POET Technologies reported its second-quarter 2024 financial results, highlighting key partnerships that are driving its penetration into AI markets. Among the notable developments is a major design win with Foxconn Interconnect Technology (FIT) and an expanded partnership with Luxshare Tech, both of which are expected to significantly bolster POET’s market presence in high-speed optical solutions.
In addition to these strategic partnerships, POET also reported raising substantial capital through private placements and direct offerings, bringing its cash balance to $28.7 million as of July 31, 2024. This financial strength, combined with industry recognition such as the "Best Optical AI Solution" award from AI Breakthrough, positions POET for accelerated growth and product deployment.
Key Highlights:
- Partnership with Foxconn Interconnect Technology (FIT): Supplying 800G and 1.6T optical engines for high-speed data center networks and AI applications.
- Expanded Partnership with Luxshare Tech: Developing additional optical module products for AI networks, incorporating POET’s high-speed optical engines.
- Financial Performance: Reported a net loss of $8.0 million for Q2 2024, with a cash position of $28.7 million as of July 31, 2024.
- Capital Raising: Secured $35.7 million through multiple private placements and direct offerings, strengthening financial stability.
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