Yes if you look further down, there is another table with EBITDA numbers but with exception of the top few listed stocks on the top of the table, most of them are still cashflow negative and operating at a loss. THe first hurdle is always revenue and revenue growth then cashflow positive and finally operating profit. With exception of the top ones, PPS and BIG (we know that they are not to be trusted) , majority do not yet have double digit million revenues and certainly not cashflow positive yet nor profitable so the Mcap/Revenue metric is actually quite decent. For example if you compare BUD against CAT , they have more or less the same market cap yet CAT has $60m revenue and BUD less than $2m and CAT has lower losses than BUD, so you can draw a conclusion (I would rather buy CAT than BUD based on equal valuation as CAT has already a proven market for its technology , just got punished because it could not achieve EBITDA positive as expected). Another is what justifies such a high market/rev ratio for stocks like SHO/YOJ/BUD/LVT etc when a proven tech stock like Appen (APX) is just trading at just 6+ x Mcap/Revenue? I can't see their potential being greater than APX so there is a clear disconnect there and probably best explained that there is still considerable hype retaining in the valuations of those stocks.
A higher market cap/revenue is possibly more tolerable for very low market cap stocks because if you are at $10m how much lower can you really go after factoring the IP of their technology?
