The problem is not the technology.

These days, it is the financial uncertainty. Nobody knows for sure what the burn rate is, how much money POET has invested into which kind of equipment, when the new equipment started operating, what its utilization is, how much income will come from DenseLight customers or from the state of Singapore etc. etc.

Most of us believe that DenseLight will or does contribute to the company's cash flow, but when and how much nobody knows. Revenue estimates are between $3.5 million (based on POET's guidance for H2/2016) and $100 million (based on DenseLight's manufacturing capacity after expansion). That's quite a range! If we'd remain in the lower region, we'd likely need another capital raise. However, if we can make $25 millions revenue or so, I'd guess we would be able to cover the burn rate or at least a large part of it, which would give us a very welcome financial relief.

POET has announced that DenseLight would become cash flow positive by H1/2017, but of course that remains to be seen. We might get a first impression from the annual report 2016 (due 2017-05-01), and the Q1/2017 numbers (due 2017-05-30) should be telling.

However, at the moment there are many (to us) unknown variables overall. No surprise investors are reluctant and will remain so for the next weeks – unless, of course, surprising news come around, which could happen every day.