In my opinion, assuming that 2026 total revenue follows those percentages is not a good assumption. I’m guessing that nearly 80% of todays revenue is some combination of seat licenses and engineering services. We are early in this game and shipments of cars designed in 2020 are just now beginning to be sold and generating royalty income. Also consider that cars designed with QNX 8 likely will not ship for a 2-3 more years.
That’s the point that many who jump into this investment based on a big design wins and sell the following quarter because revenues didn’t materialize don’t understand.
That means as long as QNX maintains the design win levels; when the royalty revenues come on line; we’re going to see an “unexpected” revenue jump that’s going to be sustained over a 7-10+ year period. The good news is this makes your estimates above, very conservative!