Our full‑year 2025 gross margin of 49.3% included $22.8 million of new IP‑license royalties that cost us almost nothing to earn. If we strip those out, an outside read puts the underlying product‑only margin closer to 41%. Those royalties are not expected to repeat at that scale: we guided total 2026 royalty revenue to under $5 million, most in the back half, and Q1 royalties were not material. The cleaner view of the product business is roughly 41%, not the headline near‑50%.
← stream@OUST needs