It's not just about revenue, VIT made ~$124m in revenue in FY24...

It's not just about revenue, VIT made ~$124m in revenue in FY24 and its market cap ($61m) is less than BXN's currently is ($96m). ECS went from $2m to $20m in revenue and it's market cap is now a measely $18m... The problem is all of these companies have a brief inflection point when growth skyrockets and then quickly plateaus/declines. So the most likely scenario here for BXN is that it's one and done e.g. they signed Montu and now growth will quickly plateau in the best case or decline like everyone else. That's why it's an ultra competitive market, there are already another two large manufacturers making pastilles in Australia and imports from Canada will flood the space very quickly, it' happened with every other product category so thinking it won't happen here is pure hopium.

So, does a company that might end up making ~$20m in revenue p.a. and perhaps a couple million in profit a year deserve to be trading at a $100m markect cap? Nope, it will most likely settle somewhere back down between $20m - $30m so multiples less than it currently is. The selling that's happened so far is most likely the broker that initially pushed the price up to begin with using retail buyers as exit liquidity like I did. Once retail realises and starts selling I think you'll be surprised how quickly this drops.