POET Technologies Inc. shares tumbled 20% on Monday after the company revealed that Marvell Semiconductor Inc. — the parent company of Celestial AI — had formally rescinded all purchase orders placed with POET.
In a notice dated April 23, 2026, Marvell informed POET that it was canceling every purchase order, including those for initial production units that POET first announced in a press release published on April 25, 2023. In its explanation, Marvell said the cancellations were prompted by disclosures of information related to the purchase orders and shipping details that it viewed as violations of confidentiality obligations.
The termination of these orders represents a setback for POET, which develops optical engines and light sources intended for artificial intelligence networks. The company did not provide a dollar value for the orders tied to Celestial AI in its disclosure.
POET said it remains focused on its strategic priorities and on product development aimed at AI and optical networking markets. The company also stated it is continuing to fulfill deliveries for other customers. Among those, POET referenced a recently disclosed purchase order valued at approximately $5 million from another technology company, which it is executing.
Market reaction
Investors reacted immediately to the filing, sending POET shares down 20% on the trading day the company disclosed the cancellations.
Company positioning
POET emphasized its ongoing work in AI and optical networking product lines and highlighted that it is continuing to ship for other customers, including the roughly $5 million order that remains in play.
What is known and what is not
- Marvell provided written notice on April 23, 2026, canceling all purchase orders, citing confidentiality violations related to disclosed purchase order and shipping information.
- The orders canceled included initial production units that were first announced by POET on April 25, 2023.
- POET did not disclose the monetary value of the canceled Celestial AI orders.
- POET confirmed it is continuing deliveries to other customers, including a purchase order of approximately $5 million.
POET’s disclosures leave certain commercial details unspecified, but the company has framed the development as a customer-specific cancellation while reaffirming ongoing execution for other orders and continued focus on its AI and optical networking product roadmap.