Etops: Without the technology, I find it difficult to see how they could mitigate the market risk.

Oh, I think that's easy. A prospective customer could sign (could have signed) a binding contract with POET, ordering so and so many million VCSELs at a defined price, under the condition that POET is able to manufacture them.

If POET can produce those goods, the deal has to be fulfilled by both parties; if POET can't, the deal lapses. Using such a construction, everything would depend on the technology and on the technology alone.