April 1 - POET Technologies (NASDAQ:POET) saw its shares dip nearly 2% in premarket trading Tuesday after missing Wall Street expectations in its fourth-quarter results.
The company pulled in just $30,000 in revenue for the quarter, coming up short of the $33,330 analyst estimate. That's a steep 73% drop from the $107,551 it made in the same period last year, largely due to fewer billable non-recurring engineering services.
Losses widened significantly. The net loss ballooned to $30.2 million, or -$0.48 per share, compared to -$0.13 per share a year ago. Analysts had expected a much smaller loss of -$0.07 per share. Research and development spending also climbed to $3.4 million from $2.1 million.
Despite the rough quarter, POET secured $25 million in a private placement in November, bringing its 2024 capital raise to $82.2 million. It also completed a $6.5 million acquisition of Super Photonics Xiamen Co., Ltd, payable over five years.
As we look ahead, the company expects revenue to pick up in the second half of 2025, backed by existing contracts and partnerships.
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