POET Technologies Reports 2Q Results
OREANDA-NEWS. POET Technologies Inc., a developer of opto-electronics fabrication processes for the semiconductor industry, reported consolidated financial results for the period ended June 30, 2016. These interim financial results along with the Management Discussion and Analysis have been filed on SEDAR.
The Company reported sales of $576,741, which reflects six weeks of revenue from its acquisition of DenseLight Semiconductor on May 11, 2016. Reported sales represented 56% of the total sales of $1,037,882 in the first half of 2016 based on the unaudited financials of DenseLight.
First Half 2016 Highlights:
- Launched joint 18-month development initiative with the Institute of Micro Electronics Engineering, a Singapore Agency for Science, Technology and Research for smart pixel applications specifically targeting the augmented reality market;
- Successfully validated transfer of the POET Platform process to a 6-inch high volume production foundry;
- Demonstrated a resonant cavity detector fabricated at the Company’s foundry supplier with superior performance.
- Acquired DenseLight, a Singapore-based global provider of innovative photonic optical light source products and solutions to the communications, medical, instrumentations, industrial, defense, and security industries, as well as a cost-effective manufacturer of photonics products and services; and
- Acquired BB Photonics Inc., a New Jersey company that is a designer of integrated photonic solutions for the data communications market.
“Through disciplined and focused execution, we continued to make solid progress during the quarter on our 2016 plan," said Suresh Venkatesan, Chief Executive Officer of POET Technologies. "In addition to efforts to improve our operations, we made further progress on the development of the POET Platform during the quarter and were pleased to announce the first demonstrations of functional NHFETs on the integrated platform. We are relentlessly focused on delivering shareholder value and expanding our R&D to capitalize on opportunities in current and new market segments.”
As previously announced, the acquisition of DenseLight and BB Photonics has added experienced engineers, IP and know-how, technologies, products as well as customers to the POET portfolio. With these strategic acquisitions, the Company is well positioned to offer differentiated IP and products to expand its reach in Data Communications (both within the Data Center and to Long Haul applications) and Photonic Sensing applications. These acquisitions have expedited the Company’s roadmap to commercialization and revenue, while also providing direct and preferred access to a fab infrastructure for POET VCSEL and other product development, access to product sales and channel distribution networks, as well as a broader portfolio of photonic products.
Outlook for Second Half of 2016
POET expects revenue in the second half of 2016 to exceed $2,000,000, driven primarily by the increased sales of sensor products weighted toward the end of the year. The Company is unlocking the potential of a newly acquired portfolio of products, technology, fab operations, and customer base through investments in growth markets. POET plans to announce several new products in the second half of the year, which is expected to support continued growth into 2017. The Company also expects the DenseLight business unit to reach positive operating cash flow by the first quarter of 2017, helping to fund POET’s future product roadmap.
Appointment of Investor Relations Counsel
POET Technologies also announced that effective immediately the Company has appointed Shelton Group as the Company’s Investor Relations counsel, replacing the prior IR firm Robert Ferri Partners.
“The appointment of Shelton Group marks the next phase in POET’s goal to establish itself as a profitable growth company leveraging its unrivaled intellectual property in integrated opto-electronics technology,” said POET Chief Executive Officer Suresh Venkatesan. “Our entire team welcomes the Shelton Group, who has worked with a number of semiconductor companies over the past two decades. We also appreciate the contributions of our previous IR counselors, and we thank them for their service.”
Jodi Shelton, Founder, CEO and President of Shelton Group, stated, “We are very pleased to have been selected by POET to manage their investor relations program. Shelton brings a wealth of experience and relevant industry knowledge to the partnership along with expansive relationships on the Street. We look forward to working with the Company’s management team and board to help bring expanded visibility to POET’s story and disruptive technology as the Company approaches a significant inflection point in their business.”