in the right industry reminds me of dot com , page-19

I think that you are throwing 'profit' around too loosely Paprika. The $2.2m is EBITDA, not Profit After Tax. I can't see Profit After Tax mentioned in the announcement, so I'm going to assume that Bullitproof are not profitable (otherwise, who would they only show EBITDA). If you look at the balance sheet, there are $5.5m PP&E and $0.2m in intangibles. Based on this, I think the depreciation and amortisation expense will be comparatively high (unless they own their own building and land). Also, there are $2.3m of current(!) borrowings, and $1.7m of non-current borrowings. I'm guessing that interest expense will be at least $300k, probably higher for a startup. These neeed to be factored in before you can calculate a PE ratio.

Interesting company though, in the current market climate profitability seems to be an afterthought, so this one could take-off. One for the watch list.