POET Technologies Reports Fourth Quarter 2024 Financial Results
POET Technologies reported its Q4 2024 financial results, highlighting strategic positioning for accelerated growth in AI and data center markets. The company raised US$25 million through a registered direct offering, bringing total 2024 equity capital to $82.2 million. Key developments include acquiring full control of Super Photonics Xiamen for $6.5 million and establishing a major manufacturing facility in Malaysia with Globetronics.
Financial highlights show Q4 2024 revenue of $29,032, down from $107,551 in Q4 2023. The company reported a net loss of $30.2 million ($0.48 per share) compared to $5.5 million ($0.13 per share) in Q4 2023. R&D costs increased to $3.4 million from $2.1 million year-over-year.
The company plans to voluntarily delist from TSX Venture Exchange following an expected US$25M financing closure with L5 Capital. POET aims for significant revenue acceleration in second half of 2025, supported by partnerships with LuxshareTech, Foxconn, and Mitsubishi Electric.
POET Technologies ha riportato i risultati finanziari del quarto trimestre del 2024, evidenziando una posizione strategica per una crescita accelerata nei mercati dell'IA e dei data center. L'azienda ha raccolto 25 milioni di dollari USA attraverso un'offerta diretta registrata, portando il capitale totale di equity del 2024 a 82,2 milioni di dollari. Tra i principali sviluppi c'è l'acquisizione del pieno controllo di Super Photonics Xiamen per 6,5 milioni di dollari e l'istituzione di un'importante struttura di produzione in Malesia con Globetronics.
I risultati finanziari mostrano un fatturato del quarto trimestre del 2024 di 29.032 dollari, in calo rispetto a 107.551 dollari nel quarto trimestre del 2023. L'azienda ha riportato una perdita netta di 30,2 milioni di dollari (0,48 dollari per azione) rispetto a 5,5 milioni di dollari (0,13 dollari per azione) nel quarto trimestre del 2023. I costi di R&S sono aumentati a 3,4 milioni di dollari rispetto a 2,1 milioni di dollari rispetto all'anno precedente.
L'azienda prevede di ritirarsi volontariamente dalla TSX Venture Exchange dopo la chiusura di un finanziamento previsto di 25 milioni di dollari USA con L5 Capital. POET punta a un'accelerazione significativa dei ricavi nella seconda metà del 2025, supportata da partnership con LuxshareTech, Foxconn e Mitsubishi Electric.
POET Technologies informó sus resultados financieros del cuarto trimestre de 2024, destacando su posicionamiento estratégico para un crecimiento acelerado en los mercados de IA y centros de datos. La compañía recaudó 25 millones de dólares estadounidenses a través de una oferta directa registrada, llevando el capital total de acciones en 2024 a 82,2 millones de dólares. Entre los desarrollos clave se incluye la adquisición del control total de Super Photonics Xiamen por 6,5 millones de dólares y el establecimiento de una importante instalación de fabricación en Malasia con Globetronics.
Los aspectos financieros muestran ingresos del cuarto trimestre de 2024 de 29.032 dólares, en comparación con 107.551 dólares en el cuarto trimestre de 2023. La empresa reportó una pérdida neta de 30,2 millones de dólares (0,48 dólares por acción) en comparación con 5,5 millones de dólares (0,13 dólares por acción) en el cuarto trimestre de 2023. Los costos de I+D aumentaron a 3,4 millones de dólares desde 2,1 millones de dólares año tras año.
La compañía planea retirarse voluntariamente de la TSX Venture Exchange tras el cierre de un financiamiento esperado de 25 millones de dólares estadounidenses con L5 Capital. POET aspira a una aceleración significativa de los ingresos en la segunda mitad de 2025, respaldada por asociaciones con LuxshareTech, Foxconn y Mitsubishi Electric.
POET Technologies는 2024년 4분기 재무 결과를 발표하며 AI 및 데이터 센터 시장에서의 가속 성장에 대한 전략적 입지를 강조했습니다. 이 회사는 등록된 직접 공모를 통해 2500만 달러를 모금하여 2024년 총 자본금을 8220만 달러로 늘렸습니다. 주요 개발 사항으로는 650만 달러에 Super Photonics Xiamen의 완전한 지배권을 인수하고 Globetronics와 함께 말레이시아에 주요 제조 시설을 설립한 것이 포함됩니다.
재무 하이라이트에 따르면 2024년 4분기 수익은 29,032달러로, 2023년 4분기 107,551달러에서 감소했습니다. 회사는 2023년 4분기 550만 달러(주당 0.13달러)에 비해 3020만 달러의 순손실(주당 0.48달러)을 보고했습니다. R&D 비용은 전년 대비 210만 달러에서 340만 달러로 증가했습니다.
회사는 L5 Capital과의 예상되는 2500만 달러 자금 조달 종료 후 TSX 벤처 거래소에서 자발적으로 상장 폐지할 계획입니다. POET는 LuxshareTech, Foxconn 및 Mitsubishi Electric과의 파트너십을 통해 2025년 하반기에 상당한 수익 증가를 목표로 하고 있습니다.
POET Technologies a annoncé ses résultats financiers pour le quatrième trimestre 2024, mettant en avant sa position stratégique pour une croissance accélérée sur les marchés de l'IA et des centres de données. L'entreprise a levé 25 millions de dollars américains grâce à une offre directe enregistrée, portant le capital total en actions pour 2024 à 82,2 millions de dollars. Parmi les développements clés, on note l'acquisition du contrôle total de Super Photonics Xiamen pour 6,5 millions de dollars et l'établissement d'une importante installation de fabrication en Malaisie avec Globetronics.
Les points financiers montrent un chiffre d'affaires pour le quatrième trimestre 2024 de 29 032 dollars, en baisse par rapport à 107 551 dollars au quatrième trimestre 2023. L'entreprise a enregistré une perte nette de 30,2 millions de dollars (0,48 dollar par action) contre 5,5 millions de dollars (0,13 dollar par action) au quatrième trimestre 2023. Les coûts de R&D ont augmenté à 3,4 millions de dollars contre 2,1 millions de dollars d'une année sur l'autre.
L'entreprise prévoit de se retirer volontairement de la TSX Venture Exchange après la clôture d'un financement prévu de 25 millions de dollars américains avec L5 Capital. POET vise une accélération significative de ses revenus dans la seconde moitié de 2025, soutenue par des partenariats avec LuxshareTech, Foxconn et Mitsubishi Electric.
POET Technologies hat seine finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht und dabei die strategische Positionierung für ein beschleunigtes Wachstum in den Bereichen KI und Rechenzentren hervorgehoben. Das Unternehmen hat 25 Millionen US-Dollar durch ein registriertes Direktangebot gesammelt, was das gesamte Eigenkapital für 2024 auf 82,2 Millionen US-Dollar erhöht. Zu den wichtigsten Entwicklungen gehört die vollständige Übernahme von Super Photonics Xiamen für 6,5 Millionen US-Dollar sowie die Errichtung einer bedeutenden Produktionsstätte in Malaysia in Zusammenarbeit mit Globetronics.
Die finanziellen Höhepunkte zeigen einen Umsatz im vierten Quartal 2024 von 29.032 US-Dollar, im Vergleich zu 107.551 US-Dollar im vierten Quartal 2023. Das Unternehmen meldete einen Nettoverlust von 30,2 Millionen US-Dollar (0,48 US-Dollar pro Aktie) im Vergleich zu 5,5 Millionen US-Dollar (0,13 US-Dollar pro Aktie) im vierten Quartal 2023. Die F&E-Kosten stiegen von 2,1 Millionen US-Dollar auf 3,4 Millionen US-Dollar im Jahresvergleich.
Das Unternehmen plant, sich nach dem erwarteten Abschluss einer Finanzierung über 25 Millionen US-Dollar mit L5 Capital freiwillig von der TSX Venture Exchange zurückzuziehen. POET strebt an, in der zweiten Hälfte des Jahres 2025 ein signifikantes Umsatzwachstum zu erzielen, unterstützt durch Partnerschaften mit LuxshareTech, Foxconn und Mitsubishi Electric.
- Secured $82.2 million in total equity capital during 2024
- Established manufacturing facility in Malaysia with 1 million annual optical engine capacity
- Strategic partnerships with industry leaders LuxshareTech, Foxconn, and Mitsubishi Electric
- Acquired full control of SPX operations, reducing geopolitical risk
- Revenue declined to $29,032 in Q4 2024 from $107,551 in Q4 2023
- Net loss increased to $30.2 million from $5.5 million year-over-year
- R&D costs rose to $3.4 million from $2.1 million in Q4 2023
- Negative operating cash flow of $8.7 million in Q4 2024
- Plans to delist from TSX Venture Exchange
Insights
POET's Q4 2024 results reveal a company making strategic moves toward commercialization, but still facing significant financial challenges. Revenue remains minimal at just
The company's cash burn accelerated significantly, with cash flow from operations at
On the positive side, POET strengthened its balance sheet by raising
The company's explicit guidance for a revenue inflection point in H2 2025, based on contracts with partners like LuxshareTech, Foxconn, and Mitsubishi Electric, suggests management expects material revenue generation to begin this year after a prolonged development phase.
POET's acquisition of the remaining
The subsequent decision to liquidate and close the SPX operation within months indicates this acquisition wasn't about maintaining the China presence, but rather about gaining full technology control to implement elsewhere. Their new agreement with Globetronics Manufacturing in Penang establishes wafer-level assembly and test capabilities with initial capacity for 1 million optical engines annually—a substantial production footprint.
This manufacturing strategy addresses several critical business concerns: it mitigates geopolitical risks associated with China-based manufacturing, leverages Malaysia's established semiconductor ecosystem, and potentially streamlines their supply chain by building on the existing Silterra Malaysia foundry relationship. For photonics companies serving AI data centers and US markets, reducing China exposure has become increasingly important due to export controls and trade tensions.
The timing aligns with their projected H2 2025 revenue inflection point, suggesting the Malaysia facility will be operational when customer orders scale up. While this manufacturing transition will likely create short-term disruption and costs, positioning production capacity in Malaysia creates a more sustainable manufacturing foundation for serving Western markets long-term.
Continued progress toward a revenue inflection point based on in-place contracts with industry leaders and partners
TORONTO, March 31, 2025 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of Photonic Integrated Circuits (PICs), light sources and optical modules for the AI and data center markets, today reported its audited consolidated financial results for the fourth quarter ended December 31, 2024. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR+. All financial figures are in United States dollars (“USD”) unless otherwise indicated.
Management Commentary:
"In Q4 2024, we strategically positioned our company for accelerated growth by strengthening our financial foundation, advancing critical technology developments, and implementing a new manufacturing strategy designed for rapid, profitable scaling,” stated POET Chairman & CEO, Dr. Suresh Venkatesan. “The market is experiencing unprecedented demand for photonic solutions, particularly in AI data center applications, and we're still at the early stages of what industry experts anticipate will be a multi-year demand cycle. Despite challenging equity markets, we successfully raised an additional US
Dr. Venkatesan continued, “Every strategic move we have made over the past several months is to ensure that POET is positioned to scale and to optimize our supply chain as we approach a revenue inflection point later this year. based on the trajectory of existing customer relationships. Our acquisition of SPX gives us full control of our technology while enabling us to shift manufacturing toward Malaysia and away from China, reducing geopolitical risk to growth, while building on our established foundry relationship with Silterra Malaysia in a familiar and friendly market. For 2025, we're focused on developing our wafer-level manufacturing in Malaysia, expanding into telecom systems and chip-to-chip data communications applications, and leveraging the solid financial foundation we set in 2024 to accelerate both our customer pipeline, deliveries and revenue realization. POET continues to receive attention from notable industry analysts, including Lightwave+BTR and we expect this momentum, along with existing contracts and relationships with industry leaders and partners like LuxshareTech, Foxconn and Mitsubishi Electric, to lead to significant revenue acceleration in the second half of 2025.”
The Company intends to pursue its voluntary delisting from the TSX Venture Exchange immediately following the closing of its planned US
Notable Business Highlights:
- The Company was recognized publicly for outstanding technical leadership, receiving multiple prestigious awards, including:
- “Elite Score” Lightwave+BTR Innovation Reviews (February 27, 2025)
- “Best in Artificial Intelligence” 2024 Global Tech Awards (October 16, 2024)
- “AI Innovator of the Year Gold Prize” 2024 Merit Awards (October 1, 2024)
- “Best Optical AI Solution, 2024 AI Breakthrough Awards (June 26, 2024)
- “Runner-Up Award for Most Innovative Hybrid PIC/Optical Integration” ECOC (October 1, 2024)
- “Elite Score” Lightwave+BTR Innovation Reviews (February 27, 2025)
- Closed a non-brokered private placement offering on November 26, 2024 of 5,555,556 common shares at an offering price of
$4.50 and accompanying warrants to purchase 2,777,778 additional common shares at$6.00 per share for a period of five years from issuance. The Company raised gross proceeds of$25,000,002 from this offering, bringing the total equity capital raised during 2024 to$82.2 million . - Appointed Robert “Bob” Tirva to the Board of Directors and the Audit Committee. Mr. Tirva brings over 30 years of executive experience in technology and semiconductors, having held management positions at IBM, Broadcom Corporation, Dropbox and Intermedia Cloud Communications Inc. Most recently, he was President, Chief Operating Officer and Chief Financial Officer of Sonim Technologies, Inc. until it was acquired by AJP Holding Company in 2022. Mr. Tirva currently serves on the board of Skyworks Aeronautics and was recently on the boards of Costar Technologies and Resonant, Inc.
- Completed the acquisition of
100% of Super Photonics Xiamen Co., Ltd (“SPX”), establishing full control over SPX, for a total of$6.5 million to be paid out over five years beginning in Q1 of 2025, enabling POET to establish manufacturing outside of China independent of the JV. The Company has subsequently decided to liquidate and close the SPX operation within the next few months. - Established a major wafer-level assembly and test facility for optical engines in Penang, Malaysia with the signing of several agreements with Globetronics Manufacturing Sdn. Bhd., a leading semiconductor manufacturer and contractor, equipping Globetronics with the capacity to manufacture an initial 1 million POET optical engines annually.
Non-IFRS Financial Summary
The Company reported non-recurring engineering (“NRE”) and product revenue of
The Company reported a net loss of
The largest component of the Company’s loss was from the non-cash fair value adjustment to derivative warrant liability of
Other non-cash expenses in the fourth quarter of 2024 included stock-based compensation of
The Company recognized other income, including interest of
During the fourth quarter of 2024, the Company acquired the remaining
Cash flow from operating activities in the fourth quarter of 2024 was (
The Company raised gross proceeds of
Summary of Financial Performance
The following is a summary of the Company’s operations over the five quarters ending December 31, 2024. This information should be read in conjunction with the Company’s financial statements filed on Sedar + on Marcy 31, 2025.
| POET TECHNOLOGIES INC. PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS (All figures are in U.S. Dollars) | |||||||||||||||
| Dec 31/24 | Sep 30/24 | Jun 30/24 | Mar 31/24 | Dec 31/23 | |||||||||||
| Revenue | $ | - | |||||||||||||
| Research and development | 3,437,683 | 1,765,481 | 2,117,828 | 1,922,066 | 2,142,003 | ||||||||||
| Depreciation and amortization | 475,281 | 525,955 | 509,699 | 509,260 | 505,869 | ||||||||||
| Professional fees | 679,156 | 480,871 | 366,839 | 409,726 | 902,368 | ||||||||||
| Wages and benefits | 758,883 | 667,963 | 780,146 | 768,496 | 676,539 | ||||||||||
| Loss on acquisition of SPX | 6,852,687 | - | - | - | - | ||||||||||
| Stock-based compensation (1) | 1,404,995 | 1,525,131 | 1,591,741 | 947,502 | 1,050,088 | ||||||||||
| General expense, rent and facility | 474,937 | 465,448 | 448,357 | 570,819 | 317,333 | ||||||||||
| Interest expense | 31,605 | 30,482 | 20,833 | 19,753 | 13,547 | ||||||||||
| Finance advisory fees | 4,239,831 | 1,319,392 | 942,576 | - | - | ||||||||||
| Derivative liability adjustment | 12,444,661 | 6,179,836 | 1,376,761 | 629,824 | 24,865 | ||||||||||
| Other (income), including interest | (511,448 | ) | (216,337 | ) | (174,911 | ) | (52,558 | ) | (54,047 | ) | |||||
| Net loss, before taxes | $30,259,239 | $12,740,537 | $7,979,869 | $5,716,178 | $ 5,471,014 | ||||||||||
| Net loss per share | $(0.48 | ) | $(0.20 | ) | $(0.14 | ) | $(0.13 | ) | $(0.13 | ) | |||||
About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET's Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained "Edge" computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.
| Media Relations Contact: Adrian Brijbassi Adrian.brijbassi@poet.tech | Company Contact: Thomas R. Mika, EVP & CFO tm@poet.tech |
Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include expectations of industry analysts and experts with respect to industry growth, the Company’s own expectations with regard to the success of the Company’s product development efforts, the performance of its products, the expectation for revenue, including continued guidance for robust demand provided by current customers, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations for approval of proposals at the Company’s annual meeting of shareholders.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, forecasts of industry analysts and experts with respect to industry growth, the Company’s own expectations with regard to management’s expectations regarding the success and timing for completion of its development efforts, the introduction of new products, its sales efforts and revenue generation, its financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its products to meet performance requirements, lack of sales in its products, once released, the failure to generate sales and revenue, the failure of continued robust guidance from customers to materialize, operational risks in the completion of the Company’s anticipated projects, lack of performance of its joint venture, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, and the ability to raise additional capital if needed. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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FAQ
What was POET Technologies' revenue and net loss in Q4 2024?
How much capital did POET raise in 2024?
What is POET's manufacturing strategy for 2025?
What major acquisition did POET complete in Q4 2024?
When does POET expect significant revenue growth?
