I would agree that margins would probably be around 50%. The good thing is that POET can sell its InP products platform at prices that are at the 40-50% margins that you used in your calculations.  POET's selling prices at or around those margins are still much cheaper than other competitive products that even at cost are more expensive than POET. Data centres will just love this and volume purchases could result once their confidence in POET is there.

Your calculations are reasonable but I would still buffer in another 200 or 300 million shares to the share count to broaden the range for your projections and to allow for more dilution. It could happen and it still might not happen depending how well the sales growth goes.

Monolithic