POET Technologies (NASDAQ: POET) suffered the worst single-day fall in its history on Monday, plunging 47% after Marvell Technology cancelled all purchase orders it had inherited from its acquisition of Celestial AI.
Marvell said the cancellation was triggered by alleged breaches of confidentiality, claiming POET had publicly disclosed details of purchase orders and shipping information without authorisation.
The orders in question date back to April 2023, when POET and Celestial AI announced a deal to supply external light-source modules built on POET’s Optical Interposer platform.
Just days before the cancellation, POET’s CFO Thomas Mika had spoken publicly to Stocktwits, confirming the company had a purchase order from Marvell in hand and expected deliveries to begin as early as next quarter.
Marvell, which completed its acquisition of Celestial AI in February 2026, told POET in writing on 23 April that all outstanding orders were terminated with immediate effect.
POET said it is focused on its strategic priorities and has a separate purchase order from another technology company worth approximately $5 million.
Some retail investors on Stocktwits remained bullish, arguing that Marvell may have used the NDA breach as a pretext to cut third-party suppliers as it builds its own optical technology in-house.
POET shares have gained more than 26% year-to-date despite Monday’s collapse, reflecting the stock’s explosive rally earlier in April on the back of the Marvell connection.
The company posted net revenue of just $341,202 in its fourth quarter alongside a net loss of $42.7 million, underlining how early-stage its commercial operations remain.