POET Provides Financial Update
06 11월 2023 - 9:06PM
OET 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, telecommunication and artificial intelligence markets, is
providing preliminary key financial data in advance of the
Company’s expected quarterly reporting on or before November 15,
2023.
Key financial data on an unaudited basis as of
September 30, 2023 are as follows (all amounts are approximate and
stated in US
dollars):
|
As of September 30,
2023 |
Cash and cash equivalents |
$ |
4,500,000 |
Working capital |
$ |
3,300,000 |
Key financial data on an unaudited basis for the
three and nine months ended September 30, 2023 are as follows (all
amounts are approximate and stated in US dollars):
|
Three Months |
Nine Months |
Revenues |
$- |
|
$400,000 |
|
Expenses (1) |
$(5,100,000) |
|
$(15,200,000) |
|
Net loss |
$(5,100,000) |
|
$(14,800,000) |
|
(1) Three
months and nine months expenses include non-cash expenses of
$1,700,000 and $4,500,000 respectively.“I want our shareholders to
know that, from a business perspective, POET believes it is on
track to commercialize our technology and products with initial
production expected to commence this year and continuing into 2024,
and we are working diligently to speed up customer acquisition and
sales,” said Dr. Suresh Venkatesan, Chairman & Chief Executive
Officer of POET. “Our existing customers are finally completing
their module designs for sampling and sale to their end customers,
which include hyperscale data centers, network system operators and
telecom companies, primarily in China. We have re-focused and
accelerated our efforts on the highest speed engines designed for
800G and 1.6T pluggable modules, which we plan to introduce to the
market in 2024. 800G and 1.6T modules are gaining increasing market
appeal as specialized data centers running AI software
applications, such as ChatGPT, continue to drive the need for ever
more and ever-increasing transmission speeds. Non-recurring
engineering (NRE) payments for custom designs and initial sales of
engines and modules in the AI hardware market are expected to
provide multiple single-digit millions in revenue to POET in 2024
and lock-in significant growth in 2025 and beyond, both from the
pull of the massive growth in the market and from the products we
expect to introduce to meet the demand. We are working hard to make
up for past delays and to help our customers introduce innovative
new products into the market as quickly as possible with reference
designs utilizing POET’s proprietary technology.”
On November 2, 2023, the Company announced a
public offering in the United States and a concurrent non-brokered
offering in Canada (the “Offering”).
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.
Preliminary Information
The unaudited financial information presented in
this press release is preliminary and may change. The Company’s
financial closing procedures with respect to the estimated
financial information provided in this press release are not yet
complete, and as a result, the Company's final results may vary
materially from the preliminary results included in this press
release. The Company undertakes no obligation to update or
supplement the information provided in this press release until the
Company releases its financial statements for the three months
ended September 30, 2023. The preliminary financial information
included in this press release reflects the Company's current
estimates based on information available as of the date of this
press release and has been prepared by Company management. This
preliminary financial information should not be viewed as a
substitute for full financial statements prepared in accordance
with IFRS and is not necessarily indicative of the results to be
achieved for any future periods. This preliminary financial
information could be impacted by the effects of financial closing
procedures, final adjustments, and other developments.
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 expected timelines for the commercialization
of technologies and related expectations for growth in NRE
payments). 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 preliminary financial estimates for the Company’s
most recently completed fiscal quarter and its expectations for
commercializing its technology and products, 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 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
POET Technologies (NASDAQ:POET)
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POET Technologies (NASDAQ:POET)
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