There are 2 things you're confounding here - the market opp and...

There are 2 things you're confounding here - the market opp and the execution.

But first, to respond to your question "Isnt it just a website where parents share ideas?" - um, no. Have you actually used the app?

That aside, even if it was, that's like saying "Isn't instagram just a website where people share pictures? That's like people in my hometown catching up over coffee and sharing pics on their phone. How is that possibly worth ~US$30B???" My point is that the market is there, the business has huge potential to scale in ways your local tradie can't and yes it could potentially (however small the likelihood) be worth 100M or 1B or 30B at some point...but not the way it's currently going - which brings me back to the execution issue.

The problem with TNY has always been that to execute on these types of social networks, you need large amounts of capital to focus on growth. TNY had the misfortune of being based in AU where there simply isn't the appetite, and at the time it needed the most funding to drive that growth. Engagement metrics at the beginning were awesome. CAC was low as much of it was word of mouth and family members inviting other family members etc.

Because of unwillingness/inexperience of local VCs to support businesses like tinybeans in the early-mid 2010's they listed as a last resort. Once they listed everything changed. Australian investors demanded the business become cashflow positive. I'm not saying being cashflow positive is bad - but it's not what a business like tinybeans needed to focus on at that stage. So the company flittered between growth (the right goal for its stage) and cash flow positive (demanded by investors) objectives and, well, hit neither - until now.

So let's see how it goes from here. The market hasn't changed, nor has the opportunity. And maybe management, now its proven it can get the business to be cash flow positive, can focus on growing. I don't know what that means in terms of future market cap, but success would make it significantly higher than what it is now - maybe not up to the ridiculous ~$3.40 in 2019 in the short term, but maybe in the medium term. I'm happy to hold as I think there's a non-zero possibility the company will get there and, if so, it will be a good return for me.