Night Market Research

NEW: We're short POET Technologies. $POET announced Celestial AI/Marvell cancelled product orders. We believe POET isn’t being transparent and this isn't the only dead partnership. Full report: nightmarketresearch.com/poet

Given the traction this tweet is getting, we are posting the other photos our investigator took from the lobby and 11th floor of 120 Eglinton Avenue East in Toronto. As noted in the report, none of the offices on the 11th floor had nameplates for $POET or Suite 1107.

We visited $POET's HQ building in Toronto. We found abandoned rooms and none of the tenants on the same floor recognized POET.

NEW: We're short POET Technologies. $POET announced Celestial AI/Marvell cancelled product orders. We believe POET isn’t being transparent and this isn't the only dead partnership. Full report: nightmarketresearch.com/poet

$POET's $4B valuation (3700x 2025 revenue) is nonsensical for a company with disclosure issues selling a technology that has proven expendable. We see further substantial downside for the stock.

$POET has a 10+ year history of touting partnerships which have gone nowhere. Management has told this 'imminent commercialization" story before.

$ZYXI Day traders are pushing it around today but expect equity to be wiped out in a restructuring by mid-December (when Zynex will be in default on $60m of debt). We first covered Zynex in 2019. At its peak the medical equipment company that gouged insurers and patients had a market cap of nearly $1B. CEO Thomas Sandgaard bought an EFL team and traveled by PJ. More short ideas coming.

$NN will lose $100M this year and carries $190m in debt. Despite the risks NextNav trades at a significant premium to comps on a MHz-POP basis. NextNav’s $2.7B fully diluted EV is 450x 2025e revenue and 300x the recorded value of its license portfolio.

We spoke with a former FCC Chairman who believes NextNav’s position is weak and the petition is unlikely to move forward in its current form as $NN 's lack of real-world interference studies will block it.

NEW: We’re short NextNav, a developer of geolocation systems. We think bulls underestimate the obstacles facing $NN. We speak with a former FCC Chairman who agrees. The former Chairman's comments and full report at: nightmarketresearch.com/nn

New report tomorrow morning on $2B+ company. Sign up to receive it a few minutes early: nightmarketresearch.com