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Oura's smart ring competitors failed by going direct-to-consumer, says Sanchez
“There were about 30 other companies that tried doing something similar, or as the only survivor, because all of them tried to go direct to consumer.”
Lotus has one signed customer and is otherwise pre-revenue
“We have one signed customer, actually they've even given us a 50% deposit, and so we have some booked revenue, but primarily we're pre-product, pre-revenue.”
Lotus hardware supply chain turnaround is 1.5 months
“Our supply chain right now timing is about a month and a half... To go from complete design on paper to end units in hand.”
Lotus projects 75% gross margins at 10,000 units
“At that price point, if we only built a thousand units, our gross margin is 64%. And if we build 10,000 units, which is actually what the state of New York wants, It's 75%”
Lotus smart ring requires charging once every 90 days
“And so instead of charging it every day like an Apple Watch, or every three days like an Aura Ring, you only need to charge once every 90 days.”