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POET Technologies announced their first quarter 2024 financial results, reporting a net loss of $5.7M ($0.12 per share), which increased from $5.3M ($0.14 per share) in Q1 2023. The company highlighted significant breakthroughs, including a major design win with Foxconn for 800G and 1.6T optical transceivers, and collaborations with MultiLane and Luxshare. Financially, POET raised approximately C$26.4M from private placements and C$10.8M from ATM offerings. As of May 15, 2024, the company holds $23.6M in cash and $22.8M in working capital. Revenue from non-recurring engineering services dropped to $8,700 from $181,000 in Q1 2023.
POET Technologies has announced a design win and collaboration with Foxconn Interconnect Technology (FIT) for the development of high-speed AI systems. FIT has selected POET's silicon photonics integrated circuits for its 800G and 1.6T optical transceiver modules. This partnership aims to address the increasing demand from AI applications and high-speed data center networks. POET will develop and supply its optical engines, while FIT will design and deliver the transceiver modules. The design is expected to be completed by Q3 2024, with production starting by Q4 2024. The global market for 800G and 1.6T optical transceivers is projected to grow significantly, reaching $10.5 billion by 2029.
POET Technologies Inc. announced the closing of a CAD$10 million non-brokered financing with a single institutional investor. The Offering included the sale of 3,258,390 Units, with each unit consisting of common shares and warrants. The funds will be used for general working capital to support the company's growth phase, driven by the strong demand for its optical engine technology in high-speed optical modules for AI processing clusters and chip-to-chip data communications.