Business
Ouster Achieves 2022 Guidance, Reporting 22% Full Year Revenue Growth
$41 million in revenue with 27% gross margins in 2022 Secured company record $70 million in bookings in 2022 Shipped new REV7 sensors with double the range
About this update from Ouster, Inc.
[{"type":"text","content":"\n$41 million in revenue with 27% gross margins in 2022\n\nSecured company record $70 million in bookings in 2022\n\nShipped new REV7 sensors with double the range to 29 customers in the fourth quarter 2022\n\nCompleted merger of equals with Velodyne in February 2023 to strengthen financial position\n\n SAN FRANCISCO--(BUSINESS WIRE)-- Ouster, Inc. (NYSE: OUST) (“Ouster” or the “Company”), a leading provider of high-performance lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries, announced financial results for the year end and three months ended December 31, 2022.\n\nFourth Quarter 2022 Highlights1\n\n\n$11 million in revenue, down 8% year over year.\n\n\n17% gross margins, compared to 30% in fourth quarter 2021.\n\n\nShipped a record of over 2,950 sensors for revenue in the fourth quarter, up 23% year over year.\n\n\nNet loss increased to $42 million in the fourth quarter of 2022, compared to $28 million in the fourth quarter of 2021.\n\n\nAdjusted EBITDA2 loss decreased to $23 million, compared to a loss of $24 million in the fourth quarter of 2021.\n\n\nFull Year 2022 Financial Highlights1\n\n\nAchieved 2022 guidance with $41 million in revenue and 27% gross margins.\n\n\nBooked $70 million in business with new and existing customers in 2022.\n\n\nShipped over 8,650 sensors for revenue in 2022, totaling over 18,500 sensors shipped to date.\n\n\nNet loss increased to $139 million in 2022, compared to $94 million in 2021.\n\n\nAdjusted EBITDA1 loss of $93 million in 2022, compared to a loss of $67 million3 in 2021.\n\n\nOuster’s fourth quarter revenue was driven primarily by growth in the industrial and robotics verticals, which accounted for 62% of revenues in the quarter. This included substantial orders from customers for port automation, material handling vehicles, and warehouse automation applications.\n\nLower fourth quarter gross margins were primarily driven by some large unit volume sales to certain customers with lower average selling prices, as well as higher expenses associated with the manufacturing transition to the REV7 sensor platform. However, Ouster expects to deliver higher margins over time as it completes the Velodyne integration and increases shipments of the REV7 sensors.\n\n_____________________\n\n1 Financial highlights only reference Ouster standalone financials...