Strong Balance Sheet and Recent Major Design Win Mark Beginning of Second Quarter
TORONTO, May 15, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Company") (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, today reported its unaudited condensed consolidated financial results as of and for the three months ended March 31, 2024. The Company's financial results as well as the Management's Discussion and Analysis have been filed on SEDAR+ in Canada and EDGAR in the U.S. All financial figures are in United States dollars ("USD") unless otherwise indicated.
First Quarter and Recent Business Highlights:
Participation at the Optical Fiber Conference (OFC) held in San Diego in mid-March represented a major commercial turning point for the Company, with the announcement of its first entry into the optical module market for artificial intelligence and cloud data center markets with an 800G pluggable transceiver.
The Company also announced four new products at OFC all directed at the AI market, including an 800G transmit optical engine chiplet (200G/lane) that is a fundamental building block for 1.6T and 3.2T pluggable transceivers and an 8-channel packaged light source for C-Band and O-Band wavelengths for chip-to-chip data communications for AI systems and co-packaged optics for the data center market.
To support its entry into the high-speed optical transceiver market, the Company announced a collaboration with MultiLane Inc., a well-known, leading provider of high-speed IO and data center interconnect test solutions, to develop next-generation, performance-optimized pluggable 800G, 1.6T and higher speed transceivers.
Marking the Company's success in launching its newly designed transmit and receive optical engines, the Company recently announced a major design win and collaboration with Foxconn Interconnect Technology (FIT) to develop 800G and 1.6T pluggable optical transceiver modules for sale by FIT using POET optical engines with an aim to address the growth in demand for cutting-edge AI applications and high-speed data center networks.
To provide the development funding needed to address the increased demand for its products, the Company completed a series of previously-announced non-brokered private placements since January 1, 2024 which added a total of approximately C$26.4 million to its balance sheet. In addition, over the same period, the Company sold 4,947,679 common shares through its 'at-the-market' (ATM) offering in the United States through Craig-Hallum LLC using the facilities of the Nasdaq Capital Market at an average price of C$2.17, for gross proceeds of approximately C$10.8 million.
As of May 15, 2024, the Company had cash and cash equivalents of US$23.6M and working capital of US$22.8M. There were 60,485,477 issued and outstanding common shares.
Management Comments
"Our team embarked on a dynamic first quarter preparing for the Optical Fiber Conference (OFC) held in San Diego in mid-March," stated Chairman & CEO, Dr. Suresh Venkatesan. "We could not have guessed at the time that those efforts would lead to a collaboration with Foxconn, one of the world's leading electronics manufacturing companies to include our optical engines in their 800G and 1.6T optical module products. We are proud to have been selected for their advanced module designs and we look forward to supplying FIT and its global customer base, which includes the largest consumers of optical modules in the AI market. At OFC, we showcased four new products, each of which garnered serious attention from the industry, with the strongest interest in our leading-edge optical engine technology that powers optical modules for AI processing clusters, and in our light source products that facilitate chip-to-chip light-based data communications and high-speed computing. In addition to Foxconn, we are expanding our previously announced relationship with Luxshare, to include additional optical module products, and collaborating with MultiLane, a key supplier of high-speed test equipment in the industry to offer 800G and 1.6T optical modules. The enthusiastic reception from OFC helped us to secure multiple successful capital raises from institutional investors committed to our company's success. The additional capital fortifies our financial foundation as we navigate the next phase of our growth."
Non-IFRS Financial Summary
The Company reported non-recurring engineering revenue ("NRE") of $8,700 in the first quarter of 2024 compared to $181,000 for the same period in 2023 and $108,000 in the fourth quarter of 2023. In the first quarter, the Company provided under NRE contract services to multiple customers, one of which continued to contract services from last year. The revenue relates to unique projects that are being addressed utilizing the capabilities of the POET Optical Interposer.
The Company reported a net loss of $5.7 million, or ($0.12) per share, in the first quarter of 2024 compared with a net loss $5.3 million, or ($0.14) per share, for the same period in 2023 and a net loss of $5.5 million, or ($0.13) per share, in the fourth quarter of 2023. The net loss in the first quarter of 2024 included research and development costs of $1.9 million compared to $2.3 million for the same period in 2023 and $2.1 million in the fourth quarter of 2023. Fluctuations in R&D for a Company of this size and this stage of growth is expected on a period-over-period basis as the Company transitions from technology development to product development.
Non-cash expenses in the first quarter of 2024 included stock-based compensation of $0.9 million and depreciation and amortization of $0.5 million. Non-cash stock-based compensation and depreciation and amortization in the same period of 2023 were $1.2 million and $0.5 million, respectively. Fourth quarter 2024 stock-based compensation and depreciation and amortization were $1.0 million and $0.5 million, respectively. The Company had non-cash finance costs of $20,000 in the first quarter of 2024 compared to non-cash finance costs of $10,000 in the first quarter of 2023 and non-cash costs of $14,000 in the fourth quarter of 2023.
The Company recognized other income, including interest of $53,000 in the first quarter of 2024, compared to $78,000 in the same period in 2023 and $54,000 in the fourth quarter of 2023.
The Company reported non-cash fair value adjustment to derivative warrant liability of $0.6 million in the first quarter of 2024, compared to nil in the same period in 2023 and $25,000 in the fourth quarter of 2023. This non-cash item relates to warrants issued in a foreign currency and is periodically remeasured.
Cash flow from operating activities in the first quarter of 2024 was ($4.6) million, compared to ($3.6) million in the first quarter of 2023 and ($2.9) million in the fourth quarter of 2023.
From January 1, 2024 to date, the Company received gross proceeds of $28.5 million through the issuance of units from multiple private placements, issuance of common shares using its ATM and the issuance of common shares from the exercise of warrants.
Non-IFRS Financial Performance Measures
Certain financial information presented in this press release is not prescribed by IFRS. These non-IFRS financial performance measures are included because management has used the information to analyze the business performance and financial position of POET. These non-IFRS financial measures are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. These non-IFRS financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
POET TECHNOLOGIES INC. PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS (All figures are in U.S. Dollars) |
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For the Quarter ended: | | 31-Mar-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 | 31-Mar-23 |
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Revenue | | 8,710 | | 107,551 | | - | | 177,390 | | 180,836 | |
Research and development | | (1,922,066) | | (2,142,003) | | (2,043,264) | | (2,036,953) | | (2,316,475) | |
Depreciation and amortization | | (509,260) | | (505,869) | | (508,484) | | (462,743) | | (445,044) | |
Professional fees | | (409,726) | | (902,368) | | (273,905) | | (255,094) | | (313,404) | |
Wages and benefits | | (768,496) | | (676,539) | | (640,241) | | (655,066) | | (677,924) | |
Stock-based compensation | | (947,502) | | (1,050,088) | | (1,251,648) | | (697,690) | | (1,202,018) | |
General expenses and rent | | (570,819) | | (317,333) | | (429,457) | | (502,707) | | (566,768) | |
Derivative liability adjustment | | (629,824) | | (24,865) | | - | | - | | - | |
Interest expense | | (19,753) | | (13,547) | | (34,890) | | (11,214) | | (10,531) | |
Other (income), including interest | | 52,558 | | 54,047 | | 45,448 | | 57,454 | | 78,041 | |
Net loss | | (5,716,178) | | (5,471,014) | | (5,136,441) | | (4,386,623) | | (5,273,287) | |
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Net loss per share | | (0.12) | | (0.13) | | (0.13) | | (0.11) | | (0.14) | |
ATM Quarterly Update
During the fiscal quarter ended March 31, 2024, through the ATM, the Company sold 435,405 common shares at an average price of C$1.88 per share. The Company received gross proceeds of C$818,351, less aggregate cash commissions paid to Craig-Hallum of C$24,551 resulting in net proceeds of C$793,800. The common shares were sold on the Nasdaq Capital Markets and the sales were denominated in USD. The values disclosed are based on the average Bank of Canada exchange rate applicable during the reporting period.
強勁的資產負債表和最近的重大設計在第二季度初大獲成功
多倫多,2024年5月15日(GLOBE NEWSWIRE)——POET Technologies Inc.(“POET” 或 “公司”)(多倫多證券交易所風險投資代碼:PTK;納斯達克股票代碼:POET),數據中心、電信和人工智能市場光源的設計者和開發者,今天公佈了截至3月的三個月未經審計的簡明合併財務業績 2024 年 31 月 31 日。公司的財務業績以及管理層的討論和分析已在加拿大的SEDAR+和美國的EDGAR上提交。除非另有說明,所有財務數據均以美元(“美元”)爲單位。
第一季度和近期業務亮點:
參加3月中旬在聖地亞哥舉行的光纖會議(OFC)是該公司重大的商業轉折點,宣佈其首次憑藉800G可插拔收發器進入人工智能和雲數據中心市場的光模塊市場。
該公司還在OFC宣佈了四款面向人工智能市場的新產品,包括800G發射光引擎芯片(200G/LANE),它是1.6T和3.2T可插拔收發器的基本構件,以及用於人工智能系統的芯片對芯片數據通信的C波段和O波段波長的8通道封裝光源,以及用於數據中心市場的共同封裝光學器件。
爲了支持其進入高速光纖收發器市場,該公司宣佈與知名的高速IO和數據中心互連測試解決方案領先提供商MultiLane Inc. 合作,開發下一代性能優化的可插拔800G、1.6T和更高速收發器。
該公司最近宣佈一項重大設計勝利並與富士康互連科技(FIT)合作,開發使用POET光學引擎供FIT銷售的800G和1.6T可插拔光收發器模塊,以滿足對尖端人工智能應用和高速數據中心網絡的需求增長,這標誌着該公司成功推出其新設計的發射和接收光學引擎。
爲了提供應對不斷增長的產品需求所需的開發資金,該公司自2024年1月1日起完成了一系列先前宣佈的非經紀私募融資,使其資產負債表總額增加了約2640萬加元。此外,同期,該公司通過Craig-Hallum LLC在美國發行 “在場”(ATM),利用納斯達克資本市場的設施,出售了4,947,679股普通股,平均價格爲2.17加元,總收益約爲1,080萬加元。
截至2024年5月15日,該公司的現金及現金等價物爲2360萬美元,營運資金爲2,280萬美元。共有60,485,477股已發行和流通普通股。
管理層評論
董事長兼首席執行官蘇雷什·文卡特桑博士表示:“我們的團隊開始了充滿活力的第一季度,爲3月中旬在聖地亞哥舉行的光纖會議(OFC)做準備。”“當時我們無法想到這些努力會導致與富士康合作,富士康是全球領先的電子製造公司之一,將我們的光學引擎納入其800G和1.6T光學模塊產品中。我們很自豪能夠因其先進的模塊設計而被選中,我們期待爲FIT及其全球客戶群提供服務,其中包括人工智能市場上最大的光學模塊消費者。在OFC,我們展示了四款新產品,每款都引起了業界的廣泛關注,其中最感興趣的是我們爲人工智能處理集群的光學模塊提供動力的前沿光學引擎技術,以及促進芯片間光基數據通信和高速計算的光源產品。除富士康外,我們還在擴大先前宣佈的與Luxshare的關係,以包括其他光學模塊產品,並與業內高速測試設備的主要供應商MultiLane合作,提供800G和1.6T光學模塊。OFC的熱烈歡迎幫助我們從致力於公司成功的機構投資者那裏獲得了多次成功的融資。在我們進入下一階段增長的過程中,額外的資本鞏固了我們的財務基礎。”
非國際財務報告準則財務摘要
該公司報告稱,2024年第一季度的非經常性工程收入(“NRE”)爲8,700美元,而2023年同期爲18.1萬美元,2023年第四季度爲10.8萬美元。在第一季度,該公司根據NRE向多個客戶提供了合同服務,其中一個客戶從去年開始繼續簽訂合約服務。該收入與正在利用POET光學中介器的功能進行處理的獨特項目有關。
該公司報告稱,2024年第一季度淨虧損570萬美元,合每股虧損0.12美元,而2023年同期淨虧損530萬美元,合每股虧損0.14美元,2023年第四季度淨虧損550萬美元,合每股虧損0.13美元。2024年第一季度的淨虧損包括190萬美元的研發成本,而2023年同期爲230萬美元,2023年第四季度爲210萬美元。隨着公司從技術開發向產品開發過渡,預計這種規模和這種增長階段的公司的研發波動將逐一波動。
2024年第一季度的非現金支出包括90萬美元的股票薪酬以及50萬美元的折舊和攤銷。2023年同期,非現金股票薪酬以及折舊和攤銷分別爲120萬美元和50萬美元。2024年第四季度的股票薪酬、折舊和攤銷分別爲100萬美元和50萬美元。該公司在2024年第一季度的非現金融資成本爲2萬美元,而2023年第一季度的非現金融資成本爲1萬美元,2023年第四季度的非現金成本爲14,000美元。
該公司確認了其他收入,包括2024年第一季度的53,000美元利息,而2023年同期爲7.8萬美元,2023年第四季度爲54,000美元。
該公司報告稱,2024年第一季度衍生權證負債的非現金公允價值調整爲60萬美元,而2023年同期爲零,2023年第四季度爲25,000美元。該非現金項目與以外幣發行的認股權證有關,會定期重新計量。
2024年第一季度來自經營活動的現金流爲(460萬美元),而2023年第一季度爲360萬美元,2023年第四季度爲290萬美元。
從2024年1月1日至今,公司通過多次私募發行單位、使用自動櫃員機發行普通股以及通過行使認股權證發行普通股,共獲得2850萬澳元的總收益。
非國際財務報告準則財務業績指標
本新聞稿中提供的某些財務信息不是《國際財務報告準則》規定的。之所以包括這些非國際財務報告準則的財務業績指標,是因爲管理層使用這些信息來分析POET的業務業績和財務狀況。這些非國際財務報告準則財務指標僅旨在提供額外信息,在《國際財務報告準則》下沒有任何標準化含義,可能無法與其他公司提出的類似指標進行比較。不應孤立地考慮這些非《國際財務報告準則》的財務指標,也不應將其作爲根據《國際財務報告準則》編制的業績衡量標準的替代品。
詩人科技公司 PROFORMA — 非國際財務報告準則和國際財務報告準則運營列報 (所有數字均以美元爲單位) |
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截至本季度: | | 3 月 31 日至 24 日 | 12 月 31 日至 23 日 | 9 月 30 日-23 | 23 年 6 月 30 日 | 3 月 31 日至 23 日 |
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收入 | | 8,710 | | 107,551 | | - | | 177,390 | | 180,836 | |
研究和開發 | | (1,922,066) | | (2,142,003) | | (2,043,264) | | (2,036,953) | | (2,316,475) | |
折舊和攤銷 | | (509,260) | | (505,869) | | (508,484) | | (462,743) | | (445,044) | |
專業費用 | | (409,726) | | (902,368) | | (273,905) | | (255,094) | | (313,404) | |
工資和福利 | | (768,496) | | (676,539) | | (640,241) | | (655,066) | | (677,924) | |
基於股票的薪酬 | | (947,502) | | (1,050,088) | | (1,251,648) | | (697,690) | | (1,202,018) | |
一般開支和租金 | | (570,819) | | (317,333) | | (429,457) | | (502,707) | | (566,768) | |
衍生負債調整 | | (629,824) | | (24,865) | | - | | - | | - | |
利息支出 | | (19,753) | | (13,547) | | (34,890) | | (11,214) | | (10,531) | |
其他(收入),包括利息 | | 52,558 | | 54,047 | | 45,448 | | 57,454 | | 78,041 | |
淨虧損 | | (5,716,178) | | (5,471,014) | | (5,136,441) | | (4,386,623) | | (5,273,287) | |
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每股淨虧損 | | (0.12) | | (0.13) | | (0.13) | | (0.11) | | (0.14) | |
自動櫃員機季度更新
在截至2024年3月31日的財政季度中,公司通過自動櫃員機出售了435,405股普通股,平均價格爲每股1.88加元。該公司獲得的總收益爲818,351加元,減去支付給Craig-Hallum的24,551加元的現金佣金總額,淨收益爲793,800加元。普通股在納斯達克資本市場出售,銷售額以美元計價。披露的價值基於報告期內適用的加拿大銀行平均匯率。