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POET Technologies Reports Second Quarter 2024 Financial Results
Tier One Design Wins and Strong Balance Sheet Support Penetration into AI Networks TORONTO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET”
About this update from Poet Technologies Inc.
[{"type":"text","content":"Tier One Design Wins and Strong Balance Sheet Support Penetration into AI Networks\nTORONTO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, today reported its unaudited condensed consolidated financial results as at and for the three months ended June 30, 2024. The Company’s financial results as well as the Management’s Discussion and Analysis have been filed on SEDAR. All financial figures are in United States dollars (“USD”) unless otherwise indicated. Second Quarter and Recent Business Highlights: The Company announced a major design win with Foxconn Interconnect Technology (FIT) to supply 800G and 1.6T optical engines for FIT pluggable modules that address the growth in demand for cutting-edge AI applications and high-speed data center networks. FIT’s parent, Foxconn, is the world’s largest electronics contract manufacturer and a major supplier of components and assemblies.Based on the exceptional performance of modules incorporating POET’s high-speed optical engines, Luxshare Tech, a preferred supplier to Apple, announced that it is expanding its portfolio of optical modules targeted at AI networks using POET’s optical engines.POET was selected as winner of the “Best Optical AI Solution” award in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today.During the second quarter, the Company raised $15 million in equity capital in two non-brokered private placements with two institutional investors by issuing 6,706,665 Units at an average price of $2.24 per Unit. Each Unit consists of one common share and one common share purchase warrant with each warrant exercisable into one common share for a period of five years from the issue date at $3.20 per share.Through the use of its ATM facility during the month of April 2024, the Company raised gross proceeds of $7,447,000 from the issuance of 4,592,739 common shares at an average price of $1.62 per common share.Subsequent to the end of the qua...