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POET Technologies Inc. (POET) is a leading innovator in the field of optoelectronic solutions based in Toronto, Ontario, Canada. The company specializes in the design, manufacture, and sale of semiconductor products and services for a range of commercial applications. Utilizing their proprietary POET Optical Interposer, POET Technologies has developed a novel platform that seamlessly integrates electronic and photonic devices into a single module. This is achieved through wafer-level manufacturing techniques and advanced packaging methods.
POET Technologies' product lineup includes the POET Starlight, POET Lightbar, POET Infinity, and POET One, among others. These products find applications in diverse fields such as Data Centers, Telecommunications, the Internet of Things (IoT) & Industrial Sensing, Automotive LIDAR, and On-Board Optics. By focusing on these key sectors, the company aims to address the growing needs for efficient and reliable optoelectronic solutions.
The company’s geographical reach extends to major markets such as Asia, the United States, and Canada, where it continues to expand its influence and customer base. POET Technologies prides itself on a strong balance sheet and has recently achieved significant milestones, including major design wins which mark the beginning of a promising second quarter.
In recent news, POET Technologies announced strategic partnerships and forward-looking plans to enhance their market presence further. They continue to be at the forefront of technological advancements, ensuring they remain a key player in the semiconductor industry.
For detailed updates and to learn more about the company's ongoing projects, visit their official news section and explore the latest announcements.
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.
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