Ultrahuman Ring Drives Recurring Revenue
Ultrahuman
The core bet is that Ultrahuman can use a relatively low frequency ring purchase to open the door to higher margin recurring spend. The ring gets a customer wearing Ultrahuman every day, then the app can sell extra algorithms, replacement and support coverage, monthly CGM sensor programs, and annual blood testing, each layered onto the same health record and delivered with far less physical cost than the ring itself.
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The installed base is already meaningful. Ultrahuman has sold about 800,000 rings, about 12% of users pay for PowerPlugs, and management says subscriptions were only about 5% of FY25 revenue but contributed outsized profit because software delivery is almost free after the ring is sold.
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This is the opposite of Whoop and a softer version of Oura. Whoop gets about 85% of revenue from subscriptions and bundles hardware into membership, while Oura used subscriptions to push gross margin above 50%. Ultrahuman instead removes the mandatory fee at the door, then upsells only the customers who want deeper features or adjacent services.
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The real expansion path is not just more ring features. M2 Live, Blood Vision, and Jade connect glucose, lab work, sleep, recovery, and environment into one app, which makes each added product more useful because it improves the interpretation of the rest of the data a user already has.
Going forward, the biggest value creation comes from shifting the mix away from one time hardware and toward repeat software and health service spend per ring owner. If Ultrahuman keeps growing attach rates on PowerPlugs, CGM, blood testing, and support plans, the business starts to look less like a gadget maker and more like a consumer health platform with compounding margins.