PTK:CC - POET Technologies scales 8% on securing first volume purchase order for optical engines
2023-05-11 08:06:59 ET
- POET Technologies ( NASDAQ: POET ) price trades 7.7% higher on Thursday pre-market as it announced the first volume production order for its optical engines placed with the company’s 80%-owned joint-venture company, Super Photonics Xiamen (SPX).
- The order is valued at more than $3M, the purchase order was placed by Beijing FeiYunYi Technology.
- It will produce optical transceiver modules using POET-designed optical engines for sale to telecom and data center markets globally.
- This initial volume purchase order was placed against BFYY’s 3-year forecast of $30M in expected optical engine purchases.
- POET and SPX expect to complete the design verification testing and reliability qualification of POET ONE by Q4 2023 and then start production shipments to BFYY in early 2024.
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POET Technologies scales 8% on securing first volume purchase order for optical engines