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Two overlapping theses: (1) POET is a serial stock promote with seven pivots, paid YouTube promotion and MMCAP PIPE arbitrage; (2) POET meets the 75% passive-income PFIC test, creating an urgent April 15, 2026 tax-filing deadline for US holders. Unusual specimen of a time-bound short thesis pegged to a tax deadline rather than a catalyst. Tone is unusually coarse (profanity, sexual analogies) and heavily footnoted with SEC-filing links. CEO is referenced but not named; 'villain' is the company/management collectively. No target price — Wolfpack's disclaimer explicitly refuses to provide one.", "kpisCited": [ { "detail": "$2.3 million total while raising ~$538 million", "metric": "Cumulative revenue 2020-2025" }, { "detail": "~38 million to 153 million in just over three years — a 303% increase", "metric": "Share count growth" }, { "detail": "Net loss of -5,858% of revenue in 2025", "metric": "2025 net loss vs revenue" }, { "detail": "80.9% of 2025 gross income was passive ($4.55M interest vs $1.07M business), clearing 75% PFIC threshold", "metric": "Passive income share" }, { "detail": "$313.4M at YE2025; ~$430M by March 31, 2026 after raising another $150M", "metric": "Cash on balance sheet" }, { "detail": "Only ~$33M/year — cementing PFIC status for the foreseeable future", "metric": "Cash burn" }, { "detail": "Position moved from 16.2% to 9.99% in 24 hours (Oct 7-8, 2025); ~5.8M common shares sold", "metric": "MMCAP PIPE arbitrage" }, { "detail": "$95,000 paid to LFG Equities; subcontracted to two YouTubers with 760,000 combined viewers", "metric": "YouTube promotion spend" }, { "detail": "Median stock down ~92% from peak / 88.7% from engagement-date price across 32 remaining names", "metric": "LFG/Hybrid-promoted microcap peers" }, { "detail": "$9.41 on October 15, 2025 vs MMCAP cost basis of $5.50", "metric": "52-week high" } ], "closingAsk": "US holders still owning POET as of April 15, 2026 should file the right IRS forms by midnight that night (or get an extension) to avoid an indefinite PFIC tax nightmare.", "extraction": { "at": "2026-04-22 22:35:03+00", "model": "unknown-legacy", "runId": null, "seconds": 111.015816, "promptVersion": null }, "scqaReward": "Acting in time avoids a 37% ordinary-rate tax on realized and unrealized gains plus compounding IRS interest — an effective hit Wolfpack estimates can exceed 50% of any gains.", "thesisTypes": [ "fraud_exposure", "other" ], "top3Reasons": [ "POET raised ~$538M but generated only $2.3M revenue across seven failed pivots since 2020", "80.9% passive income makes POET a PFIC, trapping US holders in punitive Section 1291 taxation", "POET's real business is paid YouTube promotion and MMCAP PIPE arbitrage, not semiconductors" ], "scqaSituation": "POET Technologies is a $1.1B Canadian semiconductor company marketing itself as an AI-infrastructure optical-interposer supplier, having raised roughly $538 million from retail investors over the past decade.", "thesisSummary": "Wolfpack Research is short POET Technologies, a Canadian semiconductor company it calls an obvious stock promote now pivoting for the seventh time this decade — from GaAs to LIDAR, IoT, 5G, medical devices, VR and now AI infrastructure — having booked just $2.3 million in revenue since 2020 while raising roughly $538 million. Share count ballooned 303% in three years as paid YouTube influencers and a Cayman-based PIPE arbitrage fund, MMCAP, absorbed discounted offerings and sold into retail demand. Crucially, 80.9% of POET's 2025 gross income came from passive interest on its $313 million cash pile, clearing the 75% PFIC threshold and exposing US holders to Section 1291 taxation — ordinary income rates on realized and unrealized gains plus compounding IRS interest. Wolfpack warns US holders must file Form 8621 by April 15, 2026 or face a punitive lifetime tax trap.", "primaryDemands": [ "US holders of POET should file Form 8621 (QEF or MTM election) by April 15, 2026 or exit the position", "Investors should recognize POET as a PFIC and avoid the stock", "Readers should discount POET's denial of PFIC status and its paid-promotion-driven narrative" ], "scqaResolution": "US holders should exit POET or file Form 8621 (QEF or mark-to-market election) by April 15, 2026, before the IRS statute of limitations on their entire return stays indefinitely open.", "thesisOneLiner": "POET is an obvious stock promote on its seventh pivot with almost no revenue, and it is a PFIC — trapping US holders in a punitive IRS tax regime unless they file by April 15.", "precedentsCited": [], "scqaComplication": "POET is on its seventh business pivot with just $2.3M in cumulative revenue since 2020, relies on paid YouTube promoters and PIPE arbitrage with MMCAP, and qualifies as a PFIC because 80.9% of its income is passive interest.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 3, 4, 5 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "analysis", "title": "The slide uses aggressive, alarmist language typical of short-seller research reports.", "function": "diagnose_problem", "imagePath": "https://imgproxy.kitesheet.com/4mUtYJyyXjqovBYBYrBs8pIqR5OBhvuruYgJARe2ASQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jNTY5Yjc0ZGNmYzEvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 6, "textChars": 745, "nDataPoints": 6, "notes": "The slide uses aggressive, alarmist language typical of short-seller research reports.", "elementsJson": [ "headline_text", "bullet_list", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:05.852+00", "seconds": 12.176, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-4c9b9f164b1b/1", "deck": "/decks/019dd923-622c-750b-8b9a-4c9b9f164b1b", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4c9b9f164b1b#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9a-4c9b9f164b1b.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We are short POET Technologies Inc. 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Determining whether a company is a PFIC is simple: if ≥75% of a foreign company’s gross income comes from a passive source like interest, or ≥50% of its total assets are passive, like cash, it’s a PFIC. POET’s own audited numbers show it earned $4.55 million in interest and just $1.07 million from its business — meaning 80.9% of its gross income was passive, clearing the 75% PFIC threshold by nearly 6 percentage points. POET finished 2025 with $313.4 million in cash & cash equivalents on its balance sheet, so >95% of its assets are passive. We also went to two tax experts: the first described POET's PFIC status as “obvious,” and the second said it “was not even close.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:14.069+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bb8efe6-8f6e-4d0f-897d-5117dab079f0", "parentComponentId": null }, { "bbox": { "h": 0.205, "w": 0.737, "x": 0.145, "y": 0.605 }, "kind": "list", "text": "In our opinion, even worse than the tax is the compliance. Failure to timely file the correct forms can result in exorbitant tax and interest. Congress deliberately wanted to discourage wealthy Americans from sheltering money offshore, and the IRS does not care that the law was originally designed for investment vehicles and not shitty stock promotions. It seems that every single year you hold onto a PFIC you need to file a special form (called an 8621). The tax software you use probably does not have it, and this is not something a typical accountant deals with. Specialists who do routinely handle it are firms that serve Americans living abroad, so fees typically start at $1,500 and climb from there. And if you do nothing, the IRS statute of limitations on your entire tax return stays indefinitely open. Not just on POET. On everything.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:14.069+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74014c56-5c06-4f46-b372-c9e3d7db0824", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.737, "x": 0.145, "y": 0.915 }, "kind": "list", "text": "POET preaches a \"fab-light strategy\", opting to outsource product assembly and test operations to companies in Malaysia. POET finished 2025 with $313.4 million in cash & cash equivalents on its balance sheet. The company raised another $150 million in Q1 2026, stating it had ~$430 million in cash as of March 31st. With the company only burning ~$33m/annually in cash - we believe the company has cemented its status as a PFIC for the foreseeable future, forcing these onerous tax compliance obligations on shareholders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:14.069+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "753e6dbe-54ca-4068-aefa-a3691beb4410", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.737, "x": 0.145, "y": 0.815 }, "kind": "list", "text": "Once you hold POET or any PFIC stock, it remains a PFIC under the “once a PFIC, always a PFIC” rule subject to Section 1291(b)(1), and you have to file a special form to cleanse the “PFIC taint.” That means that even if POET were to somehow transform itself into a real business tomorrow by deploying its capital and generating real revenue— your shares remain tainted and the punitive tax treatment follows you, and your shares, until you sell or pay a steep price to reset the clock.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:14.069+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a70c747d-3f79-4dba-9cf9-35b20abd13d9", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.737, "x": 0.145, "y": 0.365 }, "kind": "list", "text": "What does this matter? PFIC status is widely described by tax lawyers and experts as one of the most punitive regimes in the entire US tax code for you as a shareholder—not for the company (“highly punitive,” “nearly impossible to justify,” “worst possible tax treatment”). If you are a US holder of a PFIC stock you generally must file a special form and pay ordinary income tax rates on any gains, realized or unrealized, every single year that you hold it. If you fail to file a MTM election on time, you will automatically be taxed at the 37% tax rate on any gain, no matter your income, no exceptions, plus a compounding IRS interest charge applied retroactively to every year you held the stock. In our estimation, interest and the highest marginal rate could easily push the effective rate above 50%. The stock later goes down and you want to apply these losses to your other capital gains? Too bad.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:14.069+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f707dce6-944c-4450-a19b-13e500804893", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.662, "x": 0.118, "y": 0.094 }, "kind": "title", "text": "Our PFIC Analysis and Its Implications for US Holders", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:14.069+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef27b928-c3d0-4d68-8811-cf08b9b8dca9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "The Struggle", "beatId": "0dbde6b5-4d78-458f-9b49-7ba3ed09465c", "matchId": "30cd8e9f-02e6-4339-8c75-90d829570fab", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The PFIC analysis and its implications slides outline the specific challenges faced by US holders.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "The slide functions as a high-stakes warning/disclaimer regarding tax compliance and investment risk.", "function": "summarize", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 7, "textChars": 1362, "nDataPoints": 0, "notes": "The slide functions as a high-stakes warning/disclaimer regarding tax compliance and investment risk.", "elementsJson": [ "headline_text", "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:08.644+00", "seconds": 14.004, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-4c9b9f164b1b/5", "deck": "/decks/019dd923-622c-750b-8b9a-4c9b9f164b1b", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4c9b9f164b1b#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9a-4c9b9f164b1b.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.78, "x": 0.11, "y": 0.39 }, "kind": "paragraph", "text": "In other words, this is your problem, not theirs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f6757e2-8d42-4708-986d-eb41a82a44d2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "We are not tax advisors and are not giving tax advice. We have cited and linked numerous sources concerning the PFIC issue and encourage you to read this material and seek the advice of an expert.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6908277a-f19a-4048-a036-d8766afb6439", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.25 }, "kind": "paragraph", "text": "In our opinion, US holders would be well served by POET’s statement on its PFIC status from its January prospectus, which provided a stark warning:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7c11cb3-73ba-41ec-a095-f819ec2bc6da", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "What really adds insult to injury with POET, is that they have been using paid promotion to drive support for their real business—selling their stock. Their history is riddled with delays and failures, yet they are promoted as the next big thing. Look at the track record of POET’s promoters. Look at POET’s track record. We think that those who choose to hold and not make the appropriate election will potentially end up with big losses with only the IRS to console them.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7d79d6c-fa1c-4cde-8f8e-561b5d691ba6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.3 }, "kind": "quote", "text": "The PFIC rules are very complex. The Company offers no opinion or representation of any kind with respect to its PFIC status. 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Its Q1 2025 interim disclosure states: \"The Company de-prioritized the development and sale of POET optical transceiver modules in 2025 to avoid conflicts with its module customers.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29bf9785-630b-4d47-994d-d622ac711229", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.555 }, "kind": "paragraph", "text": "18 See latest 20-F page 20 \"The Company invested approximately $15.9 million in 2025 in the development of its 800G and 1.6T optical engine chipsets and light sources for artificial intelligence...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2aeb6fb5-7aff-4e97-8a0a-c54902fbe1ff", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.111 }, "kind": "paragraph", "text": "1 See POET's revenues as disclosed in its 20-Fs, 2020 ($0), 2021($209,100), 2022 ($552,748), 2023 ($465,777), 2024 ($41,427). 2025 ($1,074,865). Total: $2,343,917", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5f583be-51b9-471d-8788-205e9389eed8", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.225 }, "kind": "paragraph", "text": "6 POET's FY2024 20-F annual report, discloses net cash from financing activities of $81,898,333 in 2024, $10,195,500 in 2023, and $3,435,204 in 2022. Its 2025 20-F shows it raised $292 million in financing activities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb0f902d-a8d8-4ee0-a528-c328fb337512", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.815 }, "kind": "paragraph", "text": "27 MMCAP International Inc. 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