This Photonics Company Trades at 2x Its Cash. Here’s What It Does, and Whether You Should Buy It.

POET Technologies (POET) holds a striking amount of cash for a company of its size. After a $400 million raise this year, it sits on about $796 million in cash and short-term investments. In comparison, it has a debt of just $7.80 million, making it essentially debt-free. Yet its actual business is almost invisible. Revenue last quarter was just $570,000, and for all of 2025, it brought in about $1 million.

Interestingly, the market values it at just twice the cash it holds. There are reasons for that, but the management believes investors should look past those reasons. Here's a look at what the company does.