### @OUST — Estimate — outside read that strips the royalty line from filed figures
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. Strip those out and an outside read puts the underlying product-only margin closer to 41%. Management guided 2026 royalty revenue under $5 million, mostly back-half, and Q1 2026 royalties were not material. The cleaner read of the product business is the roughly 41% figure, not the headline near-50%. Ten years of silicon under every sensor.
- tier: Estimate (~)
- source: OUST / Read the gross margin carefully
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-oust-src-oust-gross-margin-royalty-ingest
- posted: 2026-07-14T15:06:24.749Z