MeritValue

POET TECHNOLOGIES INC.

POETdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

POET TECHNOLOGIES INC. earns about -436% on invested capital, but has diluted owners by 262% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$209,1001$552,7482$465,7773$41,4273$1.07M3
Net income−$15.7M4−$21M5−$20.3M6−$56.7M6−$63M6
Operating cash flow−$11.2M7−$12.3M8−$15.4M9−$23.3M9−$31.1M9
Capital expenditure$771,52310$3.01M11$1.17M12$6.78M12$2.26M12
Free cash flow (derived)−$12M7−$15.3M8−$16.6M9−$30.1M9−$33.3M9
Total debt—————
Cash & equivalents$14.9M13$9.23M14$3.02M14$37.1M14$40M14
Diluted shares36.5M37.8M42.5M76.5M132.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$13.89
your share of equity
Profit it earned you last year
−$4.76
Free cash flow it threw off
−$2.52
Debt you’d be carrying
—

10 shares is a claim on $13.89 of net worth that earned you −$4.76 and generated −$2.52 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-436% avg · 5y
FY21 -123%FY22 -750%FY23 -837%FY24 —FY25 -35%

It earned an average -436% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+262% shares · 5y

Share count is up 262% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001493152-24-011806 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-002143 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-014253 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-011806 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-002143 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-014253 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-011806 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-002143 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-014253 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-011806 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-002143 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-014253 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001641172-25-002143 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-26-014253 (CashAndCashEquivalents)