Business
Ouster Exceeds Q1 2023 Revenue Guidance; Increases Target for Merger Cost Synergies
Over $17 million in revenue and $33 million in bookings in the first quarter 2023 Shipped REV7 sensors to over 110 customers in the first quarter 2023 Now
About this update from Ouster, Inc.
[{"type":"text","content":"\nOver $17 million in revenue and $33 million in bookings in the first quarter 2023\n\n\nShipped REV7 sensors to over 110 customers in the first quarter 2023\n\n\nNow targeting annualized merger cost synergies of between $80 and $85 million\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 months ended March 31, 2023. First quarter 2023 financial results 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. The first quarter 2022 comparative financial highlights reflect only the results of standalone Ouster.\n\n\nFirst Quarter 2023 Highlights\n\n\n\nOver $17 million in revenue1, up 101% from $8.6 million in the first quarter of 2022.\n\n\n\nBooked2 $33 million in business with new and existing customers.\n\n\n\nGross margins of (2%), compared to 30% in the first quarter of 2022.\n\n\n\nNon-GAAP gross margins of 25% in the first quarter of 2023.\n\n\n\nShipped over 3,000 sensors for revenue in the first quarter, up 95% year over year.\n\n\n\nNet loss increased to $177 million in the first quarter of 2023 primarily due to the non-cash goodwill impairment charges of $99 million and higher operating losses associated with Velodyne merger, compared to $32 million in the first quarter of 2022.\n\n\n\nAdjusted EBITDA3 loss increased to $27 million, compared to a loss of $23 million in the first quarter of 2022.\n\n\n\nCash, cash equivalents and short-term investments balance of $257 million as of March 31, 2023.\n\n\n\n“Ouster had a strong first quarter of 2023 marked by significant customer demand for our new REV7 sensors, enabling us to both exceed our revenue expectations for the quarter and book $33 million in business with new and existing customers,” said Ouster CEO Angus Pacala. “We also laid the groundwork to realign our cost structure, streamline manufacturing, and deliver on our product roadmap to catalyze further growth.”\n\n\nThe Company’s non-GAAP gross margin was 25% in the first quarter of 2023, reflecting strong demand for the REV7 sensor product line and a quarter-over-quarter rebou...