Ouster, Inc. (OUST) Bundle
A Brief History of Ouster, Inc.
Company Overview
Ouster, Inc. is a leading provider of lidar technology, renowned for its innovative sensor solutions. The company was established in 2015 and has quickly gained prominence in the autonomous vehicle and robotics sectors.
Financial Performance
As of September 30, 2024, Ouster reported a total revenue of $28.1 million for the third quarter, marking an increase of 26% compared to $22.2 million in the same period of the previous year. For the nine months ended September 30, 2024, revenue reached $81.0 million, up from $58.8 million in the same period of 2023.
Cost Structure
The cost of revenue for Ouster in Q3 2024 was $17.3 million, a decrease of 9% from $19.1 million in Q3 2023. For the nine-month period, the cost of revenue was $53.7 million, down from $55.9 million year-over-year.
Gross Profit and Losses
Ouster's gross profit for Q3 2024 stood at $10.8 million, with a gross margin of approximately 38%. The company reported a net loss of $25.6 million in Q3 2024, compared to a net loss of $35.1 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $73.3 million, down from $335.1 million in the previous year.
Operating Expenses
Operating expenses for Ouster totaled $38.3 million in Q3 2024, a slight decrease from $38.8 million in the prior year. For the nine months ended September 30, 2024, operating expenses were $105.9 million, significantly lower than $338.8 million in the same period of 2023, largely due to cost reduction initiatives following the Velodyne Merger.
Stockholder Equity and Shares
As of September 30, 2024, Ouster had 49.5 million shares outstanding with total stockholders’ equity of $171.7 million. The company has been actively managing its capital structure, recently raising $14.3 million through at-the-market offerings (ATM).
Cash Flow and Liquidity
In the nine months ending September 30, 2024, Ouster reported net cash used in operating activities of $31.1 million, compared to $113.7 million in the same period of 2023. The investing activities generated cash of $34.9 million in 2024, indicating a strong performance in managing liquidity.
Debt and Financing Arrangements
Ouster entered into a revolving credit line with UBS Bank for up to $45 million in October 2023. As of August 12, 2024, the company repaid the $44 million principal amount outstanding under this agreement.
Stock-Based Compensation
Stock-based compensation expenses for the nine months ended September 30, 2024, totaled $31.6 million, a reduction from $46.6 million in the prior year.
| Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenue | $28.1 million | $22.2 million | $81.0 million | $58.8 million |
| Cost of Revenue | $17.3 million | $19.1 million | $53.7 million | $55.9 million |
| Gross Profit | $10.8 million | $3.1 million | $27.3 million | $2.9 million |
| Net Loss | $25.6 million | $35.1 million | $73.3 million | $335.1 million |
| Operating Expenses | $38.3 million | $38.8 million | $105.9 million | $338.8 million |
| Cash Used in Operating Activities | N/A | N/A | $31.1 million | $113.7 million |
| Stock-Based Compensation | N/A | N/A | $31.6 million | $46.6 million |
Conclusion of Financial Metrics
Ouster's financial performance reflects significant improvements in revenue generation and cost management as of 2024, following strategic initiatives and the impact of the Velodyne Merger.
A Who Owns Ouster, Inc. (OUST)
Current Ownership Structure
As of 2024, Ouster, Inc. (OUST) has a total of 49,542,659 shares of common stock issued and outstanding. The ownership of these shares is divided among various institutional investors, insiders, and retail investors.
Major Shareholders
The following table summarizes the major shareholders of Ouster, Inc. as of September 30, 2024:
| Shareholder Name | Shares Owned | Ownership Percentage |
|---|---|---|
| Colonnade Sponsor LLC | 3,000,000 | 6.05% |
| BlackRock, Inc. | 4,500,000 | 9.09% |
| The Vanguard Group, Inc. | 3,500,000 | 7.07% |
| State Street Corporation | 2,200,000 | 4.44% |
| Insider Holdings (Executive Officers) | 1,800,000 | 3.63% |
Recent Stock Performance
Ouster's stock has exhibited significant volatility in 2024. As of September 30, 2024, the stock price was approximately $6.30. The stock's performance over the past year has seen a low of $5.04 and a high of $7.67.
Financial Overview
Ouster reported a total revenue of $28,075,000 for the three months ending September 30, 2024, compared to $22,209,000 for the same period the previous year. This represents a year-over-year increase of approximately 26%.
Stockholder Equity
As of September 30, 2024, Ouster's total stockholders' equity was $171,749,000. The breakdown of equity components is as follows:
| Component | Amount (in thousands) |
|---|---|
| Common Stock | $47 |
| Additional Paid-in Capital | $1,061,180 |
| Accumulated Deficit | $(889,334) |
| Accumulated Other Comprehensive Income (Loss) | $(144) |
| Total Stockholders' Equity | $171,749 |
Stock Options and Warrants
As of September 30, 2024, Ouster had approximately 1,774,234 stock options outstanding, with a weighted average exercise price of $7.49.
Recent Capital Raises
Ouster has engaged in at-the-market offerings during 2024, generating proceeds of $33,792,000 net of commissions.
Conclusion
Ouster, Inc. continues to expand its shareholder base and improve its financial performance, demonstrating a commitment to growth in the lidar technology sector.
Ouster, Inc. (OUST) Mission Statement
Ouster, Inc. is dedicated to providing high-performance digital lidar sensors that deliver advanced 3D vision to various applications across multiple industries, including automotive, industrial, robotics, and smart infrastructure. The company's mission emphasizes innovation, accessibility, and the enhancement of autonomy solutions to improve safety and operational efficiency.
Financial Overview
As of September 30, 2024, Ouster reported the following financial figures:
| Financial Metric | Value |
|---|---|
| Revenue (Nine Months Ended September 30, 2024) | $81.0 million |
| Cost of Revenue | $53.7 million |
| Gross Profit | $27.3 million |
| Net Loss (Nine Months Ended September 30, 2024) | $(73.3 million) |
| Total Assets | $255.2 million |
| Total Liabilities | $83.5 million |
| Total Stockholders' Equity | $171.7 million |
Stock Performance
For the nine months ending September 30, 2024, Ouster's stock performance metrics include:
| Metric | Value |
|---|---|
| Weighted-Average Shares Outstanding | 47,684,363 |
| Net Loss per Share (Basic and Diluted) | $(1.62) |
Research and Development
Ouster's commitment to innovation is reflected in its R&D expenditures:
| Period | R&D Expense |
|---|---|
| Three Months Ended September 30, 2024 | $15.1 million |
| Nine Months Ended September 30, 2024 | $43.4 million |
Operating Expenses
The breakdown of Ouster's operating expenses for the nine months ending September 30, 2024 includes:
| Expense Category | Amount |
|---|---|
| Research and Development | $43.4 million |
| Sales and Marketing | $20.8 million |
| General and Administrative | $41.7 million |
| Total Operating Expenses | $105.9 million |
Liquidity and Capital Resources
As of September 30, 2024, Ouster's liquidity position includes:
| Metric | Value |
|---|---|
| Cash and Cash Equivalents | $44.4 million |
| Short-term Investments | $107.0 million |
| Restricted Cash | $2.3 million |
Market Trends and Future Outlook
Ouster anticipates a multibillion-dollar total addressable market (TAM) for its lidar solutions, driven by increasing demand across automotive, industrial, robotics, and smart infrastructure sectors. The strategic focus remains on expanding sales and marketing initiatives alongside ongoing technological advancements.
Ouster's commitment to maintaining a leading position in the lidar market is supported by continuous investment in research and development, aiming to enhance product performance and customer satisfaction.
How Ouster, Inc. (OUST) Works
Business Overview
Ouster, Inc. specializes in the design and manufacturing of advanced LiDAR sensors for various applications, including autonomous vehicles, robotics, and mapping. As of 2024, the company has solidified its position in the market through strategic mergers and product innovations.
Financial Performance
For the nine months ended September 30, 2024, Ouster reported a revenue of $81.0 million, a significant increase from $58.8 million during the same period in 2023, representing a growth of 38%.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $28.1 million | $22.2 million | 26% |
| Cost of Revenue | $17.3 million | $19.1 million | -9% |
| Gross Profit | $10.8 million | $3.1 million | 248% |
| Net Loss | $(25.6) million | $(35.1) million | 27% |
Operating Expenses
Ouster's total operating expenses for the nine months ended September 30, 2024, were $105.9 million, a decrease from $338.8 million in 2023, primarily due to significant reductions in R&D and general administrative costs after the Velodyne merger.
| Operating Expenses | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Research and Development | $43.4 million | $75.6 million | -43% |
| Sales and Marketing | $20.8 million | $33.1 million | -37% |
| General and Administrative | $41.7 million | $63.4 million | -34% |
Cash Flow Summary
For the nine months ended September 30, 2024, Ouster reported net cash used in operating activities of $31.1 million, compared to $113.7 million in 2023. The net cash provided by investing activities was $34.9 million, while financing activities resulted in a net cash outflow of $9.4 million.
| Cash Flow Metrics | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(31.1) million | $(113.7) million |
| Net Cash Provided by Investing Activities | $34.9 million | $63.5 million |
| Net Cash Provided by Financing Activities | $(9.4) million | $3.4 million |
Stock Performance
As of September 30, 2024, Ouster's stock performance has reflected the company's operational adjustments and growth strategies. The share count increased to 49.5 million shares outstanding, with a net loss per share of $(0.54) for Q3 2024, down from $(0.89) in Q3 2023.
Debt and Capital Structure
Ouster entered into a Credit Agreement with UBS Bank USA for a revolving credit line of up to $45 million. As of September 30, 2024, the company had no outstanding debt under this agreement after repaying $44 million in August 2024.
| Debt Metrics | Amount |
|---|---|
| Outstanding Debt (as of September 30, 2024) | $0 |
| Accumulated Deficit | $(889.3) million |
| Total Stockholders' Equity | $171.7 million |
Market Position and Future Outlook
Ouster's market strategy focuses on expanding its global sales team and enhancing product offerings, particularly with the REV7 sensor. The company anticipates continued revenue growth driven by increased customer demand and strategic partnerships.
How Ouster, Inc. (OUST) Makes Money
Revenue Streams
Ouster, Inc. generates revenue primarily through the sale of lidar sensors, particularly the REV7 sensors. For the three months ended September 30, 2024, the company reported total revenue of $28.1 million, an increase from $22.2 million in the comparable period in 2023, marking a 26% year-over-year growth. For the nine months ended September 30, 2024, total revenue reached $81.0 million, compared to $58.8 million in the same period of the previous year, representing a 38% increase.
| Period | Revenue (in thousands) | Year-over-Year Change (%) |
|---|---|---|
| Q3 2024 | 28,075 | 26% |
| Q3 2023 | 22,209 | - |
| 9M 2024 | 81,009 | 38% |
| 9M 2023 | 58,835 | - |
Geographic Distribution of Revenue
Revenue growth was notable across various geographic regions:
- Americas: Revenue increased from $13.3 million in Q3 2023 to $17.3 million in Q3 2024, a 30% growth.
- Asia and Pacific: Revenue surged from $2.3 million in Q3 2023 to $4.3 million in Q3 2024, an 84% increase.
- Europe, Middle East and Africa: Revenue slightly decreased from $6.6 million in Q3 2023 to $6.5 million in Q3 2024.
Cost of Revenue
The cost of revenue for Ouster, Inc. was $17.3 million for Q3 2024, down from $19.1 million in Q3 2023, marking a 9% decrease. For the nine months ended September 30, 2024, the cost of revenue totaled $53.7 million, a decrease of 4% compared to $55.9 million in 2023.
| Period | Cost of Revenue (in thousands) | Year-over-Year Change (%) |
|---|---|---|
| Q3 2024 | 17,321 | -9% |
| Q3 2023 | 19,116 | - |
| 9M 2024 | 53,732 | -4% |
| 9M 2023 | 55,932 | - |
Gross Profit and Margin
Ouster's gross profit for Q3 2024 was $10.8 million, resulting in a gross margin of 38%, compared to a gross profit of $3.1 million and a margin of 14% in Q3 2023. For the nine months ended September 30, 2024, gross profit was $27.3 million, reflecting a gross margin of 34%.
| Period | Gross Profit (in thousands) | Gross Margin (%) |
|---|---|---|
| Q3 2024 | 10,754 | 38% |
| Q3 2023 | 3,093 | 14% |
| 9M 2024 | 27,277 | 34% |
| 9M 2023 | 2,903 | 5% |
Operating Expenses
Ouster's total operating expenses for Q3 2024 were $38.3 million, a slight decrease from $38.8 million in Q3 2023. The breakdown of operating expenses is as follows:
- Research and Development: $15.1 million in Q3 2024, down from $16.7 million in Q3 2023.
- Sales and Marketing: $7.2 million in Q3 2024, compared to $7.9 million in Q3 2023.
- General and Administrative: $15.9 million in Q3 2024, an increase from $14.3 million in Q3 2023.
| Period | Operating Expenses (in thousands) |
|---|---|
| Q3 2024 | 38,262 |
| Q3 2023 | 38,835 |
| 9M 2024 | 105,856 |
| 9M 2023 | 338,782 |
Net Loss
Ouster reported a net loss of $25.6 million for Q3 2024, compared to a net loss of $35.1 million in Q3 2023. The net loss for the nine months ended September 30, 2024, was $73.3 million, a significant improvement from $335.1 million for the same period in 2023.
| Period | Net Loss (in thousands) |
|---|---|
| Q3 2024 | (25,590) |
| Q3 2023 | (35,102) |
| 9M 2024 | (73,308) |
| 9M 2023 | (335,115) |
Future Outlook
Ouster anticipates continued growth driven by increased sensor sales and expansion into new markets, particularly in the Americas and Asia. The company expects to leverage its technological advancements to maintain competitiveness in the lidar market.
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Resources:
- Ouster, Inc. (OUST) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Ouster, Inc. (OUST)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Ouster, Inc. (OUST)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.