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POET Cuts Losses As Revenue Grows In Q1

POET Technologies, a designer and manufacturer of optoelectronic devices, including light sources, passive waveguides and photonic integrated circuits (PIC) for the sensing and datacom markets — has reported revenue of US$ 1.8 million, up 17% on US$ 1.6 million last quarter and 2.7 times the US$ 0.7 million a year ago, due primarily to the recognition of higher non-recurring engineering (NRE) revenue.

Results include DenseLight Semiconductor as a discontinued operation (effective 1 January), after the firm on 3 February signed a letter of intent (LOI) to sell the Singapore-based subsidiary. All financial data hence represent the combined results from both continuing and discontinued operations.

Gross margin has risen further, from 60% a year ago and 67% last quarter to 80%. Net loss was US$ 2.7m ($0.01 per share), cut from a net loss before taxes of US$3.6 million ($0.01 per share) last quarter and US$ 3.2million ($0.01 per share) a year ago.

Until the time of the sale of DenseLight, the firm intends to continue to report revenue within the DenseLight operation since the bulk of its R&D, production and sales activities are conducted there. The operation of the firm as a single integrated unit also ensures that DenseLight's activities will continue to be directed by POET toward the completion of remaining developments connected to POET's Optical Interposer technology. After the sale, DenseLight is expected to remain a development resource, key supplier and strategic partner in the expansion of applications and product sales for POET. POET intends to remain focused throughout the sale process on gaining customer interest, NRE support, qualification and product sales to customers for Optical Interposer-based solutions.

AngelTech Online Summit - Tuesday 19th May

The health and well-being of AngelTech speakers, partners, employees and the overall community is our top priority. Due to the growing concern around the coronavirus (COVID-19), and in alignment with the best practices laid out by the CDC, WHO and other relevant entities, AngelTech decided to postpone the live Brussels event to 16th - 18th November 2020.

In the interim, we believe it is still important to connect the community and we want to do this via an online summit, taking place live on Tuesday May 19th at 12:00 GMT and content available for 12 months on demand. This will not replace the live event (we believe live face to face interaction, learning and networking can never be fully replaced by a virtual summit), it will supplement the event, add value for key players and bring the community together – digitally.

The event will involve 4 breakout sessions for CS International, PIC International, Sensors International and PIC Pilot Lines.

Key elements of the online summit:

  • Covering key topics of the industries
  • Live 3 hour online summit
  • 10 minute presentations – learn from experts in the industry
  • Recorded product demos
  • Live audience questions
  • Enhanced discussion and audience interaction
  • Video panel sessions
  • Sponsors digital booth (intro video, company content, lead generator, facilitate one on one video meetings with attendees)
  • Live private video meetings between two or more attendees
  • After the live event, monthly keynotes to drive traffic to the event 24/7, 365

Innovation is in AngelTech’s DNA and we are leveraging this strength to bring you an immersive and inspiring online event without the risk of travel during this uncertain period.

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