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 audited consolidated financial results for the first
quarter ended March 31, 2023. 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.
Business Highlights Since 4Q’22 Reported
on March 31, 2023:
-
Released “POET Infinity™”, a chiplet-based transmitter platform for
400G, 800G and 1.6T pluggable transceivers and co-packaged optics
solutions.
-
Released “POET Starlight™”, a packaged light source solution for AI
applications.
-
Announced an agreement with Celestial AI, creators of the Photonic
Fabric™, for development and production of POET Starlight packaged
light sources and received an advanced purchase order for initial
production units.
-
Received first volume production order valued at more than US$3
million for optical engines through the Company’s joint-venture
company, Super Photonics Xiamen (SPX); the purchase order was
placed by Beijing FeiYunYi Technology Ltd.
Management Comments
“We’ve made significant progress on our
commercialization roadmap with the recent purchase orders from
world-class customers as well as our introduction of important new
products,” stated Chairman & CEO, Dr. Suresh Venkatesan. “Our
work with leading companies like Celestial AI and Beijing FeiYunYi
Technology further validate the commercial viability of our optical
engines and other optical interposer-based products. POET’s
Infinity optical chiplet solution received wide praise when
demonstrated as part of a highly integrated 800G transceiver module
at the OFC Conference in March. Additionally, we announced our POET
Starlight products, which are packaged light engines based on our
LightBar platform and an ideal solution for AI applications. The
creation of this product, while significant, was a seamless
modification of the POET Optical Interposer, underscoring the
flexibility of our core technology and its relevance across a wide
spectrum of data communications applications.”
Non-IFRS Financial SummaryThe
Company reported non-recurring engineering revenue (“NRE”) of
$181,000 in the first quarter of 2023 compared to nil for the same
period in 2022 and $200,000 in the fourth quarter of 2022. In the
first quarter, the Company provided under NRE contract services to
multiple customers, one of which continued to contract services
from last year. The revenue relates to unique projects that are
being addressed utilizing the capabilities of the POET Optical
Interposer.
The Company reported a net loss of $5.3 million,
or ($0.14) per share, in the first quarter of 2023 compared with a
net loss $5.4 million, or ($0.15) per share, for the same period in
2022 and a net loss of $6.3 million, or ($0.17) per share, in the
fourth quarter of 2022. The net loss in the first quarter of 2023
included research and development costs of $2.3 million compared to
$2.2 million for the same period in 2022 and $2.7 million in the
fourth quarter of 2022. 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 first quarter of 2023
included stock-based compensation of $1.2 million and depreciation
and amortization of $0.4 million. Non-cash stock-based compensation
and depreciation and amortization in the same period of 2022 were
$1.0 million and $0.3 million, respectively. Fourth quarter 2023
stock-based compensation and depreciation and amortization were
$1.6 million and $0.3 million, respectively. The Company had
non-cash finance costs of $10,000 in the first quarter of 2023
compared to non-cash finance costs of $14,000 in the first quarter
of 2022 and non-cash costs of $12,000 in the fourth quarter of
2022.
The Company recognized other income, including
interest of $78,000 in the first quarter of 2023, compared to
$22,000 in the same period in 2022 and $69,000 in the fourth
quarter of 2022.
Non-cash impact of joint venture in the first
quarter of 2023 was a nil, compared to a net loss of $0.4 million
in the same period of 2022 and a net loss of $0.4 million in the
fourth quarter of 2022. The Company’s share of loss is
approximately 80.7% of the loss of Super Photonics in the first
quarter of 2023, 88.5% in the first quarter of 2022 and 80.7% in
the fourth quarter of 2022. 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
the joint venture approximated 80.7% at March 31, 2023, the Company
did not recognize a share of loss in the joint venture in the first
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 first
quarter of 2023 was ($4.4) million, compared to ($3.6) million in
the first quarter of 2022 and ($2.7) million in the fourth quarter
of 2022.
From January 1, 2023 to date, the Company
received $7.4 million from the exercise of warrants by insiders and
warrant holders.
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 AND IFRS PRESENTATION OF
OPERATIONS |
(All figures are in U.S. Dollars) |
|
For the Quarter ended: |
31-Mar-23 |
31-Dec-22 |
30-Sep-22 |
30-Jun-22 |
31-Mar-22 |
Sales |
180,836 |
199,559 |
232,928 |
120,261 |
- |
Research and development |
(2,316,475) |
(2,745,886) |
(1,884,767) |
(1,829,369) |
(2,232,534) |
Depreciation and
amortization |
(445,044) |
(341,017) |
(336,446) |
(313,677) |
(302,018) |
Professional fees |
(313,404) |
(430,668) |
(203,778) |
(291,185) |
(248,112) |
Wages and benefits |
(677,924) |
(665,682) |
(646,349) |
(728,313) |
(608,518) |
Impact of join venture |
- |
(405,471) |
116,747 |
(745,961) |
(430,321) |
Stock-based compensation |
(1,202,018) |
(1,588,706) |
(880,796) |
(969,661) |
(997,441) |
General expenses and rent |
(566,768) |
(359,062) |
(484,559) |
(552,410) |
(622,060) |
Interest expense |
(10,531) |
(11,610) |
(11,707) |
(12,627) |
(13,794) |
Other income, including
interest |
78,041 |
68,592 |
57,429 |
40,300 |
21,999 |
Net loss |
(5,273,295) |
(6,279,951) |
(4,041,298) |
(5,282,642) |
(5,432,799) |
|
|
|
|
|
|
Net loss per share |
(0.14) |
(0.17) |
(0.11) |
(0.14) |
(0.15) |
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,
Shenzhen, China and Singapore. More information may be obtained at
www.poet-technologies.com.
Shareholder Contact: |
Company Contact: |
Shelton Group |
Thomas R. Mika, EVP & CFO |
Brett L. Perry |
tm@poet-technologies.com |
sheltonir@sheltongroup.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 and
expectations for approval of proposals at the Company’s annual
meeting of shareholders.
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 800G
modules based on 400G optical engine developments, 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 fourth-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, missing the window for 800G modules based on 400G
optical engines, 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 fourth-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, 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 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
POET Technologies (TSXV:PTK)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
POET Technologies (TSXV:PTK)
Historical Stock Chart
Von Mai 2023 bis Mai 2024