POET Technologies Reports Second Quarter 2024 Financial Results

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]