"So perhaps they misused the word revenues in the 5 May...

"So perhaps they misused the word revenues in the 5 May announcement and in actuality meant gross margin as you have indicated vintage?"

I believe that is the case - based on the raw figures. As Notty noted, Intel's Quark 2000 IoT chip is around US$2.50-3.00 (depending on how many bought). I believe Telink's chips may be a little cheaper (based on lowest IoT chip BOM). So maybe US$2-2.50.

COGS is around 80% - so gross margin of around 20% x US$2.00-2.50 = 40-50C.

See below on COGS estimate:

"The semiconductor industry today faces a monumental challenge: putting the brakes on a ballooning cost structure that is making many fabless companies uncompetitive. According to Accenture Strategy analysis, as much as 80 percent of a fabless company’s revenue is eaten up by the cost of goods sold (COGS)—and the situation is only getting worse. In 2014, top fabless companies spent nearly $33 billion on COGS. That’s up a startling 65 percent from 2010, and it’s caught the attention of investors who increasingly are calling on companies to take action"

https://www.accenture.com/au-en/insight-manufacturing-sourcing-strategy-competitiveness