POET Technologies Reports First Quarter 2018 Financial Results

POET Technologies Inc (TSXV:PTK), a designer, developer and manufacturer of optoelectronic devices including light sources, passive wave guides and Photonic Integrated Circuits (PIC) for the data communication and reported its unaudited consolidated financial results for the first quarter ending March 31, 2018.

The company said that it had a revenue of US$673,229 with a gross profit of US$405,051.

As quoted in the press release:

First Quarter Highlights:

• Appointed two highly-experienced members to the Board of Directors: Don Listwin in January, and Peter Charbonneau in March;
• Announced the POET Optical Interposer™ platform in January, which leverages the Company’s dielectric waveguide technology to facilitate the co-packaging of electronics and optics in a single multi-chip module;
• Successfully demonstrated a high-frequency waveguide integrated PIN Photodiode targeting 100G and 400G optical transceivers for data center applications;
• Signed a Memorandum of Understanding (MOU) with Accelink for the co-development, qualification and sales of a family of transceiver products based on the Optical Interposer platform;
• Successfully completed a “bought deal” public offering in March, resulting in gross proceeds of approximately US$10.7 million (C$13.8 million); and
• Ended the first quarter with cash and short-term investments of US$13.2 million.

Financial Summary

Revenue for the first quarter of 2018 was US$673,229, compared with US$717,692 in the preceding quarter and US$712,550 in the first quarter of 2017. Revenue in the respective periods primarily reflects the sale of DenseLight photonic sensors for test & measurement applications. Gross margin for the first quarter of 2018 increased to 60.2%, compared with 46.3% in the preceding quarter and 59.6% in the year-ago first quarter. Net loss before taxes in the first quarter of 2018 was (US$3,249,292), or ($0.01) per share, compared with a net loss before taxes of (US$2,915,240), or ($0.01) per share, in the fourth quarter of 2017 and (US$3,590,648), or ($0.01) per share, in the year-ago first quarter.

The net loss in the first quarter of 2018 included non-cash stock-based compensation of US$792,122 and depreciation and amortization of US$596,015, compared with US$894,813 and US$540,393 respectively in the same quarter one year ago. Capital investment in plant, equipment and patents was US$1,064,693 in the first quarter of 2018 compared with US$129,531 in the first quarter of 2017.

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