Mostly yes. It's a niche product with low demand and relatively high R&D costs, so margins have to offset that. There's probably also a bit of psychological bi

Mostly yes. It's a niche product with low demand and relatively high R&D costs, so margins have to offset that. There's probably also a bit of psychological biases at play, like: "if your HSM is 10x cheaper than everyone else's, it must be crappy and insecure".