Shares of POET Technologies Inc. rose 16% on Thursday after the company announced a supply agreement with Lumilens Inc. that includes an initial $50 million purchase order for optical engines, News.Az reports, citing Investing.com.
The agreement establishes a joint development and commercial technology partnership focused on wafer-level photonic integration for AI optical networks.
Under the deal, Lumilens has placed an initial purchase order worth $50 million for the manufacturing of Electrical-Optical Interposer-based engines, marking the first phase of a supplier relationship that could expand to as much as $500 million in cumulative purchases over five years.
As part of the agreement, POET granted Lumilens a warrant to purchase up to 22,921,408 common shares at an exercise price of $8.25 per share.
The warrant is immediately exercisable for 2,292,140 shares, while the remaining shares will vest in tranches tied to cumulative payments by Lumilens toward future purchase orders totaling up to $500 million. The warrant can be exercised over a nine-year period.
The partnership is centered on developing the Electrical-Optical Interposer platform, which integrates wafer-level optical engine production with optical chipsets and advanced manufacturing systems. The technology is designed to replace active-alignment processes traditionally used in optical engine manufacturing with wafer-scale processing techniques.
Both companies plan to deploy the platform across a multi-year roadmap, spanning 800G and 1.6T pluggable transceivers, as well as Near-Package Optics and Co-Packaged Optics solutions. Engineering samples from the joint development program are expected in late 2026, while production ramp-up is targeted for 2027 in line with customer deployments.
However, fulfillment of the purchase orders and associated revenues will depend on successful development and qualification of the modules, as well as the ability to scale manufacturing capabilities.
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