Not exactly....POET supplies the wafers with all the magic already built-in to SP, then SP attaches all the components that individual customers desire.

Should there be revenue from, at the very least, the supply of the wafer?

I can't see any reason why not, unless somehow in the agreement states that SP takes all the revenue and then divides it according to the ownership of the parties at the end of the fiscal year.

It seems rather awkward and as far as I know we have never seen the entire contract they signed with Sanan Optoelectronics.

It is, however, a joint venture, not publicly owned, so I supposed it's possible SP only produces one set of numbers per year.

Just a guess.