Hi Raymon, totally agree.
As I think about it, the key question is 'what is the likelihood that the company will capture say 3% of the addressable market within say 4 years, and what are the valuation implications if they do so ?'. I think that that likelihood is high, and that if they do so, the shares will be worth multiples of today's price. Thus, as I balance these probabilities in my mind, I am a holder, both here and in practice. If it had already happened, and there were earnings per share to point to, the price would be quite different IMO. PS this is not intended as advice, my opinion only. I have done calculations based on public information; anyone can do the same.