Ann: September 2016 Quarterly Report-IOT.AX, page-30

IOT was still confident in August they would have 440,000 units of Roam-E on order within the next year (approx. $200m in revenue).

The market is basically saying it's a 25-1 chance of actually happening. Doing a hypothetical:

10% NPAT Margin and 25 PE = $500m MC compared to $20m MC currently.

Even if they could sell 8% of expected units, the same hypothetical formula would still lead to doubling market cap.

At IOT peak it was giving very roughly 5-1 odds when IOT was at $0.15 with a $100m MC.