Titled:  "Sedate June Quarter belies Accelerating Tech Development; Reit Buy"

Some select comments:

"Given prior discussion, POET does not expect to see revenue associated with its optical engine business until early next year, and while not altering our estimates here, we continue to believe our FY19 $10M estimate could be highly conservative and remains a function of POET's key customers' success with their end customers."

"the crux of our investment thesis rests squarely on the economic advantages procured via POET's unique opto-electrical integration capability also discussed in our June 25 note."

"We expect to see far more applications embedding the solution once the transmit engine functionality is fully developed and commercially available sometime later next year. Perhaps the cornerstone advancement of the June quarter was presented during the company's AGM: the announcement of POET's third partnership agreement. Clearly, POET's financials are not telling of the progress the company continues to post toward its opto-electrical integration strategy, and importantly, we expect the company to offer greater granularity on its ROE development in the near term."