Yes, there is clearly a disconnection. "the market" thinks the probability of succeeding in these projects is 5 - 30%, and this is why me optimist is invested here!
{Not to mention that - when calculating not so conservative (P/E let us say 75) and adding the potential turnover with some other customers (the ones unter NDA) your calculation would end up in a region you would qualify for the "club"}!
I did not think this could work out with the BB-Photonic interposer technology, which was at that time (Pellegrino with POET's GaAs technology) not even on our radar. Ah, what a nice weekend-dream dream!