POET Technologies Stock Plunges After Marvell Cancels Orders
POET Technologies stock fell after Marvell canceled Celestial AI orders, raising revenue risk and pressuring shares ahead of the company's earnings
KEY TAKEAWAYS
- Marvell canceled all Celestial AI-linked purchase orders per POET's April 27 press release.
- The cancellations raise near-term revenue and customer-concentration risk for POET.
- POET noted a separate $5 million purchase order and Q1 results are expected May 13, 2026.
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POET Technologies stock fell more than 46% after Marvell Semiconductor notified the company on April 23, 2026, that it had canceled all Celestial AI–related purchase orders, citing alleged confidentiality violations, POET said in a press release on April 27, 2026.
Marvell Cancels Celestial AI Orders
Marvell provided written notice on April 23 that it was canceling all outstanding purchase orders linked to Celestial AI, including initial production units first announced by POET on April 25, 2023. The company said Marvell accused it of disclosing purchase order and shipping information in violation of confidentiality obligations.
This cancellation conflicts with statements from POET’s chief financial officer in April 2026, who confirmed Marvell-related orders with shipments planned for the next quarter.
Impact on Business and Outlook
The canceled orders originated with Celestial AI, a Marvell customer since 2022 for POET’s Blazar light sources. Marvell acquired Celestial AI for $3.25 billion in December 2025.
POET said it has a separate purchase order worth about $5 million from another technology company. It also supplies optical engines and collaborates on 800G+ transceiver modules for hyperscale data centers with customers including Foxconn Interconnect Technology Ltd. and Luxshare Precision Industry.
The company’s first-quarter earnings report is expected around May 13, 2026, with consensus estimates calling for a loss of $0.05 per share and revenue of $35 million, up from $17 million a year earlier. That report will provide the first clear indication of how the cancellations affect near-term revenue and customer-concentration risk.
"Marvell indicated that the Company had made disclosures of information related to the Purchase Order and shipping information in contravention of its confidentiality obligations," POET said in its press release.
