TORONTO, Nov. 23, 2021 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, today reported its unaudited condensed consolidated financial results for the third quarter ended September 30, 2021. The company ‘s economic success as well as the Management ‘s Analysis and Discussion have been filed on SEDAR. All monetary figures will be in United States money (“USD”) unless normally indicated.
Third Quarter Financial (non IFRS) as well as Recent Business Highlights:
The company continued executing on its reported strategic plan during the final quarter and then accomplished the next important milestones during and right after to the 3 months ended September thirty, 2021:
- Shipped its very first 100G Transmit (Tx) Optical Engine test to a top European optical methods company; Participated during the 2 top optoelectronics seminars or exhibitions in China which produced good interest and also countless buyer engagements within equally its announced Optical Engine merchandise and also the novelty as well as adaptability of its Optical Interposer wedge. Notably, Shenzhen Fibertop Technology Co., Ltd., a transceiver component dealer, dedicated to including POET Optical Engines inside its type of optical modules once generation Optical Engines are available;
- Secured a commitment from a reputable community systems organization having a distinctive multi engine look for 100G CWDM4 as well as 100G LR4 Optical Engines depending on the POET Optical Interposer. The combined worth of the NRE and the investment order for initial devices exceeds US1dolar1 1.2 million;
- Agreed on the first stage of a resources agreement with a prominent global supplier of other components and lasers used in high speed optical networking equipment. The businesses are going to collaborate on the look and creation of flip chippable Continuous Wave top energy lasers for using within the company ‘s 400G Optical Engines;
- Converted almost all but 1dolar1 8,000 of Convertible Debentures issued during 2019;
Improved its money position as an outcome of ninety seven % of before great November two, 2021 warrants getting worked out just before the expiration of theirs; Ended time with money as well as money equivalents of 1dolar1 20.3M, when compared with 1dolar1 6.9M on December thirty one, 2020;
- Reported Unaudited Cash position the following to phase conclusion of 1dolar1 23.7M as of November three, 2021.
“The supply chain problems facing the market have certainly influenced the schedules of ours for delivery of first samples to customers,” found Dr. Suresh Venkatesan, CEO. and Chairman “Nevertheless, we’re currently producing samples within the volumes we’d expected and are shipping all those samples to customers. While it’s been a very long period in approaching, we shipped the first comprehensive Optical Engine to an initial customer, which was a gratifying event for me and the whole staff. We’d a wonderful showing at CIOE in China, with each Super Photonics Xiamen (SPX) and also our Shenzhen team to follow up on the curiosity in our industry standard Optical Engine designs. Along with our regular products, we’re seeing substantial interest in novel architectures such as our 400G / 800G as well as Co-Packaged Optics designs. In order to move these projects forward, we’re collaborating with among the world’s top laser suppliers, included in a determined attempt to meet as well as surpass the anticipations on the market for advanced products as we go into the new year.”
The company reported a total loss in 1dolar1 3.5 million, or (1dolar1 0.01) a share, within the final quarter of 2021 set alongside a comparable total damage of 1dolar1 3.5 million, or perhaps (1dolar1 0.01) per share, for exactly the same time in 2020 and a net loss of 1dolar1 4.4 million, or (1dolar1 0.02) per share, within the 2nd quarter of 2021. The total loss in the final quarter of 2021 included investigation and development expenses of 1dolar1 1.2 million compared to 1dolar1 1.2 million for the same time in 2020 as well as 1dolar1 1.8 million within the 2nd quarter of 2021. RD for a business only at that stage of growth is going to vary from time to time as adjustable expenses with contract producers change based upon the development cycle and also the instant product development requirements of the Company. The company ‘s decreased investment in the final quarter of 2021 when compared with the 2nd quarter of 2021 was pushed by the present contraction within the semiconductor chip supply chain which has been experienced globally. The current source environment has led to slower deliveries of orders made by the Company. Non cash expenses in the final quarter of 2021 included stock based compensation of 1dolar1 1.3 million as well as amortization and depreciation of 1dolar1 0.3 zillion. Non-cash stock based compensation and amortization and depreciation in the same time of 2020 have been 1dolar1 1.1 million as well as 1dolar1 0.2 zillion, respectively. Second quarter 2021 stock based compensation and depreciation and amortization had been 1dolar1 1.2 million as well as 1dolar1 0.3 zillion, respectively.
The Company had debt related financial expenses of 1dolar1 20,000 when compared to 1dolar1 244,000 within the final quarter of 2020 as well as 1dolar1 95,000 in the 2nd quarter of 2021. Of the financing costs recognized in the final quarter of 2021, 1dolar1 18,000 was non cash as opposed to 1dolar1 141,000 during exactly the same time in 2020 as well as 1dolar1 49,000 in the 2nd quarter of 2021.The Company recognized additional income, such as curiosity of 1dolar1 208,000 within the final quarter of 2021 as opposed to 1dolar1 14,000 in similar time in 2020 as well as 1dolar1 20,000 in the next quarter of 2021. Additional income, such as curiosity in the final quarter of 2021 provided 1dolar1 187,000 of COVID-19 related PPP mortgage which was forgiven. Impact of joint venture within the final quarter of 2021 was 1dolar1 0.4 zillion, that represents a total gain on airers4you ‘s activity associated with the investment of its in deep SPX. During 2021, airers4you recognized a gain of 1dolar1 1.1 million associated with its contribution of intellectual home to SPX in deep accordance with IAS twenty eight. The organization just realized a gain on the contribution of intellectual home equivalents to the SAIC’s curiosity in SPX. Additionally, airers4you recognized its share of SPIX’s losses working with the equity method. The Company recognized 95.3 % or perhaps 1dolar1 0.6 zillion of the web operating loss in SPX from March twelve, 2021 to September thirty, 2021. The company ‘s existing share of all of the working damage is an outcome of the premium price of the Company’s original contribution. On a non IFRS foundation, money flow from running tasks in the final quarter of 2021 was (1dolar1 2.8) zillion as opposed to (1dolar1 2.9) zillion within the final quarter of 2020 and also (1dolar1 2.6) million within the 2nd quarter of 2021.
Non-IFRS Financial Performance Measures
Specific financial info provided in this press release isn’t recommended by IFRS. These non IFRS economic performance actions are integrated because management has spent the info to evaluate the company efficiency and economic position of POET. These non IFRS financial methods are supposed to provide extra info only and don’t have some standardized meaning under IFRS and may not be much like similar actions provided by various other businesses. These non IFRS financial measures shouldn’t be viewed in isolation or as a substitute for methods of performance ready in accordance with IFR