POET Technologies reported first-quarter revenue of $503,389.
This figure represents a year-over-year increase of more than 200%. Revenue results exceeded analyst estimates for the quarter. The company reported a GAAP net loss of $12.3 million. The loss of $0.08 per share missed analyst expectations.
Management attributed the growth to demand for optical solutions in AI and hyperscale data centers. The report follows a new supply agreement with Lumilens. The Lumilens partnership is potentially worth over $500 million.
POET stock surged 43% following the partnership announcement. Shares gained an additional 4% in pre-market trading. Investors weighed the revenue growth against the net loss on May 15.