Overview
- Marvell terminated purchase orders that Celestial AI had placed with POET, saying POET’s disclosures breached confidentiality terms tied to the deal.
- POET’s finance chief had recently highlighted the order and timing, a disclosure that helped drive a sharp rally earlier in April before the reversal.
- Shares fell by roughly half after the cancellation and later in the week edged higher as traders weighed what the lost orders mean for revenue timing.
- The company said it still holds a separate purchase order worth about $5 million with another tech customer, but the loss narrowed short-term sales visibility.
- POET, which sells an Optical Interposer platform for AI data centers and reported minimal revenue last year, says it had about $430 million in cash as market voices like Jim Cramer questioned its stage of development.