Free cash flow remains deeply negative at -$11.2M in 2026Q1, reflecting the intense capital requirements of scaling production alongside an OCF/NI conversion ratio of 0.71.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | -30.91M | -31.09M | -23.29M | -15.41M | -12.33M | -11.23M | -9.44M | -9.39M | -9.29M | -9.16M | -9.96M | -6.78M | -5.27M | -3.89M | -5.9M | -7.78M | -6.35M | -10.93M | -6.68M | -5.54M | -2.05M | -141.8K | -65.52K |
| Operating CF Margin % | - | -2892.14% | -56222.54% | -3307.91% | -2229.93% | -5372.21% | -242.73% | -241.61% | -238.89% | -327.97% | -535.06% | - | - | - | -2471.87% | -132.28% | -385.5% | -1796.2% | -440.52% | -594.51% | -186.67% | - | - |
| Operating CF Growth % | -53.98% | -33.47% | -51.17% | -25% | -9.73% | -19.02% | -0.47% | -1.14% | -1.36% | 8.01% | -47.01% | -28.49% | -35.7% | 34.17% | 24.08% | -22.42% | 41.89% | -63.59% | -20.63% | -169.66% | -1348.65% | -116.44% | - |
| Net Income | -81.65M | -62.96M | -56.7M | -20.27M | -21.04M | -15.67M | -18.17M | -11.43M | -16.32M | -12.8M | -13.22M | -12.07M | -11.79M | -7.9M | -3.88M | -15.27M | -8.26M | -9.83M | -5.07M | -5.75M | -2.31M | -167.34K | -366.79K |
| Depreciation & Amortization | 3.55M | 3.32M | 1.92M | 1.92M | 1.29M | 1.1M | 813.1K | 243.7K | 2.56M | 2.28M | 1.52M | 319.86K | 236.96K | 64.93K | 7.36K | 283.39K | 234.34K | 235.92K | 148.44K | 116.41K | 106.49K | 0 | 0 |
| Stock-Based Compensation | 3.4M | 6.11M | 5.47M | 4.2M | 4.44M | 4.53M | 3.61M | 2.89M | 4.02M | 3.17M | 4.07M | 4.82M | 4.62M | 4.02M | 1.7M | 1.8M | 740.8K | 378.24K | 1.4M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 2.66M | -292.74K | -297.94K | -297.94K | -207.26K | -4.82M | 0 | 0 | -3.73M | 107.66K | 40.57K | 4.74K | -1.4M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 44.98M | 25.82M | 27.64M | 78.48K | 1.55M | -1.4M | 1.43M | -533.48K | 175.34K | 8.42M | -130.21K | 4.82M | 1.44M | -26K | 150K | 5.49M | 41.65K | 596.63K | 1.4M | 2.22M | 300.68K | 30.24K | 229.42K |
| Working Capital Changes | -1.18M | -3.37M | -1.63M | -1.34M | 1.43M | 205.25K | 210.01K | -265.21K | 572.05K | -1.52M | -1.99M | 156.28K | 219.6K | -42.85K | -152.74K | -189.18K | 847.8K | -2.31M | -3.15M | -2.12M | -152.67K | -4.69K | 71.85K |
| Change in Receivables | -160.23K | 7.26K | -7.26K | 62K | -61.1K | 0 | 0 | 0 | -508.09K | -171.26K | -77.42K | 0 | 0 | 96.75K | -13.69K | -214.19K | 13.87K | 100.25K | -298.74K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -1.53M | 0 | 0 | 0 | 78.73K | 663.99K | -841.81K | 0 | 0 | 0 | 0 | 57.51K | 317.09K | -2.57M | -4.22M | -1.15M | 0 | 0 | 0 |
| Change in Payables | 1.28M | 0 | 0 | 0 | 1.53M | 0 | 0 | 430.23K | 231.61K | -926.16K | -620.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -399.51M | -259.16M | -23.66M | -1.25M | 3.29M | -7.3M | 13.93M | 5.4M | -3.54M | -441.06K | -2.32M | -374.2K | -527.07K | -882.86K | 971.65K | -138.81K | 1.24M | 874.34K | -2.8M | -768.42K | -140.85K | -2.5M | 46.55K |
| Capital Expenditures | -4.17M | -2.26M | -6.64M | -1.17M | -3.07M | -771.52K | -1.57M | -511.48K | -3.54M | -1.03M | -1.28M | -374.2K | -527.07K | -882.86K | -28.35K | -245.78K | -423.43K | -149.54K | -1.01M | -266.38K | -192.63K | 0 | -11.86K |
| CapEx % of Revenue | 295.13% | 209.8% | 16036.98% | 250.75% | 556.14% | 368.97% | 40.48% | 13.15% | 90.93% | 36.88% | 68.82% | - | - | - | 11.87% | 4.18% | 25.7% | 24.57% | 66.48% | 28.59% | 17.51% | - | - |
| Acquisitions | 0 | 0 | 97.83K | 0 | 0 | 0 | 15.5M | 0 | 0 | 0 | 18.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.78K | -2.52M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -495.2K | -46.54K | -17.12M | -79.11K | 252.27K | -159.36K | 15.45M | 5.91M | -3.29M | -384.04K | -427.36K | -209.81K | -161.28K | -62.92K | 1M | 0 | -419 | 705.59K | 0 | 0 | 0 | 21.5K | 0 |
| Cash from Financing | 430.78M | 292.32M | 81.9M | 10.2M | 3.44M | 26.55M | 1.16M | 3.14M | 10.65M | 123.53K | 11.78M | 12.08M | 14.4M | 6.85M | 5.07M | 2.58M | 6.38M | 200.4K | 885.68K | 32.56M | 152.02K | 2.61M | 83.34K |
| Debt Issued (Net) | -982.02K | -923.4K | -277.85K | -252.1K | -204.52K | -237.63K | 74.01K | 3.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8M | 9K | 325.75K | 0 |
| Equity Issued (Net) | 431.77M | 293.24M | 82.18M | 10.45M | 3.64M | 26.79M | 1.09M | 60.03K | 10.65M | 123.53K | 11.78M | 12.08M | 14.4M | 6.85M | 5.07M | 2.58M | 6.38M | 200.4K | 885.68K | 30.76M | 139.39K | 1.96M | 83.34K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -588 | 0 | 0 | 0 | 0 | 0 | 0 | -355.57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -73.08K | 0 | 0 | -120.07K | 100 | 3.63K | 0 | 0 |
| Net Change in Cash | 636.97K | 2.82M | 34.12M | -6.21M | -5.71M | 8.07M | 5.44M | -1.14M | -2.41M | -9.4M | -33.71K | 3.12M | 8.03M | 1.83M | 105.62K | -5.3M | 1.6M | -9.42M | -12.57M | 26.9M | -2.04M | -35.16K | 64.38K |
| Free Cash Flow | -35.12M | -33.39M | -30.27M | -16.65M | -15.4M | -12.16M | -11.01M | -9.91M | -12.82M | -10.19M | -11.24M | -7.15M | -5.8M | -4.77M | -5.93M | -8.02M | -6.78M | -11.08M | -7.69M | -5.81M | -2.25M | -141.8K | -77.38K |
| FCF Margin % | -2488.18% | -3106.28% | -73068.34% | -3575.64% | -2786.07% | -5817.4% | -283.21% | -254.76% | -329.82% | -364.85% | -603.87% | - | - | - | -2483.75% | -136.46% | -411.2% | -1820.78% | -507% | -623.1% | -204.17% | - | - |
| FCF Growth % | -0.16% | -10.3% | -81.75% | -8.15% | -26.6% | -10.46% | -11.17% | 22.76% | -25.8% | 9.33% | -57.24% | -23.27% | -21.63% | 19.6% | 26.05% | -18.39% | 38.86% | -44.08% | -32.47% | -158.39% | -1484.5% | -83.25% | - |
| FCF per Share | -0.24 | -0.36 | -0.50 | -0.42 | -0.42 | -0.35 | -0.38 | -0.34 | -0.45 | -0.39 | -0.51 | -0.39 | -0.37 | -0.36 | -0.58 | -0.89 | -0.96 | -1.95 | -1.34 | -1.24 | -0.74 | -0.04 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.43x | 0.49x | 0.41x | 0.76x | 0.59x | 0.72x | 0.49x | 0.82x | 0.57x | 0.72x | 0.75x | 0.56x | 0.45x | 0.49x | 0.69x | 0.51x | 0.77x | 1.11x | 1.32x | 0.96x | 0.89x | 0.85x | 0.18x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent pre-commercial cash burn
According to recent financial disclosures, POET's operating cash flow consistently trails net income, with an OCF/NI ratio of 0.71 in 2026Q1, suggesting that the company's reported losses are being exacerbated by cash-intensive operational requirements that do not align with traditional accrual-based accounting metrics.
The persistent gap between net income and operating cash flow highlights the company's reliance on external funding to bridge the chasm between R&D investment and commercial revenue. Investors should monitor this divergence as it indicates that the firm's current accounting losses are not merely non-cash charges but represent actual cash outflows required to sustain its pre-production infrastructure.
As reported in quarterly filings, POET's free cash flow remains deeply negative, reaching -$11.2M in 2026Q1, which underscores the firm's ongoing struggle to achieve self-sustaining operations while simultaneously scaling its optical engine manufacturing capabilities to meet potential demand from hyperscale data center operators.
The consistent negative FCF margin, which hit -22.3% in the most recent quarter, reflects a business model that is currently consuming capital at an accelerating rate. This trajectory suggests that the company remains entirely dependent on equity markets to fund its operations until it can successfully transition from NRE-based service revenue to high-volume product sales.
Based on reported figures, POET's capital expenditures have fluctuated significantly, peaking at $2.4M in 2026Q1, which indicates that the firm is actively investing in the specialized equipment necessary to transition from laboratory-scale prototyping to the automated manufacturing required for its proprietary Optical Interposer platform.
The volatility in CapEx/Revenue ratios suggests that management is attempting to time infrastructure investments with specific project milestones. This capital intensity warrants further investigation, as the firm must balance the need for advanced manufacturing capacity against the reality of its limited cash reserves and the risk of technological obsolescence.
Data from recent financial statements reveal erratic working capital movements, including a $645.8K inflow in 2026Q1, which appears to be driven by the timing of milestone payments rather than a stable, repeatable cycle of inventory management or efficient accounts receivable collection processes.
The lack of a predictable working capital cycle is typical for a pre-revenue firm but complicates the assessment of operational efficiency. Investors should be wary of these fluctuations, as they may mask underlying difficulties in managing the supply chain for specialized III-V materials required for the company's photonic components.
As indicated by the provided data, stock-based compensation remains a recurring feature of the cash flow statement, totaling $2.2M in 2025Q4, which effectively obscures the true economic cost of talent acquisition and retention in a highly competitive semiconductor engineering labor market.
While SBC is a non-cash expense, it represents a significant dilution risk for existing shareholders that is not fully captured by looking at operating cash flow alone. The reliance on equity-based incentives suggests that the company is conserving cash at the expense of long-term ownership dilution, a trade-off that may become increasingly contentious if commercialization timelines continue to slip.
Quick answers to the most common questions about buying POET stock.
POET Technologies Inc. (POET) generated $-31.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
POET Technologies Inc. (POET) reported negative free cash flow of $33.4M in 2025, indicating capital requirements exceeded cash from operations.
POET Technologies Inc. (POET) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.