Hey Myke,
Good question and thank you for the anecdote. The answer is I don't fully know, but it is my understanding that there are tools that would break down a binary into readable formats; also I understand that the binaries are essentially plaintext machine code.
It seems possible that the binaries could be decomposed to see how data moves from the ADCs through the memory and how it is worked on, which could be very telling. It would also show how PWMs and other controls are manipulated.
It's part of our IP strategy to keep our algorithms and sensor array geometries secret. The electronics are encapsulated to prevent physical access, leaving only some RS485 (uart) lines exposed, and potentially binaries if we have to update in the field (likely since it's a new product line).
As you say, keeping the source code secret (and backed up!) is also a significant concern too. However, when distributing firmware to other countries, we will be encrypting the images, just to cover our bases.
And from the looks of things, it will be by implementing our own software decryption in a custom bootloader!
Thank you for the feedback!