Business
Ouster Achieves Q2 2023 Revenue Guidance; Increases Cost Savings Target
Over $19 million in revenue and $43 million in bookings in the second quarter 2023 Now targeting annualized cost savings of over $110 million exiting the
About this update from Ouster, Inc.
[{"type":"text","content":"\nOver $19 million in revenue and $43 million in bookings in the second quarter 2023\n\n\nNow targeting annualized cost savings of over $110 million exiting the fourth quarter 2023\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOuster, 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 today financial results for the three and six months ended June 30, 2023. The second quarter 2022 comparative financial highlights reflect only the results of standalone Ouster. First quarter 2023 comparative financial highlights are composed of Ouster standalone performance through February 10, 2023 and combined performance of both companies following the merger with Velodyne on February 10, 2023 through March 31, 2023.\n\n\nSecond Quarter 2023 Highlights\n\n\n\nOver $19 million in revenue, up 13% quarter over quarter, and up 88% year over year.\n\n\n\nBooked1 $43 million in business with new and existing customers.\n\n\n\nGross margins of 1%, compared to (2)% in the first quarter 2023 and 27% in the second quarter 2022.\n\n\n\nNon-GAAP gross margins of 26%, up from 25% in the first quarter of 2023.\n\n\n\nShipped over 3,000 sensors for revenue in the second quarter, up 1% quarter over quarter and 71% year over year.\n\n\n\nNet loss of $123 million in the second quarter of 2023, compared to $177 million in the first quarter of 2023 and $28 million in the second quarter of 2022.2\n\n\n\nAdjusted EBITDA3 loss improved to $24 million, compared to a loss of $27 million in the first quarter of 2023 and a loss of $23 million in the second quarter of 2022.\n\n\n\nCash, cash equivalents and short-term investments balance of $224 million as of June 30, 2023.\n\n\n\n“Ouster exited the second quarter 2023 with record quarterly revenues and strong bookings. These results, coupled with our cost reduction efforts, and continued execution on our cutting-edge product roadmap, position the Company for long-term success,” said Ouster CEO Angus Pacala. “We remain on track to build a strong go-forward enterprise that will create value for all of our stakeholders.”\n\n\nOuster’s second quarter GAAP gross margins of 1% include certain expenses outside of our ordinary operations, including excess and obsolete costs, of $3.8 million associat...