Of course the market cap / PPS is based at least partially on potential.
A rapidly growing company, or one thats coming out with a potential breakthrough is given larger multiples.
Even if there have been no profits companies can be awarded a higher PPS and market cap due to what is envisioned happening. A new drug company with zero revenue might have a higher cap than a 100 year old company thats had little growth in the last 50 years but hasnt ever missed a dividend.
Look at Tesla ( TSLA ) , its cap is certainly not based on anything but potential.
In the case of HCTI, for me the potential is somewhat balanced by a very flawed history and company. I think putting money in it prior to it showing decent performance is too risky right now.
"You don't base market cap on future "potential". As of right now, the market cap is more than reasonable, if anything, too high.
You can't judge the market cap untill there is numbers on the books."