1 million downloads, page-106

That's an interesting valuation formula and I guess we just have to disagree on that point.
At the high end of your prediction (2 million users) and $1.80 share that would mean each customer would be "worth" over $65 each. The lower end would make them worth over $100.

80k revenue generated is irrelevant without knowing the customer acquisition costs in my opinion. I am pretty confident (yet I have no factual basis for this yet, will be curious if they announce in the future announcements) that ZIP have spent at minimum several hundred thousand dollars paying for downloads and reviews.

Active users is another interesting point and with the lack of data so far, its hard to value based on MAU without knowing the figures.