Ouster Exceeds Q3 2023 Revenue Guidance; Achieves Over $120 Million in Annualized Cost Savings; Sets Financial Framework to Help Reach Profitability
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Ouster Exceeds Q3 2023 Revenue Guidance; Achieves Over $120 Million in Annualized Cost Savings; Sets Financial Framework to Help Reach Profitability

Over $22 million in revenue and bookings of $38 million in the third quarter 2023

Achieved over $120 million in annualized cost savings, one quarter ahead of schedule

Announced targets for revenue growth, expanding gross margins, and additional cost management

SAN FRANCISCO — (BUSINESS WIRE) — November 9, 2023 — Ouster, 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 and nine months ended September 30, 20231.

Third Quarter 2023 Highlights

"Ouster continued to realize the benefits of our merger with Velodyne as we exceeded revenue guidance, maintained strong quarterly bookings, improved gross margins, and further reduced costs to bring spending below third quarter 2022 pre-merger levels," said Ouster CEO Angus Pacala. "We are pleased with the traction of our software offerings and are making progress towards being a provider of complete digital lidar solutions. In addition, we are encouraged by the positive customer feedback on our solid-state automotive Digital Flash (DF) sensor. As we look to our new operating framework, we are taking major steps to achieve profitability."

Ouster delivered sequentially higher gross margins in the third quarter of 2023, in line with its expectations for improvements during the second half of the year. Margin expansion was driven by higher revenues, a favorable mix shift in Ouster’s product portfolio, and lower manufacturing costs attributable to operational improvements. GAAP gross margins of 14% include certain expenses outside of ordinary operations associated with the consolidation of product lines and outsourced manufacturing of Velodyne products. Non-GAAP gross margins improved to 33%, a near-record level since becoming a public company. Management expects gross margins to improve further in the fourth quarter of 2023.

____________________________________
1 The comparative financial results for the three and nine months ended September 30, 2022 reflect only the results of standalone Ouster. The financial results for the nine months ended September 30, 2023 are composed of Ouster standalone performance through February 10, 2023 and combined performance of Ouster and Velodyne for the remainder of the period. The results for the three months ended September 30, 2023 and June 30, 2023 reflect the combined performance of Ouster and Velodyne.
2 Bookings represent binding contract orders entered during the period.
3 Adjusted EBITDA loss and non-GAAP gross margin are non-GAAP financial measures. See Non-GAAP Financial Measures for additional information and reconciliations of these measures to their respective most directly comparable financial measures calculated in accordance with U.S. GAAP.
4 Net loss includes goodwill impairment non-cash charges of $67 million in the second quarter 2023.

2023 Business Objective Updates

  1. Drive new business through targeted sales approach to deliver near-term growth
  2. Execute on the digital lidar roadmap for OS and DF series to expand serviceable market
  3. Develop a robust software ecosystem to accelerate lidar adoption
  4. Build a financially strong business to support long-term growth and deliver value to shareholders

Drive New Business: During the quarter, Ouster booked a multi-million dollar contract to supply REV7 sensors for use in a mapping application. REV7's enhanced range, accuracy, and precision are expanding the addressable market by uncovering new opportunities within this sub-vertical. The Company also booked a significant contract to provide a complete lidar solution to a leading logistics company. This win leverages the breadth of Ouster’s REV7 sensor suite paired with its advanced Gemini Detect perception software platform.

Execute on Digital Product Roadmap: Ouster progressed on its solid-state DF product roadmap in the third quarter, including demos of its early B-samples with over a dozen OEMs and Tier 1s in Europe, North America, Korea and Japan. At only 40mm tall, these final form-factor DF sensors can detect 10% reflective objects at up to 200 meters range with camera-like resolution. With the upcoming Chronos powered DF sensor, Ouster expects 2024 to reflect the culmination of years of investing in building the end-state architecture for automotive lidar.

Develop Robust Software Ecosystem: Ouster achieved major software milestones in the third quarter, which are expected to accelerate product adoption and reflect growing demand for lidar-powered smart infrastructure solutions. This included completing the unification of Blue City and Ouster Gemini and adding new performance improving deep learning AI perception models. In addition, the Company booked software coupled sales worth millions of dollars, which will increase its software installed base to over 375 cumulative sites.

Build Financially Strong Business:

Fourth Quarter 2023 Outlook

For the fourth quarter of 2023, Ouster expects to achieve $23 million to $25 million in revenue.

Conference Call Information

Ouster will host a conference call and live webcast for analysts and investors at 5:00 p.m. ET today, November 9, 2023 to discuss its financial results and business outlook. To access the call, please register at https://conferencingportals.com/event/ERDXYEAl.

Upon registering, each participant will be provided with call details and a registrant ID. The webcast and related presentation materials will be accessible for at least 30 days on Ouster’s investor relations website at https://investors.ouster.com. A telephonic replay of the conference call will be available through November 23, 2023. To access the replay, please dial (800) 770-2030 from the U.S. or (647) 362-9199 from outside the U.S. and enter the conference ID number: 93428.

About Ouster

Ouster (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. Ouster is headquartered in San Francisco, CA, with offices in the Americas, Europe, Asia-Pacific, and the Middle East. For more information, visit www.ouster.com, or connect with us on Twitter or LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “may,” “will,” “should,” “plan,” “could,” “may,” “continue,” “target,” “contemplate,” “estimate,” “forecast,” “guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,” and the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than historical facts, including statements regarding Ouster’s revenue and gross margin guidance; anticipated new product launches and developments; its future results of operations, cash reserve and financial position; anticipated cost savings, including reductions in cost of capital; execution against the Company’s product roadmap and demand for products; the Company’s path to profitability and long-term financial framework; industry and business trends; its business objectives, plans, strategic partnerships, market growth; manufacturing transitions; benefits of the Company’s merger with Velodyne; and its competitive market position constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, risks related to Ouster’s limited operating history and history of losses; the negotiating power and product standards of its customers; fluctuations in its operating results; its ability to successfully integrate its business with Velodyne and achieve the anticipated benefits of the Velodyne merger; supply chain constraints and challenges; cancellation or postponement of contracts or unsuccessful implementations; the ability of its lidar technology roadmap and new software solutions to catalyze growth; the adoption of its products and the growth of the lidar market generally; Ouster’s ability to grow its sales and marketing organization; substantial research and development costs needed to develop and commercialize new products; the competitive environment in which Ouster operates; selection of Ouster’s products for inclusion in target markets; Ouster’s future capital needs and ability to secure additional capital on favorable terms or at all; its ability to use tax attributes; Ouster’s dependence on key third party suppliers, in particular Benchmark Electronics, Inc., Fabrinet, and other suppliers; Ouster’s ability to maintain inventory and the risk of inventory write-downs; inaccurate forecasts of market growth; Ouster’s ability to manage growth and recognize anticipated cost savings; the creditworthiness of Ouster’s customers; risks related to acquisitions; risks related to international operations; risks of product delivery problems or defects; costs associated with product warranties; Ouster’s ability to maintain competitive average selling prices or high sales volumes or reduce product costs; conditions in its customers’ industries; Ouster’s ability to recruit and retain key personnel; Ouster’s ability to adequately protect and enforce its intellectual property rights, including as relates to Hesai Group; Ouster’s ability to effectively respond to evolving regulations and standards; risks related to operating as a public company; and other important factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, that are further updated from time to time in the Company’s other filings with the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management’s reasonable estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, other than as may be required by law, even if subsequent events cause its views to change.

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 measures of Non-GAAP Gross Profit, Non-GAAP Gross Margin and Adjusted EBITDA are useful in evaluating its operating performance. Ouster calculates Non-GAAP Gross Profit as gross profit (loss) excluding amortization of acquired intangibles, certain excess and obsolete expenses and losses on firm purchase commitments, and stock-based compensation expenses. Non-GAAP Gross Margin is calculated as Non-GAAP Gross Profit divided by revenues. Ouster calculates Adjusted EBITDA as net loss excluding interest expense (income), net, other expense (income), net, stock-based compensation expense, provision for income tax expense, goodwill impairment charges, amortization of acquired intangible assets, depreciation expenses, certain restructuring costs excluding stock-based compensation expenses, certain excess and obsolete expenses and losses on firm purchase commitments, certain litigation and litigation related expenses and merger and acquisition related expenses. Ouster believes that Non-GAAP Gross Profit, Non-GAAP Gross Margin, and 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.

OUSTER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
September 30,
2023		   December 31,
2022
Assets  
Current assets:  
Cash and cash equivalents

$

75,585

 

 

$

122,932

 

Restricted cash, current

 

540

 

 

 

257

 

Short-term investments

 

124,913

 

 

 

—

 

Accounts receivable, net

 

13,404

 

 

 

11,233

 

Inventory

 

26,474

 

 

 

19,533

 

Prepaid expenses and other current assets

 

11,971

 

 

 

8,543

 

Total current assets

 

252,887

 

 

 

162,498

 

Property and equipment, net

 

11,529

 

 

 

9,695

 

Operating lease, right-of-use assets

 

19,812

 

 

 

12,997

 

Unbilled receivable, long-term portion

 

7,583

 

 

 

—

 

Goodwill

 

—

 

 

 

51,152

 

Intangible assets, net

 

26,053

 

 

 

18,165

 

Restricted cash, non-current

 

1,090

 

 

 

1,089

 

Other non-current assets

 

2,877

 

 

 

541

 

Total assets

$

321,831

 

 

$

256,137

 

Liabilities and stockholders’ equity  
Current liabilities:  
Accounts payable

$

7,932

 

 

$

8,798

 

Accrued and other current liabilities

 

35,793

 

 

 

17,071

 

Contract liabilities

 

10,776

 

 

 

402

 

Operating lease liability, current portion

 

7,078

 

 

 

3,221

 

Total current liabilities

 

61,579

 

 

 

29,492

 

Operating lease liability, long-term portion

 

20,376

 

 

 

13,400

 

Debt

 

40,422

 

 

 

39,574

 

Contract liabilities, long-term portion

 

3,914

 

 

 

342

 

Other non-current liabilities

 

1,493

 

 

 

1,710

 

Total liabilities

 

127,784

 

 

 

84,518

 

Commitments and contingencies  
Stockholders’ equity:  
Common stock

 

39

 

 

 

19

 

Additional paid-in capital

 

971,419

 

 

 

613,665

 

Accumulated deficit

 

(777,031

)

 

 

(441,916

)

Accumulated other comprehensive loss

 

(380

)

 

 

(149

)

Total stockholders’ equity

 

194,047

 

 

 

171,619

 

Total liabilities and stockholders’ equity

$

321,831

 

 

$

256,137

 

OUSTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share data)

Three Months Ended September 30,

 

Nine Months Ended September 30,

2023

 

2022

 

2023

 

2022

Revenue

$

22,209

 

 

$

11,204

 

 

$

58,835

 

 

$

30,091

 

Cost of revenue

 

19,116

 

 

 

7,488

 

 

 

55,932

 

 

 

21,002

 

Gross (loss) profit

 

3,093

 

 

 

3,716

 

 

 

2,903

 

 

 

9,089

 

Operating expenses:      
Research and development

 

16,678

 

 

 

17,212

 

 

 

75,584

 

 

 

49,011

 

Sales and marketing

 

7,887

 

 

 

8,541

 

 

 

33,086

 

 

 

23,194

 

General and administrative

 

14,270

 

 

 

14,008

 

 

 

63,437

 

 

 

40,306

 

Goodwill impairment charges

 

—

 

 

 

—

 

 

 

166,675

 

 

 

—

 

Total operating expenses

 

38,835

 

 

 

39,761

 

 

 

338,782

 

 

 

112,511

 

Loss from operations

 

(35,742

)

 

 

(36,045

)

 

 

(335,879

)

 

 

(103,422

)

Other income (expense):      
Interest income

 

2,495

 

 

 

733

 

 

 

6,459

 

 

 

1,231

 

Interest expense

 

(1,825

)

 

 

(699

)

 

 

(5,222

)

 

 

(1,143

)

Other income (expense), net

 

(13

)

 

 

61

 

 

 

(124

)

 

 

7,071

 

Total other income, net

 

657

 

 

 

95

 

 

 

1,113

 

 

 

7,159

 

Loss before income taxes

 

(35,085

)

 

 

(35,950

)

 

 

(334,766

)

 

 

(96,263

)

Provision for income tax expense

 

17

 

 

 

37

 

 

 

349

 

 

 

121

 

Net loss

$

(35,102

)

 

$

(35,987

)

 

$

(335,115

)

 

$

(96,384

)

Other comprehensive loss      
Changes in unrealized gain (loss) on available for sale securities

$

63

 

 

$

—

 

 

$

40

 

 

$

—

 

Foreign currency translation adjustments

$

(213

)

 

$

(87

)

 

$

(271

)

 

$

(88

)

Total comprehensive loss

$

(35,252

)

 

$

(36,074

)

 

$

(335,346

)

 

$

(96,559

)

Net loss per common share, basic and diluted

$

(0.89

)

 

$

(1.98

)

 

$

(9.39

)

 

$

(5.48

)

Weighted-average shares used to compute basic and diluted net loss per share

 

39,228,118

 

 

 

18,136,135

 

 

 

35,670,408

 

 

 

17,576,509

 

OUSTER, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Nine Months Ended September 30,

2023

 

2022

CASH FLOWS FROM OPERATING ACTIVITIES  
Net loss

$

(335,115

)

 

$

(96,384

)

Adjustments to reconcile net loss to net cash used in operating activities:  
Goodwill impairment charges

 

166,675

 

 

 

—

 

Depreciation and amortization

 

14,290

 

 

 

7,070

 

Loss on write-off of construction in progress and right-of-use asset impairment

 

1,423

 

 

 

—

 

Gain on lease termination

 

(807

)

 

 

—

 

Stock-based compensation

 

46,618

 

 

 

25,324

 

Reduction of revenue related to stock warrant issued to customer

 

288

 

 

 

—

 

Amortization of right-of-use asset

 

3,268

 

 

 

2,075

 

Interest expense

 

1,112

 

 

 

290

 

Amortization of debt issuance costs and debt discount

 

190

 

 

 

104

 

Accretion or amortization on short-term investments

 

(3,303

)

 

 

—

 

Change in fair value of warrant liabilities

 

(67

)

 

 

(7,350

)

Inventory write-downs and purchase commitment losses

 

8,223

 

 

 

894

 

Provision for doubtful accounts

 

1,015

 

 

 

9

 

Loss/(Gain) from disposal of property and equipment

 

(248

)

 

 

(100

)

Changes in operating assets and liabilities, net of acquisition effects:  
Accounts receivable

 

4,498

 

 

 

(69

)

Inventory

 

(4,474

)

 

 

(14,249

)

Prepaid expenses and other assets

 

676

 

 

 

(1,540

)

Accounts payable

 

(4,112

)

 

 

3,225

 

Accrued and other liabilities

 

(10,229

)

 

 

(158

)

Contract liabilities

 

410

 

 

 

—

 

Operating lease liability

 

(4,034

)

 

 

(2,431

)

Net cash used in operating activities

 

(113,703

)

 

 

(83,290

)

CASH FLOWS FROM INVESTING ACTIVITIES  
Proceeds from sale of property and equipment

 

560

 

 

 

275

 

Purchases of property and equipment

 

(2,633

)

 

 

(2,353

)

Purchase of short-term investments

 

(82,021

)

 

 

—

 

Proceeds from sales of short-term investments

 

115,481

 

 

 

—

 

Cash and cash equivalents acquired in the Velodyne Merger

 

32,137

 

 

 

—

 

Net cash provided by (used in) investing activities

 

63,524

 

 

 

(2,078

)

CASH FLOWS FROM FINANCING ACTIVITIES  
Repurchase of common stock

 

—

 

 

 

(46

)

Proceeds from ESPP purchase

 

310

 

 

 

—

 

Proceeds from exercise of stock options

 

243

 

 

 

398

 

Proceeds from borrowings, net of debt discount and issuance costs

 

—

 

 

 

19,077

 

Proceeds from the issuance of common stock under at-the-market offering, net of commissions and fees

 

2,936

 

 

 

16,322

 

At-the-market offering costs for the issuance of common stock

 

(104

)

 

 

(278

)

Taxes paid related to net share settlement of restricted stock units

 

—

 

 

 

(59

)

Net cash provided by financing activities

 

3,385

 

 

 

35,414

 

Effect of exchange rates on cash and cash equivalents

 

(269

)

 

 

(175

)

Net decrease in cash, cash equivalents and restricted cash

 

(47,063

)

 

 

(50,129

)

Cash, cash equivalents and restricted cash at beginning of period

 

124,278

 

 

 

184,656

 

Cash, cash equivalents and restricted cash at end of period

$

77,215

 

 

$

134,527

 

OUSTER, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)
(in thousands)
 
Three Months Ended
September 30,		   Nine Months Ended
September 30,		   Three Months
Ended June 30,

2023

 

2022

 

2023

 

2022

 

2023

GAAP net loss

$

(35,102

)

 

$

(35,987

)

 

$

(335,115

)

 

$

(96,384

)

 

$

(122,733

)

Interest income, net

 

(670

)

 

 

(34

)

 

 

(1,237

)

 

 

(88

)

 

 

(517

)

Other expense (income), net

 

13

 

 

 

(61

)

 

 

124

 

 

 

(7,071

)

 

 

165

 

Stock-based compensation(1)

 

8,372

 

 

 

8,455

 

 

 

46,618

 

 

 

25,324

 

 

 

16,466

 

Provision for income tax expense

 

17

 

 

 

37

 

 

 

349

 

 

 

121

 

 

 

50

 

Goodwill impairment charge

 

—

 

 

 

—

 

 

 

166,675

 

 

 

—

 

 

 

67,266

 

Restructuring costs, excluding stock-based compensation expense

 

—

 

 

 

—

 

 

 

15,977

 

 

 

—

 

 

 

3,342

 

Excess and obsolete expenses and loss on firm purchase commitments

 

3,187

 

 

 

—

 

 

 

10,567

 

 

 

—

 

 

 

3,750

 

Amortization of acquired intangibles(2)

 

1,759

 

 

 

1,122

 

 

 

4,972

 

 

 

3,366

 

 

 

1,702

 

Depreciation expenses(2)

 

1,739

 

 

 

1,210

 

 

 

9,132

 

 

 

3,705

 

 

 

2,744

 

Litigation expenses(3)

 

3,536

 

 

 

1,123

 

 

 

7,437

 

 

 

1,715

 

 

 

3,364

 

Merger and acquisition related expenses(4)

 

—

 

 

 

—

 

 

 

6,058

 

 

 

—

 

 

 

—

 

Gain on lease termination and other items

 

(1,256

)

 

 

—

 

 

 

(1,256

)

 

 

—

 

 

 

—

 

Adjusted EBITDA

$

(18,405

)

 

$

(24,135

)

 

$

(69,699

)

 

$

(69,312

)

 

$

(24,401

)

         
(1) Includes stock-based compensation expense as follows:
Three Months Ended
September 30,		   Nine Months Ended
September 30,		   Three Months
Ended June 30,

2023

 

2022

 

2023

 

2022

 

2023

Cost of revenue

$

570

 

 

$

207

 

 

$

1,998

 

 

$

570

 

 

$

654

 

Research and development

 

4,056

 

 

 

3,681

 

 

 

19,765

 

 

 

11,248

 

 

 

8,204

 

Sales and marketing

 

1,345

 

 

 

1,913

 

 

 

7,726

 

 

 

5,276

 

 

 

3,500

 

General and administrative

 

2,401

 

 

 

2,654

 

 

 

17,129

 

 

 

8,230

 

 

 

4,108

 

Total stock-based compensation

$

8,372

 

 

$

8,455

 

 

$

46,618

 

 

$

25,324

 

 

$

16,466

 

         
(2) Includes depreciation and amortization expense as follows:
Three Months Ended
September 30,		   Nine Months Ended
September 30,		   Three Months
Ended June 30,

2023

 

2022

 

2023

 

2022

 

2023

Cost of revenue

$

1,155

 

 

$

227

 

 

$

4,678

 

 

$

820

 

 

$

1,772

 

Research and development

 

741

 

 

 

889

 

 

 

4,596

 

 

 

2,600

 

 

 

892

 

Sales and marketing

 

250

 

 

 

75

 

 

 

690

 

 

 

225

 

 

 

258

 

General and administrative

 

1,352

 

 

 

1,140

 

 

 

4,139

 

 

 

3,426

 

 

 

1,524

 

Total depreciation and amortization expense

$

3,498

 

 

$

2,331

 

 

$

14,103

 

 

$

7,071

 

 

$

4,446

 

         
(3) Litigation expenses and litigation-related expenses outside of the Company’s ordinary business operations
(4) Merger and acquisition related expenses represent transaction costs for the Velodyne Merger which include legal and accounting professional service fees
         
Three Months Ended
September 30,		   Nine Months Ended
September 30,		   Three Months
Ended June 30,

2023

 

2022

 

2023

 

2022

 

2023

Gross profit (loss) on GAAP basis

$

3,093

 

 

$

3,716

 

 

$

2,903

 

 

$

9,089

 

 

$

186

 

Stock-based compensation

 

570

 

 

 

207

 

 

 

1,998

 

 

 

570

 

 

 

654

 

Amortization of acquired intangible assets

 

467

 

 

 

—

 

 

 

1,127

 

 

 

—

 

 

 

412

 

Excess and obsolete expenses and loss on firm purchase commitments

 

3,187

 

 

 

—

 

 

 

10,567

 

 

 

—

 

 

 

3,750

 

Gross profit on non-GAAP basis

$

7,316

 

 

$

3,923

 

 

$

16,595

 

 

$

9,659

 

 

$

5,002

 

         
Gross margin on GAAP basis

 

14

%

 

 

33

%

 

 

5

%

 

 

30

%

 

 

1

%

Gross margin on non-GAAP basis

 

33

%

 

 

35

%

 

 

28

%

 

 

32

%

 

 

26

%

 


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