Cash on hand+ IP
+ commercial agreements less operating costs
Cash on hand is easy
IP - they are using GOMSPACE IP for the framework and off the shelf radios - what IP do they actually have?
This one is harder - as details are sketchy. But in my mind isn't a positive number yet.
Alternatively can compare to barrier of entry
How much would it cost you to go to GOMSPACE and say - I'd like to build 16 nanosats with your off the shelf 6U design and radios. This is < 10 million
Then how much to launch them - say another 10 million.
If IOT market is as hot as people think then if you build it they will come.
Both of those numbers are well south of last traded price.