Business
Ouster Reports 44% Year-over-Year Q3 Revenue Growth, Followed by Groundbreaking REV7 Product Launch and Planned Merger to Accelerate Lidar Adoption
$11.2 million in revenue with 33% gross margins in Q3 2022 Doubled range with REV7 sensors, powered by the next-generation L3 chip Planned merger of equals
About this update from Ouster, Inc.
[{"type":"text","content":"\n$11.2 million in revenue with 33% gross margins in Q3 2022\nDoubled range with REV7 sensors, powered by the next-generation L3 chip\nPlanned merger of equals to strengthen financial position\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOuster, Inc. (NYSE: OUST) (“Ouster” or the “Company”), a leading provider of high-resolution digital lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries, announced financial results for the three months ended September 30, 2022.\n\nThird Quarter 2022 Highlights\n\n\n$11.2 million in revenue, up 44% year over year.\n\n\n33% gross margins, the highest margins in Ouster history, compared to 24% in the third quarter of 2021.\n\n\nSold 2,136 sensors in the third quarter, up 31% year over year.\n\n\nIncreased the number of Strategic Customer Agreements to 84, up from 80 in the prior quarter1.\n\n\nNet loss increased to $36 million, compared to $28 million in the second quarter of 2022 and $13 million in the third quarter of 2021.\n\n\nAdjusted EBITDA2 loss of $24 million, compared to $22 million3 in the second quarter of 2022 and $19 million in the third quarter of 2021.\n\n\nOuster’s second-highest revenue quarter ever was driven primarily by growth in the industrial and robotics verticals, which accounted for 75% of revenues in the quarter. This included substantial orders from customers for material handling, drone inspection, and robotic security applications. Other large orders from customers for trucks and buses in the automotive vertical, and crowd analytics in the infrastructure vertical also meaningfully contributed to the quarter. The Company delivered record gross margins of 33%, up from 27% in the second quarter of 2022 due to slightly higher average selling prices and lower purchase price variance in the quarter.\n\nBusiness Updates\n\nMerger of Equals: Today, Ouster announced that it has signed a definitive agreement to merge with Velodyne in an all-stock transaction to accelerate lidar adoption and strengthen the combined company’s financial position. The transaction is subject to regulatory approvals, approval by the stockholders of both companies, and other customary closing conditions. It is expected to close in the first half of 2023. For additional information, please refer to our joint release published today, November 7, 2022.\n\nExecution on Prod...