The recently renamed Poet Technologies, a Canadian integrated circuits company with operations in Storrs, cut its second-quarter losses on higher revenue, it reported.
Poet, which until June was named Opel Technologies, reported a loss of $2 million for the quarter ended June 30, down from a loss of $4.4 million in the same quarter last year.
The company booked $86,000 in revenue during the quarter, after reporting no revenue in the second quarter of 2012.
Poet is developing a process to produce a gallium arsenide microchip.
The company also said it’s disputing a report by subscription service www.canadianinsider.com of recent insider stock sell offs.
Poet said the website reported that its insiders recently sold 155,000 shares, which the company said is not true. It said the error could have been caused by a coding error.
