If they have given you designs the first thing you need to do is ensure that they have no IP claim over the changes you make to your product under their guidance before you even discuss money. if they want an IP claim or a distribution/licence deal than that is an opening for a chat about revenue sharing.
OP are they proposing to distribute the product to their customers as some sort of white label agreement or will they direct their customers to you to download the product and it will retain your branding?
If you got the file formats without their help would you still have added them to your product? If not why not, would you have done something else instead (opportunity cost).
If you make the changes would future revenue cover the cost of the changes and make you a nice profit?
Would the hardware provider be willing to promote the new changes to their customer base and direct those customers to your software?
OP are they proposing to distribute the product to their customers as some sort of white label agreement or will they direct their customers to you to download the product and it will retain your branding?
If you got the file formats without their help would you still have added them to your product? If not why not, would you have done something else instead (opportunity cost).
If you make the changes would future revenue cover the cost of the changes and make you a nice profit?
Would the hardware provider be willing to promote the new changes to their customer base and direct those customers to your software?
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