$POET

POET TECHNOLOGIES INC.

CIK:0001437424|SEC Filings

Consolidated Statements of Operations and Deficit - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Revenue (Note 21)	$ 1,074,865	$ 41,427	$ 465,777
Operating expenses
Selling, marketing and administration (Note 20)	25,081,957	18,771,421	10,795,155
Research and development (Note 20)	18,084,303	11,334,641	10,077,930
Operating expenses	43,166,260	30,106,062	20,873,085
Operating loss before the following	(42,091,395)	(30,064,635)	(20,407,308)
Loss on acquisition of 24.8% of SPX (Note 5)		(6,852,687)
Interest expense (Note 8)	(144,046)	(102,673)	(70,182)
Other income, including interest	4,553,061	947,956	234,990
Forgiveness of Covid-19 government support loans (Note 23)		7,298
Gain on contribution of intellectual property to joint venture (Note 5)			1,031,807
Share of loss in joint venture (Note 5)			(1,031,807)
Fair value adjustment to derivative warrant liability (Note 10 and 11(b))	(25,280,833)	(20,631,082)	(24,865)
Net loss	(62,963,213)	(56,695,823)	(20,267,365)
Deficit, beginning of year	(270,986,848)	(214,291,025)	(194,023,660)
Adjustment due to change in functional currency	36,855,727
Net loss	(62,963,213)	(56,695,823)	(20,267,365)
Deficit, end of year	$ (297,094,334)	$ (270,986,848)	$ (214,291,025)
Basic net loss per share (Note 14)	$ (0.68)	$ (0.94)	$ (0.51)
Diluted net loss per share (Note 14)	$ (0.68)	$ (0.94)	$ (0.51)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net loss	$ (62,963,213)	$ (56,695,823)	$ (20,267,365)
Adjustments for:
Depreciation of property and equipment (Note 6)	2,985,140	1,713,686	1,653,798
Amortization of patents and licenses (Note 7)	96,870	92,344	87,761
Amortization of right of use asset (Note 8)	233,889	214,165	180,602
Fair value adjustment to derivative warrant liability (Note 10)	25,280,833	20,631,082	24,865
Non-cash interest (Notes 8)	144,046	90,041	53,614
Stock-based compensation (Note 13)	6,107,052	5,469,369	4,201,444
Non-cash operating costs	399,182	(18,766)
Loss on acquisition of 24.8% of SPX		6,852,687
Gain on contribution of intellectual property to joint venture (Note 5)			(1,031,807)
Share of loss in joint venture (Note 5)			1,031,807
Forgiveness of covid-19 government support loans (Note 23)		(7,298)
Total adjustments to reconcile profit (loss)	(27,716,201)	(21,658,513)	(14,065,281)
Net change in non-cash working capital accounts:
Accounts receivable	7,257	(7,257)	62,000
Prepaid and other current assets	630,208	(1,659,615)	126,936
Accounts payable and accrued liabilities	(4,446,794)	34,074	(1,256,925)
Contract liabilities	438,900		(274,192)
Cash flows from operating activities	(31,086,630)	(23,291,311)	(15,407,462)
INVESTING ACTIVITIES
Purchase of short-term investments (Note 2)	(271,626,182)	(26,357,782)
Proceeds from the sale of short-term investments (Note 2)	14,859,891	9,684,971
Purchase of property and equipment (Note 6)	(2,255,107)	(6,781,715)	(1,167,953)
Purchase of patents and licenses (Note 7)	(46,537)	(196,997)	(79,111)
Long term deposit (Note 15)	(93,542)	(107,890)
Cash received on acquisition of remaining portion of SPX (Note 5)		97,833
Cash flows from investing activities	(259,161,477)	(23,661,580)	(1,247,064)
FINANCING ACTIVITIES
Issue of common shares for cash, net of issue costs (Note 11)	293,241,655	82,176,180	10,447,603
Payment of lease liability (Note 8)	(223,403)	(255,953)	(252,103)
Repayment of covid-19 government support loans (Note 23)		(21,894)
Repayment of convertible debt (Note 5)	(700,000)
Cash flows from financing activities	292,318,252	81,898,333	10,195,500
Effect of exchange rate on cash	745,297	(820,752)	248,250
Net change in cash and cash equivalents	2,815,442	34,124,690	(6,210,776)
Cash and cash equivalents, beginning of year	37,143,759	3,019,069	9,229,845
Cash and cash equivalents, end of year	39,959,201	37,143,759	3,019,069
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES
Purchase of property and equipment financed through accounts payable		$ 3,399,498

Consolidated Statements of Financial Position - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Cash and cash equivalents	$ 39,959,201	$ 37,143,759	$ 3,019,069
Short-term investments (Note 2)	273,439,102	16,672,811
Accounts receivable (Notes 3)		7,257
Prepaids and other current assets (Note 4)	1,063,528	1,658,207	150,676
Total current assets	314,461,831	55,482,034	3,169,745
Long term deposit (Note 15)	208,125	107,890
Property and equipment (Note 6)	12,233,828	12,757,682	4,623,228
Patents and licenses (Note 7)	556,375	606,708	502,055
Right of use asset (Note 8)	1,112,279	698,135	482,389
Total assets	328,572,438	69,652,449	8,777,417
Current
Accounts payable and accrued liabilities (Note 9)	1,639,543	5,970,537	2,301,457
Convertible debt (Note 5)	5,800,000	6,500,000
Lease liability (Note 8)	236,304	115,793	204,939
Derivative warrant liability (Note 10 and 11(b))	135,631,585	35,750,607	1,002,264
Contract liabilities (Note 3)	445,840
Covid-19 government support loans (Note 23)			30,200
Total current liabilities	143,753,272	48,336,937	3,538,860
Non-current lease liability (Note 8)	1,029,894	626,625	307,141
Total liabilities	144,783,166	48,963,562	3,846,001
Shareholders’ Equity
Share capital (Note 11(b))	443,076,163	223,742,335	165,705,423
Warrants and compensation options (Note 12)	30,599,602	11,157,738	670,115
Contributed surplus (Note 13)	9,329,724	58,724,750	55,447,961
Accumulated other comprehensive loss	(2,121,883)	(1,949,088)	(2,601,058)
Deficit	(297,094,334)	(270,986,848)	(214,291,025)
Total shareholders’ equity	183,789,272	20,688,887	4,931,416
Total shareholders’ equity and liabilities	$ 328,572,438	$ 69,652,449	$ 8,777,417