News: Optoelectronics
4 June 2021
POET cuts loss during Q1
For first-quarter 2021, 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 US$4.1m (US$0.01 per share), an increase from US$3.5m (US$0.01 per share) a year ago but cut from US$5m (US$0.02 per share) last quarter.
During the quarter, POET completed a private placement of 17,647,200 units of the firm at a price of CAD$0.85 per 2021 unit for gross proceeds of about CAD$15m, including the full exercise of an agents’ option.
The firm also raised US$8.5m from the exercise of stock options and warrants, and further improved liquidity by US$2.3m through the conversion of convertible debentures.
POET ended the quarter with cash and cash equivalents of US$23.5m, up from US$6.9m at end-December 2020 and US$12.3m at end-March 2020.
The firm says that it continued to execute on its strategic plan and achieved the following milestones:
- Completed the design of a 100G LR4 (4-channel long-reach) optical engine with a reach of 10km for client-side interconnects to data centers, enterprises and edge computing networks;
- Made significant progress with Super Photonics Xiamen Co Ltd (SPX), its joint venture with Sanan Integrated Circuit Co Ltd of Xiamen City, Fujian province (a subsidiary of Sanan Optoelectronics Co Ltd, China’s first 6-inch pure-play compound semiconductor wafer foundry), including the appointment of the board of directors and key personnel, completion of 5000ft2 of operating facilities, ordering of key capital equipment for installation and qualification in April-May, and receipt by SPX of about US$5m from Sanan IC to cover initial operating and capital expenditures;
- Entered into development and supply agreements with a technology leader in photonic neural network systems for artificial intelligence (AI), which represents an entry point into the new large and extremely high-growth chipset market for AI applications.
“We have continued to make solid progress on our strategic and commercialization initiatives over the past few months,” says chairman & CEO Dr Suresh Venkatesan. “Following the achievement of key technology milestones, including the successful testing of designs for multiple products, we are experiencing strong pull from customers that recognize the disruptive value proposition of POET’s unique approach to integrated solutions. We are now working closely with customers on further product customization for their specific end-market applications and with others on project proposals to leverage the benefits our Optical Interposer platform for specific end-market applications,” he adds.
“As part of the continued build-out of our robust product development pipeline, we recently announced the completion of our design for a 100G LR4 optical engine targeted for client-side interconnects for data centers, enterprises and edge computing networks. As the industry standard for interconnects in long-haul networks, we believe 100G LR4 transceivers represent a rapid go-to-market opportunity to address a high-volume market leveraging the significant cost and performance advantages our transmit (Tx) design,” Venkatesan continues.
“Additionally, we continue to advance our joint venture with Super Photonics Xiamen to support the anticipated increase in customer demand and associated commercial production. SPX has begun the installation and qualification of the equipment that will provide the ability to scale and ramp volume manufacturing in 5000ft2 of SPX’s temporary operating facilities.”
“With our planned participation in the upcoming OFC Conference & Exhibition in June, the POET team is working closely with a number of customers and ecosystem partners for hosting technology demonstrations and virtual meetings,” says Venkatesan. “We plan to provide updates on the expected near-term availability of product prototypes in conjunction with the OFC conference.”
POET enters telecom market with 100G LR4 optical engines
POET reports progress on Super Photonics Xiamen JV
POET reports on financing activities ahead of special meeting
POET enters into development and supply agreements with photonic neural network systems firm
