The company reported a net loss of $12.7 million in the third quarter of 2024, compared with a net loss of $5.1 million for the same period in 2023. The net loss in the third quarter of 2024 included research and development costs of $1.8 million. The company also raised gross proceeds of $27.2 million, including $25 million from the issuance of units from multiple private placements and $2.2 million from the issuance of common shares using its ATM and the exercise of warrants and stock options.
Key takeaways:
- POET Technologies Inc. reported its unaudited condensed consolidated financial results for the three months ended November 30, 2024, highlighting a strong balance sheet and expanded customer engagements.
- The company raised $25 million in equity capital in two non-brokered private placements and expanded its partnership with Luxshare Tech to provide more optical module products targeted at AI network equipment and AI service providers.
- POET Technologies also announced collaborations with Mentech Technology and Mitsubishi Electric Corporation for the development of optical engines and transceivers.
- The company reported a net loss of $12.7 million in the third quarter of 2024, compared with a net loss of $5.1 million for the same period in 2023.