Quarterly trend / multi-period P&L summary
Executive summary
POET Technologies is a Canadian-incorporated foreign private issuer that reports under IFRS on annual (20-F) + interim (6-K) cadence. Unlike US-domestic peers, POET does not file 10-Q quarterlies — so the canonical “8-quarter rolling table” used for MRVL is not directly available. This file presents the three-fiscal-year P&L progression (FY2023 → FY2025) as disclosed in the FY2025 20-F (accession 0001493152-26-014253), plus interim cadence notes from 6-Ks where they update the operating story between annual filings.
Headline: Revenue ramped from $466K (FY2023) → $41K (FY2024) → $1.07M (FY2025), but the operating-loss line widened concurrently from $(20.4M) → $(30.1M) → $(42.1M) as R&D and SG&A expanded into the 1.6T Optical Engine and Blazar Light Source roadmap. Cash from financing in FY2025 alone was $292M, and a further $150M was raised in subsequent-events January 2026 — the company is operationally pre-revenue at meaningful scale, financed entirely by equity.
Confidence: ✓ (FY2025 20-F audited financial statements; 2026-03-31 unqualified Marcum opinion).
3-year P&L summary (FY2023–FY2025, USD, IFRS)
Per the FY2025 20-F Consolidated Statements of Operations and Deficit (auditor’s report dated 2026-03-31).
Revenue (Note 21)
| Period | Revenue (USD) | YoY change | Notes |
|---|---|---|---|
| FY2023 (12 mo. ended 2023-12-31) | $465,777 | — | Mix of optical-engine sample / engineering-services receipts ⚠ |
| FY2024 (12 mo. ended 2024-12-31) | $41,427 | −91.1% | Drop reflects timing of customer shipments / deferral; not a structural reset ⚠ |
| FY2025 (12 mo. ended 2025-12-31) | $1,074,865 | +2,494% | Mix of “sale of goods” (sample / engineering deliverables) + “service revenue” (contract services); not yet recurring product revenue per 20-F revenue policy note ✓ |
Interpretation. The +2,494% YoY headline is mathematically true but not analytically informative — the FY2024 base was de minimis. The structural read is FY2023 → FY2025 cumulative revenue $1.58M over three years, against ~$94M of cumulative operating losses over the same period. POET remains a development-stage P&L despite being a 18-year-old listed company.
Operating expenses
| Period | SG&A | R&D | Total opex | Operating loss |
|---|---|---|---|---|
| FY2023 | $10,795,155 | $10,077,930 | $20,873,085 | $(20,407,308) |
| FY2024 | $18,771,421 | $11,334,641 | $30,106,062 | $(30,064,635) |
| FY2025 | $25,081,957 | $18,084,303 | $43,166,260 | $(42,091,395) |
SG&A drivers (per 20-F MD&A). Includes $3,890,138 stock-based compensation and $3,315,899 depreciation & amortization (FY2025). The 33.6% YoY SG&A growth reflects (a) headcount additions, (b) increased Investor Relations / listing-compliance load post-NASDAQ uplisting and TSXV de-listing, (c) IP / professional services. ✓
R&D drivers. $18.08M FY2025 R&D directly tied to “the development and commercialization of the POET Optical Interposer and POET Optical Engine products” (20-F MD&A). Includes $2,216,914 of stock-based compensation. The +59.5% YoY step-up is consistent with the company’s disclosure that ~$30M cumulative has been invested in 400G / 800G / 1.6T optical-engine and Light Source design since 2021.
Burn-rate proxy. Operating loss = $42.1M / 12 = ~$3.5M/month operating burn (FY2025 avg). Cash used in operations was $31.1M (~$2.6M/month); the gap of ~$11M is non-cash (D&A + SBC). See the cash-flow section below.
Net loss bridge (FY2025)
| Line item | FY2023 | FY2024 | FY2025 | Notes |
|---|---|---|---|---|
| Operating loss | $(20,407,308) | $(30,064,635) | $(42,091,395) | Operating performance |
| Loss on acquisition of 24.8% of SPX (Note 5) | — | $(6,852,687) | — | One-time FY2024 charge |
| Interest expense | $(70,182) | $(102,673) | $(144,046) | Convertible debt note |
| Other income (incl. interest) | $234,990 | $947,956 | $4,553,061 | Interest on cash/ST investments — grows with raised capital |
| Forgiveness of COVID-19 government support | — | $7,298 | — | One-off |
| Gain on contribution of IP to JV (Note 5) | $1,031,807 | — | — | One-off |
| Share of loss in JV (Note 5) | $(1,031,807) | — | — | Offsetting one-off |
| Fair-value adjustment to derivative warrant liability | (varies) | (large negative) | (varies) | NON-CASH; dominates net-loss vs. operating-loss gap ⚠ |
| Net loss (reported) | $(20,267,365) | $(56,695,823) | $(62,963,213) | Per 20-F |
Critical interpretive note. POET’s reported net loss is not a clean operating-performance number. The derivative-warrant-liability fair-value adjustment swings net loss in either direction every reporting period as Black-Scholes inputs (POET stock price, vol, time-to-maturity) move — and POET has issued ~37.4M warrants over the past three years. The KB uses operating loss as the cleaner burn-rate proxy. The 20-F YE 2025 derivative-warrant-liability balance is $135,631,585 (non-cash, classified as a current liability per the holders’ rights). ✓
Cash flow statement
| Period | Net cash used in operating | Net cash from / (used in) investing | Net cash from financing | FX effect | Δ cash | Ending cash |
|---|---|---|---|---|---|---|
| FY2023 | $(15,407,462) | $(1,247,064) | $10,195,500 | $248,250 | $(6,210,776) | $3,019,069 |
| FY2024 | $(23,291,311) | $(23,661,580) | $81,898,333 | $(820,752) | $34,124,690 | $37,143,759 |
| FY2025 | $(31,086,629) | $(259,170,200) | $292,274,542 | $813,699 | $2,831,412 | $39,959,201 |
Investing cash flow FY2025 = $(259M) is dominated by purchases of short-term investments — i.e., cash earned on raises was redeployed into ST investments rather than left as cash equivalents. Cash + ST investments YE 2025 = $313.4M ✓ (per 20-F MD&A). The “ending cash” line of $40.0M understates true liquidity.
Interim 6-K cadence — what’s available between 20-Fs
POET issues interim financial statements via 6-K but on a less-than-quarterly cadence. Practically, the most-current public balance sheet is the FY2025 20-F (December 31 2025). The next regular financial-statement update is expected in the H1 2026 6-K (typically filed late August / September with semi-annual unaudited figures). Between balance-sheet 6-Ks, POET issues event-driven 6-Ks for capital raises, business updates, AGM proxy materials, and press-release disclosures — those do not always carry full updated financials.
Relevant 6-K filings since the FY2025 20-F:
| Date | Accession | Form | Purpose (inferred from filing posture) |
|---|---|---|---|
| 2026-04-27 | 0001171843-26-002726 | 6-K | Routine update / press release ⚠ |
| 2026-04-15 | 0001171843-26-002462 | 6-K | Routine update ⚠ |
| 2026-04-01 | 0001171843-26-002167 | 6-K | Routine update ⚠ |
| 2026-03-18 | 0001171843-26-001649 | 6-K | Press release pass-through ⚠ |
| 2026-03-16 | 0001171843-26-001583 | 6-K | Press release pass-through ⚠ |
| 2026-03-10 | 0001171843-26-001468 | 6-K | Press release pass-through ⚠ |
| 2026-02-12 | 0001171843-26-000776 | 6-K | Press release pass-through ⚠ |
6-K content categorization marked ⚠ is inferred from filing pattern; specific topical content per filing is left to the sources catalog and recent_capital_raises ledger when applicable. Most are press-release furnishings and corporate-update materials.
What FY2025 says about FY2026 burn trajectory
The 20-F Section C (“Research and Development”) signals the FY2026 spending direction explicitly:
“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 the Blazar.” ✓ (20-F R&D narrative, paraphrased one-sentence quote)
Implications for FY2026 model:
- R&D step-up: FY2025 R&D was $18.1M. Productizing 1.6T engines and the Blazar Light Source for hyperscaler-volume deliveries implies FY2026 R&D ≥ $22–25M. ⚠
- SG&A modest expansion: Listed-issuer compliance overhead is captured; expect FY2026 SG&A flat-to-up-15% from $25.1M baseline. ⚠
- Operating loss trajectory: Triangulation suggests FY2026 operating loss in the $(50–55M) range absent a meaningful revenue ramp. ⚠
- Cash position: ~$440M est. post-Jan 2026 raise covers a $50M operating loss for 8+ years on paper — but this excludes any further M&A, equipment purchase, foundry pre-payments, or working-capital build-up that the 20-F R&D narrative implies.
Per-share metrics
POET does not present a “non-GAAP EPS” / GAAP EPS reconciliation in the US-domestic semiconductor convention; the 20-F shows IFRS basic + diluted loss per share. From the 20-F (paraphrase of disclosure):
| Period | Net loss | Wtd avg shares O/S (basic) ⚠ | Loss per share (basic) ⚠ |
|---|---|---|---|
| FY2023 | $(20.27M) | ~50M ⚠ | ~$(0.40) ⚠ |
| FY2024 | $(56.70M) | ~63M ⚠ | ~$(0.90) ⚠ |
| FY2025 | $(62.96M) | ~95M ⚠ | ~$(0.66) ⚠ |
⚠ Weighted-average share counts are inferred from raise dates within each fiscal year. The 20-F discloses YE-balance share counts (132,290,739 at 2025-12-31) but the per-share table requires the wtd-avg figure direct from the financial-statement note. Cross-check against the 20-F XBRL income-statement instance is open as of 2026-04-29.
Sources
- POET 20-F FY2025 (acc. 0001493152-26-014253, filed 2026-03-31) — primary source for all FY2025 / FY2024 / FY2023 figures above.
- POET 424B5 — $150M Jan 2026 RD (acc. 0001493152-26-003330, 2026-01-23) — pre/post share-count disclosure on Jan 2026 raise.
- POET EDGAR submissions feed (CIK 0001437424) for 6-K cadence inventory.
Cross-references
- Financials summary — analyst snapshot
- Balance sheet — cash + working-capital detail
- Recent capital raises — full chronological raise log
- Capital allocation — what the burn is funding
- Earnings calls — investor-call cadence