My takeaways of the prospectus in short:

• I am impressed about the bold, overall dominance of the optical interposer everywhere. The platform is sound and solid, and now they are already developing a lot of concrete solutions: "POET’s Optical Interposer development program consists of over 20 development projects in three areas". They are virtually putting all eggs in that basket. Or better: The have a lot of eggs in different baskets, but all those baskets stand on the common ground of the optical interposer. – They are making their (our) first bucks of such solutions. However, customer qualification of the various solutions takes time: several months, see footnote on page 12. On the other hand, the text breathes high confidence of what the results will be.
• "One consequence of the recently announced customer engagements is a reordering of the Corporation’s development priorities", which means focusing more on TROE and 400G. Changing priorities might not be convenient, but at the end of the day, orienting to customer needs resp. orders (!) will pay off later, but better. That's okay for me. Your mileage may vary, of course.

Is the sky falling? Certainly not.

Now I am keen to read the Q3 report "soon" and to listen to the webcast tomorrow.