POET Technologies Inc (POET) 2021 Q4 法說會逐字稿

Good morning, everyone. And welcome to POET Technologies financial and business update conference call. As a reminder, this conference call is being recorded. And now, I'd like to turn the conference over to Brett Perry, Investor Relations for POET Technologies. Please go ahead.

大家早安。 歡迎參加 POET Technologies 財務和業務更新電話會議。 提醒一下，本次電話會議正在錄音中。 現在，我想將會議交給 POET Technologies 投資者關係部的 Brett Perry。 請繼續。

Thank you, operator, and welcome to everyone participating on today's conference call over the phone and via webcast. I'm Brett Perry, vice president of Shelton Group, POET Technologies investor relation firm.

謝謝接線員，並歡迎大家透過電話和網路廣播參加今天的電話會議。 我是布雷特佩里 (Brett Perry)，謝爾頓集團 (Shelton Group) 和 POET Technologies 投資者關係公司的副總裁。

Joining us on today's call is Suresh Venkatesan, POET's chairman and CEO, Vivek Rajgarhia, president and general manager of POET technologies, and Thomas Mika, executive vice president and chief financial officer. As previously mentioned, today's call is being recorded for replay purposes. A link to the webcast replay can be found in the investor relations section of POET's website at www.poet-technologies.com. We've also posted a series of supporting slides in the IR section of the website. However, to avoid any confusion, I want to emphasize that management's prepared remarks are independent of this supporting material and, therefore, the remarks on today's call are not directly tied to specific pages or the order of content in the supporting slide deck. Additionally, for those joining the call over the phone, we will conduct a Q&A session following prepared remarks at which time the operator will provide further instructions.

參加今天電話會議的包括 POET 董事長兼執行長 Suresh Venkatesan、POET 技術總裁兼總經理 Vivek Rajgarhia 以及執行副總裁兼財務長 Thomas Mika。 如前所述，今天的通話將被錄音以供重播。 網路廣播重播的連結可以在 POET 網站 www.poet-technologies.com 的投資者關係部分找到。 我們也在網站的 IR 部分發布了一系列支援幻燈片。 然而，為了避免任何混亂，我想強調，管理層準備好的言論獨立於該支援材料，因此，今天電話會議的言論並不直接與特定頁面或支援幻燈片中的內容順序相關。此外，對於透過電話加入通話的人員，我們將在準備好的評論後進行問答會議，屆時接線員將提供進一步的說明。

Before turning the call over to management, I'd like to remind listeners to review the safe harbor statements included in POET Technologies, recent press releases and regulatory filings. On today's conference call, managements prepared remarks will include forward-looking statements, and we may make additional forward-looking statements in response to questions. These forward-looking statements involve risks and uncertainties as well as assumptions and expectations as of today, April 27, 2022. The company's actual results may differ materially from those anticipated in any such forward-looking statements, which can be identified by terminology such as "may," "well," "should," "expect," "plans," "anticipates," "beliefs," or "estimates," and other similar expressions.

在將電話轉交給管理層之前，我想提醒聽眾查看 POET Technologies、最近的新聞稿和監管文件中包含的安全港聲明。 在今天的電話會議上，管理層準備的言論將包括前瞻性陳述，我們可能會在回答問題時做出更多前瞻性陳述。 這些前瞻性陳述涉及截至今天（2022 年4 月27 日）的風險和不確定性以及假設和預期。來辨識： 「可能」、「好」、「應該」、「期望」、「計畫」、「預期」、「信念」或「估計」以及其他類似的表達方式。

The company assumes no obligation to update or revise forward-looking information or statements except as is required by law. More information about other risks that could cause — that could impact POET's future business and results are set forth in the risk factor section of the company's filings with (inaudible) in the SEC. And finally, all financial numbers referenced on today's call will be in US dollars unless otherwise stated. It's. Now my pleasure to turn the call over to Dr. Suresh Venkatesan for his opening remarks. Suresh, please go ahead.

除法律要求外，本公司不承擔更新或修改前瞻性資訊或聲明的義務。 有關可能導致 POET 未來業務和業績的其他風險的更多信息，請參見該公司向 SEC 提交的文件（聽不清）的風險因素部分。 最後，除非另有說明，今天電話會議中引用的所有財務數據均以美元為單位。 它是。 現在我很高興將電話轉給 Suresh Venkatesan 博士做開場白。 蘇雷什，請繼續。

Thank you, Brett. Good morning and welcome to all of those participating on today's conference call. We appreciate you joining us and for your interest and support. Our company has been trading on the NASDAQ for about 6 weeks now, and we expect that some of you participating in today's call are relatively new to POET's story. So I would like to take a few minutes to review the company's history and our current business strategy.

謝謝你，布雷特。 早上好，歡迎所有參加今天電話會議的人。 我們感謝您的加入以及您的興趣和支持。 我們公司已經在納斯達克交易了大約 6 週，我們預計參加今天電話會議的一些人對 POET 的故事相對陌生。 因此，我想花幾分鐘回顧一下公司的歷史和我們目前的業務策略。

Although we've been public for 15 years, as the company's CEO since the middle of 2015, I still think of POET as a startup. Coming from a long career in the semiconductor industry, during which I introduced many new technologies to the market for the first time, I looked carefully at the technology that the company had at that time and determined that we needed a new direction. But I earnestly believed, based on my experience and the requirements of the market, that the core mission of the company around integrated photonics was correct. The combination of devices into smaller, more integrated designs really has been the basis of advance in semiconductor technology for the past 50 years. With stunning amounts of innovation bringing countless services and capabilities to our modern lives, with the emergence of cloud data centers providing information and entertainment to our TVs, cell phones, and smart devices, the demand for more data at lower cost has driven growth and innovation across many aspects of data communications, technology, and services.

儘管我們已經上市15年了，從2015年中期開始擔任公司首席執行官，我仍然認為POET是一家新創公司。 我在半導體行業工作了很長時間，期間我第一次向市場引入了許多新技術，我仔細研究了公司當時擁有的技術，並確定我們需要一個新的方向。 但根據我的經驗和市場的要求，我堅信公司圍繞整合光子學的核心使命是正確的。 將裝置組合成更小、更整合的設計確實是過去 50 年來半導體技術進步的基礎。 大量的創新為我們的現代生活帶來了無數的服務和功能，隨著雲端資料中心的出現，為我們的電視、手機和智慧型裝置提供資訊和娛樂，以更低的成本獲得更多資料的需求推動了成長和創新涵蓋數據通訊、技術和服務的許多方面。

But one area that has lagged well behind others is the way that photonic sub-assemblies, what we call engines, are built. They've got limited integration and come with a very high cost of both capital and labor. So we identified that as a problem that needed a new solution. However, to succeed in a space with large companies spending billions on technology development, a new startup such as ours must create a truly disruptive product that will compete, not just with what others are producing today, but with products grounded in technology that will continue to be competitive far into the future.

但遠遠落後於其他領域的一個領域是光子子組件（我們稱之為引擎）的建構方式。 它們的整合度有限，資本和勞動成本都非常高。 因此我們認為這是一個需要新解決方案的問題。 然而，為了在大公司花費數十億美元用於技術開發的領域取得成功，像我們這樣的新創公司必須創造出真正顛覆性的產品，不僅要與其他公司今天生產的產品競爭，還要與基於技術的產品競爭，這些產品將繼續下去在遙遠的未來保持競爭力。

As I've always said, competitive differentiation is good; sustained competitive differentiation is the key. And that's what we're after here at POET. So in 2018, we adopted the strategy of hybrid photonics integration that we're following today, based on our invention of the Silicon based POET Optical Interposer, which is a completely new and innovative way to combine electronic and photonic devices into a single chip-scale package produced entirely at wafer scale with standard semiconductor capital equipment. After 2 years of platform technology development, we transitioned to product development in 2020. And we have just in the past few months delivered first fully functional samples of our optical engines to customers. In the photonics world, this is an extremely short time to develop products. The gestation period is usually 3 years or more. We validated the platform first at 100 gig as a proof of concept with a systematic development path to extend the capabilities to higher speeds and higher data rates.

正如我常說的，差異化競爭是好事；持續的差異化競爭是關鍵。 這就是 POET 所追求的目標。 因此，在 2018 年，我們採用了今天所遵循的混合光子整合策略，基於我們發明的矽基 POET 光學中介層，這是將電子和光子元件組合到單一晶片中的全新創新方式 -完全採用標準半導體資本設備以晶圓級規模生產的規模封裝。 經過兩年的平台技術開發，我們於 2020 年過渡到產品開發。 在光子學領域，這是一個極短的產品開發時間。 妊娠期一般為3年以上。 我們首先在 100 GB 上驗證了該平台，作為概念驗證，並採用系統化的開發路徑將功能擴展到更高的速度和更高的資料速率。

I'm pleased to say that the products that we delivered and recently demonstrated live at the optical fiber conference made a strong positive impression on several of the largest and most well-known companies in the data communications and telecommunications industry. This year's OFC was really our first opportunity to get face to face with customers, where they had a chance to physically, face to face, see our optical engines and operations. We have not have this chance before due to COVID and all of the other restrictions. So it was extremely gratifying to see the response we got and to get the visceral reaction from the customers on what it is that we had accomplished. On a personal level, it was extremely gratifying for me to see the reaction many industry leaders had. They had positive things to say about what we had accomplished in terms of size, scope, and performance.

我很高興地說，我們交付的產品以及最近在光纖會議上現場演示的產品給數據通訊和電信行業的幾家最大、最知名的公司留下了深刻的積極印象。 今年的 OFC 實際上是我們第一次與客戶面對面的機會，他們有機會面對面地親眼目睹我們的光學引擎和營運情況。 由於新冠疫情和所有其他限制，我們以前沒有過這樣的機會。 因此，看到我們得到的回應以及客戶對我們所取得的成就的本能反應，我們感到非常高興。 就我個人而言，看到許多行業領導者的反應讓我感到非常高興。 他們對我們在規模、範圍和表現方面所取得的成就給予了正面的評價。

I now believe that in the Datacom telecom space, we have a technology platform that has the potential to gain a significant share of the market for optical engines at 400, 800 gig nodes while opportunistically serving the 100 gig, 200 gig markets as well. And because of the size and level of integration that others had not even conceived of matching, to subsequently take these nodes and deliver pluggable optic solutions for 1.6 terabytes per second, 3.2, and even 6.4 terabytes per second in a single chip-scale form factor. The simplicity of the architecture of the Optical Interposer, the bandwidth density, and the energy efficiency, the flexibility of the design for different formats and applications, and the ease with which module makers, network equipment suppliers, and data center operators can utilize the Optical Interposer all point to an opportunity for POET to become a de facto integration standard in the photonics industry.

我現在相信，在數據通訊電信領域，我們擁有一個技術平台，有潛力在 400、800 gig 節點的光學引擎市場中獲得巨大份額，同時也有機會服務 100 gig、200 gig 市場。 由於其他人甚至沒有想到的尺寸和集成水平，隨後採用這些節點並在單個晶片級外形尺寸中提供每秒 1.6 TB、3.2 甚至 6.4 TB 的可插拔光學解決方案。 光中介層架構的簡單性、頻寬密度和能源效率、針對不同格式和應用的設計靈活性以及模組製造商、網路設備供應商和資料中心營運商可以輕鬆利用光中介層Interposer 都表明POET 有機會成為光子產業事實上的整合標準。

Opportunities for the company in the data communications and telecommunications market are large, but they are outstripped by the potential size and growth in other areas in which the fundamental features of the Optical Interposer can be applied: 5g networks, AI accelerator, and other photonics computing and computing chips — communication and computing chips, automotive LIDAR, wearables. These are all areas that we believe represent fertile ground for products based on our technology, but we have to walk before we can run. So let's review where the company currently is on our product development roadmap.

該公司在數據通訊和電信市場中的機會很大，但這些機會被可應用光學中介層基本功能的其他領域的潛在規模和增長所超越：5G網路、人工智慧加速器和其他光子計算和計算晶片— —通訊與運算晶片、汽車光達、穿戴式設備。 我們相信這些領域都是基於我們技術的產品的沃土，但我們必須先走，然後才能跑。因此，讓我們回顧一下該公司目前在產品開發路線圖上的位置。

At our annual general meeting in October last year, in (inaudible) posted on our website, we outlined a roadmap in which our initial products: 100 gig CWDM4, LR4, and 200 gig FR4 would be moving from alpha to beta during the first half of this year. I'm pleased to say that despite intermittent shutdowns related to COVID-19 in both our Singapore and our Shenzhen lab, those milestones are intact. We delivered our final LR4 designs to our leading customer and expect to be shipping beta samples to our other customers in May. It was exciting to see our leading LR4 customer announce future availability of their products based on our solutions at the OFC. It speaks to increasing levels of confidence in the technology and our ability to execute to the roadmap.

在去年 10 月的年度股東大會上（聽不清楚），我們在網站上發布了一份路線圖，其中我們的初始產品：100 gig CWDM4、LR4 和 200 gig FR4 將在上半年從 alpha 轉向 beta今年的。 我很高興地說，儘管我們的新加坡和深圳實驗室因 COVID-19 間歇性而關閉，但這些里程碑仍然完好無損。 我們向我們的主要客戶交付了最終的 LR4 設計，並預計在 5 月向我們的其他客戶發送測試版樣品。 很高興看到我們領先的 LR4 客戶在 OFC 宣布他們的產品將基於我們的解決方案推出。 它表明我們對技術的信心以及我們執行路線圖的能力不斷增強。

A critical and pivotal next step in our product roadmap is 400 gig, as it is the speed that is ramping up today in data centers. And it is a basic building block of future 800 gig architectures. We have executed flawlessly on the 400 gig RX engine, being one of the few companies that demonstrated hybrid silicon photonics based integrated [receive] solutions at 400 gig at the OFC. We will also be developing this year a version of the 400 gig receive engine with an integrated hybrid transimpedance amplifier, which will also mark our first product with full optics electronics hybrid integration. The 400 gig transmit solution has been a challenge, however, given third-party delays in the delivery of key components, particularly the modulator.

我們產品路線圖中關鍵且關鍵的下一步是 400 GB，因為這是當今資料中心正在提高的速度。 它是未來 800 gig 架構的基本建置模組。 我們在 400 gig RX 引擎上完美執行，是在 OFC 上展示基於混合矽光子學的 400 gig 整合[接收]解決方案的少數公司之一。 今年我們還將開發具有集成混合跨阻放大器的 400 gig 接收引擎版本，這也將標誌著我們首款具有全光學電子混合集成的產品。 然而，鑑於第三方在交付關鍵組件（尤其是調製器）方面存在延遲，400 GB 傳輸解決方案一直是一個挑戰。

Nevertheless, we are actively working to mitigate this risk by pursuing alternate modulator sources in North America and Europe, and even designing our platform to be external modulator free through the inclusion of advance high-speed lasers that are being introduced to the market now. Delivering 400 gig FR4 transmit and receive optical engines in both alpha and beta versions are key milestones for the company and will be important entry points for POET this large and growing segment of the transceiver market. Long term payoff is in the way we can scale the speed of these devices because of the small size of the Interposer Platform. We're the only company today that can place 2 complete 400 gig FR4 optical engines into a single QSFP module for a 2 x 400 gig or an equivalent of an 800 gig market. Beyond that, we can architect 4 400 gig engines into a 1.6 terabyte per second module or [chiplet].

儘管如此，我們正在積極努力降低這種風險，透過在北美和歐洲尋找替代調製器源，甚至透過納入目前推向市場的先進高速雷射器，將我們的平台設計為無外部調製器。 提供 400 gig FR4 傳輸和接收光學引擎的 alpha 和 beta 版本是該公司的重要里程碑，也將成為 POET 這個龐大且不斷成長的收發器市場領域的重要切入點。 由於中介層平台尺寸較小，因此我們可以提高這些設備的速度，從而獲得長期回報。 我們是當今唯一一家能夠將 2 個完整的 400 gig FR4 光學引擎放入單一 QSFP 模組中的公司，適用於 2 x 400 gig 或相當於 800 gig 的市場。 除此之外，我們還可以將 4,400 gig 引擎建置為每秒 1.6 TB 的模組或 [chiplet]。

In fact, we already have designs for up to 6.4 terabytes per second, with a staggering 20 gigabits per second per square millimeter of real estate. This is almost 10 x the bandwidth density of alternate solutions we've seen. Data versions of our Light Bar products should also be available in the second half of this year as planned. These are potentially large- volume products as both module makers and network equipment operators use remote light sources that allow for thermal management and ease of laser replacement. We're applying the light designs of our Light Bar in our products going to Celestial AI, a designer of AI accelerator chips, and others in an addressable market that the market research firm [OMDIA] projects at larger than 70 billion in 2025. When this market takes off — and it will, it's really a question of when — the volumes in this market are greater than 10 x larger than the highest Datacom volumes we see today.

事實上，我們已經有了每秒高達 6.4 TB 的設計，每平方毫米的空間達到了驚人的每秒 20 GB。 這幾乎是我們見過的替代解決方案頻寬密度的 10 倍。 我們的Light Bar產品的數據版本也應該按計劃在今年下半年推出。 這些是潛在的大批量產品，因為模組製造商和網路設備營運商都使用遠端光源，可以進行熱管理並易於更換雷射。 我們正在將Light Bar 的燈光設計應用到我們的產品中，這些產品將銷往AI 加速器晶片設計商Celestial AI 以及其他潛在市場，市場研究公司[OMDIA] 預計到2025 年該市場的規模將超過700 億美元。

Clearly servicing such volumes requires wafer-scale engine assembly, which is exactly what POET does. There is no way such a market can be served using conventional integration techniques that are being used in the market today. What also makes this market so interesting for us is that for each of these chips — whether they're accelerator chips or communication chips, or optical computing chips — they all need their own light source. It's a 1: 1 attach rate, and it spells a tremendous opportunity for POET. In summary, based on what we observed at the OFC, we believe that there are significant and sustainable advantages of our hybrid silicon photonic solutions in terms of size, complexity, and energy efficiency relative to the alternatives. We believe that the entire industry needs and is looking for a means to combine best in breed components onto a small, flexible, easy to understand, easy to use, energy efficient platform with built-in features like multiplexing on other component integrations, including scalability for generations of devices. We believe you already have that platform. We call it the POET Optical Interposer.

顯然，為如此大的體積提供服務需要晶圓級引擎組裝，而這正是 POET 所做的。 使用當今市場上使用的傳統整合技術無法服務這樣的市場。 讓我們對這個市場如此感興趣的另一個原因是，對於每一個晶片——無論是加速器晶片、通訊晶片，還是光學運算晶片——它們都需要自己的光源。 這是1:1的附加率，這對POET來說意味著巨大的機會。 總而言之，根據我們在 OFC 觀察到的情況，我們相信我們的混合矽光子解決方案相對於替代方案在尺寸、複雜性和能源效率方面具有顯著且可持續的優勢。 我們相信，整個行業需要並且正在尋找一種方法，將同類最佳組件組合到一個小型、靈活、易於理解、易於使用、節能的平台上，該平台具有內置功能，例如在其他組件集成上進行複用，包括可擴充性適用於幾代設備。 我們相信您已經擁有該平台。 我們稱之為 POET 光學中介層。

As a further testament to the increasing awareness and traction of our solution, we've been invited to make presentations at the PIC conference in Brussels in June. At the ECOC conference in Basel in September. Our paper entitled "A Wafer-Scale Hybrid Integration Platform for Co-Packaged Photonics Using a CMOS Based Optical Interposer" was also accepted for publication at the VLSI Technology Symposium, which is a peer referred premier conference for CMOs technologies in the world and a conference with historically low acceptance rates. I'll turn it over to Vivek, POET's president and general manager to describe why we believe that OFC was such a milestone event for POET.

為了進一步證明我們的解決方案的知名度和吸引力不斷提高，我們受邀在 6 月於布魯塞爾舉行的 PIC 會議上進行演示。 九月在巴塞爾舉行的 ECOC 會議上。 我們題為「A Wafer-Scale Hybrid Integration Platform for Co-Packagged Photonics using a CMOS Based Optical Interposer」的論文也被 VLSI 技術研討會接受發表，該研討會是全球 CMO 技術同行推薦的重要會議和會議錄取率處於歷史低點。 我將把它交給 POET 總裁兼總經理 Vivek 來描述為什麼我們認為 OFC 對於 POET 來說是一個里程碑事件。

Thanks, Suresh. Good morning, good afternoon. I would like to add some color to what we experienced at OFC and to review in general our interactions with customers as we pursue our new product introductions, both in standard products and in custom developments for certain customers. Product introductions are all about building momentum. This is especially true with the new technology that customers do not yet fully understand. With our appearance at the virtual OFC in June 2021, where we showed a live demonstration of 2 of our optical engines. This was followed up in September of 2021 with demonstrations of 6 different variations of our optical engines and a talk given by Dr. Mo at the CIOE, or China International Electro-Optics Conference (sic) [Optolectronic Exposition] in September. Most recently, we appeared at the Optical Fiber Conference (sic) [Optical Fiber Communication Conference] in San Diego in mid-March, showing 2 function — fully functional products in the 200 G and 400 G space. They were very different in size and capability than any other products being shown. As some visitors to our booth came back several times, they began to understand what they were seeing: a truly revolutionary approach to device integration in photonics. POET’s challenge is to convince the industry that there is a different way to build photonic devices than the way it has been doing for a few decades, whether invested in conventional assembly with its high capital cost and labor cost, or in photonic integration using silicon photonics, in which some companies have invested tens and hundreds of millions of dollars.

謝謝，蘇雷什。 早安，下午好。 我想為我們在 OFC 的經驗增添一些色彩，並回顧我們在推出新產品時與客戶的互動，包括標準產品和針對某些客戶的客製化開發。 產品介紹都是為了營造動力。 對於客戶尚未完全理解的新技術尤其如此。 我們於 2021 年 6 月亮相虛擬 OFC，現場展示了我們的 2 個光學引擎。 隨後，我們於 2021 年 9 月展示了我們光學引擎的 6 種不同變體，並於 9 月在 CIOE 或中國國際光電大會（原文如此）[光電博覽會] 上發表了演講。 最近，我們在 3 月中旬出席了在聖地牙哥舉行的光纖會議 (sic) [光纖通訊會議]，展示了 200 G 和 400 G 領域的 2 個功能 — 全功能產品。 它們的尺寸和功能與所展示的任何其他產品都非常不同。 當我們展位的一些參觀者多次回來時，他們開始理解他們所看到的：一種真正革命性的光子學設備整合方法。 POET 面臨的挑戰是讓業界相信，有一種不同於幾十年來的方式來構建光子器件，無論是投資於資本成本和勞動力成本較高的傳統組裝，還是投資於使用矽光子的光子集成，其中一些公司已投資數千萬、數億美元。

Asking customers to step back and view the problem from a different angle often takes a person of exceptional credibility and experience. That's why we are pleased to be joined recently by Raju Kankipati, our new vice president of product line management. I have worked with Raju in previous companies, and I believe he brings to POET experience with deploying innovative components and network equipment in rapidly expanding markets. I believe that as he builds a team out of the Allentown office to service customers globally, he will prove to be a great addition to POET’s management team, complementing our leadership in other locations.

要求客戶退一步並從不同的角度看待問題通常需要具有非凡信譽和經驗的人。 這就是為什麼我們很高興最近新任產品線管理副總裁 Raju Kankipati 加入。 我曾與 Raju 在之前的公司共事過，我相信他為 POET 帶來了在快速擴張的市場中部署創新組件和網路設備的經驗。 我相信，當他在阿倫敦辦事處組建一支團隊為全球客戶提供服務時，他將成為 POET 管理團隊的重要補充，補充我們在其他地點的領導。

As Suresh mentioned, last month's OFC event in San Diego was a watershed moment in the history of POET, with several key players in the industry, becoming aware of POET’s products and solutions, and seeing our optical engines in action for the first time. We conducted live demonstrations of our 200 GFR4 transmit and our 400 GFR4 receive engines. FR4 is a multiplex standard, meaning that we can mix the signals of 4 independent laser generated frequencies into one channel and transmit the mixed signal along a single fiber to quadruple the speed of the (inaudible) data transmission. When a multiplex signal comes into a receive side of the module on a second fiber, it is filtered or de-multiplexed on the Optical Interposer into the original 4 frequencies. Compared to other 400 G transceivers shown at OFC, which were predominantly built to DR4 standards that require 8 fibers per module compared to our 2. There is a cost difference in the fiber needed, but more importantly using only 2 fibers is a way for data centers to utilize the existing fiber investment more efficiently. POET is the only supplier of a fully integrated (inaudible) built into the Optical Interposer itself, which lowers the cost and increases the energy efficiency of the device: 2 key competitive advantages for POET’s optical engines.

正如Suresh 所提到的，上個月在聖地牙哥舉行的OFC 活動是POET 歷史上的一個分水嶺，業界內的幾位主要參與者開始了解POET 的產品和解決方案，並首次看到我們的光學引擎的實際應用。 我們對 200 GFR4 發射引擎和 400 GFR4 接收引擎進行了現場演示。 FR4 是一種多路復用標準，這意味著我們可以將4 個獨立的雷射產生頻率的訊號混合到一個通道中，並沿著單根光纖傳輸混合訊號，從而使（聽不清楚）資料傳輸的速度提高四倍。 當復用訊號進入第二根光纖上的模組接收側時，它會在光學插入器上被過濾或解復用為原始 4 個頻率。 與OFC 上展示的其他400 G 收發器相比，這些收發器主要按照DR4 標準構建，每個模組需要8 根光纖，而我們的則需要2 根光纖。是，僅使用2 根光纖是資料傳輸的一種方式中心更有效地利用現有的光纖投資。 POET 是唯一將完全整合（聽不清楚）內建在光學中介層的供應商，這降低了成本並提高了設備的能源效率：POET 光學引擎的 2 個關鍵競爭優勢。

History has shown that when a multiplex version at a particular speed is available, the market usually gravitates to it because of these costs as efficiency factors. Meta, formally known as Facebook, recently began deploying 200 GFR4 modules in their data centers. [Tencent] in China is also deploying 200 GFR4, and Google is deploying 2 x 200 GFR4, followed by 2 x 400 GFR4 as an upgrade path. The market for 200 GFR4 is projected to be several million units over the next 2 to 3 years. Also, because of our small size, roughly 50 millimeter square of silicon, we are able to easily fit 2 of our 200 G optical engines as well as 2 of our 400 G FFR4 optical engines in the compact QSFP double density module. In the weeks following OFC, we have been following up with potential customers and strategic partners in the US, including face to face visits with several companies — a welcome departure from the virtual conference calls over the past year, 2 years due to COVID. The meetings include visits with network equipment suppliers, data center operators, and laser suppliers. They're going very well. And we expect to continue to follow up and to add to our customer list in the coming weeks and months.

歷史表明，當具有特定速度的多路復用版本可用時，由於這些成本作為效率因素，市場通常會傾向於它。 Meta（正式名稱為 Facebook）最近開始在其資料中心部署 200 個 GFR4 模組。 中國的[騰訊]也正在部署200 GFR4，Google正在部署2 x 200 GFR4，隨後將部署2 x 400 GFR4作為升級路徑。 未來 2 至 3 年內，200 GFR4 的市場預計將達到數百萬台。 此外，由於我們的矽尺寸較小，約為 50 平方毫米，我們能夠輕鬆地將 2 個 200 G 光學引擎以及 2 個 400 G FFR4 光學引擎安裝在緊湊型 QSFP 雙密度模組中。 在OFC 之後的幾週內，我們一直在跟進美國的潛在客戶和戰略合作夥伴，包括與幾家公司進行面對面的拜訪——這與過去一年（由於新冠肺炎疫情導致兩年前的虛擬電話會議）有所不同。 會議包括拜訪網路設備供應商、資料中心營運商和雷射供應商。 他們進展順利。 我們預計將在未來幾週和幾個月內繼續跟進並添加到我們的客戶名單中。

The customer landscape for POET breaks the are into 2 distinct type of customers: those for what I will call our standard products and those that are new and novel designs that take advantage of the Optical Interposer’s unique features. Our standard products include our 100 G and 200 G CWDM4, LR4, FR4, and 400 G receive optical engines, to which we will add 400 G FR4 4 and DR4 transmit engines later this year. All of these optical engines will be assembled and sold through Super Photonics, our joint venture with Sanan located in Xiamen, China. POET will design and sell our more advanced products beginning with 400 G outside of China and extending to our 800 G 1.6 terabyte products and beyond. Once customers have completed reliability testing using our beta samples, we expect that they will place purchase orders directly with SPX for initial production units. We currently have 3 such customers in China who have committed to using our optical engines, with several more customers in the pipeline, and others asking for more advanced designs. Customers interested in our standard products are looking for a means to grow their market share against large module suppliers. Fiber (inaudible), for example, is a company that sees POET as a means to both expand market share and adopt a platform that will allow it to offer multiple generations of product at higher speeds. The advanced designs or more custom product sales will be handled by POET. These usually require more design and engineering efforts and expense that is typically covered by the customer in what we call NRE, or non-recurring engineering payments. This type of sale is what is customarily associated with a design win. We have 3 such projects ongoing at POET.

POET 的客戶格局將其分為兩種不同類型的客戶：我稱之為標準產品的客戶和利用光學中介層獨特功能的新穎設計的客戶。 我們的標準產品包括 100 G 和 200 G CWDM4、LR4、FR4 和 400 G 接收光學引擎，今年稍後我們將在其中添加 400 G FR4 4 和 DR4 傳輸引擎。 所有這些光學引擎將透過我們與三安位於中國廈門的合資企業Super Photonics 組裝和銷售。 POET 將在中國境外設計和銷售更先進的產品，從 400 G 開始，一直延伸到 800 G 1.6 TB 產品及以上。 一旦客戶使用我們的 Beta 樣品完成可靠性測試，我們預計他們將直接向 SPX 下達初始生產單元的採購訂單。 目前，我們在中國有 3 家此類客戶已承諾使用我們的光學引擎，還有幾家客戶正在籌備中，還有一些客戶要求更先進的設計。 對我們的標準產品感興趣的客戶正在尋找一種方法來擴大其市場份額，以對抗大型模組供應商。 例如，Fiber（聽不清楚）是一家公司，該公司將 POET 視為擴大市場份額和採用平台以使其能夠以更高的速度提供多代產品的一種手段。 先進的設計或更多客製化產品的銷售將由POET處理。 這些通常需要更多的設計和工程工作以及費用，這些費用通常由客戶承擔，我們稱之為 NRE，即非經常性工程付款。 這種類型的銷售通常與設計獲勝有關。 POET 正在進行 3 個這樣的計畫。

Since signing the joint venture with Sanan in October 2020, we have been building Super Photonics company in Xiamen, collocated with Sanan IC. Poet recruited most of the senior staff of SPX, and I am the representative member of the JV board from POET. The company now has 30 personnel and all of the equipment needed for the first production line for the assembly and testing of optical engines. They are actively engaged with our teams in Shenzhen and Singapore as well as in Allentown to produce samples and evaluation boards for the 20 or so companies that have requested samples of a 100 G and 200 G optical engines. They are also refining all of the assembly and the testing steps with the objective of reducing production time, increasing yields, and preparing for production. The building of critical capabilities in Singapore, Allentown, Shenzhen and Super Photonics and aligned with the talent that these hubs provide for semiconductors, photonics, and opto-electronics is paying fruits in an (inaudible) the industry with the Optical Interposer based solutions.

自2020年10月與三安安安簽署合資公司以來，我們一直在廈門建造超光子公司，與三安整合並置。 SPX的高階員工大多是Poet挖來的，我是POET合資公司董事會的代表成員。 公司現有人員30人，擁有第一條光學引擎組裝和測試生產線所需的全部設備。 他們積極與我們在深圳、新加坡以及阿倫敦的團隊合作，為大約 20 家需要 100 G 和 200 G 光學引擎樣品的公司生產樣品和評估板。 他們還改進了所有組裝和測試步驟，目的是減少生產時間、提高產量並為生產做好準備。 在新加坡、阿倫敦、深圳和超級光電中心建立關鍵能力，並與這些中心為半導體、光子學和光電子學提供的人才相結合，正在透過基於光學中介層的解決方案在（聽不清楚）行業中取得成果。

Key milestones for SPX and for POET for the remainder of this year are to deliver beta samples to customers for our 3 contracted advance projects, deliver beta samples on evaluation boards to other potential customers globally, release the products to production and to prepare for ramping volume, and produce the first samples of a 400 G transmit optical engine. We all know the advantages that the POET Optical Interposer brings to the optical transceiver and co-packaged optics markets and are confident that customers are beginning to understand the benefits as well. We are highly motivated with a strong team and expect to grow the company in these markets as well as to other vertical markets like artificial intelligence, accelerator chips, and variables for health monitoring. I'll now turn it over to Tom Mika, board CFO, to review the overall financial business highlights for 2021 and to provide some insights into 2022. Thank you.

SPX 和 POET 今年剩餘時間的關鍵里程碑是為我們的 3 個合約高級專案向客戶提供測試版樣品，向全球其他潛在客戶提供評估板上的測試版樣品，將產品投入生產並為增加產量做好準備，並生產出400 G 傳輸光學引擎的第一個樣品。 我們都知道 POET 光中介層為光收發器和共封裝光學市場帶來的優勢，並且相信客戶也開始了解這些優勢。 我們擁有一支強大的團隊，動力十足，希望在這些市場以及人工智慧、加速器晶片和健康監測變數等其他垂直市場中發展公司。 現在我將把它交給董事會財務長 Tom Mika，回顧 2021 年的整體財務業務亮點，並提供 2022 年的一些見解。

Thanks, Vivek. I would like to take a few moments to review the financial highlights for the year ending December 31, 2021, and to speak to our recent listing on the NASDAQ and our efforts to reach out to both retail and institutional investors. The company recognized a small amount of revenue in 2021, just over $200,000 for non-recurring engineering, which was the first revenue recognized by the company in 3 years. NRE are payments from customers for engineering work to adapt the Optical Interposer for a specific application. In this case, the $200,000 represented a partial payment for architecting 4 of our optical engines into a single module. This customer also placed a purchase order for initial units of optical engines for a combined value of $1.2 million. Overall operating expenses for the year ending December 31, 2021, rose to 17.3 million, an increase of 2.5 million over the prior year, reflecting a large increase in head count to approximately 50 at year end compared to a about 25 as of December 2019. We added to our engineering admin and management teams. Overall cash used in operations for the year was 11.4 million compared to 9.7 million in the prior year. For the first time, we recognized a gain on our contribution of intellectual property to the joint venture and at the same time also recognized our share of the losses.

謝謝，維韋克。 我想花一些時間回顧一下截至 2021 年 12 月 31 日的年度財務亮點，並談談我們最近在納斯達克的上市以及我們為吸引散戶和機構投資者而做出的努力。 該公司在2021年確認了少量收入，略高於20萬美元的非經常性工程收入，這是該公司3年來首次確認收入。 NRE 是客戶為使光學中介層適應特定應用而進行的工程工作所支付的費用。 在本例中，20 萬美元代表將我們的 4 個光學引擎建置到單一模組中的部分付款。 該客戶還訂購了初始光學引擎單元，總價值為 120 萬美元。 截至2021 年12 月31 日的年度整體營運費用升至1,730 萬元，較上年增加250 萬元，反映出年底員工人數大幅增加至約50 人，而截至2019 年12 月的員工人數約為25人。 本年度營運中使用的現金總額為 1,140 萬美元，而上一年為 970 萬美元。 我們首次確認了對合資企業知識產權貢獻的收益，同時也確認了我們應承擔的損失。

Both the gain and the loss were non-cash charges. On a per-share basis, our net loss was $0.45 cents for the year compared to $0.62 cents loss the prior year, all based on the consolidated share amounts. Our cash burn remained at $1 million per month, which was the same for the prior year. Cash and cash equivalents plus short term investments at year end stood at 21.3 million compared to 6.9 million at the end of last year. We had cash inflows of a combined 28 million with 12 million from the public offering and 16 million of warrant and option exercises. We repaid all outstanding convertible debt of 3.3 million almost entirely through the conversion to equity. The company committed to invest about 1 million in CapEx against which we paid approximately 800,000. We exited the year with one of the strongest balance sheets and liquidity we have ever had with 21.3 million in cash and short-term investments, no debt, and sufficient working capital from more than 14 months of operation.

收益和損失均為非現金費用。 以每股計算，我們今年的淨虧損為 0.45 美分，而上一年的淨虧損為 0.62 美分，全部基於合併股份金額。 我們的現金消耗維持在每月 100 萬美元，與去年持平。 年末現金和現金等價物加上短期投資為 2,130 萬美元，而去年年底為 690 萬美元。 我們的現金流入總計為 2,800 萬美元，其中 1,200 萬美元來自公開發行，1,600 萬美元來自認股權證和選擇權行使。 我們幾乎全部透過轉股償還了所有未償還的可轉換債務 330 萬美元。 該公司承諾投資約 100 萬美元的資本支出，我們支付了約 80 萬美元。 我們以有史以來最強勁的資產負債表和流動性之一結束了這一年，擁有 2130 萬現金和短期投資，沒有債務，並且在超過 14 個月的運營中擁有充足的營運資金。

The company continued to invest in patents with 18 of our portfolios specifically related to the Optical Interposer. In addition, we have 21 applications filed and 3 other applications in preparation. In order to reduce a large backlog of recorded patentable ideas, we brought in Dr. Robert Ditizio as VP of intellectual property in December. Bob Ditizio has been working with us as an outside consultant since 2017 on our patents and other intellectual property issues.

本公司繼續投資於專利，其中 18 項專利組合專門與光學中介層相關。 此外，我們也提交了 21 項申請，另有 3 項申請正在準備中。 為了減少大量積壓的已記錄可專利創意，我們於 12 月聘請 Robert Ditizio 博士擔任智慧財產權副總裁。 Bob Ditizio 自 2017 年以來一直作為外部顧問與我們合作，解決我們的專利和其他智慧財產權問題。

Subsequent to year end, the company proceeded with a direct listing and began trading on the NASDAQ capital market on March 14, which was preceded by a 10 for 1 consolidation of our shares, which took effect on Monday, February 28. Regarding the recent NASDAQ listing, it's important to note that the benefits, including exposure to a broader investor audience, are not expected to be immediate. The NASDAQ listing itself is not a magic bullet, but it is important for enabling access to our shares by institutional investors in the US as well as internationally. POET’s previous trading on the OTC QX and on the TSX venture exchange restricted many institutions from investing and therefore also from doing the prerequisite due diligence on the company. Institutional investors have large portfolios, which entails doing research and following a lot of different companies in stocks. Unfortunately, they don't buy into a new company simply because it's now listed on the national exchange. However, it does increase their motivation to do more homework on the company, and we anticipate that the benefits of our NASDAQ listing will be realized over time.

年底後，公司繼續直接上市，並於3月14日開始在納斯達克資本市場交易，此前我們的股票進行了10換1的合併，並於2月28日星期一生效。 ，上市後的好處（包括接觸更廣泛的投資者群體）預計不會立竿見影。 納斯達克上市本身並不是靈丹妙藥，但它對於讓美國以及國際上的機構投資者購買我們的股票非常重要。 POET 先前在 OTC QX 和 TSX 風險交易所的交易限制了許多機構的投資，因此也限制了對該公司進行必要的盡職調查。 機構投資者擁有龐大的投資組合，這需要進行研究並追蹤許多不同公司的股票。 不幸的是，他們不會因為一家新公司已經在國家證券交易所上市就買進該公司。 然而，這確實增加了他們對公司做更多功課的動力，我們預計納斯達克上市的好處將隨著時間的推移而實現。

Regarding the recent trading pattern in POET’s shares, I believe this is largely a byproduct of the change in overall market sentiment, which has gotten significantly more negative over the past several months. With the exception of a small number of mega cap companies, the NASDAQ composite index, and nearly everything in the technology sector and smaller cap has performed poorly since the beginning of the year. In fact, 75% of all NASDAQ stocks are currently trading below their 50-day average, and over 82% of all NASDAQ stocks are trading below their 200-day moving average. Looking at smaller technology listed on NASDAQ, there are numerous companies that are down 30, 40, or more than 50% year to date. During the last week, more than 1000 companies, or over 20% of all NASDAQ listed companies, have set new 52-week loans. While POET management shares in your frustration about the recent stock performance, there are relatively few companies — or stocks that have sustained trading that is counter to the trend of the larger market. We believe the main reason for going to the NASDAQ remains sound with our thesis intact and that we expect the additional opportunity of attracting institutional investors to our stock that were not previously available to us. Any share price gains that we achieve will be longer lasting than those we experienced on either the OT QX or the TSX Venture Exchange.

關於 POET 股票近期的交易模式，我認為這很大程度上是整體市場情緒變化的副產品，過去幾個月市場情緒明顯變得更加負面。 自今年年初以來，除了少數大型股公司外，納斯達克綜合指數以及幾乎所有科技股和小型股都表現不佳。 事實上，75% 的納斯達克股票目前交易價格低於 50 日移動平均線，超過 82% 的納斯達克股票交易價格低於 200 日移動平均線。 縱觀納斯達克上市的小型科技公司，今年迄今為止，有許多公司股價下跌了 30%、40% 或超過 50%。 上週，超過 1000 家公司（佔納斯達克上市公司總數的 20% 以上）設立了新的 52 週貸款。 儘管 POET 管理層與您一樣對最近的股票表現感到沮喪，但相對而言，很少有公司或股票的交易與大市場的趨勢相反。 我們相信，在我們的論點完好無損的情況下，前往納斯達克的主要原因仍然是合理的，我們期望有更多機會吸引機構投資者購買我們的股票，這是我們以前無法獲得的。 我們實現的任何股價上漲都將比我們在 OT QX 或 TSX Venture Exchange 上經歷的股價上漲更持久。

I can assure you that we are, are not expecting our exposure to investors or any increase in our share price to happen on its own. At the beginning of the year in preparation for our direct listing, we began a number of initiatives to reach out to both institutional investors in the US and Canada as well as retail investors in both markets. We substantially increased our media outreach with articles and several key journals, which were distributed through multiple channels. We produced several videos in-house for our YouTube channel, and those were highlighted by at least 2 stock channels. Our engagement with social media increased substantially over last year with double digit increases on key platforms. Our engagement with North Equities multiplied our efforts with direct messages to 35,000 followers and impressions overwhelmingly positive on platforms such as Discord, Telegram, and Twitter. To attract institutional investors, we are also in need of additional sell-side coverage. We are in discussions with the analysts of several prominent banks in the US on what that may take to achieve such coverage. And there has been significant interest expressed based on our recent success at OFC. That completes our prepared remarks, and we will now open the call to questions. For that, I'll turn it over to the operator.

我可以向您保證，我們並不期望我們對投資者的敞口或我們的股價會自行上漲。 今年年初，為了準備直接上市，我們開始採取一系列措施來接觸美國和加拿大的機構投資者以及這兩個市場的散戶投資者。 我們透過文章和一些重要期刊大幅增加了媒體宣傳，這些文章和期刊透過多種管道分發。 我們為 YouTube 頻道製作了多個內部視頻，並且至少有 2 個庫存頻道重點介紹了這些視頻。 我們對社群媒體的參與度比去年大幅增加，主要平台上的增幅達到兩位數。 我們與 North Equities 的合作使我們的努力成倍增加，我們向 35,000 名追隨者直接發送訊息，並在 Discord、Telegram 和 Twitter 等平台上獲得了壓倒性的積極印象。 為了吸引機構投資者，我們還需要額外的賣方覆蓋。 我們正在與美國幾家知名銀行的分析師討論如何才能實現這一覆蓋範圍。 我們最近在 OFC 的成功引起了人們的極大興趣。 我們準備好的演講到此結束，現在我們將開始提問。 為此，我會將其交給操作員。

(Operator Instructions) Our first question comes from Lisa Thompson with Zacks Investment Research.

（操作員說明）我們的第一個問題來自 Zacks Investment Research 的 Lisa Thompson。

Okay. I will just focus a little bit — I mean, you gave so much information, there's hardly anything to ask at this point. But I'm interested in this company that you have a contract with that says you're going to pay $1.2 million. Is that some sort of minimum, or how does that work, and how does the company introduce a product at a trade show and not have even bought the components of the product before the announcement? So there must be something in Q1, correct?

好的。 我只集中一點——我的意思是，你提供了這麼多信息，目前幾乎沒有什麼可問的。 但我對這家與您簽訂合約的公司感興趣，合約中規定您將支付 120 萬美元。 這是某種最低限度嗎？那麼 Q1 中一定有一些東西，對嗎？

I mean, usually companies have — they make future announcements, availability of capability and so that's what companies do. They introduce a future product. And so in this particular case, that's what was done. Of course, with these customers we've been working for a while — I mean, obviously we've got samples and they're building their designs and their triplets and so on and so forth to go with it. So that is not necessarily different from the norms in the industry. It was just nice for us to see that our solutions are going into products that are then getting announced, and they have to also build their customer base and on that product base. In terms of, I guess, initial — I would say it's NRE plus initial production, right? It doesn't represent what we believe the business is going to be worth. It is just a very initial commitment in terms of dollars, like I don't know if you want to have any additional comment on it.

我的意思是，通常公司都會發布未來的公告、能力的可用性，而這就是公司所做的。 他們介紹了未來的產品。 所以在這個特殊情況下，這就是所做的。 當然，我們已經與這些客戶合作了一段時間——我的意思是，顯然我們已經有了樣品，他們正在建造他們的設計和三元組等等。 因此，這不一定與行業規範不同。 我們很高興看到我們的解決方案正在進入隨後發布的產品，並且他們還必須在該產品基礎上建立自己的客戶群。 我想，就初始而言，我會說它是 NRE 加上初始製作，對吧？它並不代表我們認為該業務的價值。 這只是一個非常初步的美元承諾，我不知道你是否想對此有任何額外的評論。

So as you mentioned, Lisa, when we get into a custom design and product, there's 2 parts to it. One is being compensated for this customization through the NRE, but also most, if not all, our objective and we engage with customers where after developing, designing, and developing the product we expect and the customer expects to go into production. So it's not just a design service, right? So what we usually negotiate — and in this case we did — there's at least an advance PO that once the design is done, we have a PO for products. So that is just an initial, as Vivek mentioned, we would expect that to ramp up as product volumes as our customer gains traction.

正如您所提到的，麗莎，當我們進入客製化設計和產品時，它分為兩個部分。 其中之一是透過 NRE 獲得這種客製化的補償，但也是我們的大多數（如果不是全部）目標，我們與客戶互動，在開發、設計和開發我們期望的產品和客戶期望投入生產的產品時。 所以這不僅僅是設計服務，對吧？因此，我們通常協商的（在本例中我們就是這樣做的）至少有一個預先的採購訂單，一旦設計完成，我們就有一個產品採購訂單。 因此，正如 Vivek 所提到的，這只是一個初步的結果，隨著我們的客戶獲得關注，我們預計產品數量會隨之增加。

Did they happen to say when they announced the product, when they expect it to be available?

他們在宣布該產品時是否碰巧說過，他們預計該產品何時上市？

So we are working closely with them. It's a very close collaboration, as you can understand, because their product is based on our optical engine. So as we mentioned on our roadmap, we get into production later this year, so that is aligned with their products and getting into — so they do have previous generations of products. This is the next generation. So they have traction at customers; it's getting into that next (inaudible) generation products, introducing that to their customers. So that's — I think that should give you an idea. Yes.

所以我們正在與他們密切合作。 正如您所理解的，這是一次非常密切的合作，因為他們的產品是基於我們的光學引擎。 正如我們在路線圖上提到的，我們將在今年稍後投入生產，以便與他們的產品保持一致並進入 - 所以他們確實擁有前幾代產品。 這是下一代。 所以他們對客戶有吸引力；它正在進入下一代（聽不清楚）產品，並將其介紹給客戶。 所以——我認為這應該會給你一個想法。 是的。

Okay, great. That helps. And the JV, I guess, Fibercon is supposed to be the first customer to start (inaudible).

好的，太好了。 這有幫助。 我猜，Fibercon 應該是第一個啟動合資企業的客戶（聽不清楚）。

Customer, we were able to announce. As you know, we can — customers are seek — they want to — it's their differentiation of using a next generation platform like ours. So Fibertop is one of them. We are working very closely, making great progress. And we plan Fibertop plans to get into production, also, aligned with our production schedules.

客戶，我們可以宣布。 如您所知，我們可以—客戶正在尋求—他們想要—這是他們使用像我們這樣的下一代平台的差異化優勢。 Fibertop 就是其中之一。 我們正在密切合作，取得了巨大進展。 我們還計劃將 Fibertop 投入生產，並與我們的生產計劃保持一致。

So were they the first, or they're the only ones that you can use their name?

那麼他們是第一個，還是唯一一個你可以使用他們名字的人？

At this time, yes. So we keep asking customers, of course, but at the same time customers value their differentiation in using our engines. They don't want to reveal it to their competitors. So it goes back and forth. But as we get customer acceptance or approval to release names, we would like to do it, especially for our shareholders to understand and realize that we are gaining quite a bit of traction. Just because they're not hearing names doesn't mean we are not getting traction.

此時，是的。 當然，我們不斷詢問客戶，但同時客戶也重視他們在使用我們的引擎時的差異化。 他們不想將其透露給競爭對手。 所以它來回。 但當我們獲得客戶認可或批准發布名稱時，我們願意這樣做，特別是讓我們的股東理解並意識到我們正在獲得相當大的吸引力。 僅僅因為他們沒有聽到名字並不意味著我們沒有受到關注。

Yes. Right. I've had this conversation with Tom. Is there any way that we can tell that your product is inside somebody else's by its specs or something other than ripping it apart and looking for your name stamp for it somewhere?

是的。 正確的。 我和湯姆有過這樣的對話。 除了將其撕開並在某處尋找您的姓名印記之外，我們是否可以透過其他方式判斷您的產品在其他人的產品中？

Yes, that's an interesting question. I mean, there was a case where we were obviously doing a product that is custom, and a third customer or potential customer of theirs had come by (inaudible) we were doing. And they immediately figured out that we were likely the only way that particular product could have been done. So, I mean, there are certain cues that would suggest that we would be inside the product, but I suppose at some point when the products are actually released, those things will become public and they're readily understood and available. You have to understand the dynamics, and there might be other questions relating to the same topic that I might as well just bring up and answer now, which is we are an integrated optical engine, which means our optical engine comes built in with lasers and (inaudible) and other components. So we're basically supplanting an existing supply chain associated with these other components when a customer utilizes our engine. So clearly, there's sensitivity associated with that. If, in the case of our hundred gig engines, we're using lasers and photo detectors from Sanan — I mean, these customers are already using other lasers or other photo detectors, then there is a change, and there's sensitivity associated with these kinds of things. So that does erect that kind of sense of, no, we can't until we're all done. It's going to be really hard to get that kind of visibility and transparency out.

是的，這是一個有趣的問題。 我的意思是，有一種情況，我們顯然正在生產客製化產品，而他們的第三個客戶或潛在客戶已經過來（聽不清楚）我們正在做。 他們立即發現我們可能是完成該特定產品的唯一方法。 所以，我的意思是，有某些線索表明我們將在產品內部，但我想在產品實際發布的某個時刻，這些東西將變得公開，並且它們很容易理解和可用。 你必須了解動態，可能還有與同一主題相關的其他問題，我不妨現在就提出並回答，那就是我們是一個集成光學引擎，這意味著我們的光學引擎內置了激光器和（聽不清）和其他組件。 因此，當客戶使用我們的引擎時，我們基本上取代了與這些其他組件相關的現有供應鏈。 很明顯，這與敏感性有關。 就我們的百兆引擎而言，如果我們使用三安的雷射和光電探測器——我的意思是，這些客戶已經在使用其他雷射或其他光電探測器，那麼就會發生變化，並且與這些類型相關的靈敏度的事情。 所以這確實會讓人產生一種感覺，不，我們不能，直到我們全部完成。 要獲得這種可見性和透明度真的很難。

Yes. So Lisa, just to add there, as you know, most of our products are going into these MSA form factors, right — multi-source agreements. So from the outside, they all look similar. So except for cases, as Suresh mentioned, where some people can put 2 and 2 together, right — that they could only achieve a certain application or way of doing things by using our engine. So they can put 2 and 2 together. Otherwise from the outside, they all look similar. So it’s difficult to identify that they’re using our engine inside.

是的。 Lisa，補充一下，如您所知，我們的大多數產品都採用這些 MSA 外形規格，對吧 — 多源協議。 所以從外面看，它們看起來都很相似。 因此，除了某些情況，正如 Suresh 所提到的，有些人可以將 2 和 2 放在一起，對吧——他們只能透過使用我們的引擎來實現某種應用程式或做事的方式。 所以他們可以把2和2放在一起。 否則從外面看，它們看起來都很相似。 因此很難確定他們在裡面使用我們的引擎。

Our next question comes from Kevin Dede with H.C. Wainwright.

我們的下一個問題來自 Kevin Dede 和 H.C.溫賴特。

Maybe just to address Lisa's perspective, you could put a little sticker on the module that says POET inside. Take a page from Intel. Suresh, could — would you mind just reviewing from a high level. You mentioned 3 standard products in contract and 3 custom products in contract. Could you review the timeline to market for those 3, let us know if you have signed agreements there, if there's stipulations around volume, and any details you can share with us publicly, please?

也許只是為了解決 Lisa 的觀點，您可以在模組上貼一個小貼紙，上面寫著 POET。 借鏡英特爾的經驗。 Suresh，可以－您介意從高水準進行審查嗎？ 您在合約中提到了 3 種標準產品，在合約中提到了 3 種客製化產品。 您能否查看這 3 個產品的上市時間表，讓我們知道您是否已簽署協議、是否有關於數量的規定以及您可以與我們公開分享的任何細節？

Yes. So we have announced, 2 of the contracts, which are signed contracts, and there is a third one, which is a commitment on both sides, and we are working together. So that is there. In terms of volumes, Kevin, as I mentioned, it is aligned since their products are very much dependent on our engine, and we are also dependent on their schedule of the complete module for release. It’s interdependent. And we expect by — towards the end of the year, those would start production, generally speaking. The standard products are more where either the customer like Fibertop is trying to introduce a product and take share from incumbents, so although they can bring the product out because they will have to win to win business and get the volumes out. But as I mentioned, our interactions with customers and customers clearly understand the objective is to get into product with future volumes. It’s not a design service that we are doing. So that is very well understood. And we expect to be in production with most of these by, towards end of the year.

是的。 所以我們宣布了，其中2份合同，是已經簽訂的合同，還有第三份，這是雙方的承諾，我們正在共同努力。 就這樣。 就數量而言，凱文，正如我所提到的，這是一致的，因為他們的產品非常依賴我們的引擎，而我們也依賴他們完整模組的發佈時間表。 這是相互依存的。 一般來說，我們預計到今年年底，這些產品將開始生產。 標準產品更像是像 Fibertop 這樣的客戶試圖推出產品並從現有企業手中奪取份額，因此儘管他們可以推出產品，因為他們必須贏得業務並獲得銷售。 但正如我所提到的，我們與客戶和客戶的互動清楚地了解我們的目標是進入未來產量的產品。 我們正在做的不是設計服務。 所以這是很好理解的。 我們預計其中大部分將在年底前投入生產。

Kevin, just to clarify, on the advanced projects, all 3 of those have contracts associated with them. On standard products, it doesn't really require a contract until they want to maybe lock in some volume once they've qualified the product and have decided that they're going to introduce and win business from their own customers.

凱文，我想澄清一下，在高級專案中，所有 3 個專案都有與之相關的合約。 對於標準產品，實際上並不需要合同，除非他們希望在產品合格後鎖定一定數量，並決定要引入並贏得自己客戶的業務。

Yes. I do want to mention, Kevin, that even though in — for standard products, there's no contract, but those customers are actively designing their solutions using our engine, which is a big commitment for us, right?

是的。 凱文，我確實想提一下，儘管對於標準產品來說，沒有合同，但這些客戶正在積極使用我們的引擎設計他們的解決方案，這對我們來說是一個很大的承諾，對吧？

So there's NRE associated in the custom side, but not necessarily on the standard side. Is that the correct assumption?

因此，在自訂端有關聯的 NRE，但在標準端不一定有。 這是正確的假設嗎？

That that's a good way to look at it, yes.

是的，這是一個很好的看待它的方式。

Can we talk a little bit about supply chain? I know Suresh mentioned a little of this, and I understand the secrecy associated with it, but I'm wondering how you would assess changes in your ability to source product given logistics issues related to COVID or not, (inaudible) operating or not? Can you give us your perspective on that and how comfortable or whether, or not your level of comfort is improved versus where we were, say, 12 months ago and how you might it looking forward 12 to 24 months? I think they're obviously — looking from the outside, it's really difficult, right, because none of this is necessarily tangible from somebody sitting in San Francisco. But as much as you could share on that logistics side of things and manufacturing, vis à vis China, COVID, logistics, transportation.

我們可以談談供應鏈嗎？我知道Suresh 提到了這一點，我也了解與之相關的保密性，但我想知道，考慮到與新冠病毒相關的物流問題，（聽不清楚）運營與否，您將如何評估採購產品能力的變化？您能否告訴我們您對此的看法以及舒適程度，或者您的舒適程度是否比 12 個月前有所改善，以及您對 12 至 24 個月的預期如何？我認為他們顯然 - 從外面看，這真的很困難，對吧，因為這一切對於坐在舊金山的人來說都不一定是有形的。 但您可以就中國、新冠疫情、物流、運輸等事物和製造業的物流方面分享盡可能多的內容。

Kevin, I think that there are, I mean, there are clearly many issues associated with the supply chain that we are — we continue to face as a company, POET. I mean, just on a broader, grander scale, I should — just so you guys have visibility and I'm sure you do, but at least the appreciation. This prolonged shortage starting with COVID, continuing with COVID, and now with the war, and a whole bunch of things geopolitical, it's been a challenge and a stress on small companies. I mean, this is an environment where big companies get bigger because they have the clout, and the buying power, and everything else. And so all of the initial supplies is targeted for the big guys and for some of us we've got lead time that can be 52 weeks long, in terms of (inaudible) lead time.

凱文，我認為，我的意思是，顯然有很多與我們的供應鏈相關的問題——我們作為一家公司，POET，繼續面臨這些問題。 我的意思是，只是在更廣泛、更宏大的範圍內，我應該——這樣你們就能看到，我相信你們會看到，但至少能得到欣賞。 這種長期短缺從新冠疫情開始，一直持續到新冠疫情，現在又到了戰爭，以及一系列地緣政治因素，這對小公司來說是一個挑戰和壓力。 我的意思是，在這種環境下，大公司會變得更大，因為它們擁有影響力、購買力以及其他一切。 因此，所有最初的供應都是針對大公司的，對於我們中的一些公司來說，就（聽不清楚）交貨時間而言，我們的交貨時間可能長達 52 週。

So what we've been doing to manage this is to systematically look at where our dependencies are and risk mitigate to the extent that we can. So we are sole sourced at (inaudible). So we manage that very, very closely from a relationship perspective so we get what we want. We've got an arrangement where we buy a certain number away for the month. So there's, for them a predictability associated with our orders, and for us there is predictability in the supply. But outside of that, substrate supply, other equipment spare part supply — we're kind of managing a lot of that internally through — frankly, pre-ordering relationships that we have and leveraging that.

因此，為了管理這個問題，我們一直在做的就是有系統地查看我們的依賴項在哪裡，並盡可能地降低風險。 所以我們的唯一來源是（聽不清楚）。 因此，我們從關係的角度非常非常密切地管理這一點，這樣我們就能得到我們想要的。 我們有一個安排，每月購買一定數量的產品。 因此，對於他們來說，我們的訂單具有可預測性，而對於我們來說，供應也具有可預測性。 但除此之外，基板供應、其他設備備件供應——我們在內部管理其中很多——坦率地說，我們擁有並利用我們擁有的預訂關係。

That said, I should say one area that we did see an issue, and we're now working hard to mitigate our risk there, is the modulator. If you recall, last year we'd announced an agreement with (inaudible) in China to supply us to with modulators compatible with our platform. And our platform's been ready since January to receive these modulators, but due to their supply chain associated with their boundaries and delays and with the shutdowns in China, they've had some challenges delivering to us. So we do see these impacts and the best we can do is to manage them with dual and triple sources. As of a couple of months ago, we started actively engaging with alternate suppliers for modulators because we see the risks. And so we're trying our best to mitigate ourselves from a schedule perspective. I think we've done exceedingly well relative to what we see, in terms of how people (inaudible) to us relative to what we've been able to accomplish. Could we have done better? Absolutely. But, to the extent that we have things in our control, we have executed flawlessly. And I think where we've felt challenges is in some interactions with third party suppliers that we've had to deal with.

也就是說，我應該說我們確實發現了一個問題，我們現在正在努力減輕那裡的風險，那就是調製器。 如果您還記得，去年我們宣布與中國（聽不清楚）達成協議，向我們提供與我們平台相容的調製器。 我們的平台自一月份起就已準備好接收這些調製器，但由於其供應鏈與其邊界和延遲以及中國的關閉相關，他們在向我們交付產品時遇到了一些挑戰。 因此，我們確實看到了這些影響，我們能做的最好的事情就是透過雙重和三重來源來管理它們。 幾個月前，我們開始積極與調製器的替代供應商合作，因為我們看到了風險。 因此，我們正在盡最大努力從日程安排的角度減輕自己的影響。 我認為，相對於我們所看到的，就人們（聽不清楚）對我們的看法而言，相對於我們所取得的成就而言，我們做得非常好。 我們可以做得更好嗎？絕對地。 但是，在我們掌控一切的範圍內，我們的執行是完美的。 我認為我們感到挑戰的地方在於我們必須處理的與第三方供應商的一些互動。

Thanks, Kevin. We’ve got a couple of other questioners, and we only have a few minutes left, and we'd like to give them an opportunity to ask their questions.

謝謝，凱文。 我們還有其他幾個提問者，我們只剩下幾分鐘的時間，我們想給他們一個提問的機會。

Our next question comes from Tim Savageaux with Northland Capital.

我們的下一個問題來自 Northland Capital 的 Tim Savageaux。

I wanted to continue to focus on the committed-customer topic here, and I assume we should relate what you've described as the 3 maybe JV based standard product relationships and the 3 POET custom projects with the 6 committed customers that you outline in your funnel slide here. And I guess I had a couple of questions about that, which is, given the size of the pipeline above that, I guess, as we look maybe to the end of this year, where do you see that 6 committed relationships going? Do you have a target for what that might look like in the future? And as an aside, might that include a direct relationship with a cloud operator? And if we look at those current 6 committed relationships, any sense of the market opportunity or revenue opportunity associated with what you have now? And I have a follow up.

我想在這裡繼續關注忠誠客戶主題，我認為我們應該將您所描述的3 個可能基於合資企業的標準產品關係和3 個POET 定制項目與您在您的文章中概述的6 個忠誠客戶聯繫起來。 我想我對此有幾個問題，即考慮到上述管道的規模，我想，當我們展望今年年底時，您認為這 6 個忠誠的關係將走向何方？您對未來有什麼目標嗎？順便說一句，這可能包括與雲端運營商的直接關係嗎？如果我們看看目前的 6 個承諾關係，您對與您現在擁有的相關的市場機會或收入機會有什麼感覺嗎？我有一個後續行動。

So I can address the customer traction here. So Tim, thanks for your question. So the more custom type of designs, we are engaged with certain opportunities and customers, and we do believe a couple of them will pan out towards the end of the year. There are not going to be several opportunities of that type. Also, it's difficult for us to handle many of those. So you can view that as maybe a couple more towards the end of the year. They are more advanced, so they too take longer to get into revenue and things like that, as you can imagine, okay? The others, the more standard, we are continuously expanding our funnel and pipeline, and we have many engagements as we are rolling out samples, getting traction, they're seeing the benefit of the engine in their products. So that could be many more, but it'll not come with NREs. Okay, so that is really the way I would say you can look at it. Does that answer that part of your question, Tim?

所以我可以在這裡解決客戶吸引力問題。 提姆，謝謝你的提問。 因此，對於更多客製化類型的設計，我們正在與某些機會和客戶接觸，我們相信其中一些機會和客戶將在今年年底取得成功。 這種類型的機會不會有幾次。 而且，我們很難處理其中的許多問題。 因此，您可以將其視為今年年底可能會發生的更多事件。 它們更先進，所以它們也需要更長的時間才能獲得收入和類似的東西，正如你可以想像的，好嗎？其他人，更標準，我們正在不斷擴大我們的渠道和管道，當我們推出樣品時，我們有很多參與，獲得牽引力，他們看到了引擎在他們的產品中的好處。 所以可能還有更多，但它不會隨 NRE 一起提供。 好吧，這就是我想說的你可以看待它的方式。 提姆，這能回答你的問題嗎？

Absolutely.

絕對地。

Okay, great. On the revenue, I'll leave it to Tom, our CFO.

好的，太好了。 關於收入，我將把它留給我們的財務長湯姆。

We're not really providing guidance on that. I mean, Tim, we’re building our business plan and our business plan shows revenue in the second half from product and initial product revenue, and then ramping in 2023. But we haven't given an indication of scale of that yet, largely because we need more insight into what our customers volumes are expected to be.

我們並沒有真正提供這方面的指導。 我的意思是，蒂姆，我們正在製定我們的業務計劃，我們的業務計劃顯示了下半年產品和初始產品收入的收入，然後在 2023 年增加。因為我們需要更深入地了解我們的客戶數量預期。

Got it. Fair enough. And if I could follow up on the engagement with the NRE — engagement there, which, with what looks to be a pretty sizable, I don't know, switch router, supplier, or what have you. And I was going to ask if what you consider — if you can say anything more about the type of application you might be working on there. I know you've got both LR4 and CWDM4 capability. Typically, LR4, we see on routing and optical transport equipment for shorter reach type interfaces. Although there seems to be some potential to — for applications kind of inside data center switching as well. I wonder if you could provide any more color with — on the direction of that application.

知道了。 很公平。 如果我可以跟進與 NRE 的接觸，那裡的接觸，看起來相當大，我不知道，交換器路由器，供應商，或者你有什麼。 我想問你是否考慮過——你是否可以對你可能在那裡工作的應用程式類型說更多的話。 我知道您同時擁有 LR4 和 CWDM4 功能。 通常，LR4 出現在用於較短距離類型介面的路由和光傳輸設備上。 儘管對於資料中心內部交換的應用程式似乎也有一些潛力。 我想知道您是否可以在該應用程式的方向上提供更多顏色。

Yes. So with how much we can reveal here, it is a unique application where it's — we mentioned that multiple 4 of these engines in each case is used, so it's, say, 4 x 100 G. And you are right in saying that these are used in core routers and core switches. Yes. So to connect from the core router downstream into the data center. So the top — the end-end customers would be the top core router (inaudible) switch providers.

是的。 因此，我們可以在這裡透露多少，這是一個獨特的應用程序，我們提到在每種情況下使用多個4 個這樣的引擎，所以它是，比如說，4 x 100 G。 ，這些是用於核心路由器和核心交換器。 是的。 因此要從核心路由器下游連接到資料中心。 因此，頂級的終端客戶將是頂級的核心路由器（聽不清楚）交換器提供者。

Our next question comes from Suji Desilva with ROTH Capital.

我們的下一個問題來自羅斯資本的 Suji Desilva。

I'll try to keep these brief. So and congratulations on all the progress. So, the customers — the 6 that you've talked about, I'm wondering, are these — is this one design ins per customer or are there multiple design ins. I know you have certain bandwidth limitations on number of projects you can handle, but I'm curious, are there multiple design ins per customer, potentially?

我會盡量簡短。 祝賀所有的進展。 所以，客戶——我想知道你談到的 6 個客戶——是每個客戶一個設計還是有多個設計。 我知道您對可以處理的項目數量有一定的頻寬限制，但我很好奇，每個客戶是否有可能有多個設計？

So these are presently projects. And some customers, as we mentioned, would have following. So once — it's a platform, right — so once they design our engine, for example, Fibertop for a 100 CWDM, they do have the intention, and so do we, to work with them for 200 G, 400 G? So presently the 6 customer opportunities are —they customer opportunities. Yes, but there is multiple customers. Yes.

這些都是目前的項目。 正如我們所提到的，有些客戶會有追隨者。 所以一旦——它是一個平台，對吧——一旦他們設計了我們的引擎，例如用於 100 CWDM 的 Fibertop，他們確實有意圖，我們也有意圖與他們合作實現 200 G、400 G？所以目前 6 個客戶機會是──他們是客戶機會。 是的，但是有多個客戶。 是的。

I just want to provide one distinction here. I mean, when we say opportunity, I mean, these are customers that are actively designing their products based on our solutions. So there is, I mean, whether it's contracted, committed, engaged, we can use different words, but these are people that are truly designing their product with our engines in mind, with our footprint in mind, with our pad locations in mind. And, and so it's well advanced. I mean, it is not one of those things that we're kind of starting the dialogue.

我只想在這裡提供一個區別。 我的意思是，當我們說機會時，我的意思是，這些客戶正在根據我們的解決方案積極設計他們的產品。 所以，我的意思是，無論是契約、承諾還是參與，我們可以使用不同的詞語，但這些人在設計他們的產品時真正考慮到了我們的引擎、我們的足跡、我們的焊盤位置。 而且，所以它很先進。 我的意思是，這不是我們開始對話的事情之一。

Okay. Great. And then, another quick question on the modulator supplier delays. What's the time of the alternative solutions here? I know you're working hard to kind of have multiple source.

好的。 偉大的。 然後，另一個關於調製器供應商延遲的快速問題。 這裡的替代解決方案什麼時候出現？我知道您正在努力獲得多種來源。

Yes. There are, I mean, the world of silicon photonics modulators in the 56 [gigabaud] regime is — and there are 2 issues. One is the supply delay, and one is the technical challenge that modulator companies faced. So in the case of (inaudible) tech, we're dealing with a supply chain challenge. But in the meantime, there have been other customers — other suppliers that have announced availability. So we are actively in dialogue with them to gain access to that supply. I would say about a quarter, within the quarter, we should be in a position to evaluate all connect solutions.

是的。 我的意思是，矽光子調製器的世界處於 56 [gigabaud] 狀態，並且有兩個問題。 一是供應延遲，一是調變器公司面臨的技術挑戰。 因此，就（聽不清楚）技術而言，我們正在應對供應鏈挑戰。 但同時，還有其他客戶——其他供應商也宣布了可用性。 因此，我們正在積極與他們對話，以獲得該供應。 我想說大約一個季度，在這個季度內，我們應該能夠評估所有連接解決方案。

This concludes the question-answer session. I'd like to turn the call back over to management for any closing remarks.

問答環節到此結束。 我想將電話轉回管理層以供結束語。

Yes. Thank you. And thanks again everyone for your time this morning. I think Tom, Vivek, and I very much appreciate everyone's continued interest in POET. We really look forward to talking with you and seeing you many of you in person some soon. Have a great day everyone. And thanks again.

是的。 謝謝。 再次感謝大家今天早上抽出寶貴的時間。 我認為 Tom、Vivek 和我非常感謝大家對 POET 的持續興趣。 我們真誠地期待與您交談並很快見到你們中的許多人。 祝大家有美好的一天。 再次感謝。

This concludes today's conference call. Thank you for joining us today.

今天的電話會議到此結束。 感謝您今天加入我們。