Ouster, Inc. Achieves Record Revenue in Q3 2024

Ouster, Inc. ( (OUST) ) has released its Q3 earnings. Here is a breakdown of the information Ouster, Inc. presented to its investors.

Ouster, Inc. is a global provider of high-resolution lidar sensors and software solutions for industries such as automotive, industrial, robotics, and smart infrastructure. The company is known for its mission to enhance safety and sustainability through affordable, high-performance technology.

In its third-quarter 2024 earnings report, Ouster announced record revenue of $28 million, reflecting a 26% increase year-over-year, and notable improvements in gross margins. The company highlighted a successful expansion of its software solutions and significant advancements in its digital lidar hardware development.

Key financial metrics for the quarter included a GAAP gross margin of 38%, up from 14% the previous year, and a non-GAAP gross margin of 45%. Ouster reported a net loss of $26 million, an improvement from the $35 million loss in the same period last year. The company’s adjusted EBITDA loss narrowed to $10 million from $18 million. Additionally, Ouster repaid all outstanding balances on its revolving credit line and closed the quarter with $154 million in cash and short-term investments.

Strategically, Ouster achieved significant milestones, such as the NEMA TS2 certification for its BlueCity software and the integration of its lidar platform with Genetec Security Center. The company also reported progress on its next-generation hardware with the development of its “L4” sensor prototypes and the “Chronos” chip.

Looking ahead, Ouster expects to achieve revenue between $29 million and $31 million in the fourth quarter of 2024. The company remains committed to its long-term financial framework, aiming for annual revenue growth of 30-50% while maintaining gross margins and operating expenses within set targets.