Business
POET Technologies Issues Letter to Shareholders
TORONTO, Dec. 05, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of
About this update from Poet Technologies Inc.
[{"type":"text","content":"TORONTO, Dec. 05, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, today issued a letter to shareholders from its Chief Executive Officer, Dr. Suresh Venkatesan, providing a review of recent accomplishments and vision for 2024. To Our Shareholders:POET is committed to our strategic vision of commercializing our advanced device integration technology, which we believe enables us to solve multiple design, performance and scaling challenges in optoelectronic products and to fill an emerging void in solutions that address bandwidth and latency issues in artificial intelligence networks. Through 2023, we have managed to expand our product portfolio, boost POET’s mindshare among leading companies in the market and position ourselves for rapid growth as we introduce leading-edge products to the market in 2024. Despite those accomplishments, it has been a challenging year, at least in part because of a difficult global capital market environment for pre-revenue microcap companies. While our recent equity financing fell short of our expectations, resulting in the need to raise additional capital in the relatively near future, we continue to discuss financing alternatives with investors and with partners who share our vision and exhibit confidence in the value of our technology and our technical achievements. Multiple potential avenues to financing remain, and we will continue exploring each of them in parallel over the next few months. Recent Achievements:Within the past two months, POET has: Qualified and released to production 100G CWDM4 and 200G FR4 Transmit and Receive Optical Engines, now with two key laser suppliers, SAIC and YST, for use by several module customers in China.Delivered first production units of custom 4x100G LR4 engines to Adtran in November. Aligning with Adtran’s schedule, we expect to ship production volumes of engines in the second half of 2024. In answer to the continuing surge in bandwidth demand, network operators have introduced 400Gbit/s Ethernet-based connectivity in their core networks. Adtran’s unique pluggable device, with its MicroMux Quattro architecture, ...