Hey Newage.  I think this latest report from LT is just and update on recent quarterly progress.  So, the CAI partnership isn't mentioned as we've had no status updates recently.  Lisa's report from April 2023 outlines the potential value of this relationship.

"POET will be providing Celestial AI LightBar modules. Each accelerator Celestial AI sells has four POET chips. At $200 per chip, Celestial could represent $800 million in potential revenues by itself"

If that's the case?  Then, the value she speaks of in this update doesn't take into consideration the CAI deal, or at least she doesn't think POET will see much revenue from CAI before 2027. But, from memory CAI expect to start ramping into 2026, maybe 27 and as such it is surprising not to see them mentioned here.  

Does that mean her valuation of $14 by 2027 is massively undercooked?? I think so, assuming things progress as expected. We also know other large players are talking to poet and so this valuation will keep changing over the coming years.  Exciting times!!!

"Using 11.1xs gives us an enterprise valuation of $1.1 billion. For the valuation, we take the fully diluted share count of 78.2 million shares. $1.1 billion divided by 78.2 million shares is approximately US$14.00 per share by 2027. This would be a present value of approximately $6.37, discounted by 30% per year."