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TORONTO - POET Technologies (OTC:POETF) Inc. (NASDAQ:POET) reported fourth quarter 2024 results that fell short of analyst expectations on Tuesday.
The company’s shares slipped -1.32% in response to the earnings release.
The designer and developer of photonic integrated circuits posted revenue of $30,000 for the quarter, missing the consensus estimate of $33,330. Adjusted earnings per share came in at -$0.48, significantly below analysts’ expectations of -$0.07.
POET’s Q4 revenue declined 73% compared to $107,551 in the same quarter last year. The company attributed the drop to a lack of billable non-recurring engineering services provided during the period.
The net loss for the quarter widened to $30.2 million, or -$0.48 per share, compared to a net loss of $5.5 million, or -$0.13 per share, in Q4 2023. Research and development costs increased to $3.4 million from $2.1 million year-over-year.
"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," stated POET Chairman & CEO Dr. Suresh Venkatesan.
The company raised $25 million through a private placement in November, bringing its total equity capital raised in 2024 to $82.2 million. POET also completed the acquisition of Super Photonics Xiamen Co., Ltd for $6.5 million, to be paid over five years.
Looking ahead, POET expects significant revenue acceleration in the second half of 2025, driven by existing contracts and partnerships with industry leaders.
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