Yeah including hardware sales.
Without hardware sales, if we take Asic miner as an example.
5btc/share peak at 50th with 400,000k shares is a 2, 000, 000 BTC valuation.
5btc/25x less shares for labcoim is .2/btc share if they hit 500th its 2btc/share at current difficulty of course it will rise, but if it doesnt as much and labcoin starts hashing as planned .5-1btc/share is not unresonable.
It's not the TH/s that's important, it's the % of the network. When AM had 50 TH/s and a 5btc share price, they often surpassed 25% of the network. Unless something changes significantly, Labcoin will never have that much of the network, even with double their promises.