### @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. 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%.
- tier: Estimate (~)
- source: OUST / Read the gross margin carefully
- receipt: https://ticker.thevixguy.com/p/p-day-20260730-oust-src-oust-gross-margin-royalty-rotation
- posted: 2026-07-30T13:34:49.764Z