16 May 2022
POET’s loss rises in Q1 as product development and introduction programs expand
For first-quarter 2022, POET Technologies Inc of Toronto, Ontario, Canada — a designer and developer of the POET Optical Interposer and photonic integrated circuits (PICs) for the data-center and telecom markets — has reported a net loss of $5.4m ($0.15 per share), up $3.7m ($0.10 per share) last quarter and $4.1m ($0.13 per share) a year ago. Net loss included R&D costs of $2.2m, up from $2m last quarter and $1.3m a year ago. The firm added engineering headcount as its product development and new product introduction efforts expanded. POET also engaged with new suppliers, through non-recurring engineering (NRE) 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.
Cash outflow from operating activities was -$3.7m, up from -$2.5m a year ago and -$3.2m last quarter.
POET says that, during the quarter, it achieved the following milestones:
- 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.
- 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 in the College of Design and Engineering at the National University of Singapore (NUS).
“The first quarter has been an active period of sampling and expanding customer engagement,” says chairman & CEO Dr Suresh Venkatesan. “We were able to leverage our success at the Optical Fiber Communication conference (OFC 2022), where we demonstrated our 200G FR4 Transmit and 400G FR4 Receive optical engines,” he adds. “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.”