Ann: EGM Presentation by Yuval Cohen CTO, page-43

A new investor would be challenged by current valuations which are based on some bold assumptions including market size, costs to the OEM and competitive responses from established industry players. To justify market valuations of the type we have seen in these posts would require achieving near 100% market share of speaker and smart speaker markets and therefore ‘steal’ market share off some very well funded existing players. For sure fast growth entrants to an industry can achieve very high P/E multiples - 25,30 times, but only when costs, margins are known. Broker analysts and potential acquirers want more than sine waves to justify astronomical multi-billion dollar valuations. There will almost certainly be engineering and fab problems to solve, each of which could send valuations into reverse. There do need to be projections based on real market sizes not fairy-land valuations of $50-100 billion!!