While I agree with this for the most part the 75% margins you...

While I agree with this for the most part the 75% margins you have with 25% profit is flipped around the wrong way for an IP only business. ARM which is a similar business albeit in a much further progressed stage obviously had around 88-90% profit margin for their IP revenue. (Will try to source that later)

Once WBT tape out in a fab and a customer signs to use the chip WBT then get an engineering fee paid to them (For every new model, product or customer mind you) So they literally have no further costs to any of those future sales unless say the fab changes machinery or some process change that needs engineering work.

I think a lot of people compare the future profit margins of this business to a lot of other tech companies that require a great number of employees. WBT will have a higher side of expenditure in R&D than I think they will have in employee costs.