Yes, valuations of businesses are not just based on historic or short-term profit. Some businesses can take time to get established, reach maturity and most would have expectations to become profitable in the future. To value such assets, several methods are available (EV/Revenues based on adjusted revenues, multiple-stages DCF and Venture Capitalist method). Alternatively, estimating a liquidation value of the business may be the most appropriate approach to assess its market value.