Raw materials includes the $59k I have in inventory, so cost of goods sold would be closer to $200k on $460k in sales.
I've been iterating on the hardware to reduce cost and increase value. The Voyager 2 reduced costs over the Voyager 1 by eliminating some retail hardware components I had to buy. I was expecting to release a PoE version of the Voyager 2 in December, and I think customers would pay a premium for PoE, but it's taking longer than I expected to get that version ready. I'm hoping to ship it in another few weeks at a price that's about 15% higher than the non-PoE.
I should experiment more with pricing. I used to sell the Voyager for $249, and then someone on HN suggested I raise prices, and I thought, "I can't possibly sell it for more!" And I raised it by $50, and it didn't seem to change sales, and then basically the same thing happened a few months later. So maybe it's time for another price experiment.