POET Technologies Inc. (OTCMKTS:POETF) (CVE:PTK) stock is one of the biggest gainers in Wednesday without any news and made a new 52-week high. The stock has been gaining solid momentum over the past month with a jump of 42%.
Major Trigger:
On May 27, 2021 – POET Technologies Reports First Quarter 2021 Financial Results
Key Highlights:
- The Company reported a net loss of $4.1 million, or ($0.01) per share, in the first quarter of 2021 compared with a net loss $3.5 million, or ($0.01) per share, for the same period in 2020 and a net loss of $5.0 million, or ($0.02) per share, in the fourth quarter of 2020.
- Non-cash expenses in the first quarter of 2021 and 2020 included stock-based compensation of $0.8 million and depreciation and amortization of $0.3 million and $0.2 million, respectively. Non-cash stock-based compensation and depreciation and amortization in the fourth quarter of 2020 were $0.9 million and $0.2 million, respectively.
- The Company had debt related finance costs of $235,000 compared to $217,000 in the first quarter of 2020 and $249,000 in the fourth quarter of 2020. Of the finance costs recognized in the first quarter of 2021, $128,000 was non-cash compared to $109,000 during the same period in 2020 and $128,000 in the fourth quarter of 2020.
- On a non-IFRS basis, cash flow from operating activities in the first quarter of 2021 was ($2.5) million compared to ($2.0) million in the first quarter of 2020 and ($2.9) million in the fourth quarter of 2020.
Market Reactions
As of 11:42, POETF stock soared 16% at $1.17. Total volume so far stood at 1.31 million shares, compared to its average volume of 174K shares. The stock moved within a range of $ 1.0100 – 1.2800 after opening at $1.01.
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