Flotsam we are talking very different market segments.
Cash receipts for TLX are some $83 mill producing a net improvement in cash ba\lances of $2.4 mill
Based on WBT's last quarter and the whole financial year itself some $25 mill yearly in revenue will produce the same net increase in cash flow.
WBT does not have the staff costs, research expenditure and admin costs that TLX has.
This has nothing to do with whether TLX is a great company with growth prospects, but the nature of the business and business risks are totally different
Based on your rationale I could argue a valuation of $3.5 bill for WBT on relatively minimal revenue
I am not doing this because the nature of the business are so different
Ann: Weebit Nano Q4 FY22 Activities Report and Appendix 4C, page-68
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