By Connor Hart

Shares of Poet Technologies slipped after the company swung to a loss in the recent quarter and it said it raised $400 million in a direct offering to a single institutional investor.

The stock fell 8.4%, to $18.84, Friday. Despite the loss, shares have nearly tripled in value since the beginning of the year.

Poet late Thursday reported a loss of $12.3 million, or 8 cents a share, in the first quarter, compared with a profit of $6.3 million, or 8 cents a share, a year earlier.

The company attributed the net loss in part to higher expenses tied to research and development. It said fluctuations in R&D should be expected for a company of its size and in its current stage of growth, as it transitions from technology development to product development.

Revenue roughly tripled, coming in at $503,389.

Separately, Poet said Friday that it raised $400 million in a direct offering to a single institutional investor.

The company agreed to issue and sell roughly 19 million shares, as well as a warrant exercisable for about 19 million shares. The combined price of the offering is $21 a share, and the warrant will be exercisable at a price of $26.15 a share for three years, it said.

Poet said it intends to use proceeds from the offering in part to expand its manufacturing infrastructure, make targeted acquisitions and scale its R&D unit.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

May 15, 2026 11:43 ET (15:43 GMT)

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