POET Provides Financial Update

TORONTO, Nov. 06, 2023 (GLOBE NEWSWIRE) -- OET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center, telecommunication and artificial intelligence markets, is providing preliminary key financial data in advance of the Company’s expected quarterly reporting on or before November 15, 2023. 

Key financial data on an unaudited basis as of September 30, 2023 are as follows (all amounts are approximate and stated in US dollars): 

Key financial data on an unaudited basis for the three and nine months ended September 30, 2023 are as follows (all amounts are approximate and stated in US dollars):

(1) Three months and nine months expenses include non-cash expenses of $1,700,000 and $4,500,000 respectively. 

“I want our shareholders to know that, from a business perspective, POET believes it is on track to commercialize our technology and products with initial production expected to commence this year and continuing into 2024, and we are working diligently to speed up customer acquisition and sales,” said Dr. Suresh Venkatesan, Chairman & Chief Executive Officer of POET. “Our existing customers are finally completing their module designs for sampling and sale to their end customers, which include hyperscale data centers, network system operators and telecom companies, primarily in China. We have re-focused and accelerated our efforts on the highest speed engines designed for 800G and 1.6T pluggable modules, which we plan to introduce to the market in 2024. 800G and 1.6T modules are gaining increasing market appeal as specialized data centers running AI software applications, such as ChatGPT, continue to drive the need for ever more and ever-increasing transmission speeds. Non-recurring engineering (NRE) payments for custom designs and initial sales of engines and modules in the AI hardware market are expected to provide multiple single-digit millions in revenue to POET in 2024 and lock-in significant growth in 2025 and beyond, both from the pull of the massive growth in the market and from the products we expect to introduce to meet the demand. We are working hard to make up for past delays and to help our customers introduce innovative new products into the market as quickly as possible with reference designs utilizing POET’s proprietary technology.”

On November 2, 2023, the Company announced a public offering in the United States and a concurrent non-brokered offering in Canada (the “Offering”). 

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of common shares or warrants in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification, or an exemption from registration or qualification, under the securities laws of any such jurisdiction.

Preliminary Information

The unaudited financial information presented in this press release is preliminary and may change. The Company’s financial closing procedures with respect to the estimated financial information provided in this press release are not yet complete, and as a result, the Company's final results may vary materially from the preliminary results included in this press release. The Company undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial statements for the three months ended September 30, 2023. The preliminary financial information included in this press release reflects the Company's current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with IFRS and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.