Loading...
News Article

POET revenue rises to $4.4 million

News

DenseLight sale resulted in a gain of $8.7 million

POET Technologies, a developer of photonic integrated circuits (PICs), has reported its audited consolidated financial results for the full year ended December 31, 2019.

Full year revenue, including contribution from discontinued operations, was $4.4 million compared to $3.9 million in 2018. Gross margin, including contribution from discontinued operations, increased to 73 percent from 62 percent in 2018. The company concluded the previously announced sale of DenseLight for $26 million, resulting in a gain of $8.7 million;

As of December 31, 2019, the company had received $8.0 million of the $26 million of consideration, with the remainder to be paid according to an agreed schedule. Subsequent to the end of the year, on February 14, 2020 and March 30, 2020, the company received $4.75 million and $8.25 million, respectively. The remaining $5.0 million is due to be received by POET on or before May 31, 2020;

The company repaid outstanding debt in full to secured lenders and subsequently all associated security interests in the assets of POET were discharged;

It also announced the appointment of Vivek Rajgarhia as president and general manager of the company, while Suresh Venkatesan added the title of chairman to his existing role as CEO, and completed its proof of concept Optical Interposer Development Project with a leading North America-based networking customer.

SiC MOSFETs: Understanding the benefits of plasma nitridation
Wolfspeed reports Q2 results
VueReal secures $40.5m to scale MicroSolid printing
Mitsubishi joins Horizon Europe's FLAGCHIP project
Vishay launches new high voltage SiC diodes
UK team leads diamond-FET breakthrough
GaN adoption at tipping point, says Infineon
BluGlass files tuneable GaN laser patents
QD company Quantum Science expands into new facility
Innoscience files lawsuit against Infineon
Riber revenues up 5% to €41.2m
Forvia Hella to use CoolSiC for next generation charging
Photon Design to exhibit QD simulation tool
Ortel transfers CW laser fabrication to Canada
Luminus adds red and blue multi-mode Lasers
PseudolithIC raises $6M for heterogeneous chiplet tech
Mesa sidewall design improves HV DUV LEDs
IQE revenue to exceed expectations
'Game-changing' VCSEL system targets clinical imaging
German start-up secures finance for SiC processing tech
Macom signs preliminaries for CHIPS Act funding
IQE and Quintessent partner on QD lasers for AI
EU funds perovskite tandems for fuel-free space propulsion
EU to invest €3m in GeSi quantum project
Transforming the current density of AlN Schottky barrier diodes
Turbocharging the GaN MOSFET with a HfO₂ gate
Wolfspeed launches Gen 4 SiC MOSFET technology
Report predicts high growth for UK's North East
Element Six unveils Cu-diamond composite
SemiQ launches hi-rel 1700V SiC MOSFETs
Lynred to exhibit Eyesential SWIR sensor for machine vision
Thorlabs buys VCSEL firm Praevium Research
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
x
Logo
×
Register - Step 1

You may choose to subscribe to the Compound Semiconductor Magazine, the Compound Semiconductor Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: