Layer 4 · POET — POET Technologies
Live: $20.57 USD · Earnings (last): Q1 26 EPS miss · Next earnings: Aug 2026 · Conviction: 3/10
Bottleneck context
POET produces optical engines and interposers for high-speed datacom — pluggable transceivers and CPO building blocks. Optical interposer platform is the differentiated IP. Layer 4 photonics enabler with NVIDIA/AI-DC narrative tailwind.
Why Tier C
Pre-revenue at scale — Q1 revenue was $503K against a $12.3M net loss. Recent capital raise was dilutive. Stock is momentum-driven; the Lumilens $50M EIO engine order is real but back-end-weighted and execution risk is high. Insider activity and equity issuance patterns are not consistent with a self-sustaining commercial ramp. The valuation has decoupled from the financial reality.
Watch trigger
Demonstrated quarterly revenue >$10M with positive gross margin from named hyperscaler shipment volumes — not engineering samples.
Position guidance
No position. Trade-only candidate for momentum players; not a portfolio name.