$5.74 stock price. $3.50 per share in net cash. That leaves $2.24 per share for the operating business which generates $3.50 per share of gross profit (2027 gross margin 64% X $1.5B revenues). If the gross profit never grows again, the perpetual value of that $3.50 at a 10% discount rate = 3.5/.1 = $35.
More realistically, the business should trade at 5x gross profit at a minimum = $17.50 per share.
The current EV assumes the ice cube melts in 2 years. But there are zero liabilities. Revenue is growing.
Flabbergasting.