Ouster, a global leader in high-performance lidar sensors and software solutions for automotive, industrial, robotics, and smart infrastructure applications, has reported its financial results for the third quarter ending September 30, 2024.
Third Quarter 2024 Highlights:
- Revenue: $28 million, a 26% increase year-over-year and a 4% rise sequentially.
- Shipments: Over 3,900 sensors delivered.
- Gross Margin: GAAP gross margin improved to 38% from 14% in Q3 2023 and 34% in Q2 2024; Non-GAAP gross margin increased to 45%, compared to 33% in Q3 2023 and 40% in Q2 2024.
- Net Loss: $26 million, down from $35 million in Q3 2023.
- Adjusted EBITDA Loss: Reduced to $10 million, compared to an $18 million loss in Q3 2023.
- Debt Reduction: Ouster repaid all outstanding balances on its revolving credit line using cash on hand.
- Liquidity: $154 million in cash, cash equivalents, restricted cash, and short-term investments as of September 30, 2024.
CEO Angus Pacala expressed pride in these record-setting results, attributing success to the increasing adoption of Ouster’s REV7 sensors, which offer enhanced range, accuracy, and precision. Significant growth came from robotics and smart infrastructure deals, while Ouster achieved its highest software-attached sales to date, advancing logistics efficiency and road safety globally.
Business Objective Updates for 2024:
- Expanding Software Solutions: Ouster BlueCity gained NEMA TS2 certification, making it the first solution to be certified with Buy America-compliant lidar for traffic safety. Additionally, Ouster Gemini was integrated with Genetec Security Center, offering customers a combined lidar and video surveillance platform.
- Advancing Lidar Hardware: Ouster reached a major milestone with its “L4” powered OS sensor prototypes, generating rich point clouds. The development of the next-generation “Chronos” chip is on track, expected to unlock new verticals and enhance product performance.
- Long-term Financial Framework: Ouster achieved its target of 35-40% gross margin in Q3 and remains committed to its long-term goals of 30-50% annual revenue growth, maintaining 35-40% gross margins, and keeping operating expenses at or below Q3 2023 levels.
Outlook for Q4 2024: Ouster projects revenue between $29 million and $31 million.
Upcoming Investor Events:
- Craig-Hallum Alpha Select Conference: New York City, November 19, 2024
- ROTH Technology Conference: New York City, November 20, 2024
- Wolfe Research Small and Mid-Cap Conference: Virtual, December 5, 2024
- Northland Growth Conference 2024: Virtual, December 12, 2024
Conference Call Details: Ouster will host a conference call at 5:00 p.m. ET on November 7, 2024. Registration details and webcast access are available on Ouster’s investor relations website. A replay of the call will be available through November 14, 2024.
