Profits are nowhere insight! Using an 8X factor, you would need 15.5 cents/share to get to $1.25. That's $18M after tax or $24M pretax. Their losses just went from $3.7M to $2.5M. When you run the numbers, even if they double this year, it will be tough to get to break even, especially with G & A going up 50% annually.
If you strip out the goodwill on the Balance Sheet you have 30 cents per share in assets and at this point, I can't see any reason to value goodwill. And on a fire sale, you wouldn't get half that for those assets. IMO.
They have a 37 page Investor Presentation that makes virtually no reference to profitability.
I've now looked at this company twice and really like the concept but I just find the current and past valuations ridiculous for what is there. IMHO