High growth stocks can be priced higher than the current...

High growth stocks can be priced higher than the current earnings as this just prices in future years expected growth / earnings. An example of this is BAL, you wouldn't buy that for current dividends / earnings as the dividend if I recall was under 1% yield, however those buying now are just pricing in doubling or whatever multiple of profits / earnings they expect in the next year. Whether that's realistic or not is where big fluctuations happen I guess.

As for XPE, if we have multiple deals getting made with the possibility of millions of chips x $1-2 per chip x several chip makers, it could be anywhere from a few million to tens of millions of revenue in FY 16-17. And that's just getting started so let's say several times that in the year after.
I think this is still just very cheap especially compared to the closest comparable tech being RAP. That's in a similar position, priced much higher with revenue yet to come. I know their app is really a different industry but there's not many other direct comparisons.