No need to speculate, they laid out the new timetable very clearly in the latest presentation. Posted this already, but from old to new roadmap is as follows....and yes this explains the share price...
100/200G was "production" Q3, now Q4
400G Light Engine was "production" in Q3, now no "production" this year
400G FR4 Receiver was "production" mid Q3, now Q4
400G FR4/DR Optical Eng was "beta" by Q3, now just "alpha" Q4 (was Q2)