POET Technologies Announces Design Win and Purchase Order from Leading Systems Company
To Conduct Annual General and Special Meeting Thursday, October 7, 2021
TORONTO, Ontario, October 5, 2021 – POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and telecommunication markets, announced that it has 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. The combined value of the NRE and the purchase order for initial units exceeds US$1.2 million.
“We have been engaged with this customer for several months on a breakthrough design to incorporate multiple optical engines in a single industry standard transceiver module, something that only a POET Optical Interposer-based engine can enable,” noted Vivek Rajgarhia, President & General Manager of POET Technologies Inc. “The LR4 product is directed at the client side of major telecom networks, using rigorous standards for data communication between a transport network backbone to data centers and customer locations globally. Our customer is already selling into the well-established telecom equipment market, and with the POET Optical Engines, will be able to offer a solution to its customers that delivers superior performance at a price that cannot be matched today by competing solutions.”
In September 2020, the prominent forecasting firm LightCounting noted an increased demand for 100G LR4 transceiver modules with a 10km reach, reversing its previous revenue forecast of a flat $300 million annually to one that increased in the 2020 - 2025 period to over $700 million annually.
Rajgarhia continued: “Modules based on the POET Optical Engine can deliver the equivalent of 200G to 400G speeds using the established 100G technology that has met standards preferred by major telcos. Our small form factor, including monolithically integrated mux and demux, are unique to POET. In CWDM4, and especially in a LR4 optical engine, our full integration and small form factor yield strong performance and cost advantages. We believe that this customer engagement represents a major market opportunity and demonstrates all of the key benefits of the POET Optical Interposer platform.”
The commitment from a Tier 1 customer and the numerous other recent customer engagements show that a market is building for the Optical Interposer’s hybrid integration approach and multiple product designs can benefit from POET’s unique platform solution.
The Company also reported that its unaudited cash balance at September 30, 2021 stood at approximately US$20 million. Additionally, it reported that the majority of the C$0.52 warrants, expiring on November 2, 2021, had been exercised during their 5-year lifetime. Approximately 11 million warrants with a value of US$4.5 million remain outstanding and unexercised.
POET Annual General and Special Meeting
POET Technologies will hold its Annual General and Special Meeting virtually via the Lumi NA on-line platform at 1:00pm EDT on Thursday, October 7, 2021. Shareholders of the Company are invited to attend.
To Conduct Annual General and Special Meeting Thursday, October 7, 2021
TORONTO, Ontario, October 5, 2021 – POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and telecommunication markets, announced that it has 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. The combined value of the NRE and the purchase order for initial units exceeds US$1.2 million.
“We have been engaged with this customer for several months on a breakthrough design to incorporate multiple optical engines in a single industry standard transceiver module, something that only a POET Optical Interposer-based engine can enable,” noted Vivek Rajgarhia, President & General Manager of POET Technologies Inc. “The LR4 product is directed at the client side of major telecom networks, using rigorous standards for data communication between a transport network backbone to data centers and customer locations globally. Our customer is already selling into the well-established telecom equipment market, and with the POET Optical Engines, will be able to offer a solution to its customers that delivers superior performance at a price that cannot be matched today by competing solutions.”
In September 2020, the prominent forecasting firm LightCounting noted an increased demand for 100G LR4 transceiver modules with a 10km reach, reversing its previous revenue forecast of a flat $300 million annually to one that increased in the 2020 - 2025 period to over $700 million annually.
Rajgarhia continued: “Modules based on the POET Optical Engine can deliver the equivalent of 200G to 400G speeds using the established 100G technology that has met standards preferred by major telcos. Our small form factor, including monolithically integrated mux and demux, are unique to POET. In CWDM4, and especially in a LR4 optical engine, our full integration and small form factor yield strong performance and cost advantages. We believe that this customer engagement represents a major market opportunity and demonstrates all of the key benefits of the POET Optical Interposer platform.”
The commitment from a Tier 1 customer and the numerous other recent customer engagements show that a market is building for the Optical Interposer’s hybrid integration approach and multiple product designs can benefit from POET’s unique platform solution.
The Company also reported that its unaudited cash balance at September 30, 2021 stood at approximately US$20 million. Additionally, it reported that the majority of the C$0.52 warrants, expiring on November 2, 2021, had been exercised during their 5-year lifetime. Approximately 11 million warrants with a value of US$4.5 million remain outstanding and unexercised.
POET Annual General and Special Meeting
POET Technologies will hold its Annual General and Special Meeting virtually via the Lumi NA on-line platform at 1:00pm EDT on Thursday, October 7, 2021. Shareholders of the Company are invited to attend.
