VCIG Earnings Tomorrow….Am I Crazy or Is This Thing Still Stupidly Undervalued?

Not financial advice. Just sharing what I’m seeing before earnings tomorrow.

I’ve been digging through VCIG’s numbers and I’m trying to figure out if the market is missing something here.

Current stats:
Market Cap: \~$17.7M
Revenue (TTM): \~$138.6M
Net Income (TTM): \~$26.9M
EBITDA: \~$27.3M
Cash: \~$23.1M
Debt: \~$2.8M
Profit Margin: \~19.4%
Revenue Growth: +21.9% YoY

What really stands out to me:
The company is trading at a market cap LOWER than the cash on its balance sheet.
Market cap = $17.7M
Cash = $23.1M
Debt = only $2.8M
EV/EBITDA is under 2.
Price/Book is around 0.10.

If these numbers are accurate, the valuation looks absolutely disconnected from the financials.
Now before everyone screams “value trap,” I get it.

The bear case:
Recent 1:60 reverse split
Quarterly earnings growth came in at -29.6%
Small cap / microcap volatility
Previous dilution concerns
Market may not trust the reported earnings

But here’s what I’m wondering…
At today’s price (\~$6), the market cap is only around $44M.

If the company can continue generating anywhere close to $25M+ annually in earnings and confirms that during tomorrow’s report, why couldn’t this trade at:
$15 = \~$83M market cap
$20 = \~$111M market cap
$32 = \~$177M market cap

A $177M valuation doesn’t seem insane for a company doing $138M+ in revenue with positive earnings.

Am I missing something here?
Is the market pricing in future dilution?
Does nobody trust the earnings?

Or is this one of those rare situations where a microcap gets discovered and rerates violently after a strong report?
Curious what everyone else’s bull and bear cases are heading into earnings tomorrow……