The financials herein are unaudited and subject to the finalization of year-end audit procedures. In addition see information below concerning non-GAAP financial measures:
Non-GAAP Financial Measures
In addition to its results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), Ouster believes the non‑GAAP measure of Adjusted EBITDA is useful in evaluating its operating performance. Ouster calculates Adjusted EBITDA as net loss excluding interest expense (income), net, other expense (income), net, stock-based compensation expense, depreciation and amortization and non-recurring acquisition related expenses. Ouster believes that Adjusted EBITDA may be helpful to investors because it provides consistency and comparability with past financial performance and may be helpful in comparison with other companies, some of which use similar non‑GAAP information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly‑titled non‑GAAP measures used by other companies. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures are included at the end of this press release.
1 "Strategic Customer Agreements” or “SCAs” establish a multi-year purchase and supply framework for Ouster and the customer, and include details about customer programs and applications where the customer intends to use Ouster products. SCAs also include multi-year non-binding customer forecasts (typically of three to five years in length) giving Ouster visibility to the customer's long-term purchasing requirements, mutually agreed upon pricing over the duration of the agreement, and in certain cases include multi-year binding purchase commitments. “Contracted revenue opportunity” represents the sum of both binding purchase commitments and non-binding forecasts. No assurances can be given that non-binding forecasts will mature into binding purchase commitments, or that any contracted revenue opportunity will result in revenue. No additional revenue opportunity beyond the customer’s actual forecast has been imputed.
2 Adjusted EBITDA loss is a non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and a reconciliation to Net loss, the most directly comparable financial measure calculated in accordance with U.S. GAAP.
3 "Customer” is defined as having purchased a sensor within the past twelve months ended December 31, 2021.
| OUSTER, INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (unaudited) | ||||||||
| (in thousands) | ||||||||
| December 31 | ||||||||
|
2021 |
|
|
|
2020 |
|
||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
182,644 |
|
$ |
11,362 |
|
||
| Restricted cash, current |
|
977 |
|
|
276 |
|
||
| Accounts receivable, net |
|
10,723 |
|
|
2,327 |
|
||
| Inventory |
|
7,448 |
|
|
4,817 |
|
||
| Prepaid expenses and other current assets |
|
5,566 |
|
|
2,441 |
|
||
| Total current assets |
|
207,358 |
|
|
21,223 |
|
||
| Property and equipment, net |
|
10,054 |
|
|
9,731 |
|
||
| Operating lease, right-of-use assets |
|
15,156 |
|
|
11,071 |
|
||
| Goodwill |
|
51,076 |
|
|
— |
|
||
| Intangible assets, net |
|
22,652 |
|
|
— |
|
||
| Restricted cash, non-current |
|
1,035 |
|
|
1,004 |
|
||
| Other non-current assets |
|
371 |
|
|
3,385 |
|
||
| Total assets | $ |
307,702 |
|
$ |
46,414 |
|
||
| Liabilities, redeemable convertible preferred stock and stockholder's deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
4,863 |
|
$ |
6,894 |
|
||
| Accrued and other current liabilities |
|
14,173 |
|
|
4,121 |
|
||
| Short-term debt |
|
— |
|
|
7,130 |
|
||
| Operating lease liability, current portion |
|
3,067 |
|
|
2,772 |
|
||
| Total current liabilities |
|
22,103 |
|
|
20,917 |
|
||
| Operating lease liability, long term portion |
|
16,208 |
|
|
11,908 |
|
||
| Warrant liabilities |
|
7,626 |
|
|
49,293 |
|
||
| Other non-current liabilities |
|
1,065 |
|
|
978 |
|
||
| Total liabilities |
|
47,002 |
|
|
83,096 |
|
||
| Commitments and contingencies | ||||||||
| Redeemable convertible preferred stock |
|
— |
|
|
39,225 |
|
||
| Stockholders' equity (deficit): | ||||||||
| Common stock |
|
17 |
|
|
— |
|
||
| Additional paid-in capital |
|
564,045 |
|
|
133,468 |
|
||
| Accumulated deficit |
|
(303,356 |
) |
|
(209,375 |
) |
||
| Accumulated other comprehensive loss |
|
(6 |
) |
|
— |
|
||
| Total stockholder's equity (deficit) |
|
260,700 |
|
|
(75,907 |
) |
||
| Total liabilties, redeemable convertible preferred stock, and stockholder's deficit | $ |
307,702 |
|
$ |
46,414 |
|
||
| OUSTER, INC. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||
| (unaudited) | |||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended Dec 31, | Year Ended December 31, | ||||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
| Revenue | |||||||||||||||
| Product revenue | $ |
11,852 |
|
$ |
6,362 |
|
$ |
33,578 |
|
$ |
16,886 |
|
|||
| Service revenue |
|
- |
|
|
14 |
|
|
— |
|
|
2,018 |
|
|||
| Total revenue |
|
11,852 |
|
|
6,376 |
|
|
33,578 |
|
|
18,904 |
|
|||
| Cost of revenue | |||||||||||||||
| Cost of product |
|
8,280 |
|
|
4,403 |
|
|
24,492 |
|
|
17,365 |
|
|||
| Cost of services |
|
- |
|
|
- |
|
|
— |
|
|
26 |
|
|||
| Total cost of revenue |
|
8,280 |
|
|
4,403 |
|
|
24,492 |
|
|
17,391 |
|
|||
| Gross profit |
|
3,572 |
|
|
1,973 |
|
|
9,086 |
|
|
1,513 |
|
|||
| Operating expenses: | |||||||||||||||
| Research and development |
|
15,003 |
|
|
4,289 |
|
|
34,579 |
|
|
23,317 |
|
|||
| Sales and marketing |
|
7,481 |
|
|
2,693 |
|
|
22,258 |
|
|
8,998 |
|
|||
| General and administrative |
|
15,782 |
|
|
9,104 |
|
|
51,959 |
|
|
20,960 |
|
|||
| Total operating expenses |
|
38,266 |
|
|
16,086 |
|
|
108,796 |
|
|
53,275 |
|
|||
| Loss from operations |
|
(34,694 |
) |
|
(14,113 |
) |
|
(99,710 |
) |
|
(51,762 |
) |
|||
| Other (expense) income: | |||||||||||||||
| Interest income |
|
166 |
|
|
- |
|
|
471 |
|
|
24 |
|
|||
| Interest expense |
|
- |
|
|
(321 |
) |
|
(504 |
) |
|
(2,517 |
) |
|||
| Other income (expense), net |
|
3,390 |
|
|
(42,351 |
) |
|
2,968 |
|
|
(52,150 |
) |
|||
| Total other expense, net |
|
3,556 |
|
|
(42,672 |
) |
|
2,935 |
|
|
(54,643 |
) |
|||
| Loss before income taxes |
|
(31,138 |
) |
|
(56,785 |
) |
|
(96,775 |
) |
|
(106,405 |
) |
|||
| Provision for (benefit from) income taxes |
|
(2,794 |
) |
|
375 |
|
|
(2,794 |
) |
|
375 |
|
|||
| Net loss |
|
(28,344 |
) |
|
(57,160 |
) |
|
(93,981 |
) |
|
(106,780 |
) |
|||
| Other comprehensive loss | |||||||||||||||
| Foreign currency translation adjustments |
|
(6 |
) |
|
— |
|
|
(6 |
) |
|
- |
|
|||
| Total comprehensive loss |
|
(28,350 |
) |
|
(57,160 |
) |
|
(93,987 |
) |
|
(106,780 |
) |
|||
| Net loss per common share, basic | $ |
(0.17 |
) |
$ |
(2.37 |
) |
$ |
(0.70 |
) |
$ |
(5.98 |
) |
|||
| Weighted-average common shares outstanding, basic |
|
165,853,915 |
|
|
24,130,953 |
|
|
133,917,571 |
|
17,858,976 |
|
||||
| OUSTER, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (unaudited) | |||||||
| (in thousands) | |||||||
| For the Years Ended December 31, |
|||||||
|
|
2021 |
|
|
2020 |
|
||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net loss | $ |
(93,981 |
) |
$ |
(106,780 |
) |
|
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization |
|
5,477 |
|
|
3,718 |
|
|
| Stock-based compensation |
|
25,363 |
|
|
12,057 |
|
|
| Deferred income taxes |
|
(2,477 |
) |
|
- |
|
|
| Change in right-of-use asset |
|
2,180 |
|
|
1,887 |
|
|
| Interest expense on notes and convertible debt |
|
36 |
|
|
1,030 |
|
|
| Amortization of debt issuance costs and debt discount |
|
250 |
|
|
258 |
|
|
| Change in fair value of warrant liabilities |
|
(2,947 |
) |
|
48,440 |
|
|
| Change in fair value of derivative liability |
|
- |
|
|
5,308 |
|
|
| Gain on extinguishment of tranche right liability |
|
- |
|
|
(1,610 |
) |
|
| Provision for doubtful accounts |
|
379 |
|
|
67 |
|
|
| Inventory write down |
|
808 |
|
|
797 |
|
|
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable |
|
(8,007 |
) |
|
(1,457 |
) |
|
| Inventory |
|
(3,440 |
) |
|
(3,146 |
) |
|
| Prepaid expenses and other assets |
|
854 |
|
|
(1,442 |
) |
|
| Accounts payable |
|
(2,442 |
) |
|
144 |
|
|
| Accrued and other liabilities |
|
9,060 |
|
|
(417 |
) |
|
| Operating lease liability |
|
(1,670 |
) |
|
(971 |
) |
|
| Net cash used in operating activities |
|
(70,557 |
) |
|
(42,117 |
) |
|
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
| Purchases of property and equipment |
|
(4,283 |
) |
|
(3,509 |
) |
|
| Acquisition, net of cash acquired |
|
(10,946 |
) |
|
- |
|
|
| Net cash used in investing activities |
|
(15,229 |
) |
|
(3,509 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Proceeds from the merger and private offering |
|
291,442 |
|
|
- |
|
|
| Payment of offering costs |
|
(27,124 |
) |
|
- |
|
|
| Repayment of debt |
|
(7,000 |
) |
|
(3,000 |
) |
|
| Proceeds from issuance of promissory notes to related parties |
|
5,000 |
|
|
- |
|
|
| Repayment of promissory notes to related parties |
|
(5,000 |
) |
|
- |
|
|
| Repurchase of common stock |
|
(45 |
) |
|
- |
|
|
| Proceeds from exercise of stock options |
|
526 |
|
|
1,337 |
|
|
| Proceeds from exercise of warrants |
|
1 |
|
|
- |
|
|
| Proceeds from issuance of redeemable convertible preferred stock, net off issuance cost of $265 |
|
- |
|
|
41,526 |
|
|
| Net cash provided by financing activities |
|
257,800 |
|
|
39,863 |
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
172,014 |
|
|
(5,763 |
) |
|
| Cash, cash equivalents and restricted cash at beginning of period |
|
12,642 |
|
|
18,405 |
|
|
| Cash, cash equivalents and restricted cash at end of period | $ |
184,656 |
|
$ |
12,642 |
|
|
| OUSTER, INC. | ||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
||
| GAAP net loss | $ |
(28,344 |
) |
$ |
(57,160 |
) |
$ |
(93,981 |
) |
$ |
(106,780 |
) |
||||
| Interest expense (income), net |
|
(166 |
) |
|
321 |
|
|
33 |
|
|
2,493 |
|
||||
| Other expense (income), net |
|
(3,390 |
) |
|
42,351 |
|
|
(2,968 |
) |
|
52,150 |
|
||||
| Stock-based compensation |
|
6,805 |
|
|
4,166 |
|
|
25,363 |
|
|
12,057 |
|
||||
| Income taxes |
|
(2,794 |
) |
|
375 |
|
|
(2,794 |
) |
|
375 |
|
||||
| Non-GAAP operating loss |
|
(27,889 |
) |
|
(9,947 |
) |
|
(74,347 |
) |
|
(39,705 |
) |
||||
| Depreciation and amortization expense |
|
2,049 |
|
|
1,013 |
|
|
5,477 |
|
|
3,718 |
|
||||
| Non-recurring acquisition expense |
|
1,535 |
|
|
- |
|
|
1,535 |
|
|
- |
|
||||
| Adjusted EBITDA | $ |
(24,306 |
) |
$ |
(8,934 |
) |
$ |
(67,336 |
) |
$ |
(35,987 |
) |
||||
