Gluten You want to ringfence debate to only be about P/E. And I...

Gluten

You want to ringfence debate to only be about P/E. And I understand this point is a lot more than academic for you. But "going narrow" as you intend does not reflect the broader motivations of some for holding this stock. So here's a feasible counter to your all-or-nothing view.

That is, every NDA ever mentioned by BRN (except for the work in Korea) is presently paused, subject to testing the Akida chip.

In this case, the P/E scenario you provide above remains relevant, but is unlikely to be the sole, or even primary basis of many decisions to invest in (and hold) BRN shares. That is, some (many) others will hold based on the perception of BRN market leadership in certain AI space and so await feedback once the engineering samples are in the hands of those who could deploy.

No disrespect to your detail above, but I am sure there are many awaiting first feedback on the samples. And until reports filter out from those going hands on, many (like myself) will hold on the basis that the endgame has (finally) begun and potential risk/reward considerations have become that much more immediate. And those decisions will be/have been taken to the exclusion of P/E ratios.

Not advice, just my opinion.