Ann: PlaySide and Shiba Inu Games Sign Strategic Agreement, page-105

You most definitely should use a fully diluted share count of a little over 404m shrs in the interests of conservatism. as these shares dilute very near future earnings. And yes, of course, you should be using future revenue to make decisions about your valuation,
The real question is what EV/Revenue multiple (the 'go-to' valuation for companies who are spending now to lock in growth in the future) should this stock trade on...not in isolation but against a backdrop of a sharp contraction of multiples, as we see markets price in higher rates....it 8x F23 too high? To give you an example of how a company can be savaged when sentiment turns, Life 360 was trading on an F23 c7x EV/Rev multiple just a few weeks ago...now back to below 4x. I'm not suggesting 360 is a perfect comp for PLY but what I am saying it that companies will trade broadly in line with their peer group, and then discounts/premiums will be ascribed according to differentiating features of each company.
PLY, is, of course, actually generating initial EBITDA already, but valuing it on that basis puts it on an eye-watering EV/EBITDA multiple for F23.
Each investor must, on that basis, invest based on his/her appetite for risk. But consensus will decide the share price!
I'm not holding PLY at the mo...but definitely doing the work now to take advantage of any pricing anomalies over the coming weeks.
DYOR