All companies are worth more than their revenue. It’s not vibes, it’s just how it works.
Same goes for employees with stock options in USA: They get taxed on CGT every year until they sell, for money they don’t have yet.
Same goes for development costs: A change in the US tax code circe 2016 made that development costs were assumed to be an investment over 3 years, so if you have 1m$ sales and 1m$ costs in the first year, the IRS only counts 333k$ real costs and you own them tax on the 666k$ revenue.
It’s a classic problem in capital. So yes, a 300k€ revenue means you are valued at a multiple of that and owe tax.
