POET Technologies Inc.

The grade, in three tenses

Headline 4.2 out of ten, 7 of 9 metrics filed and 2 estimated: past 3.4 out of ten, present 3.0 out of ten, future 6.5 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 1.3 out of ten. -5.9% a year over 8 filed years; profitable in 0 of 10. 13th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 1.2 out of ten. CrossAssetData estimate 1.2/10, confidence 35 of 100 (one part). 12th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 1.9 out of ten. ROE -34%: lost 34¢ per shareholder dollar. Leverage 44%: owes 44¢ per asset dollar. 19th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 3.0 out of ten. bottom 31% of 97 in its family; net margin -5857.8%. 31st percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 5.1 out of ten. top 49% of 94 in its family for room to expand. 51st percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 7.8 out of ten. top 22% of 93 in its family for growth drivers. 78th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 7.4 out of ten. top 26% of 88 in its family for expectations against reality. 74th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-03-31 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form SCHEDULE 13G/A, 2026-09-08. Filings on record since 2008. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-03-31.

The people

Dr. Suresh Venkatesan is chief executive and chairman, first appointed in June 2015. He came from GlobalFoundries, the contract chip maker, where he was senior vice president for technology development: he joined it in 2009, led the development and ramp of the 28nm node and worked on the transfer and qualification of 14nm, and before that held leadership positions at Freescale Semiconductor in Austin, Texas. The annual report credits him with more than 22 years in semiconductor technology development, over 25 US patents and more than 50 technical papers. [1, 2, 3]

Thomas R. Mika has been executive vice president and chief financial officer since November 2016. He sat on the board of Tegal Corporation, a semiconductor capital equipment company, from its spin-out from Motorola in 1989, was its chief financial officer from 2002, its chief executive from 2005 and its chairman and chief executive from 2006 until 2015, when Tegal merged with Rennova Health. Kevin Barnes, vice president for finance and administration, has been corporate controller and treasurer since 2008 and was briefly chief financial officer between 2012 and 2016. Much of the product bench came from MACOM: Raju Kankipati, chief revenue officer since May 2022, was a senior director of product management there and before that a product manager at Arista Networks; Dr. Mo Jinyu, senior vice president for global product development since January 2022, was MACOM's senior director and chief scientist for its Lightwave business in Asia. Yong Meng (James) Lee, vice president for interposer engineering since September 2019, runs the Singapore subsidiary and came from IMEC after nineteen years at GLOBALFOUNDRIES. [1, 4, 5, 6, 7, 8, 9]

Jean-Louis Malinge has been the lead independent director since September 2017; he was president and chief executive of Kotura, a silicon photonics pioneer, from 2004 to 2013, when Mellanox Technologies bought it, and spent 15 years at Corning. Glen Riley, who chairs the compensation committee, joined in December 2020 from Qorvo, where he ran the filter solutions business. Theresa Ende, a director since October 2022, is chief procurement director of Arista Networks and spent ten years before that running its global supply chain. Robert Tirva, appointed in December 2024, took the audit committee chair on May 13, 2025; he was president, chief operating officer and chief financial officer of Sonim Technologies. Sohail Khan joined in July 2025 from Coherent Corp. Three resignations mark the year: Chris Tsiofas, audit chair since 2012, resigned from the board on June 27, 2025, the president and general manager Vivek Rajgarhia resigned the same day, and the vice president for product engineering Dan Meerovich on March 31, 2025. [6, 10, 11, 12, 13, 14, 15, 16, 17, 18]

This is a small company by headcount. At the end of 2025 it had 80 full-time employees and 10 consultants or full-time contractors: 52 of the employees at the Singapore facility, 10 in China, 9 in Malaysia and 9 in the United States, with contractors in the same places and one in Italy. None of the employees are covered by collective bargaining agreements. Insider trades are reported at home rather than to the SEC: as a foreign private issuer the officers, directors and principal shareholders are exempt from the short swing insider disclosure provisions, and they stay exempt because the company is organized in Canada and files under Canadian insider reporting rules, so the insider record this site holds carries no one for POET. [19, 20, 21, 22, 23]

How it operates

POET Technologies is a design and development company that sells a way of packaging light and electronics together. Its platform, the POET Optical Interposer, puts electronic and photonic devices, meaning devices that make, steer and detect light, onto a single chip using the wafer level methods the semiconductor industry already uses; the company says that removes the costly components and the labor intensive assembly, alignment and testing that conventional photonics needs. The first use it chose was the optical engine, which is the set of parts inside an optical transceiver that produce, manipulate and detect light. A transceiver is the module that plugs into a switch or a server in a data center and lets it send and receive data over fiber optic cable. The company says it chose that market because it is large, has established standards for how a device must perform, and ships exceptionally high unit volumes each year. [24, 25, 26, 27]

The product list is short and speaks in speeds: 100G LR4 and 200G FR4 transmit and receive engines; 400G and 800G FR4 receive engines with an integrated amplifier and transmit engines with an integrated driver; a 1.6T receive engine; 200G per lane transmit and receive engines for 1.6T and 3.2T; and two LightBar external light sources, one C band and one O band. The company says its 800G receive engine was well received, fully qualified and designed into the transceiver modules of several customers during 2024 and 2025, and that it sampled a second generation of 400G and 800G transmit engines in 2025 along with both halves of a 1.6T chipset. The buyers are module makers, which the filing says are heavily focused on selling to hyperscale data centers putting AI services to work. No customer is named anywhere in the annual report, and no customer is counted. [28, 29, 30]

POET owns no factory for its main products. It calls the approach fab light, meaning it hires others to fabricate, assemble and test, and it has agreements with Globetronics Manufacturing and NationGate Solution, both in Penang, Malaysia, to run optical engine assembly and test. In a clean room of about 10,000 square feet at Globetronics it says it has installed all its wafer level processing equipment in a line with the capacity to make 1 million optical engines a year, and it is installing light source equipment in a room of comparable size at NationGate. The filing warns that it depends on a limited number of suppliers of wafers and components, that some of them are sole source, and that it typically has no long term agreements with any of them. [31, 32, 33]

The head office is a 400 square foot room in Toronto; testing sits in a 5,100 square foot leased building in Singapore and product development in a 2,830 square foot building in Shenzhen, where the Chinese subsidiary validates engine designs and works with customers to fit them into modules. Production has left China. The company says it could not achieve full operational control of the Xiamen joint venture it ran with Sanan IC, that geopolitical risk in China argued for Malaysia, that all its production equipment has been transferred to Globetronics and NationGate, and that the joint venture has been dissolved with that operation permanently closed and only the winding up left. It bought Sanan IC's remaining 24.8% of Super Photonics Xiamen on December 31, 2024 for a 6,500,000 dollar convertible debt payable interest free over five years, and set up a Malaysian subsidiary in April 2025 to manage production at the contract manufacturers. [34, 35, 36, 37, 38, 39, 40]

The specifics

The shell is old and the business is not. The company was incorporated in British Columbia on February 9, 1972 as Tandem Resources Ltd., became OPEL Solar International in 2010, OPEL Technologies in 2011 and POET Technologies in July 2013. It bought DenseLight Semiconductor, a Singapore maker of optical light source products, in 2016 for 10,500,000 dollars of stock, then sold all of it in November 2019 for 26,000,000 dollars and booked a gain of 8,707,280 dollars; that sale was the fab light turn, the point at which it gave up its own fabrication. It also bought BB Photonics in 2016 for 1,550,000 dollars, and that operation is now dormant. Two American subsidiaries hold the technology: OPEL is the assignee of every patent filed before 2019, and ODIS is the designer of the Optical Interposer platform and of the engines built on it. [41, 42, 43, 44, 45, 46, 47, 48, 49]

What it defends is a patent estate and the know how around it. It holds 79 issued patents and 34 pending applications; 45 of the issued ones are directly related to the Optical Interposer and all 34 of the pending ones are, covering device structures, the underlying technology, applications of it and fabrication processes, and the company believes they are a significant barrier to entry. It names no competitor anywhere in the annual report. It says instead that the photonics market is intensely competitive, that many of its competitors will be larger with greater financial and marketing resources, that it is aware of companies developing silicon photonics engines, remote light sources, pluggable components, modules and subsystems and photonic integrated circuits that compete or may compete with it, and that the data center equipment makers it expects to become its customers may decide to make the optical subsystems themselves. [50, 51, 52, 53, 54]

POET files as a foreign private issuer, which is why its annual report comes on Form 20-F under international accounting standards rather than the domestic form. The company says it will likely lose that status, with the next test on June 30, 2026, because its delisting from the TSX Venture Exchange in 2024 left Nasdaq as the only exchange for its shares and its later capital raises drew mainly US investors; losing it would mean reporting under US accounting standards and carrying the cost of a domestic filer. It also says that on its income and assets for the year it believes it may be treated as a passive foreign investment company, a US tax status that can fall on a company whose assets are mostly financial rather than operating. [55, 56, 57]

The auditors changed and the warnings changed with them. Marcum LLP, auditor from 2009 through 2023, resigned in April 2024 at the company's request, and Davidson & Company LLP was engaged the next day for 2024 and 2025. Marcum's report on the 2023 accounts, which is filed again inside this annual report, carried an explanatory paragraph: significant losses over the past few years and the need to raise more funds raised substantial doubt about the company's ability to continue as a going concern. That report also carried an adverse opinion on internal control over financial reporting because of a material weakness. The 2025 accounts are prepared on a going concern basis, Davidson's opinion on them is unqualified, management believes the material weakness has been remediated, and the company says it holds no credit facilities but enough cash to fund operating and investing activities beyond one year. [58, 59, 60, 61, 62, 63, 64, 65]

What drives growth, line by line

Revenue barely exists. The company took in 1.1 million dollars in 2025, after 41.4 thousand in 2024, 465.8 thousand in 2023 and 552.7 thousand in 2022, and all of it was recognized from non-recurring engineering services and product sales. Non-recurring engineering is design work done for one customer, paid against agreed milestones such as the delivery of sample products, design reports and test reports, so the line moves with the projects signed rather than with units shipped. [66, 67, 68]

Europe & Asia. Europe and Asia brought in 505,361 dollars in 2025, against 41,427 dollars in 2024 and 191,225 dollars in 2023. The filing gives nothing below the region: no customer, no product split, and no word on which of these sales were engineering work and which were shipped product. [69]

North & South America. The Americas brought in 569,504 dollars in 2025, against nothing at all in 2024 and 274,552 dollars in 2023. The year's revenue divided roughly in half between the two regions, and the line that had been blank the year before came back as the larger of the two. [69]

The movement is in the spending. Research and development rose 59.5% to 18.1 million dollars in 2025 from 11.3 million in 2024. The company gives four reasons: taking control of Super Photonics Xiamen in December 2024 brought that operation into the consolidated figure, including the cost of terminating its workforce as part of the winding up plan; two new facilities in Malaysia had to be brought up; expansion raised pay, with research related compensation at 7,000,637 dollars against 4,388,075 dollars; and supplies went from 2,720,035 dollars to 6,069,031 dollars as equipment moved and processes were tested. [66, 70, 71, 72, 73]

Selling, marketing and administration came to 25,081,957 dollars in 2025 from 18,771,421 dollars in 2024, and the largest single piece of it is not selling. Finance advisory fees paid to a firm assisting on financial and strategic matters were 8,227,774 dollars against 6,501,799 dollars, which the company ties to a capital raise that exceeded 293 million dollars in 2025. Stock based compensation across the company was 6,107,052 dollars, wages and benefits rose to 4,552,496 dollars on bonuses totaling 1,355,000 dollars, and depreciation and amortization was 3,315,899 dollars. [74, 75, 76, 77]

The net loss was 63.0 million dollars in 2025 against 56.7 million in 2024, and most of it never left the bank: cash used in operations was 31.1 million dollars. The largest single item in the loss is a non cash adjustment of 25,280,833 dollars, after 20,631,082 dollars in 2024, on warrants the company issued in a currency other than its own; those warrants are carried as a liability and remeasured to fair value every period, and at the end of 2025 the liability stood at 135,631,585 dollars, counted inside working capital as a non cash current liability. [66, 78, 79, 80]

What paid for the year was share issuance. Net proceeds of 293,241,655 dollars came in during 2025 from equity offerings and the exercise of options and warrants, after 82,176,180 dollars in 2024. At the end of the year the company held 313,398,303 dollars in cash, cash equivalents and short term investments, with working capital of 170,708,559 dollars, and it says that is sufficient to fund operating and investing activities beyond one year from the date of the accounts. In January 2026 it raised a further 150,000,000 dollars gross by issuing 20,689,656 common shares in a brokered registered direct offering. [65, 81, 82, 83]

What comes next, in the company's own words: the focus for 2026 is to develop for sale optical engines for 1.6T modules and to produce light source products built around its own hybrid laser, which it calls Blazar. It says it invested about 15.9 million dollars in 2025 in its 800G and 1.6T chipsets and light sources for artificial intelligence and expects to put in a further 30 million dollars over the next two years, of which about 8.0 million dollars is for light source products. It de-prioritized its own transceiver modules in 2025 to avoid conflicts with its module customers, and says that if it does build them it plans to sell them into niche rather than mainstream applications. [84, 85, 86, 87, 88]

What the desk infers (inferred, not filed)

• The Malaysian line is capacity built well ahead of demand: the installed line can assemble a million optical engines a year, while what the company actually booked in 2025 was about a million dollars, nearly all of it design work rather than volume shipments. Because: The line installed in the Globetronics clean room has the capacity to produce 1 million optical engines annually, and light source equipment is going into a second room of comparable size at NationGate. [32] Revenue for 2025 was 1.1 million dollars, recognized from non-recurring engineering services and product sales, with engineering paid against design milestones. [66, 67, 68] The company de-prioritized selling its own transceiver modules in 2025 to avoid conflicts with its module customers, so the engines it ships go inside other companies' modules. [87] Nine employees work in Malaysia, and both Malaysian operations belong to contract manufacturers rather than to POET. [19, 31] Confidence 85 of 100. Wrong if: A filing that reports optical engine shipments, or product sales as opposed to engineering fees, large enough to fill a meaningful share of that installed capacity.
• Most of the reported loss is not money leaving the company: the gap between the 63.0 million dollar loss and the 31.1 million dollars of cash used in operations is made up mainly of the warrant remeasurement, stock based compensation and depreciation, so the headline loss moves with the accounting for warrants as much as with the business. Because: The net loss for 2025 was 63.0 million dollars while cash used in operations was 31.1 million dollars. [66] The derivative warrant liability adjustment alone was 25,280,833 dollars in 2025, and it is a non cash remeasurement of warrants issued in a foreign currency. [78, 79] Non cash stock based compensation was 6,107,052 dollars and depreciation and amortization 3,315,899 dollars. [74, 76] The warrant liability is carried at 135,631,585 dollars and sits inside working capital as a non cash current liability. [80] Confidence 90 of 100. Wrong if: A year in which cash used in operations comes close to the reported net loss, which would show the gap was not made of non-cash items.
• The exit from China is meant to be permanent for manufacturing rather than a pause, while design and validation stay: the equipment is gone, the joint venture is dissolved and closed, and the newest subsidiary exists to run production at contract manufacturers in Malaysia. Because: All production equipment has been transferred to Globetronics and NationGate, the joint venture with Sanan IC has been dissolved and that operation permanently closed, with only the winding up of the company left to complete. [35] The company bought out Sanan IC's remaining 24.8% of Super Photonics Xiamen on December 31, 2024, saying it could not achieve full operational control inside a joint venture. [35, 36] A Malaysian subsidiary was established in April 2025 and manages the production of the company's devices at its contract manufacturers. [37, 38] The Shenzhen subsidiary still validates engine designs and works with customers to fit them into modules, and ten employees work in China. [19, 39] Confidence 80 of 100. Wrong if: A filing that reports assembly or test capacity restarting in China, or production equipment moved back to Super Photonics Xiamen.

Sources

1. POET Technologies Inc., Form 20-F filed 2026-03-31: “Dr. Suresh Venkatesan (4) Chief Executive Officer and Chairman Chair of Ad Hoc Strategy Committee 59 June 11, 2015 Kevin Barnes VP Finance & Administration, Corporate Controller and Treasurer 54 December 1, 2012 Thomas R. Mika EVP & Chief Financial Officer 74 November 2, 2016”
2. POET Technologies Inc., Form 20-F filed 2026-03-31: “Prior to joining POET in 2015 as CEO, Dr. Venkatesan was the Senior Vice President, Technology Development at GlobalFoundries and was responsible for the Company’s Technology Research and Development.”
3. POET Technologies Inc., Form 20-F filed 2026-03-31: “He joined GlobalFoundries in 2009, where he led the development and ramp of the 28nm node and was instrumental in the technology transfer and qualification of 14nm. In addition, he was responsible for the qualification and ramp up of multiple mainstream value-added technology nodes. Dr. Venkatesan is an industry veteran with over 22 years of experience in semiconductor technology development. Prior to joining GlobalFoundries, he held various leadership positions with Freescale Semiconductor in Austin, Texas. He holds over 25 US patents, and has co-authored over 50 technical papers.”
4. POET Technologies Inc., Form 20-F filed 2026-03-31: “On the Board of Directors of Tegal since its spin-out from Motorola in 1989, Mika assumed the roles of Chief Financial Officer in 2002, CEO in 2005 and Chairman & CEO in 2006, positions which he held until 2015. In 2015, Tegal merged with Rennova Health with Mika retaining the position of Chairman until joining POET in November 2016.”
5. POET Technologies Inc., Form 20-F filed 2026-03-31: “Mr. Kevin Barnes has been serving as Corporate Controller and Treasurer since 2008 and briefly as Chief Financial Officer (2012 – 2016).”
6. POET Technologies Inc., Form 20-F filed 2026-03-31: “Raju Kankipati Chief Revenue Officer 47 May 1, 2022 Dr. Mo Jinyu SVP, Global Product Development 51 January 1, 2022 Dr. Robert Ditizio VP – Intellectual Property 63 December 1, 2021 Ghazi Chaoui SVP – Global Manufacturing & Digital Transformation 71 May 12, 2025 Yong Meng (James) Lee VP – Interposer Engineering 53 September 2, 2019 Vivek Rajgarhia (6) President & General Manager 58 November 4, 2019 Dan Meerovich (7) VP – Product Engineering 65 March 2, 2020”
7. POET Technologies Inc., Form 20-F filed 2026-03-31: “He was a Senior Director of Product Management at MACOM, focused on optical components and photonic solutions. Prior to that, Raju worked at Arista Networks as a Senior Product Manager and Engineering Manager.”
8. POET Technologies Inc., Form 20-F filed 2026-03-31: “Dr. Mo was most recently with MACOM as the Senior Director and Chief Scientist of the Lightwave business unit in Asia and site leader in Shenzhen.”
9. POET Technologies Inc., Form 20-F filed 2026-03-31: “Mr. Yong Meng (James Lee) is General Manager of the Company’s Singapore subsidiary. Prior to his appointment in 2019, Mr. Lee was Vice President of Logic Technology at IMEC”
10. POET Technologies Inc., Form 20-F filed 2026-03-31: “Jean-Louis Malinge (1)(3)(4) Lead Independent Director, Corporate Governance and Nominating Committee Chair 72 September 5, 2017 Sohail Khan (3)(4) Director 71 July 7, 2025”
11. POET Technologies Inc., Form 20-F filed 2026-03-31: “Chris Tsiofas (1)(2)(5) Director Audit Committee Chair 58 August 21, 2012 Glen Riley (1)(2)(4) Director Compensation Committee Chair 63 December 7, 2020 Theresa Ende (2)(3)(4) Director 69 October 14, 2022 Robert Tirva (1)(2)(4) Director, Audit Committee Chair 60 December 5, 2024”
12. POET Technologies Inc., Form 20-F filed 2026-03-31: “From 2004 to 2013 Jean-Louis was President and CEO of Kotura, a Silicon Photonics pioneer which was acquired in 2013 by Mellanox Technologies. Prior to Kotura, Mr. Malinge was an executive with Corning Inc for 15 years.”
13. POET Technologies Inc., Form 20-F filed 2026-03-31: “He most recently served as General Manager of the Filter Solutions Business Unit at Qorvo, where he was responsible for developing highly integrated RF modules used in flagship smartphones.”
14. POET Technologies Inc., Form 20-F filed 2026-03-31: “Ms. Theresa Lan Ende serves as Chief Procurement Director of Arista Networks. Prior to her appointment as Chief Procurement Director in 2019, Ms. Ende served for 10 years as its Senior Director of Global Supply Chain Management.”
15. POET Technologies Inc., Form 20-F filed 2026-03-31: “Mr. Tirva held various management positions at IBM, Broadcom Corporation, Dropbox and Intermedia Cloud Communications Inc. before assuming the role of President, Chief Operating Officer and Chief Financial Officer of Sonim Technologies, Inc. until it was acquired by AJP Holding Company in 2022.”
16. POET Technologies Inc., Form 20-F filed 2026-03-31: “Along with his time as President of SiC, LLC, at Coherent, he most recently served as Executive Vice President, Wideband Gap Electronics.”
17. POET Technologies Inc., Form 20-F filed 2026-03-31: “The Audit Committee is currently comprised of three members: Bob Tirva (Chair), Glen Riley and Jean-Louis Malinge. All three members are independent directors of the Company. Mr. Tirva was appointed chair of the Audit Committee on May 13, 2025. Chris Tsiofas served as the chair of the audit committee until May 13, 2025 and resigned on June 27, 2025.”
18. POET Technologies Inc., Form 20-F filed 2026-03-31: “(5) Resigned from the Board on June 27, 2025 (6) Resigned on June 27, 2025 (7) Resigned on March 31, 2025”
19. POET Technologies Inc., Form 20-F filed 2026-03-31: “As of December 31, 2025, the Company had eighty (80) full-time employees and nine (10) consultants or full-time contractors. Nine (9) employees work in the United States; ten (10) employees work in China; nine (9) employees work in Malaysia; and fifty-two (52) employees work at our Singapore facility.”
20. POET Technologies Inc., Form 20-F filed 2026-03-31: “We also engaged three (3) contractors in the United States, one (1) contractor in China, two (2) contractors in Malaysia, three (3) contractors in Singapore, and one (1) contractor in Italy. None of the Company’s employees are covered by collective bargaining agreements.”
21. POET Technologies Inc., Form 20-F filed 2026-03-31: “In addition, in light of the Company’s status as a foreign private issuer, the officers, directors and principal shareholders of the Company are exempt from the short-swing insider disclosure and profit recovery provisions of Section 16 of the Exchange Act.”
22. POET Technologies Inc., Form 20-F filed 2026-03-31: “the Company’s directors and officers remain exempt because the Company is organized in Canada and its directors and officers are subject to the insider reporting requirements of Canada’s National Instrument 55-104.”
23. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
24. POET Technologies Inc., Form 20-F filed 2026-03-31: “POET Technologies is a design and development company offering photonic integrated packaging solutions based on the POET Optical Interposer™, a novel platform that allows the seamless integration of electronic and photonic devices onto a single chip using advanced wafer-level semiconductor manufacturing techniques.”
25. POET Technologies Inc., Form 20-F filed 2026-03-31: “POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, and testing methods employed in conventional photonics.”
26. POET Technologies Inc., Form 20-F filed 2026-03-31: “POET targeted as the first application of the Optical Interposer the development of optical engines for optical transceivers used in internet data centers. Optical Engines include all the passive and active components related to the production, manipulation, and detection of light within an Optical Transceiver. Optical Transceivers plug into switches and servers within the data center and allow these network devices to send and receive data over fiber-optic cables.”
27. POET Technologies Inc., Form 20-F filed 2026-03-31: “We chose this market because it is large in size, has established standards for device performance, and the unit volumes of devices shipped annually are exceptionally high.”
28. POET Technologies Inc., Form 20-F filed 2026-03-31: “100G LR4 Tx and Rx ● 200G FR4 Tx and Rx ● 400G/800G FR4 Rx with integrated TIA ● 400G/800G FR4 Tx with integrated Driver ● 1.6T 4xFR4 Rx with integrated TIA ● 200G/Lane Tx & Rx for 1.6T and 3.2T ● LightBar: C-Band External Light Source ● LightBar: O-Band External Light Source”
29. POET Technologies Inc., Form 20-F filed 2026-03-31: “The 800G Rx engine was well received, fully qualified and has been designed into the optical transceiver modules of several customers during 2024 and 2025. The Company sampled its second generation of 400G and 800G Tx engines in 2025 as well as both Tx and Rx versions of its 1.6T optical engine chipsets.”
30. POET Technologies Inc., Form 20-F filed 2026-03-31: “Our sales of these products will be to module makers that are heavily focused on selling to hyperscale data centers actively implementing AI services.”
31. POET Technologies Inc., Form 20-F filed 2026-03-31: “in keeping with our “fab-light” strategy, POET has entered into agreements with Globetronics Manufacturing, Sdn. Bhd. (“GMSB”) and NationGate Solution (M) Sdn. Bhd. (“NationGate”) to establish and maintain optical engine assembly and test operations in Malaysia. Both companies are prominent manufacturers of electronic devices and equipment located in Penang, Malaysia and are ideal manufacturing partners for POET.”
32. POET Technologies Inc., Form 20-F filed 2026-03-31: “In our Globetronics clean room of approximately 10,000 square feet, we have installed all our wafer-level processing equipment in a production line that has the capacity to produce 1 million optical engines annually. We are now installing specialized equipment dedicated to light source production into a cleanroom of comparable size within the NationGate facilty.”
33. POET Technologies Inc., Form 20-F filed 2026-03-31: “We depend on a limited number of suppliers of wafers and components for our integrated photonic solutions, and on contract manufacturers for our optical interposer production activities. Some of these suppliers are sole source suppliers. We typically have not entered into long-term agreements with our suppliers.”
34. POET Technologies Inc., Form 20-F filed 2026-03-31: “The Company’s head Canadian office is located in a 400 sq. ft. leased office space in Toronto, Ontario, Canada.. Our testing operations are located in a 5100 sq. ft leased facility in Singapore. Our product development operation is located in a 2,830 sq. ft leased facility in Shenzhen, China.”
35. POET Technologies Inc., Form 20-F filed 2026-03-31: “Our detailed assessment of our production needs and our desire to mitigate the geopolitical risk in China supported our relocation to Malaysia. We determined that we could not achieve full operational control of Super Photonics Xiamen (SPC) in the context of any joint venture. The first phase of transition out of China involved the transfer of all our production equipment to Globetronics and NationGate, a phase that has been completed. The second phase was the dissolution of the joint venture with Sanan IC, which has also been completed with that operation now permanently closed.”
36. POET Technologies Inc., Form 20-F filed 2026-03-31: “On December 31, 2024, the Company acquired Sanan IC’s 24.8% interest in SPX in exchange for a convertible debt of $6,500,000 to be paid, interest-free, over a period of five (5) years”
37. POET Technologies Inc., Form 20-F filed 2026-03-31: “On April 23, 2025, PTS established POET Technologies SDN BHD. (“PTM”), a wholly owned subsidiary in Malaysia.”
38. POET Technologies Inc., Form 20-F filed 2026-03-31: “Situated in Malaysia, PTM manages the production of our devices at our contract manufacturers.”
39. POET Technologies Inc., Form 20-F filed 2026-03-31: “Situated in Shenzhen, China, POET SZ validates optical engine designs produced by ODIS and works with customers to incorporate optical engine designs into modules.”
40. The record on this page: the filing record (the EDGAR submissions feed)
41. POET Technologies Inc., Form 20-F filed 2026-03-31: “The Company was originally incorporated under the British Columbia Company Act on February 9, 1972 as Tandem Resources Ltd.”
42. POET Technologies Inc., Form 20-F filed 2026-03-31: “By Articles of Continuance dated November 30, 2010, OPEL International Inc. was continued under the OBCA and changed its name to OPEL Solar International Inc. By Articles of Amendment dated August 25, 2011, OPEL Solar International Inc. changed its name to OPEL Technologies Inc. By Articles of Amendment dated July 23, 2013, OPEL Technologies Inc. changed its name to POET Technologies Inc.”
43. POET Technologies Inc., Form 20-F filed 2026-03-31: “On May 11, 2016, in an all-stock transaction, the Company acquired all the issued and outstanding shares of DenseLight Semiconductor Pte. Ltd., a privately held Singapore company that provides optical solutions. DenseLight designs, manufactures and sells optical light source products. DenseLight was acquired for $10,500,000 of the Company’s stock.”
44. POET Technologies Inc., Form 20-F filed 2026-03-31: “On November 8, 2019, the Company sold 100% of the issued and outstanding shares of DenseLight for $26,000,000. The Company recognized a gain on the sale of $8,707,280.”
45. POET Technologies Inc., Form 20-F filed 2026-03-31: “In 2019, the Company decided to adopt a “fab light” strategy, common among semiconductor companies, and divested its fabrication operations through the sale of DenseLight in November of that year.”
46. POET Technologies Inc., Form 20-F filed 2026-03-31: “BB Photonics and its subsidiary were acquired for consideration of $1,550,000.”
47. POET Technologies Inc., Form 20-F filed 2026-03-31: “BB Photonics’ operation is currently dormant.”
48. POET Technologies Inc., Form 20-F filed 2026-03-31: “OPEL is the assignee for all patents and patent applications filed by the Company prior to 2019.”
49. POET Technologies Inc., Form 20-F filed 2026-03-31: “ODIS is the designer of the POET Optical Interposer platform, and developer of optical engines based on the POET Optical Interposer platform.”
50. POET Technologies Inc., Form 20-F filed 2026-03-31: “We have 79 issued patents and 34 patent applications pending, including three provisional patent applications. Of the 79 issued patents, 45 are directly related to the Optical Interposer and include fundamental design and process patents. All 34 applications pending are Optical Interposer-related. Multiple additional applications are in various stages of preparation. The patents cover device structures, underlying technology related to the Optical Interposer, applications of the technology, and fabrication processes.”
51. POET Technologies Inc., Form 20-F filed 2026-03-31: “We believe these patents provide a significant barrier to entry against competition along with company trade secrets and know-how.”
52. POET Technologies Inc., Form 20-F filed 2026-03-31: “The photonics market is intensely competitive and we expect experience intense competition from a number of manufacturers with alternative technologies. Many of our competitors will be larger than we are and have significantly greater financial, marketing and other resources.”
53. POET Technologies Inc., Form 20-F filed 2026-03-31: “We are aware of a number of companies that have developed or are developing integrated optical products, including silicon photonics engines, remote light sources, pluggable components, modules and subsystems, photonic integrated circuits, among others, that compete (or may in the future compete) directly with our current and proposed product offerings.”
54. POET Technologies Inc., Form 20-F filed 2026-03-31: “Data center equipment providers, who we expect to become our customers, and data center service providers, who are supplied by our customers, may decide to manufacture the optical subsystems that we plan to provide.”
55. POET Technologies Inc., Form 20-F filed 2026-03-31: “The determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2026.”
56. POET Technologies Inc., Form 20-F filed 2026-03-31: “As a result of the Company’s delisting of its common shares from the TSX Venture Exchange in 2024, resulting in Nasdaq being the sole stock exchange on which the common shares can be publicly traded and subsequent capital raises involving primarily U.S. investors, the Company may lose its status as a foreign private issuer in the future.”
57. POET Technologies Inc., Form 20-F filed 2026-03-31: “Based on our income and assets for the year ended December 31, 2025, we believe that we may be treated as a PFIC for the preceding taxable year.”
58. POET Technologies Inc., Form 20-F filed 2026-03-31: “We have served as the Company’s auditor 2009 through 2023”
59. POET Technologies Inc., Form 20-F filed 2026-03-31: “solely with respect to the audit report for the fiscal year ended December 31, 2023, to express an adverse opinion on the effectiveness of the Company’s internal control over financial reporting because of the existence of a material weakness and (ii) to indicate that there was substantial doubt about the Company’s ability to continue as a going concern.”
60. POET Technologies Inc., Form 20-F filed 2026-03-31: “April 22, 2024, Marcum resigned as the Company’s independent registered public accounting firm at the Company’s request effective as of such date. Following the foregoing, on April 23, 2024, the Company engaged Davidson as its independent registered public accounting firm to audit the Company’s financial statements for the fiscal years ended December 31, 2024 and 2025.”
61. POET Technologies Inc., Form 20-F filed 2026-03-31: “The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. ,The Company has incurred significant losses over the past few years and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.”
62. POET Technologies Inc., Form 20-F filed 2026-03-31: “In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years ended December 31, 2025 and 2024, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board”
63. POET Technologies Inc., Form 20-F filed 2026-03-31: “As of December 31, 2025, management believes that this material weakness in internal controls has been remediated.”
64. POET Technologies Inc., Form 20-F filed 2026-03-31: “These consolidated financial statements have been prepared using IFRS Accounting Standards (“IFRS”) applicable to a going concern, which assumes that the Company will be able to realize its assets, discharge its liabilities and continue in operation for the following twelve months.”
65. POET Technologies Inc., Form 20-F filed 2026-03-31: “The Company currently does not maintain credit facilities. The Company’s existing cash and cash resources are considered sufficient to fund operating and investing activities beyond one year from the date of these consolidated financial statements.”
66. The record on this page: the filed annual figures (EDGAR's company facts)
67. POET Technologies Inc., Form 20-F filed 2026-03-31: “During the year ended December 31, 2025, the Company recognized $1,074,865 (2024 - $41,427, 2023 - $465,777) from non-recurring engineering services and product sales.”
68. POET Technologies Inc., Form 20-F filed 2026-03-31: “The Company provides contract services, primarily in the form of non-recurring revenue (“NRE”) where control is passed to the customer over time. The contracts generally provide agreed upon milestones for customer payment which include but are not limited to the delivery of sample products, design reports and test reports.”
69. POET Technologies Inc., Form 20-F filed 2026-03-31: “Revenue and geographic markets in 2025, 2024 and 2023 were approximately as follows: Region 2025 2024 2023 Europe & Asia $ 505,361 $ 41,427 $ 191,225 North & South America $ 569,504 $ - $ 274,552”
70. POET Technologies Inc., Form 20-F filed 2026-03-31: “Total R&D increased by $6,749,662 (60%) to $18,084,303 for the year ended December 31, 2025 from $11,334,641 for the same period in 2024.”
71. POET Technologies Inc., Form 20-F filed 2026-03-31: “Due to taking control of SPX in December 2024, the Company included SPX’s operations in its consolidated R&D during 2025. Significant R&D compensation cost was incurred in terminating the SPX work force as part of its winding up plan. Additionally, the Company established production capacity and capabilities with two new facilities in Malaysia. The Company incurred significant costs in “bringing up” these facilities to meet expectations.”
72. POET Technologies Inc., Form 20-F filed 2026-03-31: “R&D related compensation was $7,000,637 in 2025 compared to $4,388,075 in 2024, an increase of $2,612,562.”
73. POET Technologies Inc., Form 20-F filed 2026-03-31: “Related supplies costs increased from $2,720,035 in 2024 to $6,069,031 in 2025, an increase of $3,348,996.”
74. POET Technologies Inc., Form 20-F filed 2026-03-31: “Stock-based compensation $ 3,890,138 $ 3,377,786 $ 2,662,209 Wages and benefits 4,552,496 2,975,488 2,649,770 Professional fees 1,713,629 1,936,592 1,744,771 General expenses 2,881,736 1,798,643 1,681,899 Depreciation and amortization 3,315,899 2,020,195 1,922,140 Finance advisory fees 8,227,774 6,501,799 - Rent and facility costs 500,285 160,918 134,366 Selling, marketing and administration costs $ 25,081,957 $ 18,771,421 $ 10,795,155”
75. POET Technologies Inc., Form 20-F filed 2026-03-31: “Finance advisory fees increased by $1,725,975 (61%) to $8,227,774 in 2025 from $6,501,799 in 2024. The finance advisory fees are paid to a firm assisting the Company on financial and strategic matters. The firm’s guidance contributed to the Company’s capital raise success in 2025, which exceeded $293 million.”
76. POET Technologies Inc., Form 20-F filed 2026-03-31: “Non-cash stock-based compensation increased by $637,683 (120%) to $6,107,052 in 2025 from $5,469,369 in 2024.”
77. POET Technologies Inc., Form 20-F filed 2026-03-31: “Wages and benefits increased by $1,577,008 (53%) to $4,552,496 in the period from $2,975,488 in 2024. The increase was a result of performance bonuses paid in the period to certain employees. Bonus in 2025 totaled $1,355,000.”
78. POET Technologies Inc., Form 20-F filed 2026-03-31: “Non-cash derivative warrant liability adjustment increased by $4,649,751 to $25,280,833 in 2025 from $20,631,082 in 2024.”
79. POET Technologies Inc., Form 20-F filed 2026-03-31: “The Company issued warrants in a foreign currency in 2023, 2024 and 2025. The issuance of those warrants created a derivative liability which is periodically remeasured and adjusted to reflect the fair value of the warrants.”
80. POET Technologies Inc., Form 20-F filed 2026-03-31: “The working capital includes non-cash current liabilities of $135,631,585 related to derivative warrant liability and $5,800,000 in convertible debt which will be paid over a period of four years”
81. POET Technologies Inc., Form 20-F filed 2026-03-31: “As of December 31, 2025, we held $313,398,303 in cash, cash equivalents and short-term investments. We had working capital of $170,708,559.”
82. POET Technologies Inc., Form 20-F filed 2026-03-31: “During the year ended December 31, 2025, the Company raised net proceeds of $293,241,655 (2024 - $82,176,180, 2023 – $10,447,603) from the issuance common shares through various equity offerings, the exercise of stock options and warrants, and the use of its Equity Distribution Agreement”
83. POET Technologies Inc., Form 20-F filed 2026-03-31: “On January 23, 2026, the Company raised gross proceeds of $150,000,000 from the issuance of 20,689,656 common shares through a brokered registered direct offering”
84. POET Technologies Inc., Form 20-F filed 2026-03-31: “Our focus for 2026 is to develop for sale Optical Engines for 1.6Tbs optical modules and to produce Light Source products incorporating our proprietary hybrid laser, which we have named “Blazar”
85. POET Technologies Inc., Form 20-F filed 2026-03-31: “The Company invested approximately $15.9 million in 2025 in the development of its 800G and 1.6T optical engine chipsets and light sources for artificial intelligence and is expected to invest an additional $30 million over the next two years on these products.”
86. POET Technologies Inc., Form 20-F filed 2026-03-31: “Instead, we are deploying an estimated $8.0 million over the next two years toward our development of light source products”
87. POET Technologies Inc., Form 20-F filed 2026-03-31: “The Company de-prioritized the development and sale of POET optical transceiver modules in 2025 to avoid conflicts with its module customers.”
88. POET Technologies Inc., Form 20-F filed 2026-03-31: “so as not to compete with our optical module customers, our current plan is to sell our optical modules, once developed, into niche rather than mainstream applications.”

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