POET Technologies Reports Second Quarter 2024 Financial Results
POET Technologies Reports Second Quarter 2024Financial Results
Tier One Design Wins andStrong Balance Sheet Support Penetration into AI Networks
TORONTO, Ontario, Canada -- August 15, 2024 --InvestorsHub NewsWire --POET Technologies Inc.("POET" or the"Company") (TSX Venture:PTK; NASDAQ: POET), the designer and developer of the POET OpticalInterposer™, Photonic Integrated Circuits (PICs) and light sourcesfor the data center, tele-communication and artificial intelligencemarkets, today reported its unaudited condensed consolidatedfinancial results as at and for the three months ended June 30,2024. The Company's financial results aswell as the Management's Discussion and Analysis have been filed onSEDAR. All financial figures are in United States dollars("USD") unless otherwise indicated.
Second Quarter and Recent BusinessHighlights:
- TheCompany announced a major design win with Foxconn InterconnectTechnology (FIT) to supply 800G and 1.6T optical engines for FITpluggable modules that address the growth in demand forcutting-edge AI applications and high-speed data centernetworks.FIT's parent, Foxconn, is the world'slargest electronics contract manufacturer and a major supplier ofcomponents and assemblies.
- Based on the exceptional performance ofmodules incorporating POET's high-speed optical engines, LuxshareTech, a preferred supplier to Apple, announced that it is expandingits portfolio of optical modules targeted at AI networks usingPOET's optical engines.
- POET was selected as winner of the"Best Optical AISolution" award in the seventh annual AIBreakthrough Awards program conductedbyAIBreakthrough, aleading market intelligence organization that recognizes the topcompanies, technologies and products in the global ArtificialIntelligence (AI) market today.
- During the second quarter, the Company raised $15 million inequity capital in two non-brokered private placements with twoinstitutional investors by issuing 6,706,665 Units at an averageprice of $2.24 per Unit. Each Unit consists of one common share andone common share purchase warrant with each warrant exercisableinto one common share for a period of five years from the issuedate at $3.20 per share.
- Through the use of its ATM facilityduring the month of April 2024, the Company raised gross proceedsof $7,447,000 from the issuance of 4,592,739 common shares at anaverage price of $1.62 per common share.
- Subsequent to the end of the quarter,the Company raised an additional $10 million in a non-brokeredregistered direct offering to a single institutional investor byissuing 3,333,334 Units at $3.00 perUnit. Each Unit consistsof one common share and one common share purchase warrant with eachwarrant exercisable into one common share for a period of fiveyears from the issue date at $4.00 per share.
- The Company's cash balance as of June 30, 2024 was $21.3million; as of July 31, 2024, the Company had cash and cashequivalents of approximately $28.7 million and working capital of$27 million. There are 65,596,234 issued and outstanding commonshares.
Management Comments
"We are gratified to have been chosen to supply our advancedhigh-speed integrated optical engine chips to two of the world'slargest producers of electronic and photonic components and systemsserving the leading AI networks and AI network service providers,"said Dr. Suresh Venkatesan, Chairman & CEO. "We are alsograteful to investors who share our confidence and optimism overthe future of our Company. By raising the amount of capitalthat we have in the past few months, we have significantly loweredthe risk to achieving sustainable revenues. Further, we werehonored to be recognized by AI Breakthrough, a top marketintelligence organization, as the winner of the 'Best Optical AISolution for 2024'. This accolade not only highlights ourinnovative efforts but also affirms that we are on the right trackboth technologically and commercially."
Non-IFRS Financial Summary
The Company reported non-recurring engineering revenue ("NRE") of nil in the second quarter of 2024 comparedto $177,000 for the same period in 2023 and $8,710 in the firstquarter of 2024 Historically, the Company provided NRE services tomultiple customers for projects utilizing the unique capabilitiesof the POET Optical Interposer platform. No billable NRE serviceswere provided in Q2 2024.
The Company reported a net loss of $8.0 million, or ($0.14) pershare, in the second quarter of 2024 compared with a net loss $4.4million, or ($0.11) per share, for the same period in 2023 and anet loss of $5.7 million, or ($0.13) per share, in the firstquarter of 2024. The net loss in the second quarter of 2024included research and development costs of $2.1 million compared to$2.0 million for the same period in 2023 and $1.9 million in thefirst quarter of 2024. Fluctuations in R&D for a Company ofthis size and this stage of growth are expected on aperiod-over-period basis as the Company transitions from technologydevelopment to product development.
Non-cash expenses in the second quarter of 2024 includedstock-based compensation of $1.6 million and depreciation andamortization of $0.5 million. Non-cash stock-based compensation anddepreciation and amortization in the same period of 2023 were $0.7million and $0.5 million, respectively. First quarter 2024stock-based compensation and depreciation and amortization were$0.9 million and $0.5 million, respectively. The Company hadnon-cash finance costs of $20,000 in the second quarter of 2024compared to non-cash finance costs of $11,000 in the second quarterof 2023 and non-cash costs of $20,000 in the first quarter of2024.
The Company recognized other income, including interest of $175,000in the second quarter of 2024, compared to $57,000 in the sameperiod in 2023 and $53,000 in the first quarter of 2024.
The Company reported non-cash fair value adjustment to derivativewarrant liability of $1.4 million in the second quarter of 2024,compared to nil in the same period in 2023 and $0.6 million in thefirst quarter of 2024. This non-cash item relates to warrantsissued in a foreign currency and is periodically remeasured.
Cash flow from operating activities in the second quarter of 2024was ($4.5) million, compared to ($3.2) million in the secondquarter of 2023 and ($4.6) million in the first quarter of2024.
Raised gross proceeds of $35.7 million, including $10 million inJuly, through the issuance of units from multiple privateplacements, issuance of common shares using its ATM and theissuance of common shares from the exercise of warrants.
Non-IFRS Financial PerformanceMeasures
Certain financial information presented in this press release isnot prescribed by IFRS. These non-IFRS financial performancemeasures are included because management has used the informationto analyze the business performance and financial position of POET.These non-IFRS financial measures are intended to provideadditional information only and do not have any standardizedmeaning under IFRS and may not be comparable to similar measurespresented by other companies. These non-IFRS financial measuresshould not be considered in isolation or as a substitute formeasures of performance prepared in accordance with IFRS.
POET TECHNOLOGIES INC.
PROFORMA – NON-IFRS AND IFRS PRESENTATION OFOPERATIONS
(All figures are in U.S. Dollars)
For the Quarterended: | 30-Jun-24 | 31-Mar-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 | ||||||||
Revenue | - | 8,710 | 107,551 | - | 177,390 | ||||||||
Research and development | (2,117,828) | (1,922,066) | (2,142,003) | (2,043,264) | (2,036,953) | ||||||||
Depreciation and amortization | (509,699) | (509,260) | (505,869) | (508,484) | (462,743) | ||||||||
Professional fees | (366,839) | (409,726) | (902,368) | (273,905) | (255,094) | ||||||||
Wages and benefits | (780,146) | (768,496) | (676,539) | (640,241) | (655,066) | ||||||||
Impact of join venture | - | - | - | - | - | ||||||||
Stock-based compensation | (1,591,741) | (947,502) | (1,050,088) | (1,251,648) | (697,690) | ||||||||
General expenses and rent | (1,390,933) | (570,819) | (317,333) | (429,457) | (502,707) | ||||||||
Derivative liability adjustment | (1,376,761) | (629,824) | (24,865) | - | - | ||||||||
Interest expense | (20,833) | (19,753) | (13,547) | (34,890) | (11,214) | ||||||||
Other (income), including interest | 174,911 | 52,558 | 54,047 | 45,448 | 57,454 | ||||||||
Net loss | (7,979,869) | (5,716,178) | (5,471,014) | (5,136,441) | (4,386,623) | ||||||||
Net loss per share | (0.14) | (0.13) | (0.13) | (0.13) | (0.11) | ||||||||
ATM Quarterly Update
During the fiscal quarter ended June 30, 2024, through the ATM, theCompany sold 4,592,739 common shares at an average price of C$2.22per share. The Company received gross proceeds of C$10,202,164,less aggregate cash commissions paid to Craig-Hallum of C$306,065resulting in net proceeds of C$9,896,099. The common shares weresold on the Nasdaq Capital Markets and the sales were denominatedin USD. The values disclosed are based on the average Bank ofCanada exchange rate applicable during the reporting period.
About POET Technologies Inc.
POETis a design and development company offering high-speed opticalmodules, optical engines and light source products to theartificial intelligence systems market and to hyperscale datacenters. POET's photonicintegration solutions are based on the POET Optical Interposer™, anovel, patented platform that allows the seamless integration ofelectronic and photonic devices into a single chip using advancedwafer-level semiconductor manufacturing techniques. POET's OpticalInterposer-based products are lower cost, consume less power thancomparable products, are smaller in size and are readily scalableto high production volumes. In addition to providing high-speed(800G, 1.6T and above) optical engines and optical modules for AIclusters and hyperscale data centers, POET has designed andproduced novel light source products for chip-to-chip datacommunication within and between AI servers, the next frontier forsolving bandwidth and latency problems in AIsystems. POET's Optical Interposerplatform also solves device integration challenges in 5G networks,machine-to-machine communication, self-contained "Edge" computingapplications and sensing applications, such as LIDAR systems forautonomous vehicles. POET is headquartered inToronto, Canada, with operations in Allentown, PA, Shenzhen, China,and Singapore. More information aboutPOET is available on our website atwww.poet-technologies.com.
Media Relations Contact: AdrianBrijbassi Adrian.brijbassi@poet.tech | Company Contact: |
Forward-LookingStatements
This news release contains "forward-looking information" (withinthe meaning of applicable Canadian securities laws) and"forward-looking statements" (within the meaning of the U.S.Private Securities Litigation Reform Act of 1995). Such statementsor information are identified with words such as "anticipate","believe", "expect", "plan", "intend", "potential", "estimate","propose", "project", "outlook", "foresee" or similar wordssuggesting future outcomes or statements regarding any potentialoutcome. Such statements include the Company's expectations withrespect to the success of the Company's product developmentefforts, the performance of its products, the expected results ofits operations, meeting revenue targets, and the expectation ofcontinued success in the financing efforts, the capability,functionality, performance and cost of the Company's technology aswell as the market acceptance, inclusion and timing of theCompany's technology in current and future products andexpectations for approval of proposals at the Company's annualmeeting of shareholders.
Such forward-looking information or statements are based on anumber of risks, uncertainties and assumptions which may causeactual results or other expectations to differ materially fromthose anticipated and which may prove to be incorrect. Assumptionshave been made regarding, among other things, management'sexpectations regarding the success and timing for completion of itsdevelopment efforts, the introduction of new products, financingactivities, future growth, recruitment of personnel, opening ofoffices, the form and potential of its joint venture, plans for andcompletion of projects by the Company's consultants, contractorsand partners, availability of capital, and the necessity to incurcapital and other expenditures. Actual results could differmaterially due to a number of factors, including, withoutlimitation, the failure of its products to meet performancerequirements, lack of sales in its products, once released,operational risks in the completion of the Company's anticipatedprojects, lack of performance of its joint venture, risks affectingthe Company's ability to execute projects, the ability of theCompany to generate sales for its products, the ability to attractkey personnel, the ability to raise additional capital and theagreement by shareholders to approve proposals put forth by theCompany at shareholders' meetings. Although the Company believesthat the expectations reflected in the forward-looking informationor statements are reasonable, prospective investors in theCompany's securities should not place undue reliance onforward-looking statements because the Company can provide noassurance that such expectations will prove to be correct.Forward-looking information and statements contained in this newsrelease are as of the date of this news release and the Companyassumes no obligation to update or revise this forward-lookinginformation and statements except as required by law.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto,ON, M4P 1E2- Tel: 416-368-9411 - Fax: 416-322-5075
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(\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer\u2122, Photonic...","one_line_short_text":"TORONTO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94383597\/poet-technologies-reports-second-quarter-2024-fina","source":"GlobeNewswire Inc.","source_logo":"\/common\/images\/news-sources\/globe.png","tags":[],"timestamp":1723667400,"date":"Wed Aug 14, 2024 ","time":"4:30 PM (3 days ago)","full_date":"August 14, 2024 4:30 PM","post_time":"August 14 2024","article_id":94383597,"source_id":"globe","media_url":null,"press_release":true},{"headline":"Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94306561\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1722607686,"date":"Fri Aug 02, 2024 ","time":"10:08 AM (2 weeks ago)","full_date":"August 2, 2024 10:08 AM","post_time":"August 02 2024","article_id":94306561,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"POET and Luxshare Tech Expand Product Offerings for Artificial Intelligence Networks","short_text":"POET and Luxshare Tech Expand Product Offerings for Artificial Intelligence NetworksTORONTO, ONTARIO, August 1, 2024 - InvestorsHub NewsWire -- POET Technologies Inc. (\"POET\" or the...","one_line_short_text":"POET and Luxshare Tech Expand Product Offerings for Artificial Intelligence NetworksTORONTO, ONTARIO, August 1, 2024 - InvestorsHub NewsWire...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94296679\/poet-and-luxshare-tech-expand-product-offerings-fo","source":"InvestorsHub NewsWire","source_logo":"\/common\/images\/news-sources\/ihnw.png","tags":[],"timestamp":1722518935,"date":"Thu Aug 01, 2024 ","time":"9:28 AM (2 weeks ago)","full_date":"August 1, 2024 9:28 AM","post_time":"August 01 2024","article_id":94296679,"source_id":"ihnw","media_url":null,"press_release":true},{"headline":"POET and Luxshare Tech Expand Product Offerings for Artificial Intelligence Networks","short_text":"TORONTO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer\u2122, Photonic...","one_line_short_text":"TORONTO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94294580\/poet-and-luxshare-tech-expand-product-offerings-fo","source":"GlobeNewswire Inc.","source_logo":"\/common\/images\/news-sources\/globe.png","tags":[],"timestamp":1722510000,"date":"Thu Aug 01, 2024 ","time":"7:00 AM (2 weeks ago)","full_date":"August 1, 2024 7:00 AM","post_time":"August 01 2024","article_id":94294580,"source_id":"globe","media_url":null,"press_release":true},{"headline":"Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94224432\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1721423031,"date":"Fri Jul 19, 2024 ","time":"5:03 PM (4 weeks ago)","full_date":"July 19, 2024 5:03 PM","post_time":"July 19 2024","article_id":94224432,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"POET Technologies Announces US$10 Million Registered Direct Offering","short_text":"TORONTO, July 19, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\"POET\" or the \"Corporation\") (TSXV: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer\u2122, Photonic...","one_line_short_text":"TORONTO, July 19, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\"POET\" or the \"Corporation\") (TSXV: PTK; NASDAQ: POET), the designer and...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94224337\/poet-technologies-announces-us-10-million-register","source":"GlobeNewswire Inc.","source_logo":"\/common\/images\/news-sources\/globe.png","tags":[],"timestamp":1721422231,"date":"Fri Jul 19, 2024 ","time":"4:50 PM (4 weeks ago)","full_date":"July 19, 2024 4:50 PM","post_time":"July 19 2024","article_id":94224337,"source_id":"globe","media_url":null,"press_release":true},{"headline":"Form 424B5 - Prospectus [Rule 424(b)(5)]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94224224\/form-424b5-prospectus-rule-424b5","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1721421157,"date":"Fri Jul 19, 2024 ","time":"4:32 PM (4 weeks ago)","full_date":"July 19, 2024 4:32 PM","post_time":"July 19 2024","article_id":94224224,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"POET Wins \"Best Optical AI Solution\" in 2024 AI Breakthrough Awards Program","short_text":"POET Wins \"Best Optical AI Solution\" in 2024 AI Breakthrough Awards ProgramPrestigious International Annual Awards Program Honors Standout AI and Machine Learning Solutions and...","one_line_short_text":"POET Wins \"Best Optical AI Solution\" in 2024 AI Breakthrough Awards ProgramPrestigious International Annual Awards Program Honors...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94105545\/poet-wins-best-optical-ai-solution-in-2024-ai-br","source":"InvestorsHub NewsWire","source_logo":"\/common\/images\/news-sources\/ihnw.png","tags":[],"timestamp":1719410968,"date":"Wed Jun 26, 2024 ","time":"10:09 AM (2 months ago)","full_date":"June 26, 2024 10:09 AM","post_time":"June 26 2024","article_id":94105545,"source_id":"ihnw","media_url":null,"press_release":true},{"headline":"POET Wins \u201cBest Optical AI Solution\u201d in 2024 AI Breakthrough Awards Program","short_text":"TORONTO, June 26, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer\u2122, Photonic...","one_line_short_text":"TORONTO, June 26, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/poet-technologies-POET\/stock-news\/94105529\/poet-wins-best-optical-ai-solution-in-2024-ai","source":"GlobeNewswire Inc.","source_logo":"\/common\/images\/news-sources\/globe.png","tags":[],"timestamp":1719410700,"date":"Wed Jun 26, 2024 ","time":"10:05 AM (2 months ago)","full_date":"June 26, 2024 10:05 AM","post_time":"June 26 2024","article_id":94105529,"source_id":"globe","media_url":null,"press_release":true}],"Preferred Contributors": ""}},created: function () {this.loaded = true;Vue.nextTick(function(){});}});});
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