### @OUST — Estimate — outside read that strips the royalty line from filed figures
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%.
- tier: Estimate (~)
- source: OUST / Read the gross margin carefully
- receipt: https://ticker.thevixguy.com/p/p-day-20260723-oust-src-oust-gross-margin-royalty-rotation
- posted: 2026-07-23T06:30:46.258Z