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 consolidated financial results for the second quarter
ended June 30, 2023. The Company’s financial results as well as the
accompanying Management Discussion and Analysis have been filed on
SEDAR and EDGAR. All financial figures are in United States dollars
(“USD”) unless otherwise indicated.
Business Highlights since First Quarter
Results reported on May 15, 2023:
-
On June 14, 2023, the Company announced alpha sample readiness of
“POET Infinity™”, a chiplet-based transmitter platform for 400G,
800G and 1.6T pluggable transceivers and co-packaged optics
solutions. Two lead customers have partnered with POET to test the
alpha version of the Infinity chiplet.
-
On June 29, 2023, the Company announced that it had established an
“at-the-market” (ATM) offering program in Canada and the United
States with Craig-Hallum Capital Group LLC and Cormark Securities
Inc. The ATM program allowed the Company to issue and sell, at its
sole discretion, common shares of the Company not to exceed, in
aggregate, US$30 million, through the facilities of the TSX Venture
Exchange and Nasdaq Capital Market. For further details concerning
the ATM program, refer to the Company’s news release dated June 29,
2023. The Company suspended the ATM program on August 5, 2023 due
to the expiry of the Company’s Canadian short form base shelf
prospectus and SEC F-10 registration statement on August 5,
2023.
-
On June 30, 2023, the Company held its Annual General and Special
Meeting of shareholders (AGM). All resolutions recommended by
management and voted on by shareholders were passed by substantial
positive margins, including the election of directors who will
serve a term until the next AGM.
-
On August 9, 2023, the Company filed a shelf registration statement
on the Form F-3 with the United States Securities and Exchange
Commission (SEC). The Form F-3 is intended to allow the Company the
flexibility to raise additional capital through the sale and
issuance of securities outside of Canada. The filing is subject to
review and approval by the SEC. Once effective, the Form F-3 may be
used, among other things, to support the resumption of the sale of
securities through the Nasdaq Capital Market under a
newly-established ATM.
Management Comment
Chairman & CEO Dr. Suresh Venkatesan,
commented, “We continue to execute on our roadmap, while also
accelerating certain aspects of it through increased customer
engagements. The Company now has five product lines that we are
actively sampling and engaged with at new and existing customers.
POET Infinity™, POET Starlight™, POET LightBar™, POET Legacy™, and
POET ONE ™ have emerged as foundational products for us and are
providing the opportunity for expanded discussions with customers.
Our AI product line features competitively priced and scalable
optical engines for high-speed ethernet-based transceivers and
packaged light sources for CXL 3.0-type interfaces. Within the
datacom and telecom markets, we have delivered alpha versions of
the POET Infinity optical chiplet solution to two lead customers
for testing. These customers aim to develop industry-leading 800G
2xFR4 QSFP-DD and OSFP transceiver solutions. To further support
our team’s engineering and commercialization achievements, we have
increased our sales and marketing activities. As a result, website
visitation grew by more than 300% during the quarter, with U.S.
interest accounting for a majority of the uptick in traffic.”
Non-IFRS Financial Summary
The Company reported non-recurring engineering
revenue (“NRE”) of $177,000 in the second quarter of 2023 compared
to $120,000 for the same period in 2022 and $181,000 in the first
quarter of 2023. In the second 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 $4.4 million,
or ($0.11) per share, in the second quarter of 2023 compared with a
net loss $5.3 million, or ($0.14) per share, for the same period in
2022 and a net loss of $5.3 million, or ($0.14) per share, in the
first quarter of 2023. The net loss in the second quarter of 2023
included research and development costs of $2.0 million compared to
$1.8 million for the same period in 2022 and $2.3 million in the
first quarter of 2023. Fluctuations in R&D for a company of
POET’s size and 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 second quarter of 2023
included stock-based compensation of $0.7 million and depreciation
and amortization of $0.5 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. First quarter 2023
stock-based compensation and depreciation and amortization were
$1.2 million and $0.4 million, respectively. The Company had
non-cash finance costs of $11,000 in the second quarter of 2023
compared to non-cash finance costs of $13,000 in the second quarter
of 2022 and non-cash finance costs of $11,000 in the first quarter
of 2023.
The Company recognized other income, including
interest of $57,000 in the second quarter of 2023, compared to
$40,000 in the same period in 2022 and $78,000 in the first quarter
of 2023.
Non-cash impact of the Company’s joint venture,
Super Photonics Xiamen (“SPX”), in the second quarter of 2023 was
nil, compared to a net loss of $0.7 million in the same period of
2022 and nil in the first quarter of 2023. The Company’s share of
loss was approximately 80.7% of the loss of SPX in the second
quarter of 2023, 88.5% in the second quarter of 2022 and 80.7% in
the first quarter of 2023. 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
SPX approximated 80.7% at June 30, 2023, the Company did not
recognize a share of loss in SPX in the second 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
second quarter of 2023 was ($4.0) million, compared to ($3.4)
million in the second quarter of 2022 and ($4.4) million in the
first quarter of 2023.
The Company received $1.6 million from the
exercise of warrants and stock options in the second quarter of
2023. From January 1, 2023 to June 30, 2023, the Company received
$7.9 million from the exercise of warrants and stock options.
Non-IFRS Financial Performance
Measures
Certain 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: |
|
30-Jun-23 |
|
31-Mar-23 |
|
31-Dec-22 |
|
30-Sep-22 |
|
30-Jun-22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
177,390 |
|
180,836 |
|
199,559 |
|
232,928 |
|
120,261 |
|
Research and development |
|
(2,036,953 |
) |
(2,316,475 |
) |
(2,745,886 |
) |
(1,884,767 |
) |
(1,829,369 |
) |
Depreciation and
amortization |
|
(462,743 |
) |
(445,044 |
) |
(341,017 |
) |
(336,446 |
) |
(313,677 |
) |
Professional fees |
|
(255,094 |
) |
(313,404 |
) |
(430,668 |
) |
(203,778 |
) |
(291,185 |
) |
Wages and benefits |
|
(655,066 |
) |
(677,924 |
) |
(665,682 |
) |
(646,349 |
) |
(728,313 |
) |
Impact of join venture |
|
- |
|
- |
|
(405,471 |
) |
116,747 |
|
(745,961 |
) |
Stock-based compensation |
|
(697,690 |
) |
(1,202,018 |
) |
(1,588,706 |
) |
(880,796 |
) |
(969,661 |
) |
General expenses and rent |
|
(502,707 |
) |
(566,768 |
) |
(359,062 |
) |
(484,559 |
) |
(552,410 |
) |
Impairment and other loss |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Interest expense |
|
(11,214 |
) |
(10,531 |
) |
(11,610 |
) |
(11,707 |
) |
(12,627 |
) |
Other (income), including
interest |
|
57,454 |
|
78,041 |
|
68,592 |
|
57,429 |
|
40,300 |
|
Net loss |
|
(4,386,623 |
) |
(5,273,287 |
) |
(6,279,951 |
) |
(4,041,298 |
) |
(5,282,642 |
) |
|
|
|
|
|
|
|
Net loss per share |
|
(0.11 |
) |
(0.14 |
) |
(0.17 |
) |
(0.11 |
) |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Stock Option Grant
The Board of Directors approved the grant of
952,171 options to purchase common shares to non-executive
directors, officers and employees of the Company. All option grants
must be exercised within 10 years of the grant once they are
vested. The total granted included 162,171 options to non-executive
directors, paid in lieu of cash for services to be rendered until
the next AGM, with an exercise price of C$5.70, vesting quarterly
over the year. 415,000 options were awarded to officers and 375,000
options to other employees as a key part of their compensation
packages. The options to non-executive directors and other
employees have an exercise price of C$5.50 and vest over 4 years,
with the first vesting of 25% on the first anniversary of the grant
and the balance vesting quarterly over the following three-year
period.
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 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: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, the introduction and market
acceptance of new products, 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, the necessity to incur capital
and other expenditures, the timing and outcome of the SEC review of
the Form F-3 (if any) and the timing and ability to establish the
ATM program under the Form F-3. Actual results could differ
materially due to a number of factors, including, without
limitation, the failure to introduce new products as planned, the
failure of its products to meet performance requirements, lack of
sales in its products, once released, failure to mitigate
operational risks, delays or failure in completing projects, lack
of performance of its joint venture, delays in recruitment of
personnel or unanticipated delays or failures of third-parties to
deliver to expectations, inability to execute projects, and the
ability to raise additional capital as needed. 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)
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POET Technologies (TSXV:PTK)
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