Ouster Reports Record Performance for Third Quarter 2024
Ouster (NYSE: OUST) reported record financial performance for Q3 2024, with revenue reaching $28 million, a 26% YoY increase. The company shipped over 3,900 sensors and achieved a GAAP gross margin of 38%, up from 14% in Q3 2023. Non-GAAP gross margin rose to 45%. Despite a net loss of $26 million, this was an improvement from a $35 million loss in Q3 2023. Adjusted EBITDA loss was $10 million, down from $18 million in Q3 2023.
Ouster repaid all outstanding balances on its revolving credit line, ending the quarter with $154 million in cash and equivalents. Key business highlights include achieving NEMA TS2 certification for its BlueCity software and integrating Ouster Gemini with Genetec Security Center. The company also advanced its digital lidar hardware development.
For Q4 2024, Ouster projects revenue between $29 million and $31 million. Upcoming investor events include the Craig-Hallum Alpha Select Conference and ROTH Technology Conference in November 2024.
Ouster (NYSE: OUST) ha riportato risultati finanziari record per il terzo trimestre del 2024, con ricavi che hanno raggiunto i 28 milioni di dollari, un aumento del 26% rispetto all'anno precedente. La società ha spedito oltre 3.900 sensori e ha raggiunto un margine lordo GAAP del 38%, in aumento rispetto al 14% del terzo trimestre del 2023. Il margine lordo non GAAP è salito al 45%. Nonostante una perdita netta di 26 milioni di dollari, si è trattato di un miglioramento rispetto a una perdita di 35 milioni di dollari nel terzo trimestre del 2023. La perdita di EBITDA rettificato è stata di 10 milioni di dollari, in calo rispetto ai 18 milioni di dollari del terzo trimestre del 2023.
Ouster ha ripagato tutti i saldi in sospeso sulla sua linea di credito revolving, chiudendo il trimestre con 154 milioni di dollari in contante e equivalenti. Tra i principali traguardi aziendali vi è l’ottenimento della certificazione NEMA TS2 per il suo software BlueCity e l’integrazione di Ouster Gemini con il Genetec Security Center. L'azienda ha inoltre progredito nello sviluppo dell'hardware lidar digitale.
Per il quarto trimestre del 2024, Ouster prevede ricavi tra 29 milioni e 31 milioni di dollari. Gli eventi per gli investitori in programma includono la Craig-Hallum Alpha Select Conference e il ROTH Technology Conference a novembre 2024.
Ouster (NYSE: OUST) informó sobre un rendimiento financiero récord para el tercer trimestre de 2024, con ingresos que alcanzaron los 28 millones de dólares, un aumento del 26% en comparación con el año anterior. La compañía envió más de 3,900 sensores y logró un margen bruto GAAP del 38%, en comparación con el 14% en el tercer trimestre de 2023. El margen bruto no GAAP aumentó al 45%. A pesar de una pérdida neta de 26 millones de dólares, esto representa una mejora respecto a una pérdida de 35 millones de dólares en el tercer trimestre de 2023. La pérdida de EBITDA ajustado fue de 10 millones de dólares, disminuyendo de 18 millones en el tercer trimestre de 2023.
Ouster pagó todos los saldos pendientes de su línea de crédito rotativa, cerrando el trimestre con 154 millones de dólares en efectivo y equivalentes. Los puntos destacados del negocio incluyen la obtención de la certificación NEMA TS2 para su software BlueCity y la integración de Ouster Gemini con el Genetec Security Center. La empresa también avanzó en el desarrollo de su hardware lidar digital.
Para el cuarto trimestre de 2024, Ouster proyecta ingresos entre 29 millones y 31 millones de dólares. Los próximos eventos para inversores incluyen la Craig-Hallum Alpha Select Conference y la ROTH Technology Conference en noviembre de 2024.
아우스터(Ouster, NYSE: OUST)는 2024년 3분기에 기록적인 재무 실적을 보고했습니다. 수익은 2800만 달러에 달하며, 이는 전년 대비 26% 증가한 수치입니다. 회사는 3,900개 이상의 센서를 출하했으며, GAAP 기준 총 이익률은 38%로, 2023년 3분기의 14%에서 상승했습니다. 비GAAP 기준 총 이익률은 45%로 증가했습니다. 2,600만 달러의 순손실이 있었지만, 이는 2023년 3분기의 3,500만 달러 손실에 비해 개선된 결과입니다. 조정된 EBITDA 손실은 1천만 달러로, 2023년 3분기의 1,800만 달러에서 감소했습니다.
아우스터는 회전 신용 계좌의 모든 미불금액을 상환하고, 분기말에 1억 5천4백만 달러의 현금 및 현금성 자산을 보유하고 있습니다. 주요 비즈니스 성과로는 BlueCity 소프트웨어의 NEMA TS2 인증 취득과 Ouster Gemini의 Genetec Security Center 통합이 포함됩니다. 회사는 디지털 라이다 하드웨어 개발도 진전을 이루었습니다.
2024년 4분기 동안 아우스터는 2900만 달러에서 3100만 달러 사이의 매출을 예상하고 있습니다. 향후 투자자 행사로는 2024년 11월에 열리는 Craig-Hallum Alpha Select Conference와 ROTH Technology Conference가 있습니다.
Ouster (NYSE: OUST) a annoncé des performances financières record pour le troisième trimestre 2024, avec un chiffre d'affaires atteignant 28 millions de dollars, soit une augmentation de 26 % par rapport à l'année précédente. L'entreprise a expédié plus de 3 900 capteurs et a atteint une marge brute GAAP de 38 %, en hausse par rapport à 14 % au troisième trimestre 2023. La marge brute non-GAAP a augmenté à 45 %. Malgré une perte nette de 26 millions de dollars, cela représente une amélioration par rapport à une perte de 35 millions de dollars au troisième trimestre 2023. La perte d'EBITDA ajusté était de 10 millions de dollars, contre 18 millions de dollars au troisième trimestre 2023.
Ouster a remboursé tous les soldes impayés de sa ligne de crédit renouvelable, terminant le trimestre avec 154 millions de dollars en liquidités et équivalents. Parmi les points forts de l'entreprise figurent l'obtention de la certification NEMA TS2 pour son logiciel BlueCity et l'intégration d'Ouster Gemini avec le Genetec Security Center. L'entreprise a également fait des progrès dans le développement de son matériel lidar numérique.
Pour le quatrième trimestre 2024, Ouster prévoit un chiffre d'affaires compris entre 29 millions et 31 millions de dollars. Les prochains événements pour les investisseurs comprennent la Craig-Hallum Alpha Select Conference et la ROTH Technology Conference en novembre 2024.
Ouster (NYSE: OUST) hat für das dritte Quartal 2024 eine rekordverdächtige finanzielle Performance gemeldet, mit einem Umsatz von 28 Millionen Dollar, was einem Anstieg von 26 % im Vergleich zum Vorjahr entspricht. Das Unternehmen hat über 3.900 Sensoren versandt und einen GAAP-Bruttomarge von 38 % erreicht, im Vergleich zu 14 % im dritten Quartal 2023. Die Non-GAAP-Bruttomarge stieg auf 45 %. Trotz eines Nettoverlusts von 26 Millionen Dollar stellt dies eine Verbesserung im Vergleich zu einem Verlust von 35 Millionen Dollar im dritten Quartal 2023 dar. Der ajustierte EBITDA-Verlust betrug 10 Millionen Dollar, ein Rückgang von 18 Millionen im dritten Quartal 2023.
Ouster hat alle ausstehenden Salden seiner revolvierenden Kreditlinie zurückgezahlt und schloss das Quartal mit 154 Millionen Dollar in Bar und Äquivalenten ab. Wichtige Geschäftshighlights sind die Erlangung der NEMA TS2-Zertifizierung für seine BlueCity-Software und die Integration von Ouster Gemini mit dem Genetec Security Center. Das Unternehmen machte auch Fortschritte in der Entwicklung seiner digitalen Lidar-Hardware.
Für das vierte Quartal 2024 prognostiziert Ouster einen Umsatz zwischen 29 Millionen und 31 Millionen Dollar. Zukünftige Investorenveranstaltungen sind die Craig-Hallum Alpha Select Conference und die ROTH Technology Conference im November 2024.
- Record Q3 2024 revenue of $28 million, up 26% YoY.
- GAAP gross margin improved to 38%, up from 14% in Q3 2023.
- Non-GAAP gross margin increased to 45%, up from 33% in Q3 2023.
- Net loss reduced to $26 million from $35 million in Q3 2023.
- Adjusted EBITDA loss improved to $10 million from $18 million in Q3 2023.
- Repayment of all outstanding balances on revolving credit line.
- Cash and equivalents balance of $154 million.
- Net loss of $26 million in Q3 2024.
- Adjusted EBITDA loss of $10 million.
Insights
Ouster's Q3 results demonstrate strong execution with
Key positives include robust demand in robotics and smart infrastructure verticals, successful REV7 sensor adoption and debt reduction through credit line repayment. The
The technological advancements in Ouster's portfolio are strategically significant. The L4 sensor prototype milestone and Chronos chip development demonstrate R&D progress in next-generation hardware. The BlueCity solution's NEMA TS2 certification and Genetec Security Center integration expand market opportunities, particularly in smart infrastructure.
The increased software-attached sales indicate successful execution of the company's strategy to build recurring revenue streams. The focus on enhancing sensor performance while maintaining cost efficiency positions Ouster well against competitors in the growing lidar market.
Record revenue of
Third Quarter 2024 Highlights
-
$28 million 26% year over year and4% sequentially. - Shipped over 3,900 sensors for revenue.
-
GAAP gross margin of
38% , compared to14% in the third quarter of 2023 and34% in the second quarter of 2024. -
Non-GAAP gross margin1 of
45% , compared to33% in the third quarter of 2023 and40% in the second quarter of 2024. -
Net loss of
$26 million $35 million $24 million -
Adjusted EBITDA1 loss of
$10 million $18 million $11 million - Repaid all outstanding balances under revolving credit line utilizing cash on hand.
-
Cash, cash equivalents, restricted cash, and short-term investments balance of
$154 million
“I’m proud of our third quarter results, which set new record levels of revenue, gross margin, and adjusted EBITDA. Our customers continue to adopt our REV7 sensors to harness enhanced range, accuracy, and precision. More customers are moving into production, with robotics and smart infrastructure deals representing the largest wins during the quarter,” said Ouster CEO Angus Pacala. “The third quarter also reflected our focus on growing our software installed base. We achieved our highest level of software-attached sales to date, helping to enhance the efficiency and security of yard logistics and increase road safety around the world.”
Revenue in the third quarter was primarily driven by customers in the robotics and smart infrastructure verticals for use cases in perimeter security, mapping, and last mile delivery. GAAP gross margin improved by over 2400 basis points year over year and benefited from higher revenues, favorable product mix, and fewer costs related to inventory charges and purchase commitments. Non-GAAP gross margin increased to
2024 Business Objective Updates
- Expand software solutions and grow the installed base
- Advance the development of digital lidar hardware
- Progress on the long-term financial framework
Expand software solutions and grow the installed base: In the third quarter, Ouster BlueCity achieved NEMA TS2 certification, the industry standard for safe traffic control, making it the first certified solution with Buy America(n) certified lidar. During the quarter, Ouster also integrated Ouster Gemini, its digital lidar perception platform, with Genetec Security Center, enabling customers to fuse lidar and video surveillance into a single interface for seamless security operations.
Advance the development of digital lidar hardware: During the third quarter, Ouster turned on its first “L4” powered OS sensor prototypes, which generated rich point clouds, achieving a major milestone in its next generation hardware. Development on the Company’s next generation “Chronos” chip remains on track. Both L4 and Chronos are expected to unlock new verticals while significantly enhancing the performance, reliability, and manufacturability of the Ouster product family.
Progress on the long-term financial framework: Ouster reached its target of 35
Fourth Quarter 2024 Outlook
For the fourth quarter of 2024, Ouster expects to achieve
Upcoming Investor Events
Ouster management will participate in the following upcoming investor events:
-
Craig-Hallum Alpha Select Conference -
New York City , November 19th, 2024 -
ROTH Technology Conference -
New York City , November 20th, 2024 - Wolfe Research Small and Mid-Cap Conference - Virtual, December 5th, 2024
- Northland Growth Conference 2024 - Virtual, December 12th, 2024
Conference Call Information
Ouster will host a conference call and live webcast for analysts and investors at 5:00 p.m. ET today, November 7, 2024 to discuss its financial results and business outlook. To access the call, please register at https://registrations.events/direct/Q4I934287818.
Upon registering, each participant will be provided with call details and a registrant ID. The webcast and related presentation materials will be accessible for at least 30 days on Ouster’s investor relations website at https://investors.ouster.com. A telephone replay of the call will be available 2 hours after the call ends, and can be accessed via phone through November 14, 2024 by dialing (800) 770-2030 from the
About Ouster
Ouster (NYSE: OUST) is a leading global provider of high-resolution scanning and solid-state lidar sensors and software solutions for the automotive, industrial, robotics, and smart infrastructure industries. Ouster is on a mission to build a safer and more sustainable future by offering affordable, high-performance sensors that drive mass adoption across a wide variety of applications. Ouster is headquartered in
_________________________
1Adjusted EBITDA loss and non-GAAP gross margin are non-GAAP financial measures. See Non-GAAP Financial Measures for additional information and reconciliations of these measures to their respective most directly comparable financial measures calculated in accordance with
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “may,” “will,” “should,” “plan,” “could,” “continue,” “target,” “contemplate,” “estimate,” “forecast,” “guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,” and the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than statements of historical fact, including statements regarding Ouster’s revenue guidance for the fourth quarter of 2024; anticipated new product launches and developments; Ouster’s future results of operations and financial position; the anticipated timing and development of Ouster’s next generation hardware and software solutions; the execution against the Company’s product roadmap and demand for products; the Company’s path to profitability and long-term financial framework; industry and business trends; Ouster’s business objectives, plans, strategic partnerships, and market growth; Ouster’s competitive market position; and Ouster’s participation in upcoming events and presentations, all constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, risks related to Ouster’s limited operating history and history of losses; fluctuations in its operating results; the substantial research and development costs needed to develop and commercialize new products; its ability to maintain competitive average selling prices, high sales volumes and reduce product costs; competition in Ouster's industry; the negotiating power and product standards of its customers; the adoption of its products and the growth of the lidar market generally; product quality and liability risks; Ouster’s future capital needs and ability to secure additional capital on favorable terms or at all; its ability to manage growth, including growing the sales and marketing organization; risks related to international operations, including international manufacturing; cancellation or postponement of contracts or unsuccessful implementations; the Company's ability to manage its inventory; credit risk of customers; Ouster's ability to use tax attributes; Ouster’s dependence on key third party suppliers, in particular Benchmark Electronics, Inc., Fabrinet, and other suppliers; supply chain constraints and challenges; conditions in the industries the Company targets or the global economy; the ability of its lidar technology roadmap and new software solutions to catalyze growth; Ouster’s ability to recruit and retain key personnel; its ability to successfully integrate its business with Velodyne and achieve the anticipated benefits of the Velodyne merger; Ouster’s ability to adequately protect and enforce its intellectual property rights, including as it relates to Hesai Group; legal and regulatory risks; risks related to operating as a public company; and other important factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as may be further updated from time to time in the Company’s other filings with the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management’s reasonable estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, other than as may be required by law, even if subsequent events cause its views to change.
In addition, see information below concerning non-GAAP financial measures.
Non-GAAP Financial Measures
In addition to its results determined in accordance with generally accepted accounting principles in
| OUSTER, INC. | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (unaudited) | ||||||
| (in thousands) | ||||||
September 30, 2024 |
December 31, 2023 |
|||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ |
44,388 |
|
$ |
50,991 |
|
| Restricted cash, current |
|
439 |
|
|
552 |
|
| Short-term investments |
|
107,045 |
|
|
139,158 |
|
| Accounts receivable, net |
|
18,412 |
|
|
14,577 |
|
| Inventory |
|
18,625 |
|
|
23,232 |
|
| Prepaid expenses and other current assets |
|
11,252 |
|
|
34,647 |
|
| Total current assets |
|
200,161 |
|
|
263,157 |
|
| Property and equipment, net |
|
8,836 |
|
|
10,228 |
|
| Operating lease, right-of-use assets |
|
15,607 |
|
|
18,561 |
|
| Unbilled receivable, non-current portion |
|
7,214 |
|
|
10,567 |
|
| Intangible assets, net |
|
19,172 |
|
|
24,436 |
|
| Restricted cash, non-current |
|
1,892 |
|
|
1,091 |
|
| Other non-current assets |
|
2,344 |
|
|
2,703 |
|
| Total assets | $ |
255,226 |
|
$ |
330,743 |
|
| Liabilities and stockholders’ equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ |
5,862 |
|
$ |
3,545 |
|
| Accrued and other current liabilities |
|
28,907 |
|
|
58,166 |
|
| Contract liabilities, current |
|
22,121 |
|
|
12,885 |
|
| Operating lease liability, current portion |
|
7,244 |
|
|
7,096 |
|
| Total current liabilities |
|
64,134 |
|
|
81,692 |
|
| Operating lease liability, non-current portion |
|
14,693 |
|
|
18,827 |
|
| Debt |
|
— |
|
|
43,975 |
|
| Contract liabilities, non-current portion |
|
3,356 |
|
|
4,967 |
|
| Other non-current liabilities |
|
1,294 |
|
|
1,610 |
|
| Total liabilities |
|
83,477 |
|
|
151,071 |
|
| Commitments and contingencies | ||||||
| Stockholders’ equity: | ||||||
| Common stock |
|
47 |
|
|
42 |
|
| Additional paid-in capital |
|
1,061,180 |
|
|
995,464 |
|
| Accumulated deficit |
|
(889,334 |
) |
|
(816,026 |
) |
| Accumulated other comprehensive (loss) income |
|
(144 |
) |
|
192 |
|
| Total stockholders’ equity |
|
171,749 |
|
|
179,672 |
|
| Total liabilities and stockholders’ equity | $ |
255,226 |
|
$ |
330,743 |
|
| OUSTER, INC. | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||||
Three Months Ended September 30, |
Three Months Ended June 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
| Revenue | $ |
28,075 |
|
$ |
22,209 |
|
$ |
26,990 |
|
$ |
81,009 |
|
$ |
58,835 |
|
||
| Cost of revenue |
|
17,321 |
|
|
19,116 |
|
|
17,892 |
|
|
53,732 |
|
|
55,932 |
|
||
| Gross profit |
|
10,754 |
|
|
3,093 |
|
|
9,098 |
|
|
27,277 |
|
|
2,903 |
|
||
| Operating expenses: | |||||||||||||||||
| Research and development |
|
15,127 |
|
|
16,678 |
|
|
14,432 |
|
|
43,365 |
|
|
75,584 |
|
||
| Sales and marketing |
|
7,197 |
|
|
7,887 |
|
|
6,750 |
|
|
20,807 |
|
|
33,086 |
|
||
| General and administrative |
|
15,938 |
|
|
14,270 |
|
|
13,166 |
|
|
41,684 |
|
|
63,437 |
|
||
| Goodwill impairment charges |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
166,675 |
|
||
| Total operating expenses |
|
38,262 |
|
|
38,835 |
|
|
34,348 |
|
|
105,856 |
|
|
338,782 |
|
||
| Loss from operations |
|
(27,508 |
) |
|
(35,742 |
) |
|
(25,250 |
) |
|
(78,579 |
) |
|
(335,879 |
) |
||
| Other income (expense): | |||||||||||||||||
| Interest income |
|
2,149 |
|
|
2,495 |
|
|
2,251 |
|
|
7,051 |
|
|
6,459 |
|
||
| Interest expense |
|
(342 |
) |
|
(1,825 |
) |
|
(740 |
) |
|
(1,823 |
) |
|
(5,222 |
) |
||
| Other income (expense), net |
|
74 |
|
|
(13 |
) |
|
(7 |
) |
|
260 |
|
|
(124 |
) |
||
| Total other income, net |
|
1,881 |
|
|
657 |
|
|
1,504 |
|
|
5,488 |
|
|
1,113 |
|
||
| Loss before income taxes |
|
(25,627 |
) |
|
(35,085 |
) |
|
(23,746 |
) |
|
(73,091 |
) |
|
(334,766 |
) |
||
| Provision for income tax expense (benefit) |
|
(37 |
) |
|
17 |
|
|
123 |
|
|
217 |
|
|
349 |
|
||
| Net loss | $ |
(25,590 |
) |
$ |
(35,102 |
) |
$ |
(23,869 |
) |
$ |
(73,308 |
) |
$ |
(335,115 |
) |
||
| Other comprehensive income (loss) | |||||||||||||||||
| Changes in unrealized gain (loss) on available for sale securities | $ |
298 |
|
$ |
63 |
|
$ |
(45 |
) |
$ |
(206 |
) |
$ |
40 |
|
||
| Foreign currency translation adjustments |
|
335 |
|
|
(213 |
) |
|
(293 |
) |
|
(130 |
) |
|
(271 |
) |
||
| Total comprehensive loss | $ |
(24,957 |
) |
$ |
(35,252 |
) |
$ |
(24,207 |
) |
$ |
(73,644 |
) |
$ |
(335,346 |
) |
||
| Net loss per common share, basic and diluted | $ |
(0.54 |
) |
$ |
(0.89 |
) |
$ |
(0.53 |
) |
$ |
(1.62 |
) |
$ |
(9.39 |
) |
||
| Weighted-average shares used to compute basic and diluted net loss per share |
|
47,684,363 |
|
|
39,228,118 |
|
|
44,737,769 |
|
|
45,287,763 |
|
|
35,670,408 |
|
||
| OUSTER, INC. | ||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| (unaudited) | ||||||
| (in thousands) | ||||||
Nine Months Ended September 30, |
||||||
|
2024 |
|
|
2023 |
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Net loss | $ |
(73,308 |
) |
$ |
(335,115 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Goodwill impairment charges |
|
— |
|
|
166,675 |
|
| Depreciation and amortization |
|
7,843 |
|
|
14,290 |
|
| Loss on write-off and disposal of property and equipment and right-of-use asset impairment |
|
468 |
|
|
1,175 |
|
| Gain on lease termination |
|
— |
|
|
(807 |
) |
| Stock-based compensation |
|
31,618 |
|
|
46,618 |
|
| Reduction of revenue related to stock warrant issued to customer |
|
861 |
|
|
288 |
|
| Amortization of right-of-use asset |
|
3,606 |
|
|
3,268 |
|
| Interest expense |
|
— |
|
|
1,112 |
|
| Amortization of debt issuance costs and debt discount |
|
— |
|
|
190 |
|
| Accretion or amortization on short-term investments |
|
(4,239 |
) |
|
(3,303 |
) |
| Change in fair value of warrant liabilities |
|
(191 |
) |
|
(67 |
) |
| Inventory write down |
|
756 |
|
|
8,223 |
|
| Provision (recovery of) for doubtful accounts |
|
(894 |
) |
|
1,015 |
|
| Realized gain on available for sale securities |
|
(275 |
) |
|
— |
|
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable |
|
412 |
|
|
4,498 |
|
| Inventory |
|
3,851 |
|
|
(4,474 |
) |
| Prepaid expenses and other assets |
|
22,499 |
|
|
676 |
|
| Accounts payable |
|
2,338 |
|
|
(4,112 |
) |
| Accrued and other liabilities |
|
(29,466 |
) |
|
(10,229 |
) |
| Contract liabilities |
|
7,625 |
|
|
410 |
|
| Operating lease liability |
|
(4,637 |
) |
|
(4,034 |
) |
| Net cash used in operating activities |
|
(31,133 |
) |
|
(113,703 |
) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Proceeds from sale of property and equipment |
|
668 |
|
|
560 |
|
| Purchases of property and equipment |
|
(2,307 |
) |
|
(2,633 |
) |
| Purchase of short-term investments |
|
(85,585 |
) |
|
(82,021 |
) |
| Proceeds from sales of short-term investments |
|
122,082 |
|
|
115,481 |
|
| Cash and cash equivalents acquired in the Velodyne Merger |
|
— |
|
|
32,137 |
|
| Net cash provided by investing activities |
|
34,858 |
|
|
63,524 |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
| Proceeds from ESPP purchase |
|
781 |
|
|
310 |
|
| Proceeds from exercise of stock options |
|
170 |
|
|
243 |
|
| Repayment of borrowings |
|
(43,975 |
) |
|
— |
|
| Proceeds from the issuance of common stock under at-the-market offering, net of commissions and fees |
|
33,792 |
|
|
2,936 |
|
| At-the-market offering costs for the issuance of common stock |
|
(202 |
) |
|
(104 |
) |
| Net cash (used) provided by financing activities |
|
(9,434 |
) |
|
3,385 |
|
| Effect of exchange rates on cash and cash equivalents |
|
(206 |
) |
|
(269 |
) |
| Net decrease in cash, cash equivalents and restricted cash |
|
(5,915 |
) |
|
(47,063 |
) |
| Cash, cash equivalents and restricted cash at beginning of period |
|
52,634 |
|
|
124,278 |
|
| Cash, cash equivalents and restricted cash at end of period | $ |
46,719 |
|
$ |
77,215 |
|
| OUSTER, INC. | |||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| (in thousands) | |||||||||||||||||
Three Months Ended September 30, |
Three Months Ended June 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
| GAAP net loss | $ |
(25,590 |
) |
$ |
(35,102 |
) |
$ |
(23,869 |
) |
$ |
(73,308 |
) |
$ |
(335,115 |
) |
||
| Interest income, net |
|
(1,807 |
) |
|
(670 |
) |
|
(1,511 |
) |
|
(5,228 |
) |
|
(1,237 |
) |
||
| Other expense (income), net |
|
(74 |
) |
|
13 |
|
|
7 |
|
|
(260 |
) |
|
124 |
|
||
| Stock-based compensation(1) |
|
11,519 |
|
|
8,372 |
|
|
10,695 |
|
|
31,618 |
|
|
46,618 |
|
||
| Provision for income tax (benefit) expense |
|
(37 |
) |
|
17 |
|
|
123 |
|
|
217 |
|
|
349 |
|
||
| Goodwill impairment charge |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
166,675 |
|
||
| Restructuring costs, excluding stock-based compensation expense |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15,977 |
|
||
| Excess and obsolete expenses and loss on firm purchase commitments |
|
— |
|
|
3,187 |
|
|
— |
|
|
572 |
|
|
10,567 |
|
||
| Amortization of acquired intangibles(2) |
|
1,759 |
|
|
1,759 |
|
|
1,661 |
|
|
5,174 |
|
|
4,972 |
|
||
| Depreciation expense(2) |
|
687 |
|
|
1,739 |
|
|
839 |
|
|
2,579 |
|
|
9,131 |
|
||
| Litigation expenses(3) |
|
4,221 |
|
|
3,536 |
|
|
1,636 |
|
|
7,153 |
|
|
7,437 |
|
||
| Merger and acquisition related expenses(4) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,058 |
|
||
| Other items |
|
(513 |
) |
|
(1,256 |
) |
|
(114 |
) |
|
(627 |
) |
|
(1,256 |
) |
||
| Adjusted EBITDA | $ |
(9,835 |
) |
$ |
(18,405 |
) |
$ |
(10,533 |
) |
$ |
(32,111 |
) |
$ |
(69,699 |
) |
||
| (1)Includes stock-based compensation expense as follows: | |||||||||||||||||
Three Months Ended September 30, |
Three Months Ended June 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
| Cost of revenue | $ |
1,345 |
|
$ |
570 |
|
$ |
1,210 |
|
$ |
3,468 |
|
$ |
1,998 |
|
||
| Research and development |
|
5,241 |
|
|
4,056 |
|
|
4,650 |
|
|
14,079 |
|
|
19,765 |
|
||
| Sales and marketing |
|
1,308 |
|
|
1,345 |
|
|
1,492 |
|
|
4,200 |
|
|
7,726 |
|
||
| General and administrative |
|
3,625 |
|
|
2,401 |
|
|
3,343 |
|
|
9,871 |
|
|
17,129 |
|
||
| Total stock-based compensation | $ |
11,519 |
|
$ |
8,372 |
|
$ |
10,695 |
|
$ |
31,618 |
|
$ |
46,618 |
|
||
| (2)Includes depreciation and amortization expense as follows: | |||||||||||||||||
Three Months Ended September 30, |
Three Months Ended June 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
| Cost of revenue | $ |
971 |
|
$ |
1,156 |
|
$ |
999 |
|
$ |
3,070 |
|
$ |
4,678 |
|
||
| Research and development |
|
634 |
|
|
740 |
|
|
670 |
|
|
2,016 |
|
|
4,596 |
|
||
| Sales and marketing |
|
250 |
|
|
250 |
|
|
249 |
|
|
747 |
|
|
690 |
|
||
| General and administrative |
|
591 |
|
|
1,352 |
|
|
582 |
|
|
1,920 |
|
|
4,139 |
|
||
| Total depreciation and amortization expense | $ |
2,446 |
|
$ |
3,498 |
|
$ |
2,500 |
|
$ |
7,753 |
|
$ |
14,103 |
|
||
| (3)Litigation expenses and litigation-related expenses outside of the Company’s ordinary business operations | |||||||||||||||||
| (4)Merger and acquisition related expenses represent transaction costs for the Velodyne Merger which include legal and accounting professional service fees | |||||||||||||||||
Three Months Ended September 30, |
Three Months Ended June 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
| Gross profit on GAAP basis | $ |
10,754 |
|
$ |
3,093 |
|
$ |
9,098 |
|
$ |
27,277 |
|
$ |
2,903 |
|
||
| Stock-based compensation |
|
1,345 |
|
|
570 |
|
|
1,210 |
|
|
3,468 |
|
|
1,998 |
|
||
| Amortization of acquired intangible assets |
|
467 |
|
|
467 |
|
|
371 |
|
|
1,302 |
|
|
1,127 |
|
||
| Excess and obsolete expenses and loss on firm purchase commitments |
|
— |
|
|
3,187 |
|
|
— |
|
|
572 |
|
|
10,567 |
|
||
| Gross profit on non-GAAP basis | $ |
12,566 |
|
$ |
7,317 |
|
$ |
10,679 |
|
$ |
32,619 |
|
$ |
16,595 |
|
||
| Gross margin on GAAP basis |
|
38 |
% |
|
14 |
% |
|
34 |
% |
|
34 |
% |
|
5 |
% |
||
| Gross margin on non-GAAP basis |
|
45 |
% |
|
33 |
% |
|
40 |
% |
|
40 |
% |
|
28 |
% |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107668886/en/
For Investors
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Source: Ouster, Inc.
FAQ
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