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BUSINESS

POET Technologies declares fourth quarter 2021 financial results

27/04/2022 12:23 PM

KUALA LUMPUR, April 27 (Bernama) -- POET Technologies Inc (POET or the Company), has reported its audited condensed consolidated financial results for the fourth quarter and full year ended Dec 31, 2021.

The Company’s financial results as well as the Management’s Discussion and Analysis have been filed on SEDAR and EDGAR. All financial figures are in United States dollars (USD) unless otherwise indicated.

The Company continued to execute on its strategic initiatives and achieved significant milestones during the fourth quarter and the subsequent three months including secured a commitment from a leading network systems company for a unique multi-engine design for 100G CWDM4 and 100G LR4 Optical Engines based on the POET Optical Interposer.

It also established the first phase of a supply agreement with a leading global supplier of lasers and other components used in high-speed optical networking equipment; and, completed previously announced consolidation of its common shares and commenced trading on the Nasdaq Capital Market on March 14, 2022.

POET has entered development agreement and received initial purchase order from Celestial AI to provide multi-laser integrated external light source modules for AI accelerator chips; and, appointed seasoned optical industry executive, Raju Kankipati, to newly established position of Vice President of Product Line Management.

“During the fourth quarter and year-to-date, we have successfully delivered an increasing number of fully functional samples of POET’s optical engines to customers, which is a key milestone in the commercialisation of our technology after more than four years of technology and product development,” said Chairman & CEO, Dr Suresh Venkatesan in a statement.

The Company reported a net loss of US$3.7 million, or (US$0.10) per share, in the fourth quarter of 2021 compared to a net loss of US$5.0 million, or (US$0.17) per share, for the same period in 2020 and a net loss of US$3.5 million, or (US$0.10) per share, in the third quarter of 2021. (US$1 = RM4.355)

On a non-IFRS basis, cash flow from operating activities in the fourth quarter of 2021 was (US$3.2) million compared to (US$2.9) million in the fourth quarter of 2020 and (US$2.8) million in the third quarter of 2021.

Headquartered in Toronto, POET is the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data centre and tele-communication markets.

More details at www.poet-technologies.com.

-- BERNAMA


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