Business
CORRECTING and REPLACING Ouster Reports Second Quarter 2021 Financial Results
$7.4 million in revenue, up 72% year over year, and 26% gross margins Record shipments of over 1,460 sensors SAN FRANCISCO--(BUSINESS WIRE)-- In the
About this update from Ouster, Inc.
[{"type":"text","content":"\n$7.4 million in revenue, up 72% year over year, and 26% gross margins\nRecord shipments of over 1,460 sensors\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nIn the Company's Condensed Consolidated Statements Of Operations And Comprehensive Loss, this release corrects \"Net loss per common share, basic and diluted\" and \"Weighted-average shares used to compute basic and diluted net loss per share\" for the three months ended June 30, 2020.\n\nThe updated release reads:\n\nOUSTER REPORTS SECOND QUARTER 2021 FINANCIAL RESULTS\n\n$7.4 million in revenue, up 72% year over year, and 26% gross margins\nRecord shipments of over 1,460 sensors\n\nOuster, Inc. (NYSE: OUST) (“Ouster” or the “Company”), a leading provider of high-resolution digital lidar sensors for the industrial, smart infrastructure, robotics, and automotive industries, today announced financial results for the three months ended June 30, 2021.\n\nSecond Quarter 2021 Financial Highlights\n\n\n$7.4 million in revenue, up 72% year over year, and up 11% from first quarter 2021.\n\n\n\n26% gross margins, up from 9% in second quarter 2020 and consistent with first quarter 2021.\n\n\n\nShipped over 1,460 sensors, an increase of 342% year over year, and a 49% increase over first quarter 2021.\n\n\n\nIncreased the total number of Strategic Customer Agreements to 53, collectively representing over $422 million in contracted revenue opportunity.1\n\n\n\nNet loss increased to $32.0 million, compared to $11.3 million in second quarter 2020 and $21.0 million in first quarter 2021.\n\n\n\nAdjusted EBITDA loss increased to $14.1 million, up from $9.3 million year over year and $10.0 million in first quarter 2021.\n\n\nRevenue growth was driven by the increases in sales volume compared to the first quarter of 2021. Stability in margins was attributable to decreases in cost per unit as the Company continued to realize economies of scale in its production capabilities. The Company maintained margin stability despite ongoing supply chain challenges relating to the global shortage of semiconductors, and Ouster’s move towards multi-year agreements with negotiated customer pricing causing declines in average selling prices (ASPs). The increase in Adjusted EBITDA loss was primarily due to the Company’s continued investments in its hardware roadmap, software, and expansion of its commercial team.\n\nB...