Business
Ouster Reports Strong Revenue and Margins for Second Quarter 2024
Revenue of $27 million, GAAP gross margin of 34%, and non-GAAP gross margin of 40% Repaid all outstanding balance under revolving credit line, strengthening
About this update from Ouster, Inc.
[{"type":"text","content":"\nRevenue of $27 million, GAAP gross margin of 34%, and non-GAAP gross margin of 40%\n\n\nRepaid all outstanding balance under revolving credit line, strengthening balance sheet\n\n\nOn-track to deliver on long-term financial framework and reach profitability\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOuster, Inc. (NYSE: OUST) (“Ouster” or the “Company”), a leading global provider of high-performance lidar sensors and software solutions for the automotive, industrial, robotics, and smart infrastructure industries, announced today financial results for the second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Highlights\n\n\n\n$27 million in revenue, up 39% year over year and 4% sequentially.\n\n\n\nShipped over 4,000 sensors for revenue.\n\n\n\nGAAP gross margin of 34%, compared to 1% in the second quarter of 2023 and 29% in the first quarter of 2024.\n\n\n\nNon-GAAP gross margin1 of 40%, compared to 26% in the second quarter of 2023 and 36% in the first quarter of 2024.\n\n\n\nNet loss of $24 million, compared to $123 million in the second quarter of 2023 and $24 million in the first quarter of 2024.\n\n\n\nAdjusted EBITDA1 loss of $11 million, compared to $24 million in the second quarter of 2023 and $12 million in the first quarter of 2024.\n\n\n\nCash, cash equivalents, restricted cash, and short-term investments balance of $186 million as of June 30, 2024.\n\n\n\n\"Our second quarter results showcase solid execution with GAAP gross margin increasing to 34%. Consistent with Ouster’s strategy of expanding into software solutions, we had one of our best quarters for software-attached sales powered by Ouster Gemini and Blue City. Alongside the continued improvement in our operating results, we have built one of the industry’s most resilient balance sheets and diversified business models,” said Ouster CEO Angus Pacala. “I am excited to see the use cases for lidar expand as the world turns to automation to solve an ever increasing number of modern challenges. With lidar adoption still in its infancy, we are just beginning to tap into our growth and I see a tremendous opportunity still in front of us. At the same time, we remain committed to our long-term financial framework and executing on our path to profitability.”\n\n\nRevenue growth in the second quarter was primarily driven by large orders from customers in the smart in...