Core Viewpoint - POET Technologies Inc. is reorganizing its engineering team to enhance efficiency in response to increasing customer demand for high-speed optical products aimed at AI systems and hyperscale data centers [1][4]. Group 1: Reorganization Details - The company has established a Global Engineering Organization in Singapore, led by Dr. Mo Jinyu, to better serve customers primarily located in Asia [2]. - Engineering design and manufacturing functions will be transferred from Allentown, PA to Shenzhen, China, with other functions moving to Singapore [3]. - The closure of the Allentown facility is expected to yield annual savings between US$1.8 million and $2 million, with one-time costs around US$250 thousand [3]. Group 2: Market Focus and Product Development - POET focuses on high-speed optical modules and engines for AI systems and hyperscale data centers, utilizing its patented Optical Interposer technology [5]. - The company anticipates that recent partnerships will lead to module designs qualifying with end users, converting to optical engine revenue in late 2024 and into 2025 [4]. - POET's products are designed to address bandwidth and latency challenges in AI systems, with applications extending to 5G networks and autonomous vehicle technologies [5].

Exhibit 99.1 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the Three and Six Months Ended June 30, 2024 (Unaudited and Expressed in US Dollars) POET TECHNOLOGIES INC. POET TECHNOLOGIES INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in US Dollars) | | | June 30, | | December 31, | | --- | --- | --- | --- | --- | | | | 2024 | | 2023 | | Assets | | | | | | Current | | | | | | Cash and cash equivalents (Note 2) | $ | 21,262,126 | $ | 3,019,069 | | Prepaids and other cu ...

Core Insights - POET Technologies Inc. reported its financial results for the second quarter of 2024, highlighting significant business developments and financial metrics [1][2][3] Financial Performance - The company reported a net loss of $8.0 million, or ($0.14) per share, for Q2 2024, compared to a net loss of $4.4 million, or ($0.11) per share, in Q2 2023 [5][12] - Non-recurring engineering revenue (NRE) was nil in Q2 2024, down from $177,000 in Q2 2023 [4] - Cash balance as of June 30, 2024, was $21.3 million, increasing to approximately $28.7 million by July 31, 2024 [2] Business Highlights - The company secured a major design win with Foxconn Interconnect Technology to supply 800G and 1.6T optical engines for AI applications and high-speed data center networks [2] - Luxshare Tech announced an expansion of its optical module portfolio for AI networks using POET's optical engines [2] - POET was awarded the "Best Optical AI Solution" at the AI Breakthrough Awards, recognizing its innovative technology [2][3] Capital Raising Activities - The company raised $15 million through two non-brokered private placements, issuing 6,706,665 Units at an average price of $2.24 per Unit [2] - An additional $10 million was raised in July 2024 through a registered direct offering [2] Research and Development - Research and development costs for Q2 2024 were $2.1 million, slightly up from $2.0 million in Q2 2023 [5][6] - The company is transitioning from technology development to product development, which is expected to cause fluctuations in R&D expenses [6]

TORONTO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Company") (TSXV: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 AI markets, today announced that it has expanded its partnership with Luxshare Technology Co. Ltd. ("Luxshare Tech") to provide more optical module products targeted at AI network equipment and AI service providers. Luxshare Tech is a gl ...

Media Relations Contact: Adrian Brijbassi adrian.brijbassi@poet-technologies.com Company Contact: Thomas R. Mika, EVP & CFO tm@poet-technologies.com POET is currently experiencing strong demand for its proprietary optical engine technology that powers 800G and 1.6T speed optical modules for AI processing clusters and light sources for advanced chip-to-chip lightbased data communications and high-speed computing. The Corporation intends to use the net proceeds of the Offering for working capital and general ...

POET is currently experiencing strong demand for its proprietary optical engine technology that powers 800G and 1.6T speed optical modules for AI processing clusters and light sources for advanced chip-to-chip lightbased data communications and high-speed computing. The Corporation intends to use the net proceeds of the Offering for working capital and general corporate purposes. No commission or finder's fee was paid by the Corporation and no underwriter or sales agent was engaged by the Corporation in con ...

High volume can indicate market strength, but volume is relative. Thirty million in traded shares doesn't mean much if the average daily volume is higher. However, a volume spike to thirty million is a different story. Volume spikes are a sign of piqued market interest, but their impact can be fleeting. Take GameStop, for example. It has seen spikes in trading volume, but they don't last, nor the high share price they created. A sustained increase in volume is a sign of market strength that can sustain a ra ...

TORONTO, June 26, 2024 (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 AI markets, today announced that it has been selected as winner of the "Best Optical AI Solution" award in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organizatio ...

TORONTO, June 26, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Company") (TSXV: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 AI markets, today announced that it has been selected as winner of the "Best Optical AI Solution" award in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that re ...

TORONTO, June 25, 2024 (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 reported the voting results of its Annual General and Special Meeting (the "Meeting" or "AGSM"), which was held virtually on Friday, June 21, 2024. AGSM Voting Results Option Grants POET is ...