I tend to agree that revenue will be around the $1m mark in...

I tend to agree that revenue will be around the $1m mark in 2024, hence agree with the logic to slide the years referred to in the Frost & Sullivan report ahead 3 years, meaning $25m in 2027 instead of 2024. This is in USD so the AUD equivalent is $38m.

eMemory has a very similar business model to Weebit (i.e. royalties from licensing of IP plus associated fees) hence why it was used by Pitt Street Research in their most recent report on Weebit. eMemory has annual revenue of approximately $150m and a market cap of approximately $8b. If we use this as a guide, that would suggest a market cap for Weebit of $2b (37 /150 = 25%) in 2027, which is roughly a 5x from where we are today.

This however places no value on the discrete part of the business, so if announcements are made about advancements with that it could add a premium. It also ignores the concept that the market is forward looking and that the market may seek to value signings as they arise, ahead of revenue.

Excitingly, the revenue projections in the Frost & Sullivan report effectively double on an annual basis. Their 2025 (our 2028) is $56m USD ($84m AUD) and their 2026 (our 2029) is $101m USD ($152m AUD). That effectly gets Weebit to the current size of eMemory in 2029. If that warrants an $8b market cap then that's about an 18x from where we are today. Again, this places no value on the discrete part of the business.

The Frost & Sullivan report is a projection based on assumptions, and a lot can happen between now and 2029. But if it ends up being remotely close then patience will be rewarded.