Overview
- POET shares fell 44% Monday after Marvell said it had canceled all Celestial AI purchase orders, citing POET’s public disclosure of order and shipping details.
- The cancellation notice, dated April 23, covered initial production units that POET had first referenced in an April 25, 2023 press release.
- The reversal followed a weeklong surge in which POET hit an 11-year high of $15.50 after CFO Thomas Mika confirmed Marvell orders for 800G optical engines, projected 2025 bookings above $5 million, and a Q3 delivery target.
- POET said it still has an approximately $5 million purchase order with another technology company and highlighted work with Lessengers and LITEON, using its optical interposer to link light-based components and electronics for AI data centers.
- Short seller Wolfpack Research disclosed a bearish position and criticized POET’s disclosures and strategy, leaving investors focused on legal exposure, commercialization risk, and what the company reports on May 13.