Financials summary — POET Technologies (POET)
Financial snapshot
as of 2026-04-29 · sources: 20-F FY2025 (acc. 0001493152-26-014253), 424B5 Jan 2026, 13G/A holders, DCF / sum-of-partsAs of: 2026-04-29 (data through FY2025 20-F filed 2026-03-31, accession 0001493152-26-014253; latest take-down 424B5 2026-01-23; spot close 2026-04-28).
Reference: Detailed primary-source filings reside in recent capital raises, quarterly trend, balance sheet, capital allocation, comps & valuation, DCF / scenario, and the market-data twin in
../06_market_data/. This page is the analyst summary view.Confidence legend: ✓ verified-primary · ◐ partial / aggregator · ⚠ inferred / estimate
FPI note: POET is a Canadian-incorporated foreign private issuer. Annual filing is Form 20-F under IFRS; interim disclosures are Form 6-K (not 10-Q). There are no Section-16 Form 4 filings — insider trades flow through SEC Form 144 (proposed sales by affiliates) and Canadian SEDI / SEDAR+. See insider history for FPI regime detail.
Snapshot
| Metric | Value | As of |
|---|---|---|
| Stock price | $8.03 (close) ✓ | 2026-04-28 |
| Market cap | ~$1.23B (~152.7M shares × $8.03) ⚠ | 2026-04-28 close, post-Jan 2026 raise |
| Common shares O/S (20-F YE) | 132,290,739 ✓ | 2025-12-31 (per 20-F cover) |
| Common shares O/S (post Jan 23 2026 raise) | 152,711,182 ✓ | Per 424B5 (acc. 0001493152-26-003330) |
| Outstanding warrants | 37,364,941 (wtd avg exercise $5.71) ✓ | 2026-03-20 (per 20-F) |
| Outstanding options | 5,792,465 (wtd avg exercise $1.93) ✓ | 2026-03-20 (per 20-F) |
| Fully diluted (if all exercised) | ~195.9M (+28.4% over O/S) ✓ | 2026-03-20 |
| 52-week range | $3.78 – $15.50 ✓ | 2025-04 to 2026-04 (price_snapshot.json) |
| Cash, equivalents + ST investments | $313,398,303 ✓ | 2025-12-31 (per 20-F) |
| Working capital (gross) | $170,708,559 ✓ | 2025-12-31 (per 20-F; includes $135.6M derivative warrant liability) |
| FY2025 revenue | $1,074,865 (+2,494% YoY off de minimis $41,427 base) ✓ | 12 months ended 2025-12-31 |
| FY2025 operating expenses | $43,166,260 ✓ | 12 months ended 2025-12-31 |
| FY2025 operating loss | $(42,091,395) ✓ | 12 months ended 2025-12-31 |
| FY2025 net loss | $(62,963,213) ✓ | Includes derivative warrant fair-value swing |
| FY2025 cash used in operations | $(31,086,629) ✓ | Burn rate ~$2.6M/month |
| FY2025 cash from financing | $292,274,542 ✓ | Funded entirely by 2025 raises |
| Accumulated deficit | $(297,000,000) approx ✓ | 2025-12-31 (per 20-F) |
| Total assets (book value) | $328,572,438 ✓ | 2025-12-31 (vs. $69,652,449 YE 2024) |
| Latest raise | $150.0M registered direct @ $7.25/share | 2026-01-23 (424B5 acc. 0001493152-26-003330) ✓ |
| Total cash raised in 2025 + Jan 2026 | ~$430M gross (2025: $280M + Jan 2026: $150M) ✓ | Per 20-F + 424B5 |
| Public debt | $0 — no senior notes, no credit facility drawn ✓ | Per 20-F |
| Convertible debt outstanding | $5,800,000 (current liability classification per holder conversion right) ✓ | 2025-12-31 |
| Derivative warrant liability | $135,631,585 (non-cash, classified current) ✓ | 2025-12-31 |
| Dividends | None ✓ | History |
| Buyback program | None ✓ | History |
| Auditor | Marcum LLP successor (audit dated 2026-03-31) ✓ | FY2025 |
| Going-concern flag | None in current 20-F audit ✓ | FY2023 audit cited going concern; FY2024 / FY2025 do not ✓ |
P&L summary (multi-FY, IFRS, in USD)
Per 20-F Consolidated Statement of Operations and Deficit — three years presented in the FY2025 20-F:
| Metric | FY2023 | FY2024 | FY2025 | YoY (FY24→FY25) |
|---|---|---|---|---|
| Revenue (Note 21) | $465,777 | $41,427 | $1,074,865 | +$1,033,438 |
| Selling, marketing & administration | $10,795,155 | $18,771,421 | $25,081,957 | +33.6% |
| Research & development | $10,077,930 | $11,334,641 | $18,084,303 | +59.5% |
| Total operating expenses | $20,873,085 | $30,106,062 | $43,166,260 | +43.4% |
| Operating loss | $(20,407,308) | $(30,064,635) | $(42,091,395) | +40.0% (loss widened) |
| Net loss | $(20,267,365) | $(56,695,823) | $(62,963,213) | +11.1% (loss widened) |
| Cash used in operating activities | $(15,407,462) | $(23,291,311) | $(31,086,629) | +33.5% |
| Cash from financing activities | $10,195,500 | $81,898,333 | $292,274,542 | +257% |
FY2025 narrative. Revenue ramped from a de minimis $41K (FY2024) to $1.07M (FY2025) — POET’s own framing in the 20-F MD&A. R&D grew 59.5% YoY as the company invested ~$30M cumulatively into 400G / 800G / 1.6T optical engine and Light Source (Blazar) development. SG&A grew 33.6% reflecting headcount, IP, and listing-related costs. Cash burn from operations was $31.1M (~$2.6M/month average) — but the company raised $292M in financing during 2025 alone, plus an additional $150M in January 2026. The net-loss vs. operating-loss gap is dominated by non-cash fair-value swings on derivative warrant liability ($135.6M YE balance), which can produce volatile reported net loss without affecting operating economics.
Important framing: Net loss is not an operating performance number for POET. The KB’s quarterly trend file works the operating-loss line as the better burn-rate proxy. ⚠ See quarterly trend for the reconciliation.
Cash + capital structure
Cash trajectory
| Date | Cash + ST investments | Source |
|---|---|---|
| 2023-12-31 | $3,019,069 | 20-F FY2025 cash-flow comparative |
| 2024-12-31 | $37,143,759 (cash only); ~$53.8M w/ ST investments | 20-F FY2025 |
| 2025-12-31 | $39,959,201 cash + ~$273.4M ST investments = $313,398,303 total | 20-F FY2025 ✓ |
| 2026-01-23 | +$142.5M net | After Jan 2026 $150M registered direct @ $7.25 (Titan Partners placement agent) |
| 2026-Q1 burn (est.) | −$8M to −$10M | ~$2.5–3.0M/month operating burn extrapolated ⚠ |
| 2026-04-29 (est.) | ~$440M est. | ⚠ Inferred — no interim 6-K balance sheet disclosed since 20-F YE |
Runway implication. POET’s 20-F asserts: “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.” At a $30–40M annual operating burn and ~$440M cash post-Jan 2026 raise, mathematical runway is multi-year. However, the company has continued to raise opportunistically — the question is not whether POET can survive but whether continued dilution at sub-target prices breaks the per-share value compounding even on bull-case revenue ramp.
Capital structure (no public debt)
| Item | Detail | Source |
|---|---|---|
| Senior notes | None | 20-F |
| Bank debt / credit facility drawn | None | 20-F |
| Convertible debt | $5,800,000 (current liability per conversion right) | 20-F Note (4-year scheduled paydown; convertible at holder discretion) |
| Derivative warrant liability | $135,631,585 (non-cash; FV swing per Black-Scholes inputs) | 20-F |
| Common shares O/S | 152,711,182 (post Jan 23 2026 raise) | 424B5 acc. 0001493152-26-003330 |
| Warrants outstanding (per 20-F 2026-03-20) | 37,364,941 @ wtd avg $5.71 | 20-F |
| Options outstanding (per 20-F 2026-03-20) | 5,792,465 @ wtd avg $1.93 | 20-F |
| Fully diluted (all-exercise) | ~195.9M (+28.35% headroom) | 20-F |
Cost-of-capital read-out. With no public debt, POET has no implied cost-of-capital observable from the bond market. The closest market-implied number is the average price per share raised across the 2024–2026 raise log (see recent_capital_raises). Equity is the sole capital source. See credit market positioning for the full no-debt framing and dilution-implied cost of capital.
2025 + January 2026 capital raises (load-bearing exhibit)
Five raises in 14 months totalling ~$430M gross, all primary equity (no debt instruments). All amounts cross-checked to the 20-F MD&A “Operating and Investing Activities” section and applicable take-down prospectuses:
| Date | Vehicle | Gross proceeds | Shares issued | Price | Warrant coverage | Source / accession |
|---|---|---|---|---|---|---|
| 2025-05-22 | Non-brokered private placement (Canadian style; units = share + warrant) | CAD$41.6M / US$30.0M | 6,000,000 units | CAD$6.92 / US$5.00 per unit | 1× warrant @ CAD$8.32 / US$6.00, 5-yr | 20-F MD&A ✓ |
| 2025-07-17 | Non-brokered private placement | CAD$34.0M / US$25.0M | 5,000,000 units | CAD$6.80 / US$5.00 per unit | 1× warrant @ CAD$8.16 / US$6.00, 5-yr | 20-F MD&A; SUPPL acc. 0001493152-25-011284 ✓ |
| 2025-10-07 | Non-brokered private placement | CAD$104.6M / US$75.0M | 13,636,364 units | CAD$7.67 / US$5.50 per unit | 1× warrant @ CAD$9.78 / US$7.03, 5-yr (5,000,000 warrants) | 20-F MD&A; SUPPL acc. 0001493152-25-019787 ✓ |
| 2025-10-28 | Brokered registered direct offering | US$150.0M | 20,689,655 common shares | $7.25 per share | None — pure share offering | 20-F MD&A ✓ |
| 2026-01-23 | Brokered registered direct offering | US$150.0M | 20,689,656 common shares | $7.25 per share | None — pure share offering | 424B5 acc. 0001493152-26-003330; placement agent: Titan Partners Group LLC (best-efforts) ✓ |
| TOTAL | 5 raises | ~$430M USD | ~66.0M shares + 16.0M warrants | wtd-avg ~$6.50 | Significant overhang |
Bear-case framing. Cumulative shares-issued plus exercisable warrants from these five raises alone equal ~82M shares of dilution vs. a starting pre-raise base of ~67M (early 2025). That is more than the entire pre-2025 share count. Even if all those warrants stay out of the money, the issued-share count itself has roughly doubled in 14 months. See share_count_dilution and recent_capital_raises for the full per-tranche breakdown including pre-2025 history.
Bull-case framing. Each raise was struck at progressively higher prices ($5.00 → $5.50 → $7.25), and the October 28 / January 23 raises were registered direct offerings to institutions (not Canadian-style retail unit offerings) — signalling a transition to deeper-pocketed sponsorship. The cash runway built (~$440M est. post-Jan 2026) is meaningful relative to operating burn.
Insider activity overview (FPI regime)
POET is exempt from Section 16 of the Securities Exchange Act because it is a foreign private issuer. No Form 4 / Form 5 filings exist for POET insiders on SEC EDGAR. Insider activity flows through three channels:
- SEC Form 144 — proposed sales by affiliates (mandatory if shares sold under Rule 144).
- Canadian SEDI / SEDAR+ — System for Electronic Disclosure by Insiders. Less granular real-time access than EDGAR; data quality is structurally weaker than for US-domestic comps. ⚠
- Schedule 13D / 13G / 13G/A — 5%+ holders (institutional + insider concentration).
Form 144 — proposed insider sales (recent)
| Date | Filer | Relationship | Shares | Aggregate market value | Broker | Source |
|---|---|---|---|---|---|---|
| 2025-10-03 | Riley Family Trust UAD October 16, 2014 (Glen Riley, Director) | Director | 8,163 Class A common | $51,018 | UBS Financial Services | Form 144 acc. 0001969223-25-000826 ✓ |
Form 144 is a proposed sale notice (not an executed-trade record). The single 144 filing in the past 12 months covering 8,163 shares (~$51K) by a director is immaterially small as a sentiment signal — far below the ~9.99% MM Asset Management institutional concentration. The structural absence of Form 4 ledger means POET’s insider-trading data is less complete than US-domestic comps. See insider history for full FPI-regime documentation.
Schedule 13G/A — 5%+ holders (institutional context)
| Date | Filer (CUSIP 73044W302) | Shares beneficially owned | % of class | Source |
|---|---|---|---|---|
| 2026-02-17 | MM Asset Management Inc. + segregated portfolio company (joint filing) | 14,483,370 | 9.99% ✓ | acc. 0001104659-26-016326 |
| 2025-10-10 | MM Asset Management + co-filer | 11,211,522 | 9.99% ✓ | acc. 0001104659-25-098718 |
| 2025-10-09 | MM Asset Management + co-filer | 9,763,230 | 9.99% ✓ | acc. 0001104659-25-098365 |
| 2025-08-14 | (Same filer group) | (similar disclosure cadence) ◐ | — | acc. 0001104659-25-078685 |
MM Asset Management Inc. (Toronto-based, signed by Hillel Meltz as President) plus an unnamed segregated portfolio company (signed by Ulla Vestergaard) maintain a precisely 9.99% position — i.e., immediately below the 10% beneficial-ownership trigger that would impose Section 16 reporting equivalents. The position has been topped up with each successive raise (9.76M → 11.21M → 14.48M shares between Sept 2025 and Feb 2026), suggesting active management of the threshold during the dilution wave. ⚠
Comparable analysis
Per comps_valuation. POET sits in a very-small-cap photonics components peer set with structurally similar pre-revenue profiles. Comp set is curated for defensibility against primary data; some peers are narrative analogues not financial-comparable.
| Comp | Ticker | Market cap (Apr 2026) | TTM revenue | Profile note |
|---|---|---|---|---|
| POET Technologies | POET | ~$1.23B ⚠ | $1.07M (FY2025) ✓ | Photonic packaging / optical engines; pre-meaningful-revenue, serial-financed |
| Lightwave Logic | LWLG | ~$1.91B ◐ | $0.24M (FY2025) ✓ | EO polymer materials / IP licensing; pre-revenue analogue |
| Allumis | ALMU | smallcap ◐ | n/a primary-source captured | InP photonics smallcap; sparse data |
| Navitas Semi | NVTS | ~$1.5B ◐ | ~$80M (FY25) ◐ | GaN / SiC; AI-power-supply narrative; not a photonics comp but an “AI hype microcap” peer |
| Ondas | ONDS | smallcap ◐ | small ◐ | RF / wireless networks; “micro-cap with hype” cohort |
Warning analogue framing. Within the broader photonics-microcap discourse, POET has historically been positioned (e.g., LWLG bull-case literature) as the “warning” — the company that has had a “nearly there” reputation for over a decade without a step-function revenue ramp. The bull case for POET requires that the FY2026 1.6T optical engine and Blazar Light Source ramps actually materialize as primary-source design wins; the bear case is that the very same narrative POET has repeated since the 2016 DenseLight acquisition simply continues to consume capital. The KB does not adjudicate; it documents and flags.
Open questions
- What is the cash burn run-rate trajectory in 2026? The next data point is the H1 2026 6-K interim financial statements (typically September). Pre-disclosure, only ⚠ inferred extrapolation from FY2025 burn ($2.6M/month) is available — a step-up to $3–4M/month would be consistent with stated 1.6T / Blazar productization spend.
- What % of FY2025’s $1.07M revenue is recurring product vs. one-time NRE / sample / engineering services? The 20-F revenue note distinguishes “sale of goods” from “service revenue” but is not granular enough to triangulate. Material to credibility of any revenue-ramp scenario.
- When is the next capital raise? The Jan 2026 F-3ASR shelf (acc. 0001493152-26-003188) is open and unrestricted, with the Jan 23 take-down representing a partial use. Further take-downs are highly probable on stock-price strength. ⚠
- What is the implied cost of capital from the raise schedule? Average raise price 2025–2026 weighted-average ~$6.50 vs. spot $8.03 on 2026-04-28 — a ~19% discount realized on raised capital. The “raise discount” is the closest market-implied cost-of-capital signal absent debt issuance.
- Is there a path to operating cash-flow breakeven without further dilution? Management has not provided guidance. Triangulation from the FY28-targeted optical-engine ramp scenarios sits in dcf_sum_of_parts.
- What is the post-Jan 2026 institutional ownership distribution? The next 13F cycle (Q1 2026 institutional filings, due ~May 15 2026) will refresh; current snapshot is dominated by the MM Asset Management 9.99% block. ⚠
Sources
Primary SEC filings (POET CIK 0001437424)
- 20-F FY2025 (acc. 0001493152-26-014253, filed 2026-03-31) — SEC EDGAR. Auditor: Marcum LLP successor. Audit report dated 2026-03-31. Unqualified opinion. No going-concern flag.
- 424B5 — $150M registered direct (acc. 0001493152-26-003330, 2026-01-23) — SEC EDGAR. 20,689,656 shares @ $7.25; placement agent Titan Partners Group LLC.
- F-3ASR — primary shelf registration (acc. 0001493152-26-003188, 2026-01-22) — SEC EDGAR. File No. 333-292868.
- F-3ASR — selling-shareholder resale shelf (acc. 0001493152-25-025394, 2025-11-28) — File No. 333-291848. Resale of shares from Oct 2025 raises, not company offering.
- F-3 (acc. 0001493152-23-027397, 2023-08-09) — File No. 333-273853. Predecessor primary shelf.
- SUPPL — Oct 28 2025 $150M raise (acc. 0001493152-25-019787, 2025-10-27) — SEC EDGAR.
- SUPPL — Jul 17 2025 $25M PIPE (acc. 0001493152-25-011284, 2025-07-17) — SEC EDGAR.
- Form 144 — Riley Family Trust (acc. 0001969223-25-000826, 2025-10-03) — proposed sale 8,163 shares @ ~$51K market value.
- Schedule 13G/A — MM Asset Management (acc. 0001104659-26-016326, 2026-02-17) — 14,483,370 shares / 9.99%.
- Schedule 13G/A — MM Asset Management (acc. 0001104659-25-098718, 2025-10-10) — 11,211,522 shares / 9.99%.
- Schedule 13G/A — MM Asset Management (acc. 0001104659-25-098365, 2025-10-09) — 9,763,230 shares / 9.99%.
Cross-references (KB-internal)
- Quarterly trend
- Balance sheet
- Capital allocation
- Recent capital raises — full chronological raise log
- Comps & valuation
- DCF / scenario framework
- Earnings calls
- Singapore subsidiary financials — historical DenseLight + current PTS context
- Insider history (FPI regime)
- Institutional holders
- Short interest history
- Share count progression
- Credit market positioning (no-debt framing)
- Open questions