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.



2nd November 2020 - 10am GMT (Live event)
4th November 2020 – 10am CTT (Recorded)
6th November 2020 – 10am PST (Recorded)


Following on from the successful launch of the virtual AngelTech Online Summit in May 2020, we are delighted to announce AngelTech Live II, taking place on 2 November 2020. AngelTech will once again consist of our established events of CS International and PIC International.

The 2nd virtual summit will utilise an enhanced event engine, integrating presentations, digital sponsors booths and the networking tools into one portal – allowing for live chat between delegates, speakers and sponsors.

The event will take the form of three interactive sessions over 1 day and will be a must attend live summit consisting of:

  • Analyst talks
  • Industrial research
  • End user presentations
  • Dedicated breakout room for partner presentations

MORE INFO     REGISTER FOR FREE     WATCH OUR MAY EVENT ON-DEMAND

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}