Ouster, Inc. (OUST)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$204.9M

Revenue growth

62.8%

Net income, last twelve months

-$53.3M

Earnings per share

-$0.86

Gross margin

49.6%

Operating margin

-30.6%

Net margin

-26.0%

Free cash flow

-$82.5M

Return on equity

-14.4%

Market value

$2.3B

Cash

$91.8M

Debt

$0

Debt to equity

0.00

Shares outstanding

68.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Revenue rose 56 percent year over year. Total revenue was $54.6 million, up 56% from $35.0 million a year earlier and up 12% from $48.6 million in the first quarter.
• Product revenue rose 51 percent. Product revenue was $52.8 million, up 51% from $35.0 million a year earlier and up 9% from $48.2 million in the first quarter.
• Royalties rose from a small base. Royalties were $1.9 million, against $34 thousand a year earlier and $347 thousand in the first quarter.
• More than 17,000 sensors shipped. The company shipped more than 17,000 lidar and camera sensors for revenue, up from more than 12,600 in the first quarter; lidar was about 53% of units, against about 65%.
• Rev8 introduction called pivotal. Management described the Rev8 introduction as a pivotal moment and said the customer reaction has been notable.
• Industrial and smart infrastructure customers drove sales. Product revenue growth was attributed mainly to industrial and smart infrastructure customers using sensors for warehouse automation, yard logistics and intelligent transportation.
• GAAP gross margin rose to 49%. GAAP gross margin was 49%, up from 45% a year earlier and 43% in the first quarter; the company attributed the year-over-year gain to volume growth and operating efficiencies.
• Non-GAAP gross margin reached 53%. Non-GAAP gross margin was 53%, against 52% a year earlier and 46% in the first quarter; non-GAAP excludes stock-based compensation and certain other items outside ordinary operations.
• GAAP gross profit reached $26.7 million. GAAP gross profit was $26.7 million, compared with $15.8 million a year earlier and $20.8 million in the first quarter.
• Total operating expenses rose to $46.7 million. Total operating expenses were $46.7 million, up from $42.7 million a year earlier and $40.1 million in the first quarter; research and development was $19.3 million and sales and marketing $9.2 million.
• GAAP net loss narrowed to $18.1 million. GAAP net loss was $18.1 million, or $0.27 per share, against $20.6 million a year earlier and $17.5 million in the first quarter; stock-based compensation was $11.4 million.
• Adjusted EBITDA loss was $4.5 million. Adjusted EBITDA loss was $4.5 million, against $5.5 million a year earlier and $6.9 million in the first quarter; the press release rounds it to $4 million.
• Cash and short-term investments reached $263 million. Cash, cash equivalents, restricted cash and short-term investments totaled $263 million at June 30, 2026, up from $175 million at March 31, 2026.
• At-the-market sales raised $98 million. Net proceeds from common stock issued under the at-the-market offering were $98.0 million for the six months ended June 30, 2026, against $58.8 million a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 89 held.

Every filing

The newest filings with the SEC of 233 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

361 funds held it at 30 Jun 2026: 220 added and 66 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Nordson Corp. (NDSN): revenue $3.0B, market value $18.2B
• Regal Rexnord Corp. (RRX): revenue $6.1B, market value $10.7B
• Esab Corp. (ESAB): revenue $3.0B, market value $4.4B

What the company does

Ouster, Inc. designs and manufactures digital lidar sensors that give machines, vehicles, robots and fixed infrastructure a 3D view of their surroundings. The company was founded in 2015 and is headquartered in San Francisco, California. It sells into four target markets: industrial, smart infrastructure, robotics and automotive. It also offers perception software and, after acquiring Stereolabs SAS on 4 February 2026, cameras and AI compute. At 31 December 2025 it employed 204 people full time in the United States and 116 full time internationally.

What it sells

The core product is the Ouster Sensor (OS) product line, introduced in 2018. The REV7 series, launched in 2022, runs on the company's L3 chip, which combines a 128-channel SPAD array on one piece of silicon. Each model has resolution options of 128, 64 or 32 channels.

The company is also developing Digital Flash (DF) solid-state lidar sensors in short, mid and long-range versions. It has built prototypes of the DF sensors for the automotive advanced driver assistance systems (ADAS) market. Older Velodyne scanning sensors (VLP-16, VLP-16 Lite, VLP-16 Hi-Res, VLP-32 and VLS-128) are still offered, but the company stopped manufacturing them in 2025.

With the Stereolabs acquisition, Ouster added ZED cameras and AI compute. It describes its platform as combining digital lidar, cameras, AI compute, sensor fusion and perception software, and AI models.

Software

Ouster Gemini is a perception platform for smart infrastructure uses such as security, yard management and crowd analytics. It combines OS lidar sensors, edge processor hardware, perception software and cloud analytics, and it detects, classifies and tracks people and objects without outputting personally identifiable information. BlueCity is a Gemini-powered product for traffic operations, planning and safety.

The technology

Ouster's digital lidar pairs an array of vertical cavity surface emitting lasers (VCSEL) with a custom system-on-a-chip that holds single photon avalanche diode (SPAD) detectors. The chip replaces hundreds of discrete analog components on one CMOS chip. Patented micro-optical systems sit alongside it, and the embedded software can be upgraded in the field. The company says no single patent is solely or materially responsible for protecting its products. It also licenses certain patents and receives annual royalties.

Who it sells to

- Industrial: makers and operators of heavy machinery such as automated guided vehicles, autonomous mobile robots, mining vehicles, forklifts, construction and agricultural vehicles, and port machinery. - Smart infrastructure: federal, state and local governments and private businesses that monitor people and vehicle movement for building security and road safety. - Robotics: commercial and nonprofit customers building wheeled robots, legged robots and drones, for uses such as last-mile delivery, street sweeping and asset inspection. - Automotive: companies developing self-driving technology for driverless mobility and freight, and companies developing consumer ADAS.

Two customers each accounted for more than 10% of revenue in 2025. Most revenue comes from selling sensors and accessories, both directly to end users and through distributors. Royalties from long-term intellectual property license contracts made up 13% of 2025 revenue, and the company says it does not consider this revenue reflective of its core operations.

How and where it makes things

The San Francisco facility manufactures sensors, including new product introductions and Buy America and Buy American-compliant sensors. Benchmark Electronics, Inc. and Fabrinet manufacture the majority of the company's products, at facilities in Thailand. Some key components come from limited or single source suppliers. Research and development is based mainly in San Francisco, Ottawa in Canada, and Edinburgh in Scotland.

Sales reach and competition

The company has a sales presence in the Americas, Europe, and Asia and Pacific, and sells through a network of distributors. Competitors named in the filing include AEye, Aeva, Cepton, Hesai Technology, Innoviz Technologies, Koito Manufacturing, Luminar Technologies, MicroVision, Pepperl+Fuchs, Quanergy, RoboSense, Seyond and SICK. Some potential customers also run their own lidar development programs.

Regulation

As a laser product maker, Ouster is subject to the Electronic Product Radiation Control Provisions of the Federal Food, Drug, and Cosmetic Act, enforced by the U.S. Food and Drug Administration. Its products are also subject to U.S. Export Administration Regulations and sanctions rules administered by the Office of Foreign Assets Control.

*From Ouster's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1816581/000162828026013313/oust-20251231.htm)*

From the company's 10-K.