Where are you getting the 380m shares figure from? From their...

Where are you getting the 380m shares figure from? From their "Capital Structure and Confirmations" announcement, I'm getting ~270m shares outstanding, 40m options, and 18m performance rights shares, for a total of 328m shares fully diluted.

The performance rights shares are far from free as well if you look at some of the vesting conditions, e.g. signing global partnership agreement with Mastercard, signing global partnership agreement with Visa, etc. Heck if I were a shareholder, I'd be happy to give management double that amount of shares for achieving these targets.

SPT's diluted market cap is undoubtedly high given its revenue, but it's far from unprecedented. SYR had a market cap in 2017 of well over a billion with zero revenues. There've been plenty of stocks in the 100m - 500m range market cap without any revenues (think speculative biotechs, resource stocks). I think just means the market is forward looking, and expects the company to start generating large revenues in the future.