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POET Technologies Inc. reported audited financial results for Q4 and the year ending December 31, 2020, showing a net loss of $5.0 million (or $0.02 per share), compared to a net income of $3.2 million in Q4 2019. The company achieved several milestones, including a joint venture with Xiamen Sanan Integrated Circuit Co. Ltd and the successful testing of its high-speed laser design. Despite a strong cash position of $23.7 million, ongoing semiconductor supply chain challenges may impact product development timelines.
POET Technologies has reported significant advancements in its joint venture, Super Photonics Xiamen (SPX), with Sanan IC, following the signing of their agreement on October 21, 2020. Key achievements include:
- Official registration of SPX completed.
- Board of Directors appointed from both companies.
- 5,000 square feet of temporary clean room and office facilities established.
- Investment of approximately US$5 million from Sanan IC secured.
POET Technologies Inc. has enhanced its Optical Interposer technology with the launch of the LightBar-C, designed for optical computing and sensing applications. The LightBar-C integrates a multiplexed light-source across the C and L bands, featuring cooled lasers operating at room temperature with up to 90mW power. This innovation addresses high-performance demands for cloud computing, AI, and 5G communications. The Optical Interposer platform simplifies manufacturing while providing efficient power coupling, potentially transforming the market for photonic integration.
POET Technologies Inc. held a Special Meeting on February 19, 2021, where shareholders approved a resolution to allow the Board of Directors to consolidate common shares. An overwhelming 93.5% of votes supported this move, aimed to facilitate a potential NASDAQ listing or TSX graduation. The meeting highlighted the recent stock price increase and improved liquidity from a private placement. The share consolidation's timing will be determined by the Board in the company's best interest.
POET Technologies announced a significant increase in its cash balance, adding approximately C$24 million (US$18.8 million) from the recent completion of a brokered private placement and the exercise of options and warrants. Notably, the company highlighted that approximately C$10 million was raised from the exercise of options and warrants since October 1, 2020. The company also clarified its intent for a Special Meeting on February 19, 2021, aiming to seek shareholder approval for a potential share consolidation, aimed at facilitating a NASDAQ listing.