“I would not say as a loss leader for sure... I will say that we will always index toward trying to reach more users with the devices and bring more users in the ecosystem versus trying to maximize the the margins of the devices”

Treat hardware as ecosystem glue, not loss-leader or profit center

When you have both software and hardware, the temptation is to optimize each P&L separately. Don't. Price hardware to maximize ecosystem entry while staying break-even or modestly profitable on the device itself. Hardware buyers retain better on the SaaS, extend the usage lifecycle (Tile in a backpack before a kid has a phone; Pet GPS after the kids leave for college), and lift LTV through both channels.