POET Technologies Inc. (“
POET” or the
“
Company”) (TSX Venture: PTK; NASDAQ: POET), the
designer and developer of the POET Optical Interposer™ and Photonic
Integrated Circuits (PICs) for the data center and
tele-communication markets, today reported its unaudited condensed
consolidated financial results for the first quarter ended March
31, 2022. The Company’s financial results as well as the Management
Discussion and Analysis have been filed on SEDAR. All financial
figures are in United States dollars (“USD”) unless otherwise
indicated.
First Quarter Financial (non-IFRS) and
Recent Business Highlights:
The Company achieved the following significant
milestones during the three months ended March 31, 2022:
-
Named to the 2022 OTCQX® Best 50, a ranking of top performing
companies traded on the OTCQX Best Market last year.
-
Entered into an agreement with Celestial AI to provide multi-laser
integrated external light source (ELS) modules using its advanced
packaging platform based on the POET Optical Interposer. The
agreement includes a contract for continued platform development,
along with a purchase order for initial quantities of the advanced
modules.
-
Announced a collaboration with Liobate Technologies to incorporate
advanced Thin-Film Lithium Niobate (“TFLN”) modulators onto POET’s
Optical Engines supporting power-efficient ultra-high-bandwidth
electro-optic conversion for data center and telecom applications.
This multi-phase, co-development project is initially focused on
delivering and commercializing a POET 400/800Gps Transmit and
Receive Optical Engine.
-
Announced the launch of its 400G FR4 and 800G (2x400G FR4) Receive
(RX) Optical Engines based on the POET Optical Interposer, a unique
next-generation hybrid silicon photonics platform.
-
Completed previously announced consolidation of its common shares
and commenced trading on Nasdaq under the ticker symbol
“POET”.
-
Joined the Singapore Hybrid-Integrated Next Generation
micro-Electronics (SHINE) Center located in the College of Design
and Engineering at the National University of Singapore (NUS).
Management Comments“The first
quarter has been an active period of sampling and expanding
customer engagement,” stated Dr. Suresh Venkatesan, Chairman &
CEO. “We were able to leverage our success at OFC where we
demonstrated our 200G FR4 Transmit and 400G FR4 Receive optical
engines. POET received significant notoriety for being the only
company to showcase a chip-scale integrated FR4 optical engine,
offering substantial size, energy efficiency and cost benefits
compared to alternative solutions based on the DR4 standard,
resulting in heightened interest from companies that we have not
been engaged with previously. We are focused on advancing our
efforts to convert this interest to customer orders in the coming
quarters.”
Financial SummaryThe Company
reported a net loss of $5.4 million, or ($0.15) per share, in the
first quarter of 2022 compared with a net loss $4.1 million, or
($0.13) per share, for the same period in 2021 and a net loss of
$3.7 million, or ($0.10) per share, in the fourth quarter of 2021.
The net loss in the first quarter of 2022 included research and
development costs of $2.2 million compared to $1.3 million for the
same period in 2021 and $2.0 million in the fourth quarter of 2021.
The Company added engineering headcount as its product development
and new product introduction efforts expanded. The Company also
engaged with new suppliers, through non-recurring engineering and
qualification programs, to ensure that the supply of required
products and services will meet the Company’s standards and will be
available as needed.
Non-cash expenses in the first quarter of 2022
included stock-based compensation of $1.0 million and depreciation
and amortization of $0.3 million. Non-cash stock-based compensation
and depreciation and amortization in the same period of 2021 were
$0.8 million and $0.3 million, respectively. Fourth quarter 2021
stock-based compensation and depreciation and amortization were
$1.2 million and $0.3 million, respectively. The Company had
debt-related finance costs of $14,000 in the first quarter of 2022
compared to $235,000 in the first quarter of 2021 and $16,000 in
the fourth quarter of 2021. All of the finance costs recognized in
the first quarter of 2022 were non-cash compared to $128,000 during
the same period in 2021 and $16,000 in the fourth quarter of 2021.
The Company recognized other income, including interest of $22,000
in the first quarter of 2022 compared to $7,000 in the same period
in 2021 and $27,000 in the fourth quarter of 2021.
Non-cash impact of joint venture in the first
quarter of 2022 was $0.4 million compared to nil in the same period
of 2021 and $1.0 million in the fourth quarter of 2021. The
Company’s share of loss is approximately 88.5% of the loss of Super
Photonics Xiamen, the Company’s joint venture with Sanan IC. The
Company's current share of the operating loss is a result of the
high value of the Company's initial contribution.
Cash flow from operating activities in the first
quarter of 2022 was ($3.7) million compared to ($2.5) million in
the first quarter of 2021 and ($3.2) million in the fourth quarter
of 2022.
Non-IFRS Financial Performance
MeasuresCertain 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.
POET TECHNOLOGIES
INC.PROFORMA – NON-IFRS PRESENTATION OF
OPERATIONS(All figures are in U.S. Dollars)
For the Quarter ended: |
|
31-Mar-22 |
|
31-Dec-21 |
|
30-Sep-21 |
|
30-Jun-21 |
|
31-Mar-21 |
|
Sales |
|
- |
|
- |
|
- |
|
209,100 |
|
|
Research and development |
|
(2,232,534 |
) |
(2,010,793 |
) |
(1,231,676 |
) |
(1,812,924 |
) |
(1,339,784 |
) |
Depreciation and
amortization |
|
(302,018 |
) |
(281,178 |
) |
(296,424 |
) |
(270,189 |
) |
(252,731 |
) |
Professional fees |
|
(248,112 |
) |
(269,306 |
) |
(354,163 |
) |
(247,742 |
) |
(284,105 |
) |
Wages, benefits and management
fees |
|
(608,518 |
) |
(610,428 |
) |
(623,731 |
) |
(593,280 |
) |
(816,012 |
) |
Impact of joint venture |
|
(430,321 |
) |
1,022,417 |
|
422,834 |
|
- |
|
- |
|
Stock-based compensation |
|
(997,441 |
) |
(1,181,375 |
) |
(1,295,864 |
) |
(1,236,593 |
) |
(820,538 |
) |
General expenses and rent |
|
(622,060 |
) |
(377,223 |
) |
(275,078 |
) |
(381,539 |
) |
(357,980 |
) |
Interest expense |
|
(13,794 |
) |
(15,512 |
) |
(19,729 |
) |
(94,799 |
) |
(234,579 |
) |
Other income, including
interest |
|
21,999 |
|
26,650 |
|
208,100 |
|
19,772 |
|
7,309 |
|
Net loss |
|
(5,432,799 |
) |
(3,696,748 |
) |
(3,465,731 |
) |
(4,408,194 |
) |
(4,098,420 |
) |
|
|
|
|
|
|
|
Net loss per share |
|
(0.15 |
) |
(0.10 |
) |
(0.10 |
) |
(0.13 |
) |
(0.13 |
) |
About POET Technologies
Inc.POET Technologies 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 and
Singapore. More information may be obtained at
www.poet-technologies.com.
Shareholder Contact:Shelton GroupBrett L.
Perrysheltonir@sheltongroup.com |
Company Contact:Thomas R. Mika, EVP &
CFOtm@poet-technologies.com |
This news 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). 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 any
potential outcome. Such statements include the Company’s
expectations with respect to the success of the Company’s product
development efforts, the performance of its products, the expected
results of its operations, meeting revenue targets, and the
expectation of continued success in the financing efforts, the
capability, functionality, performance and cost of the Company’s
technology as well as the market acceptance, inclusion and timing
of the Company’s technology in current and future products.
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, 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 third-party 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, delays in
recruitment for its newly opened operations or changes in plans
with respect to the development of the Company’s anticipated
projects by third-parties, 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, and the ability
to raise additional capital. 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 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:
416-322-5075
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