Dr. Suresh Venkatesan reports

POET PROVIDES FINANCIAL UPDATE

Poet Technologies Inc. is providing preliminary key financial data in advance of the company's expected quarterly reporting on or before Nov. 15, 2023.

Key financial data on an unaudited basis as of Sept. 30, 2023, are as noted herein (all amounts are approximate and stated in U.S. dollars).

Key financial data on an unaudited basis for the three and nine months ended Sept. 30, 2023, are as noted herein (all amounts are approximate and stated in U.S. dollars).

"I want our shareholders to know that, from a business perspective, Poet believes it is on track to commercialize our technology and products with initial production expected to commence this year and continuing into 2024, and we are working diligently to speed up customer acquisition and sales," said Dr. Suresh Venkatesan, chairman and chief executive officer of Poet. "Our existing customers are finally completing their module designs for sampling and sale to their end customers, which include hyperscale data centres, network system operators and telecom companies, primarily in China. We have refocused and accelerated our efforts on the highest-speed engines designed for 800G and 1.6T pluggable modules, which we plan to introduce to the market in 2024. 800G and 1.6T modules are gaining increasing market appeal as specialized data centres running AI software applications, such as ChatGPT, continue to drive the need for ever more and ever-increasing transmission speeds. Non-recurring engineering (NRE) payments for custom designs and initial sales of engines and modules in the AI hardware market are expected to provide multiple single-digit millions in revenue to Poet in 2024 and lock in significant growth in 2025 and beyond, both from the pull of the massive growth in the market and from the products we expect to introduce to meet the demand. We are working hard to make up for past delays and to help our customers introduce innovative new products into the market as quickly as possible with reference designs utilizing Poet's proprietary technology."

On Nov. 2, 2023, the company announced a public offering in the United States and a concurrent non-brokered offering in Canada.

Preliminary information

The unaudited financial information presented in this press release is preliminary and may change. The company's financial closing procedures with respect to the estimated financial information provided in this press release are not yet complete, and as a result, the company's final results may vary materially from the preliminary results included in this press release. The company undertakes no obligation to update or supplement the information provided in this press release until the company releases its financial statements for the three months ended Sept. 30, 2023. The preliminary financial information included in this press release reflects the company's current estimates based on information available as of the date of this press release and has been prepared by company management. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with international financial reporting standards and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of financial closing procedures, final adjustments and other developments.

About Poet Technologies Inc.

Poet is a design and development company offering integration solutions based on the Poet Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multichip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. Poet's Optical Interposer eliminates costly components and labour-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the Poet Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest-growth areas of computing, such as artificial intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centres. Poet is headquartered in Toronto, with operations in Allentown, Pa., Shenzhen, China, and Singapore.

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