POET Technologies (TSE:PTK) has released an update.
POET Technologies reported a significant increase in cash and cash equivalents, reaching over $41 million by the end of September 2024, compared to just over $3 million at the end of 2023. However, the company faced substantial net losses, with a deficit of $26.4 million for the first nine months of 2024, highlighting ongoing financial challenges despite increased shareholder equity. Investors in the tech sector may find this financial report indicative of both potential growth and considerable risks associated with POET Technologies.
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