Another thing to take into account is that while the business...

Another thing to take into account is that while the business right now isn't making a profit, the company is highly unlikely to stay with just its current clients & never sign more contracts. They've been making waves, first with ANZ and now definitely Singtel, they definitely have a competitive product that adds real value, so the odds of them adding more customers to their books has got to be very high. That's what the market is trying to price in - an expectation of future growth & what the company might become, not what it is at the moment.