Hide the Logic, Keep It Working
Protected formulas still calculate and compiled VBA still runs, but neither can be read or copied out of the workbook.
Hand your customers an EXE instead of the workbook: it opens in their Microsoft Excel for Windows, with the formulas you chose kept out of sight, your VBA reduced to bytecode and only the Excel actions you allow. You keep the original file, the keys and the sale.
XLS Padlock
Compile Excel workbooks into protected Windows apps that still open in Excel, with hidden formulas, compiled VBA and activation keys.
Protected formulas still calculate and compiled VBA still runs, but neither can be read or copied out of the workbook.
Activation keys locked to one computer, checked on your own server if you wish, or a USB key, or a dongle; copies can expire by date, days or runs.
One-time licence with royalty-free distribution; deliver keys from your WooCommerce store or bill subscriptions through FastSpring, with an installer and a code-signed EXE.