POET Technologies Inc. (NASDAQ:POET) shares are trending on Friday.
POET shares climbed 11.28% to $22.89 in after-hours trading on Thursday after the photonic integration company reported a first-quarter net loss of $0.08 per share, improving sharply from a loss of $0.32 per share in the previous quarter.
The company reported first-quarter Non-International Financial Reporting Standards non-recurring engineering and product revenue of $503,389 for the quarter ended Mar. 31, triple the $166,760 reported a year earlier.
Non-financial reporting standards are guidelines that help companies disclose key information about their environmental, social and governance performance alongside financial results, ensuring sustainability and risk data are transparent and comparable for investors.
In the fourth quarter, reported in March, the company reported revenue of $341,200.
What Investors Need To Know
The rally was also fueled by a $50 million initial purchase order from Lumilens for electrical-optical interposer-based optical engines, the first …