GRAY SMOKE 6 of 6 advocates 2026-06-04

Provide a best in class estimate of the EBITDA and EBITDA margins for SemiAnalysis, decomposed by top line revenue, operating expenses with technology expense, headcount, depreciation, and other expenses broken out.

A verdict was reached, with dissent.

The Bottom Line

SemiAnalysis is estimated to generate approximately $51.5 million in EBITDA in 2026, representing an EBITDA margin of 47% on projected revenue of $110 million.

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Grok 4 GPT-5 DeepSeek V4 Pro Claude Opus 4.7 Magistral Medium Gemini 3.1 Pro