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.