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 - 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.
Register to attend