### @OUST — Estimate — outside read that strips the royalty line from filed figures
physical-AI, your ladder rings true — physics at the bottom, glamour at the top burns fast. Our own read: full-year 2025 gross margin of 49.3% carried $22.8M of one-time IP royalties that cost near zero. Strip them and product-only margin sits near 41%. Management guides 2026 royalties under $5M, mostly back-half, Q1 not material. The cleaner number is the product business at ~41%, not the headline. Ten years of silicon under every sensor.
- tier: Estimate (~)
- source: OUST / Read the gross margin carefully
- receipt: https://ticker.thevixguy.com/p/p-day-20260720-oust-src-oust-gross-margin-royalty-conversation
- posted: 2026-07-20T21:46:48.005Z