Yes more often than not, companies with minimal revenues but...

Yes more often than not, companies with minimal revenues but with "high prospects" can be traded at exuberant valuations... But when things turn sour, i.e. missed expectations, poor execution etc, the SP will almost always certainly tank... You mentioned that Vection could receive more revenues this year than 3DP, but have you ever questioned on the longevity of the revenues?

If you are invested in Tech/Software companies you will realise that the reasons for their high valuations are the result of high growth rates, gross margins, high DBNER, extremely low churns, etc... If VR1 were to truly command a high SP/Market cap, it should see its ARR % be at least 85-90% of its total revenues....But unfortunately for VR1, a business like this will also always have moderate gross margins due to the high cost of implementations... Revenues would be very lumpy as seen in 1H... You can have revenues this Q but no revenues the next Q... Unless Mindesk softwares can rapidly gain traction and products like FrameS/TC becomes more of a plug and play (instead of having to go through long developments, implementations, and long sales cycles) the market the company would not be able to attain high growth rates & margins...

Today, a true tech/software company can burn cash at large amounts because they know that for every dollar burnt, they are actually investing into their future. But can Vection do the same? Software/Tech companies know that the marginal cost of every single software/solution sold gets lower each time because they do not need to develop a new product for a new client... They simply sell a license/software that they already have and these licenses and products are so sticky that customers will continue using them year after year..

When you are invested into a business like Vection you need to ask yourself, what value do I see in this business? How fast can they grow? What are the mechanics within the company that will allow FrameS/TC/Mindesk to scale globally? Is Mindesk software a real need for businesses? How sticky are Vection products? Can businesses do without Vection? How much capex do customers have to spend to adopt Vection products?