Business
Ouster Continues Merger Integration and Reaffirms Quarterly Guidance, Positioning the Company for Long-term Success
On track to achieve annualized merger cost synergies of at least $80-85 million Reaffirms second quarter 2023 revenue guidance of $18-20 million Further cost
About this update from Ouster, Inc.
[{"type":"text","content":"\nOn track to achieve annualized merger cost synergies of at least $80-85 million\n\nReaffirms second quarter 2023 revenue guidance of $18-20 million\n\nFurther cost reductions designed to align with long term financial goals\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 that it is implementing additional cost reductions, including a workforce reduction, to further position the Company for long-term success. Ouster is on track to achieve previously disclosed annualized merger related cost synergies of at least $80 million to $85 million by the end of the fourth quarter 20231. The Company also reaffirmed its second quarter 2023 guidance of between $18 million to $20 million in revenue, which includes sales of all combined company products for the entire period.\n\n“We are positioning Ouster for long-term success by taking the necessary steps to reduce costs while leveraging efficiencies to grow our top line revenues and execute on our hardware and software product roadmaps,” said Ouster CEO Angus Pacala. “These are the right actions for our business as we work to accelerate lidar adoption and deliver value to our shareholders.”\n\nOuster continues to execute on its four strategic business priorities for the year:\n\n\nDrive new business through targeted sales to deliver near-term growth\n\n\nExecute on the digital lidar roadmap for OS and DF series to expand serviceable market\n\n\nDevelop a robust software ecosystem to accelerate lidar adoption\n\n\nBuild a financially strong business to support long-term growth and deliver value to shareholders\n\n\nThe Company intends to present greater detail on its cost structure on its upcoming earnings calls.\n\nAbout Ouster\n\nOuster (NYSE: OUST) is a leading global provider of high-resolution scanning and solid-state digital lidar sensors, Velodyne 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. With a global team and high-volume manufacturing, Ouster...