u/MackWheaton

Lumilens has a multi billion dollar agreement with a “top 2” hyperscaler, therefore, either Amazon/AWS or Microsoft/ Azure.
Their initial product (2026) is “actively aligned” transceivers (w/o POET optical engines).

Future fulfillment (2027+) will demand millions of transceivers, and possibly NPO/CPO.

The 5 year/$500M POET/Lumilens supply agreement will likely be a multiple of that figure as POET platform/OEs will become the primary access to supply at scale, and not just for this customer.

POET has already proven to the satisfaction of this hyperscaler that they have the ability to scale at millions, precisely in sync with projected demand, or the hyperscaler would not have committed to a nascent supplier like Lumilens.

This relationship alone will justify a $5B+ POET market cap. Lumilens is already valued at $5.5B.

Lumilens is a single POET customer. Many more under agreement, many other products to be introduced beyond 1.6T, (Blazar/Starlight ELS, 3.2T, NPO/CPO….).

$400M invested in POET at $21 per share at the time of the announced agreement. <$9 now.

**Some notable quotes from POET’s recent Annual Shareholders’ Meeting, along with my personal observations. DYODD. AI edited for polish, not content.**

**CEO:** *“We currently have approximately $830 million in cash on our balance sheet.”*
As of the July 1 close, POET’s market cap was approximately **$1.67B**. In other words, roughly **half of the company’s market value is backed by cash alone**. Add in minimal debt, manufacturing assets, IP, and accumulated tax losses, and the market is assigning what I view as a surprisingly modest valuation to the underlying technology platform.

**CEO:** *“We’ve got marquee customers, significant revenue potential.”*
At this point, this isn’t simply a vision of what could happen. POET already has recognizable customers and a growing design pipeline. Execution is now the key.

**CEO:** *“We’ve stated that our existing capacity is capable of producing a million optical engines a year.”*
That’s an important milestone. It suggests the company has crossed from proving the technology to demonstrating commercial-scale manufacturing capability.

**CEO:** *“Our projected demand exiting 2027 would put that at a million engines a month.”*
To me, this was the most significant statement of the meeting.
If management’s projections prove accurate, they’re talking about demand approaching **1 million optical engines per month** by the end of 2027.
Think about what that could imply for revenue.
Again—management’s projection, not mine. DYODD.

**CEO:** *“We have about a 10X increase in capacity to do over the course of the next six to nine months.”*
Successfully scaling manufacturing by an order of magnitude would be a major validation of the platform and should give large customers greater confidence that POET can support future volume requirements.

**CEO:** *“With a couple of major exceptions, we do not expect to announce new customers over the next 12 months.”*
I don’t view this as a demand issue. I hear management saying they’re focused on executing for the customers already signed. If anything, I would expect increasing investment in production capacity as existing programs move toward volume manufacturing.

**CEO:**
*“We’ve built a design pipeline so strong that we need to be very, very maniacally focused on completing development, qualifying, and ramping production for these customers.”*
*“Just handling the customers we have currently signed up can provide a revenue pipeline that far exceeds triple-digit million dollars.”*
*“We don’t really have the bandwidth at this point to take on additional major projects.”*
Those comments don’t require much interpretation. They suggest a company transitioning from winning business to delivering it.
**My takeaway:**
This felt like one of the most confident and execution-focused shareholder meetings POET has held.
If management executes on even a substantial portion of what was discussed, today’s valuation may eventually look very different.
Within the next 12 months—or perhaps sooner—you may look back at today’s share price and either wish you had bought, or simply smile because you did.
**Not financial advice. Just one investor’s interpretation. DYODD.**

Some notable quotes from POET’s recent Annual Shareholders’ Meeting, along with my personal observations. DYODD. AI edited for polish, not content.

CEO: “We currently have approximately $830 million in cash on our balance sheet.”
As of the July 1 close, POET’s market cap was approximately $1.67B. In other words, roughly half of the company’s market value is backed by cash alone. Add in minimal debt, manufacturing assets, IP, and accumulated tax losses, and the market is assigning what I view as a surprisingly modest valuation to the underlying technology platform.

CEO: “We’ve got marquee customers, significant revenue potential.”
At this point, this isn’t simply a vision of what could happen. POET already has recognizable customers and a growing design pipeline. Execution is now the key.

CEO: “We’ve stated that our existing capacity is capable of producing a million optical engines a year.”
That’s an important milestone. It suggests the company has crossed from proving the technology to demonstrating commercial-scale manufacturing capability.

CEO: “Our projected demand exiting 2027 would put that at a million engines a month.”
To me, this was the most significant statement of the meeting.
If management’s projections prove accurate, they’re talking about demand approaching 1 million optical engines per month by the end of 2027.
Think about what that could imply for revenue.
Again—management’s projection, not mine. DYODD.

CEO: “We have about a 10X increase in capacity to do over the course of the next six to nine months.”
Successfully scaling manufacturing by an order of magnitude would be a major validation of the platform and should give large customers greater confidence that POET can support future volume requirements.

CEO: “With a couple of major exceptions, we do not expect to announce new customers over the next 12 months.”
I don’t view this as a demand issue. I hear management saying they’re focused on executing for the customers already signed. If anything, I would expect increasing investment in production capacity as existing programs move toward volume manufacturing.

CEO:
“We’ve built a design pipeline so strong that we need to be very, very maniacally focused on completing development, qualifying, and ramping production for these customers.”
“Just handling the customers we have currently signed up can provide a revenue pipeline that far exceeds triple-digit million dollars.”
“We don’t really have the bandwidth at this point to take on additional major projects.”
Those comments don’t require much interpretation. They suggest a company transitioning from winning business to delivering it.
My takeaway:
This felt like one of the most confident and execution-focused shareholder meetings POET has held.
If management executes on even a substantial portion of what was discussed, today’s valuation may eventually look very different.
Within the next 12 months—or perhaps sooner—you may look back at today’s share price and either wish you had bought, or simply smile because you did.
Not financial advice. Just one investor’s interpretation. DYODD.