AIOS Tech

Gross margin of 64 percent in 1H26 suggests projects with decent mix and subcontracting leverage, but at tiny revenue scale ($1.10 million for the half) and with concentrated customers, realized pricing power is unproven. The business lacks brand or mission‑critical platforms that could sustain above‑market rates.

Any near‑term margin could compress as utilization, mix, and competition fluctuate. We see limited latent pricing power until the company establishes differentiated capabilities, reference customers at scale, and multi‑year contracts.