EXCLUSIVE: POET CFO Confirms Orders From Marvell – Waiting To ‘Hear Back’ From Foxconn, Luxshare

• CFO Thomas Mika said the company is still awaiting updates from key manufacturing partners Foxconn and Luxshare, with feedback expected from at least one soon.
• In its annual report, POET stated it is working with both companies on high-speed optical engines for 800G and higher transceiver modules targeting hyperscale data centers.
• Shares of POET surged more than 20% on Tuesday morning, extending gains from the prior session and putting the stock on track for its largest single-day gain since December.

POET Technologies (POET) chief financial officer Thomas Mika told Stocktwits the company has secured orders from Marvell Technology (MRVL), but is waiting to “hear back” from manufacturing giants Foxconn and Luxshare.

“When you’re dealing with large companies who have committed to designing modules using your components, sometimes you hear from them, and sometimes you don’t,” Mika said in an exclusive interview with Stocktwits’ Michele Steele. “We expect to hear back from at least one of those.”

He also confirmed that POET has received a purchase order linked to Marvell and intends to ship product against it, with some deliveries expected as soon as next quarter. “We've got a purchase order from them that we're gonna ship against and we intend to continue that relationship and build it over time,” Mika said.

POET’s stock jumped more than 20% in morning trade on Tuesday, extending its rally from the previous session when the shares jumped more than 18%. If the gains sustain till market close, this will mark the largest single-day gain for the stock since December.

POET was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around the company rose to ‘extremely bullish’ from the ‘bullish’ zone, and chatter rose to ‘extremely high’ from ‘high’ levels over the past day. 

800G Buildout Drives Demand For POET’s Photonics Tech

In its latest annual report, the company described Foxconn Interconnect Technology and Luxshare as its largest customers and said it is supplying optical engines while working directly with them to develop high-speed transceiver solutions for hyperscale data centers.

Both companies are building next-generation 800G and higher-speed modules, where POET’s technology is aimed at improving design efficiency and accelerating time to market.

Meanwhile, POET’s order from Marvell runs through its connection to Celestial AI, which Marvell acquired for $3.25 billion in December. Celestial AI has been a POET customer since 2022, with POET supplying the Blazar light sources that power Celestial’s photonic fabric interconnect. By acquiring Celestial AI, Marvell effectively inherited POET as a component supplier.

MRVL’s stock gained nearly 3% in morning trade. On Stocktwits, retail sentiment around the company trended in ‘extremely bullish’ territory, accompanied by ‘extremely high’ levels of chatter over the past day. 

Read also: EXCLUSIVE: POET CFO Hits Back At Wolfpack Report, Calls Short Sellers ‘Maggots’

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