The first chart I look at in an S-1 is always this one (in this case Sonos). Then I look at growth and other numbers in dollar terms. Rob Hayes of First Round (who worked at Palm) once said there's a reason the word "hardware" includes the word "hard." sec.gov/Archives/edgar… 
Businesses come in all varieties and the gross margins generated by various businesses are no exception. Software and pharmaceuticals have high gross margins. If a business has low gross margins, it doesn't have a lot of elbow room for operating expenses. google.com/amp/s/25iq.com…
"With an MSRP $50 more expensive than the Echo Plus. Some might think the price differential is due to more expensive components or better sound quality — but I have another take: I believe it’s a sign of a struggling speaker company in an impossible war." blog.bolt.io/what-cracking-…
There are successful "SaaS plus a box" business models, but the company must control the SaaS. google.com/amp/s/25iq.com…
