POET Technologies Reports Third Quarter Financial Results

SAN JOSE, Calif., Nov. 28, 2016 (GLOBE NEWSWIRE) -- POET Technologies Inc. (the "Company" or "POET") (OTCQX:POETF) (TSX Venture:PTK), the developer of opto-electronic fabrication process IP and devices, and manufacturer of sensing and optical light source products, reported consolidated financial results for the period ended September 30, 2016. These interim financial results along with the Management Discussion and Analysis have been filed on SEDAR.

Third Quarter and Recent Highlights:
  • Signed long-term supply agreement and strategic partnership with Luxmux, a leader in innovative photonic and optic technologies;
  • Announced agreement with Singapore Economic Development Board (EDB) to expand R&D operations in Singapore;
  • Awarded two new U.S. patents, including one regarded as fundamental;
  • Appointed Thomas R. Mika as Chief Financial Officer;
  • Subsequent to the end of the quarter, completed public offering which generated gross proceeds of C$12,528,000 (US$9,349,254); and
  • Ended the quarter with cash and cash equivalents of US$9,699,899, which does not include the net proceeds from the offering.

Third quarter 2016 sales were US$861,545, which comprises the first full quarter of revenue from its acquisition of DenseLight Semiconductor, compared to US$576,741 in the second quarter of 2016. Gross margin in the third quarter was 47.3%, compared to 28.9% in the prior quarter. Third quarter 2016 net loss was US$2.8 million, or ($0.01) per share, compared to US$3.4 million, or ($0.02) per share, in the second quarter 2016.

During the quarter, the Company completed internal qualification and began early production of DenseLight 2.5G DFB (distributed feedback) lasers, winning an initial customer order in China for applications in the Passive Optical Network (PON) broadband access network architecture, which is the dominant "Fiber-to-the-X" (FTTx) network architecture in use today. 'Fiber-to-the-X' or FTTx is a key enabler of today's high-speed Internet, and advanced broadband networks are considered essential infrastructure to support future economic growth. The Company's sensor product roadmap for 2017 includes additional new product introductions targeted for the LIDAR (laser imaging, detection and ranging) market.