You have to look through the lens of cross sided network effects...

You have to look through the lens of cross sided network effects and first mover advantage to understand this investment. But if market participants behave like they have for IPP the share price could continue to creep absent profits. So they are mostly likely judging investment on revenue growth thus using some price to sales multiple. Maybe...best to research yourself then trust me. What I definitely do know is that ICQ will take a long time to be profitable.