Poet Technologies Shares Plunge Following Marvell Order Cancellation

Poet Technologies (NASDAQ: POET) experienced a severe sell-off on Wednesday, with shares falling 18.4% as investors reacted to the loss of a critical partnership. The decline follows an announcement that Marvell canceled a purchase order for AI fiber-optics technology, a move that has significantly dampened investor sentiment. The order in question had been originally established by Celestial AI, a firm Marvell acquired in February. While the initial news of the purchase order had previously caused Poet's share price to surge, the reversal has erased most of the company's 2026 gains. The stock is now up only 3.5% for the year and has fallen approximately 57% from its all-time high. According to company disclosures, Marvell submitted the cancellation notice on April 23, citing violations of confidentiality agreements associated with the deal. This breach of contract has left Poet facing a more challenging near-term commercialization path than previously anticipated. In an effort to stabilize confidence, Poet revealed it has secured a separate purchase order with another technology company valued at approximately $5 million. Despite the loss of the Marvell deal, the company remains liquid, closing its last reported quarter with roughly $430 million in cash and equivalents. With a current market capitalization of approximately $1 billion, Poet continues to struggle with generating significant revenue. While the company's cash reserves provide a necessary buffer, the loss of a high-profile partner like Marvell creates immediate headwinds for its growth trajectory in the AI optics sector.