• Qualcomm for data center optical modules.
• Intel for optical chips in high-speed data communications.
• Broadcom for integrated optical networking components.

• Optica™ Platform: A highly integrated silicon photonics platform that enables the co-packaging of various optical components onto a single chip, simplifying the design and manufacturing of optical engines.
• Optical Engines: Integrated modules built using the Optica platform, designed to power high-speed data communication transceivers for data centers, AI/ML clusters, and telecom networks.
• LightBar™ Platform: A module within the Optica family that streamlines the integration of multiple lasers onto a photonics integrated circuit, enhancing efficiency and scalability for optical interconnects.

Major Customers of POET Technologies (POET)

POET Technologies (POET) primarily sells its opto-electronic solutions and components to other companies within the data communications and telecommunications markets. These companies integrate POET's technology, such as optical interposer platforms and optical engines, into their own products, including optical transceivers and modules.

Based on publicly available information, major customers and strategic partners integrating POET's technology include:

• Fiberhome Telecommunication Technologies Co., Ltd. (Shanghai Stock Exchange: 600498): A prominent Chinese telecommunications equipment and network solutions provider. POET has a strategic partnership with Fiberhome to supply its optical engines for Fiberhome's 400G and 800G optical transceiver products.
• Ligent Photonics: This is a joint venture established by POET Technologies and Sanan IC. Ligent Photonics designs, develops, manufactures, and sells optical engines based on POET's Optical Interposer platform. While a joint venture, Ligent acts as a significant customer by procuring components and intellectual property from POET for the optical engines it produces and sells to its own customers. Ligent Photonics is not a publicly traded company.

POET also works with other unnamed "Tier 1 module makers" and targets hyperscale data center customers through its partners, but specific names are often subject to confidentiality agreements.

Sanan Optoelectronics Co., Ltd. (SSE: 600703)

Thomas Mika, Executive Vice President, Chief Financial Officer & Corporate Secretary
Thomas Mika joined POET Technologies in November 2016. He previously served as Chairman of the Board of Rennova Health, which was the successor company to Tegal Corporation, a semiconductor capital equipment company. He was on the Board of Directors of Tegal since its spin-out from Motorola in 1989, and served as Chief Financial Officer from 2002, Chief Executive Officer from 2005, and Chairman & Chief Executive Officer from 2006 until 2015, when Tegal merged with Rennova Health. Earlier in his career, Mika co-founded IMTEC, an investment and consulting firm, and held the role of CEO in several ventures over a period of 20 years.

Vivek Rajgarhia, President & General Manager
Prior to joining POET in late 2019, Vivek Rajgarhia was Senior Vice President & General Manager of the Lightwave Business Unit of MACOM. He joined MACOM through the acquisition of Optomai Inc., where he was the Co-Founder and CEO, initiating MACOM's optical business. He was also instrumental in identifying and leading several strategic acquisitions to build MACOM's Lightwave Business Unit. With 30 years of experience in the optical communications industry, he has held senior management positions at companies such as Lucent Technologies (where he started its Asia business), OpNext (where he was part of the team to spin off the optical business from Hitachi), JDS Uniphase, and GigOptix. Rajgarhia is also a successful entrepreneur, having founded two optical companies.

Raju Kankipati, Chief Revenue Officer
Raju Kankipati serves as the Chief Revenue Officer for POET Technologies.

Kevin Barnes, Vice President of Finance & Administration, Corporate Controller & Treasurer
Kevin Barnes holds the positions of Vice President of Finance & Administration, Corporate Controller & Treasurer at POET Technologies. He has been in various roles within the company, including Chief Administrative Officer and Comptroller/Controller/Auditor, since 2007 or 2015.

History of Operating Losses, Significant Cash Burn, and Share Dilution

Uncertainty in Commercialization and Adoption of Products

High Valuation Amidst Unproven Profitability

• The global market for **800G optical modules** is estimated at $5 billion to $15 billion annually. POET's serviceable addressable market, focusing on the integration and packaging layer, is approximately $1.5 billion to $4.5 billion annually, based on an estimated value capture of 10-30% per module.
• The global **Data Center Interconnect (DCI) market** was estimated at USD 10.12 billion in 2024 and is projected to reach USD 20.37 billion by 2030, growing at a CAGR of 13.1% from 2025 to 2030. Another estimate places the global DCI market at USD 14.6 billion in 2025, with a projected growth to USD 79.4 billion by 2034 at a 20.7% CAGR. North America holds the largest share of this market, with the U.S. DCI market alone projected to reach USD 4.7 billion in 2025 and USD 23.0 billion in 2034.
• The global **optical interposer market** reached USD 1.42 billion in 2024 and is anticipated to grow to USD 10.16 billion by 2033, exhibiting a robust CAGR of 23.7% during this period. North America accounted for USD 0.43 billion of this market in 2024.
• The global **optical interconnect for AI market** was valued at USD 2.86 billion in 2024 and is expected to reach USD 11.12 billion by 2033, with a CAGR of 17.9% between 2025 and 2033. North America currently leads this market. A related market, the global **optical AI accelerator market**, was valued at USD 2.22 billion in 2026 and is projected to reach USD 146.29 billion by 2040, with a CAGR of 34.89% from 2026 to 2040.
• The global **co-packaged optics market** is expected to grow at a 37% CAGR and reach $20 billion by 2036. Another projection for the co-packaged optics market estimates it will reach $2.1 billion by 2028.
• The market for sales of **optical transceivers, Low-Power Optics (LPO), and Co-Packaged Optics (CPO) for AI clusters** (global) is expected to double from US$5 billion in 2024 to US$10 billion in 2026.

POET Technologies (POET) is expected to experience significant revenue growth over the next 2-3 years, driven by several key factors as it transitions from a development-stage company to a commercialization phase.

Here are 3-5 expected drivers of future revenue growth for POET Technologies:

1. Commercialization and Ramp-Up of Optical Engine and Light Source Products: POET is actively moving from its research and development phase to the commercialization of its optical engine and light source products. The company has secured initial production orders exceeding $5.6 million, which are anticipated to drive a steady revenue ramp throughout 2026. This transition to product sales from its core technology, the POET Optical Interposer™, is a critical inflection point for future revenue generation.
2. Expansion into Artificial Intelligence (AI) and Hyperscale Data Center Markets: POET's products are specifically designed to address the increasing demand for high-speed, power-efficient connectivity in AI clusters and hyperscale data centers. The company's optical solutions aim to overcome the limitations of traditional copper interconnects, positioning it to capitalize on the "insatiable demand" within these rapidly expanding markets.
3. Introduction and Adoption of New, High-Speed Transceiver Products (800G, 1.6T, and 3.2T): The launch of new high-speed products, including 800G pluggable transceivers, 800G transmit optical engine chiplets (serving as building blocks for 1.6T and 3.2T transceivers), and 1.6T optical receivers, is expected to be a major revenue driver. These products are crucial for next-generation AI and data center applications, with demand projected to accelerate through 2026.
4. Strategic Partnerships and Customer Design Wins: Collaborations and design wins with leading industry players are vital for POET's market penetration and revenue growth. Notable examples include a major design win and collaboration with Foxconn Interconnect Technology (FIT) for 800G transceivers, a collaboration with MultiLane Inc. for developing next-generation transceivers (800G, 1.6T, and higher), and partnerships with Semtech for the 1.6T optical receiver and Sivers Semiconductors for light sources. These partnerships validate POET's technology and facilitate its integration into high-volume solutions.

Share Issuance

• In January 2026, POET Technologies closed a registered direct offering of 20,689,656 common shares, generating approximately US$150 million in gross proceeds.
• During 2025, the company completed three rounds of equity financing with institutional investors, raising a total of US$250 million. This included a US$75 million private placement in October 2025, where 13,636,364 common shares and warrants were issued to a single institutional investor.
• In the third quarter of 2024, POET raised $25 million in equity capital through two private placements, issuing 7,333,334 Units with warrants. The company also raised US$6.2 million through equity offerings between December 2023 and January 2024.

Inbound Investments

• A significant registered direct offering in January 2026 secured approximately US$150 million from institutional investors, increasing the company's pro-forma cash position to over US$300 million.
• In October 2025, POET received its largest single investment to date, a US$75 million private placement from one institutional investor.
• The company raised US$25 million in equity capital in Q3 2024 through private placements with institutional investors.

Outbound Investments

• POET Technologies moved to take full control of its joint venture, Super Photonics Xiamen (SPX), by facilitating the transfer of SAIC's stake in November 2025, a move also noted in Q4 2024/early 2025.

Capital Expenditures

• Research and development (R&D) costs were a primary focus, reaching $3.7 million in Q3 2025 and $11.33 million for the full fiscal year 2024.
• Proceeds from equity financings are earmarked for scaling up R&D, accelerating the light source business, and expanding operations.
• The company aims to use capital for corporate development, including targeted acquisitions and vertical integration of products, to secure technological leadership and revenue opportunities in AI hardware solutions.