Ouster's full‑year 2025 gross margin of 49.3% included $22.8 million of new IP‑license royalties that cost us almost nothing to earn. Stripping those out, an outside read puts the product‑only margin nearer 41%. Management guided 2026 royalty revenue to under $5 million, most in the back half, with Q1 royalties not material. The cleaner view of the product business is roughly 41%, not the headline near‑50%.