss per share |
$ (0.13) |
|
$ (0.11) |
|
$ (0.14) |
|
$ (0.17) |
|
$ (0.11) |
|
About POET Technologies
Inc.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 Toronto, with
operations in Allentown, PA, Shenzhen, China and Singapore. More
information may be obtained at www.poet-technologies.com.
Forward-Looking StatementsThis
press release contains "forward-looking information" (within the
meaning of applicable Canadian securities laws) and
"forward-looking statements" (within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995, including
statements regarding expectations for growth in revenue). Such
statements or information are identified with words such as
"anticipate", "believe", "expect", "plan", "intend", "potential",
"estimate", "propose", "project", "outlook", "foresee" or similar
words suggesting future outcomes or statements regarding an
outlook. Such information and statements include statements related
to the Company’s most recently completed fiscal quarter and its
expectations for commercializing its technology and products, the
ongoing offering and efforts to enhance sales and customer
acquisition and the other elements of its growth strategy.
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 December 31, 2022, as updated from time
to time in the Company’s filings with the U.S. Securities and
Exchange Commission. These factors include, but are not limited to,
the Company’s ability to raise capital (whether in the ongoing
offering or otherwise), market conditions, the failure of the
Company’s products to meet performance requirements, the failure to
produce products on a timely basis or at all, the failure of the
Company’s optical engine or light source products to be
incorporated into its customers’ products, the failure of its
customers’ products to achieve market penetration, and operational
risks including the ability to attract key personnel. 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 information and statements
because the Company can provide no assurance that such expectations
will prove to be correct. Forward-looking information and
statements contained in this press release are as of the date of
this press release and the Company assumes no obligation to update
or revise this forward-looking information and statements except as
required by law.
Contacts:
Media Relations
Contact:Adrian
Brijbassiadrian.brijbassi@poet-technologies.com |
Company
Contact:Thomas R. Mika, EVP &
CFOtm@poet-technologies.com |
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.120
Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel:
416-368-9411 - Fax: 416-322-507
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