Clifford, we are all frustrated with the stock price, especially since the company has far brighter prospects than it ever has. 

Well capitalized.

Major agreements (Foxconn, Mitsubishi, Luxshare, Celestial AI, plus many more)

Macro environment is more favorable than ever (AI pushing the need for fast data, lower energy costs, more reliable and flexible optical circuits)

We often do not recognize how long the sales cycle is in this sector. Everything we sell has to be customized to fit into major product offerings. Look at CAI. I think it is four years old and has never publicly sold anything. They raise money as needed.

The cost issue you mention would have been square one in any conversation with these large companies shown above: cost, cost, cost. Then there is reliability (which follows from energy efficiency and heat dissipation), yield, and ease of customization for purpose. 

These companies buy from thousands to millions of units. They are very slow to adopt a whole new way of doing things. They tee up their main suppliers like Foxconn and Luxshare before they adopt a significant change. That is what we see happening. Foxconn just announced wafer manufacturing, which moves them from assembly to fab supplier. I wonder what they will be making; my guess is chiplets for circuits that will help NVIDIA and others package their AI hardware better. Foxconn would not do this multi-billion dollar move without being assured that the demand will be there. This stuff takes time. 

More time than we like, more time than we thought. There is a good side to that. Once POET arrives as an important part of the value chain, it is lucrative, long-running and hard to beat, precisely because of the pain we are currently experiencing.