Suresh always says POET is still a "start-up" company. And one of the beautiful things Vivek said: "We've just started". I agree with that, but a start-up company is a type of company with uncertainty, important ideas, born out of necessity with a few employees,...

From the moment POET delivers chips to customers this year, the "start-up" talking is definitely over. To me POET becomes a "scale-up" company immediately. POET already has the ingredients of a scale-up: >40 employees and growing, a JV with a global player, supply agreements, growing IP, growing product portfolio, a non-conformist mentality and growing committed and contracted customer base. The uncertainty a start-up would face is over for POET. POET has almost secured a path to long-term sustainability.

Talking about the path to sustainability... management already told us a couple important things: innovation is incremental, some customers can increase positions to 100M/yr, we have lot's of customers in the pipeline and we have to be selective with who we wan't to engage with. POET doesn't have to go after customers. Customers (Lidar, defense, space,...) are coming to POET. POET wants to penetrate these vast megatrend markets diligently and systematically. One of the pitfalls of a scale-up company as everyone knows is penetrating too quick. When something happens, you might underdeliver and the story is over. So you have to know your limits. Everything (experience, talent, equipment, supply, consortiums, agreements, contracts) has to be put in place and validated first. It's obvious that POET is working systematically from the initial revenue projections up to 1B rev/yr, so they can reinvest and expand rapidly. More companies will come to POET because "seeing is believing", and the customers will increase positions, as demand increases over time.

POET has multiple decades of growth in front of it. Let's assume that POET will become a global photonic chip design company in the coming 5 years. From that moment we will be a "grown-up" company.

Each step will be valuated accordignly and I will invest more of my portfolio into POET as POET expands over time.

- Start-up: about 100M-500M market cap -> IMO POET today is undervalued -> accumulating.

- Scale up: about 500M-1.5B market cap -> IMO POET today is undervalued -> accumulating.

- Grown-up: about >1.5B market cap -> hopefully POET will be overvalued by then -> considering selling a small portion.