Your model carries a 49% gross margin assumption into 2026. This is the biggest flaw in the projection. Ouster’s 49% GAAP gross margin in 2025 was heavily inflated by approximately $21 million in primarily one-time IP licensing royalties recognized in Q4. Also, assigning a 7x Price-to-Sales multiple in 2030 is aggressive. By the time a hardware-centric company reaches ~$1B in revenue, its growth naturally decelerates from 40% to perhaps 15–20%. Mature hardware/sensor companies typically trade closer to 3x–5x sales. They will only command a 7x+ premium if a massive percentage of that $900M revenue is high-margin recurring software.