---
title: "POET lost every Marvell order after its CFO spoke. The rebuild is one $50 million deal"
description: "Six days after POET's finance chief discussed order details on camera, Marvell canceled every purchase order and the shares fell 47.3% in a day. A securities suit and 22.8 million shares short now sit against a $50 million Lumilens order and an optics market sold out through early 2029."
publisher: "The Inference"
section: "Silicon"
published: 2026-10-14T15:13:13.659Z
modified: 2026-10-14T15:13:13.659Z
canonical: https://theinference.org/article/poet-lost-every-marvell-order-after-its-cfo-spoke-the-rebuild-is-one-50-million-deal
language: en
keywords: "POET Technologies, Marvell, Photonics, Securities Litigation, Short Sellers, AI Optics"
---

# POET lost every Marvell order after its CFO spoke. The rebuild is one $50 million deal

> Six days after POET's finance chief discussed order details on camera, Marvell canceled every purchase order and the shares fell 47.3% in a day. A securities suit and 22.8 million shares short now sit against a $50 million Lumilens order and an optics market sold out through early 2029.

## One interview, then every Marvell order gone

[POET Technologies](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001437424), the Toronto chip designer whose Optical Interposer puts lasers and electronics on one module, had booked just $2.3 million of revenue since 2020[1][2]. On April 21, chief financial officer Thomas Mika said in a video interview that POET was "in NDAs with suppliers to hyperscalers," then discussed shipment timelines and purchase orders tied to [Celestial AI](https://theinference.org/markets/companies/celestial-ai), a startup acquired by chipmaker [Marvell](https://theinference.org/markets/companies/marvell)[1]. [Marvell's cancellation notice arrived on April 23](https://finance.yahoo.com/news/poet-technologies-shares-plunge-marvell-120110672.html)[3]; when POET told investors on April 27 that every purchase order was gone over what Marvell called unauthorized disclosure, the shares fell 47.3% in a day[1][3].

## A fraud complaint meets a market sold out to 2029

[The complaint filed on April 28 in the District of New Jersey](https://www.brokerverifier.com/poet-technologies-inc-securities-fraud-investigation/), covering purchases from April 1 to 27, alleges POET, chief executive Suresh Venkatesan and Mika misled investors about the company's passive foreign investment company tax status, a US classification with punitive rates for unprepared holders, and about a binding Marvell confidentiality agreement the interview had denied[1]. Those are allegations, not findings. Wolfpack Research had set the stage on April 14, calling POET "an obvious stock promotion" built on a share count up 303% since the end of 2022; the stock fell 8.08% that day[4][1].

The other side of the market is not in dispute. Lumentum chief executive Michael Hurlston [said on October 9 that his optical parts are "completely sold out" through early 2029](https://stocktwits.com/news-articles/markets/equity/lite-cohr-aaoi-poet-rise-overnight-after-lumentum-ceo-says-optical-parts-are-completely-sold-out-through-early-2029/cZD6aeMRBVQ), with 30% shortfalls on some lines through 2028, and [Nvidia](https://theinference.org/markets/companies/nvidia) has put $2 billion each into Lumentum and [Coherent](https://theinference.org/markets/companies/coherent)[5].

## The rebuild is one customer and a very large bank account

On May 14, POET and Lumilens, an optics manufacturer, [signed a supply agreement with an initial $50 million order](https://www.theglobeandmail.com/investing/markets/stocks/POET-Q/pressreleases/1962704/poet-technologies-strikes-50-million-ai-optics-deal-with-lumilens-opening-path-to-500-million-supply-pact/) for interposer-based engines, built to pass $500 million over five years if development and qualification succeed; engineering samples are due late this year, volume production in 2027[6]. A $400 million placement closed on May 18, and the June quarter ended with $796.3 million of cash and short-term investments[4][7]. [Revenue that quarter was $569,925, up 112%](https://uk.finance.yahoo.com/news/poet-technologies-poet-doubles-revenue-054141135.html) and the sixth straight sequential rise, against a $12.2 million operating cash outflow[7].

[At $7.79 on October 9, near the floor of a $3.87 to $20.81 range](https://www.tradevae.com/news/trade-ideas/POET-Deep-Value-Long-with-Patience-A-Risk-Weighted-Trade-Plan/), the market value stood at $1.35 billion; by October 14 the shares traded at $6.32[2][8]. [Short interest doubled after the cancellation](https://www.ad-hoc-news.de/boerse/news/ueberblick/short-sellers-double-down-on-poet-technologies-as-class-action-and/69437413), from 14.6 million shares at the end of April to 30.6 million by mid-May, and sat at 22.8 million at the September 15 settlement[4][2].

*Chart: **Short interest doubled after the cancellation, then eased** Column chart of POET short interest rising from 14.6 million shares at the end of April to 30.6 million by mid-May, then easing to 22.8 million at the September 15 settlement*

*Shares short, in millions, from TradeVae market data (April and May) and the September 15 settlement. Short interest doubled after the Marvell cancellation. [4][2]*

*Chart: **A $1.35 billion market cap against $2.3 million of lifetime revenue** Bar chart comparing POET's $1.35 billion market cap, the $500 million Lumilens ceiling, the $50 million initial order and $2.3 million of lifetime revenue*

*US$ millions. Lifetime revenue since 2020 per Wolfpack Research and the securities complaint; Lumilens terms per the May 14, 2026, agreement; market cap at the $7.79 close on October 9, 2026. The five-year figure is a stated ceiling, not an order. [1][6][2]*

*Chart: **Six straight quarters of growth, to $570,000 a quarter** Line chart of POET quarterly revenue rising from $30 thousand to $570 thousand over seven quarters*

*Quarterly revenue in US$ thousands from POET's SEC filings. The June 2026 quarter, reported August 13, 2026, was $569,925, up 112% year over year. [9]*

## Both camps are reading the same facts

Mika [has called short sellers "maggots"](https://www.msn.com/en-us/money/top-stocks/exclusive-poet-cfo-calls-short-sellers-maggots-dismisses-wolfpack-tax-day-fears-as-nothing-burger/ar-AA21nz7O) and the tax warning "a big nothing burger," a net loss having left United States holders nothing to declare, and POET has since supplied the data for a 2025 QEF election, the filing that blunts the passive foreign investment company hit[10]. Citadel and [Jane Street](https://theinference.org/markets/companies/jane-street) hold stakes[11]. Bears answer with [$830 million of equity issued this year, a price-to-sales ratio near 1,089](https://247wallst.com/investing/2026/08/12/big-cash-bigger-ambitions-poet-technologies-eyes-147-upside/), and a German retail forum that produced 46 posts in five days, all demanding verifiable contracts[8][12]. On the night the optics group rallied on Hurlston's words, POET rose about 1% and retail sentiment on the ticker stayed "bearish"[5].

## The clock is the Malaysia ramp

The suit has cleared its late-June lead-plaintiff deadline, and the board has shelved a United States redomiciling, so the tax question stays open[4][7]. What settles the argument is output: high-volume 800G production targeted for the third quarter of 2026 at its Malaysia line, more than 30,000 optical engines guided for the year, and a nine-year Lumilens warrant for 22.9 million shares at $8.25 that vests only as payments land[8][6]. The line for optical parts runs to early 2029. The bet is whether POET is in that line or beside it.

## Takeaway

A CFO's on-camera order talk cost POET every Marvell order and 47.3% of its share price in a day; the rebuild rests on one $50 million Lumilens order, $796 million of cash and a Malaysia 800G ramp into an optics market sold out through early 2029.

## Sources

1. [BrokerVerifier, POET Technologies, Inc. | Securities Fraud Investigation, 9 October 2026](https://www.brokerverifier.com/poet-technologies-inc-securities-fraud-investigation/)
2. [TradeVae, POET: Deep-Value Long with Patience, A Risk-Weighted Trade Plan, 9 October 2026](https://www.tradevae.com/news/trade-ideas/POET-Deep-Value-Long-with-Patience-A-Risk-Weighted-Trade-Plan/)
3. [Yahoo Finance (Benzinga), POET Technologies Shares Plunge On Marvell Order Cancellation, 28 April 2026](https://finance.yahoo.com/news/poet-technologies-shares-plunge-marvell-120110672.html)
4. [ad-hoc-news, Short Sellers Double Down on POET Technologies as Class Action and Dilution Weigh on AI Photonics Stock, 29 May 2026](https://www.ad-hoc-news.de/boerse/news/ueberblick/short-sellers-double-down-on-poet-technologies-as-class-action-and/69437413)
5. [Stocktwits, LITE, COHR, AAOI, POET Rise Overnight After Lumentum CEO Says Optical Parts Are Completely Sold Out Through Early 2029, 9 October 2026](https://stocktwits.com/news-articles/markets/equity/lite-cohr-aaoi-poet-rise-overnight-after-lumentum-ceo-says-optical-parts-are-completely-sold-out-through-early-2029/cZD6aeMRBVQ)
6. [The Globe and Mail (TipRanks), POET Technologies Strikes $50 Million AI Optics Deal With Lumilens, Opening Path to $500 Million Supply Pact, 15 May 2026](https://www.theglobeandmail.com/investing/markets/stocks/POET-Q/pressreleases/1962704/poet-technologies-strikes-50-million-ai-optics-deal-with-lumilens-opening-path-to-500-million-supply-pact/)
7. [Yahoo Finance UK (Insider Monkey), POET Technologies Doubles Revenue As Cash Burn Accelerates, 15 September 2026](https://uk.finance.yahoo.com/news/poet-technologies-poet-doubles-revenue-054141135.html)
8. [24/7 Wall St, Big Cash, Bigger Ambitions: POET Technologies Eyes 147% Upside, 12 August 2026, market data retrieved 14 October 2026](https://247wallst.com/investing/2026/08/12/big-cash-bigger-ambitions-poet-technologies-eyes-147-upside/)
9. [POET Technologies, quarterly figures from its SEC filings, retrieved 14 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001437424)
10. [MSN (Stocktwits), Exclusive: POET CFO calls short sellers maggots, dismisses wolfpack tax-day fears as nothing burger, 16 May 2026](https://www.msn.com/en-us/money/top-stocks/exclusive-poet-cfo-calls-short-sellers-maggots-dismisses-wolfpack-tax-day-fears-as-nothing-burger/ar-AA21nz7O)
11. [ad-hoc-news, POET Technologies: From May Peak to Legal Pit, 21 July 2026](https://www.ad-hoc-news.de/boerse/news/ueberblick/poet-technologies-from-may-peak-to-legal-pit-how-a-22-analyst-target/69818784)
12. [wallstreet-online.de, POET Technologies legt zu: Diese Entwicklung macht Anleger wieder mutig, 4 October 2026](https://www.wallstreet-online.de/nachricht/21473865-community-zuversichtlicher-poet-technologies-legt-zu-entwicklung-anleger-mutig)


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POET lost every Marvell order after its CFO spoke. The rebuild is one $50 million deal — The Inference. Canonical: https://theinference.org/article/poet-lost-every-marvell-order-after-its-cfo-spoke-the-rebuild-is-one-50-million-deal