Hi Don,

I think to compare the two you would need to know Ciena's cost/margins to produce their 400g transcievers.

I would suggest re reading POET's 2018 CIOE presentation as it gives a pretty good comparison of POET vs (insert generic competition here) on page 9.

Also see silde 24 for for how using POET's optical interposer can improve margins. Keep in mind those are based on 100g stats (I would only assume with POET using the same platform for 400g the margin improvements would be similar if not greater?)

https://poet-technologies.com/docs/presentations/POET%20CIOE%20Presentation_Sept_2018_FINAL.pdf

Hope this helps,

JW