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 ...

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") (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 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 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 ...

The Company's VP Finance and Administration, Kevin Barnes, delivered customary introductions and the call to order, and POET's Chairman of the Compensation Committee, Glen Riley, conducted the formal business of the Meeting, which included the approval of all proposals outlined in the Company's management information circular and voting material as previously distributed to shareholders. AGSM Voting Results Option Grants Following the AGSM, the POET Board of Directors met to elect officers and to discuss op ...

TORONTO, May 29, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Corporation") (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 artificial intelligence markets, is pleased to announce that, further to its news release dated March 22, 2024, it received approval today from the TSX Venture Exchange (the "Exchange") to amend the terms of 539,318 common share pur ...

TORONTO, May 29, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Corporation") (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 artificial intelligence markets, is pleased to announce that, further to its news release dated March 22, 2024, it received approval today from the TSX Venture Exchange (the "Exchange") to amend the terms of 539,318 common share pur ...