POET announces Q2 sales of $576,741
Expects second half revenue to double over first half 2016
POET Technologies, a US developer of opto-electronics fabrication processes, has reported consolidated financial results for the period ended June 30, 2016.
Results included sales of $576,741, which reflects six weeks of revenue from its acquisition of DenseLight Semiconductor on May 11, 2016. These represented 56 percent 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 included the acquisitions of DenseLight, a Singapore-based provider and manufacturer of photonic optical light source products; and of BB Photonics, a New Jersey company that designs integrated photonic solutions for datacomms.
The company also launched a 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.
It transferred the POET Platform process to a 6-inch high volume production foundry; and demonstrated a resonant cavity detector fabricated at the company's foundry supplier.
"Through disciplined and focused execution, we continued to make solid progress during the quarter on our 2016 plan," said Suresh Venkatesan, CEO of POET.Â
"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 capitalise on opportunities in current and new market segments."
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. It 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.
POET Technologies also announced that effective immediately it 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 Venkatesan.
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."
