I think the point of this news release is that there are no surprises, which obviously surprised some of us. :-)

So there are no positive surprises, however, there are also no negative surprises.

Aves is right that we are flat revenue-wise if we average over Q4 2016 and Q1 2017, which is of course something we have to do due to the backlog.

You might have expected more, given the fact that POET invested heavily in the DenseLight facilities, but on what grounds? At least not on the new products. As POET Technologies has announced here and here, engineering samples of the micro multiplexer/demultiplexer solutions and the Constellation series are expected in Q2 2017. It would have been very surprising indeed if they had precipitated in the Q1 financials before they even appeared! And since these are samples only I suspect they won't even contribute much to the Q2 results. Production is expected to commence in H2 2017 – not necessarily on July 1st –, so I wouldn't expect considerable revenue from the new products before Q4.

This is in line with the company's announcement that much of the year 2017 will be devoted to development.

What still surprised me somewhat is the cash burn rate. It is considerably lower than I expected, as some posters already pointed out. This doesn't rule out another financing, but since most of us are expecting this anyway, it should be incorporated in the share price already – at least more or less.

I would have liked to know the status of what I am most interested in: the integrated VCSEL transceiver. Optimizations are progressing, however, due to the Mika Doctrine we haven't been told anything more than just that. Well, at least there are no negative surprises on that front! I am expecting a technical update on the VCSEL transceiver before the AGM.