Info
Info
News Article

POET Revenue Rises To $4.4 Million

News

DenseLight sale resulted in a gain of $8.7 million

POET Technologies, a developer of photonic integrated circuits (PICs), has reported its audited consolidated financial results for the full year ended December 31, 2019.

Full year revenue, including contribution from discontinued operations, was $4.4 million compared to $3.9 million in 2018. Gross margin, including contribution from discontinued operations, increased to 73 percent from 62 percent in 2018. The company concluded the previously announced sale of DenseLight for $26 million, resulting in a gain of $8.7 million;

As of December 31, 2019, the company had received $8.0 million of the $26 million of consideration, with the remainder to be paid according to an agreed schedule. Subsequent to the end of the year, on February 14, 2020 and March 30, 2020, the company received $4.75 million and $8.25 million, respectively. The remaining $5.0 million is due to be received by POET on or before May 31, 2020;

The company repaid outstanding debt in full to secured lenders and subsequently all associated security interests in the assets of POET were discharged;

It also announced the appointment of Vivek Rajgarhia as president and general manager of the company, while Suresh Venkatesan added the title of chairman to his existing role as CEO, and completed its proof of concept Optical Interposer Development Project with a leading North America-based networking customer.

AngelTech Online Summit is now available to watch ON-DEMAND!

AngelTech Online Summit witnessed over 900 registrants for the digital event, which took place virtually on Tuesday 19th May.

The Summit was designed to ensure the global compound semiconductor, integrated photonics, sensors and PIC pilot lines communities could stay connected and would serve as a significant supplement to the annual Brussels face-to-face conference, rescheduled for 17th and 18th November, 2020.

The event included 4 breakout sessions for CS International, PIC International, Sensors International and PIC Pilot Lines respectively.

Register to watch

Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the PIC Magazine, the PIC Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification}