00:00ORA sells you a ring once. Wall Street may be valuing the 89% margin that comes after.
00:07The economics underneath, that mix point in another direction.
00:12Membership gross margin was 89% through June, compared with 55% across the whole business.
00:20ORA does not disclose hardware gross margin separately, so the exact contrast with the ring itself is unavailable.
00:28Still, membership is the visibly higher margin layer.
00:33Historically, more than 94% of ring activations converted after the 30-day trial, although the filing gives no measurement
00:41window.
00:4312-month paid member retention was about 85%, a measure that counts returning members.
00:49Those numbers show how effectively a hardware purchase can become a recurring relationship, and how durable that relationship has been
00:58so far.
01:00Revenue is still mostly hardware.
01:03Margin is increasingly about membership.
01:07Watch the full breakdown, tap the related video.
01:09For more information on the video.
01:11See you next year!
