That is the wonderful characteristic of the market and stocks - they do not follow rational behavior or trade on current realities - rather FUTURE EXPECTATIONS.
History is filled with stocks that went to Hurculean levels without any revenue and negative earnings just based upon future expectations.
What people see here is a new technology that the government has been testing for over 10+ years. Eventually, some government contracts will start coming in as new uses are found.
Furthermore, the technology has attracted such big names/endorsements from companies such as Apple and Swatch which causes a lot of publicity (other companies, industries, and the public takes notice).
Golf clubs, some medical devices, and baseball bats are not what is exciting about this company...it is the FUTURE POTENTIAL - EXPECTATIONS.
Future expectations will drive the price of this stock which is why any announcements, for example, from Apple (even though no revenue is associated with it), spike this stock to the upside all based upon future expectations of the potential for this technology some day.
Remember when people thought Amazon.com was crazy - losing money on each purchase when they first started?
This technology has the potential to significantly change manufacturing - an entire industry. Much like Amazon.com changed the way people shop and Apple revolutionized computers/consumer electronics.
So it is not about the current reality of the stock (although with no debt and a relatively low cost structure/cash burn compared to many start up companies)...it is all about future EXPECTATIONS.
Any positive announcement - contract, new licensing agreement, free advertising with Apple product inclusion - could launch this stock to the moon any day.
This is what has people excited - the announcement WILL come...it is just a matter of WHEN. Today, tomorrow, two weeks from now, a year from now...no one knows. But when it comes...this stock will launch to the moon all based upon future EXPECTATIONS (not the current fundamentals).
