LWLG Second Quarter 2024 and Subsequent Highlights:

• Hosted visits from tier-1 companies exploring potential material license and supply agreements as well as commercial interest in high speed, low power modulators with Perkinamine® materials that Lightwave Logic develops and produces.

• Announced a supply chain collaboration with Advanced Micro Foundry's Silicon Photonics platform, part of an ongoing strategic initiative to accelerate development of state-of-the-art silicon photonics modulators.

• Selected as finalist for Most Innovative Product Award in Most Innovative Hybrid PIC/Optical Integration Platform; winners to be announced at September 2024 European Conference on Optical Communications (ECOC), where Lightwave Logic will be presenting in a Market Focus session.

• Appointed industry veteran Yves LeMaitre to Board of Directors, bringing expertise in optical communications, automotive, aerospace and defense, consumer electronics, life sciences and materials processing.

• Authored significant contributions to the "Integrated Photonics System Roadmap - International" (IPSR-I) used to accelerate high-volume commercial manufacturing of high-value integrated photonics.

• Secured new patent for diamondoid non-linear optical chromophore used in Lightwave's proprietary polymer materials, applicable to a broad range of market applications that include datacenter and other potential market applications such as space, quantum computing, storage and more.

• As of June 30, 2024, the company had cash and cash equivalents of $29.0 million, enabling it to finance operations through October 2025.

POET Second Quarter and Recent Business Highlights:

• The Company announced a major design win with Foxconn Interconnect Technology (FIT) to supply 800G and 1.6T optical engines for FIT pluggable modules that address the growth in demand for cutting-edge AI applications and high-speed data center networks. FIT’s parent, Foxconn, is the world’s largest electronics contract manufacturer and a major supplier of components and assemblies.

• Based on the exceptional performance of modules incorporating POET’s high-speed optical engines, Luxshare Tech, a preferred supplier to Apple, announced that it is expanding its portfolio of optical modules targeted at AI networks using POET’s optical engines.

• POET was selected as winner of the “Best Optical AI Solution” award in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today.

• During the second quarter, the Company raised $15 million in equity capital in two non-brokered private placements with two institutional investors by issuing 6,706,665 Units at an average price of $2.24 per Unit. Each Unit consists of one common share and one common share purchase warrant with each warrant exercisable into one common share for a period of five years from the issue date at $3.20 per share.

• Through the use of its ATM facility during the month of April 2024, the Company raised gross proceeds of $7,447,000 from the issuance of 4,592,739 common shares at an average price of $1.62 per common share.

• Subsequent to the end of the quarter, the Company raised an additional $10 million in a non-brokered registered direct offering to a single institutional investor by issuing 3,333,334 Units at $3.00 per Unit. Each Unit consists of one common share and one common share purchase warrant with each warrant exercisable into one common share for a period of five years from the issue date at $4.00 per share.

• The Company’s cash balance as of June 30, 2024 was $21.3 million; as of July 31, 2024, the Company had cash and cash equivalents of approximately $28.7 million and working capital of $27 million. There are 65,596,234 issued and outstanding common shares.

POET did not even include being selected for Most Innovative Product Award in Most Innovative Hybrid PIC/Optical Integration Platform; winners to be announced at September 2024 European Conference on Optical Communications (ECOC),