17 May 2023
POET cuts losses in Q1
For first-quarter 2023, POET Technologies Inc of Toronto, Ontario, Canada — designer and developer of the POET Optical Interposer, photonic integrated circuits (PICs) and light sources for the data-center, telecom and artificial intelligence (AI) markets — has reported non-recurring engineering revenue (NRE) of $181,000 (compared with $200,000 last quarter but nil a year ago). This comprised services provided to multiple customers (one of which continued to contract services from last year) relating to unique projects that are being addressed utilizing the capabilities of the POET Optical Interposer.
Net loss has been cut back from $6.3m ($0.17 per share) last quarter to $5.3m ($0.14 per share). This included R&D costs of $2.3m, cut from $2.7m.
Cash outflow from operating activities was –$4.4m, up from–$2.7m last quarter. However, since 1 January, the firm has received $7.4m from the exercise of warrants by insiders and warrant holders.
During the quarter, POET:
- 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 artificial intelligence (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 the first volume production order (worth more than US$3m, and placed by Beijing FeiYunYi Technology Ltd) for optical engines through the joint venture Super Photonics Xiamen (SPX).
“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,” says 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,” he adds. “POET’s Infinity optical chiplet solution received wide praise when demonstrated as part of a highly integrated 800G transceiver module at the OFC 2023 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.”