POET Technologies Trades Near Cash Value After 60% Slide; Revenue Still Minimal

POET Technologies (POET) holds about $796 million in cash and short-term investments against just $7.80 million in debt, but trades at roughly twice its cash after shares fell from a May high of $20.81 to around $7.80. The Toronto-based company builds an "optical interposer," a base layer that integrates light-based and electronic chips using standard mass-production methods to cut cost and power use for AI data center interconnects. Second-quarter fiscal 2026 revenue, reported Aug. 13, was $569,925, up 112% year-over-year, with a net loss of $11.3 million. POET signed a partnership with Lumilens, including an initial $50 million order that could exceed $500 million over five years. A $400 million May share sale, short-seller allegations of deal overhyping and securities lawsuits have weighed on the stock. Three analysts rate it "Strong Buy" with a mean $13.38 target.