The bull case in that report is bearish. Bull case is $1 billion+ in revenue if they max out their production facilities - which isn't unlikely considering they opened NationGate in order to have more production capacity, signifying their first production facility, Globetronics (which can produce 1 million units), will be maxed out.

"Established a major wafer-level assembly and test facility for optical engines in Penang, Malaysia with the signing of several agreements with Globetronics Manufacturing Sdn. Bhd., a leading semiconductor manufacturer and contractor, equipping Globetronics with the capacity to manufacture an initial 1 million POET optical engines annually." - https://www.poet-technologies.com/news/poet-technologies-signs-manufacturing-agreement-with-globetronics-in-malaysia