On March 26, 2024, Ouster Inc (OUST, Financial), a leading provider of high-performance lidar sensors, released its 8-K filing, announcing a record-breaking revenue of $83 million for the full year of 2023. The company's financial results showcase a significant stride in revenue growth, with expectations set for $25 to $26 million in revenue for the first quarter of 2024. Ouster Inc operates in various regions, including the Americas, Asia and Pacific, Europe, Middle East, and Africa, providing innovative lidar sensors and software solutions to the automotive, industrial, robotics, and smart infrastructure industries.
The company's financial achievements in 2023 reflect a transformative year marked by the successful merger with Velodyne, which bolstered the balance sheet, expanded the patent portfolio, and streamlined the cost structure. Ouster Inc has scaled production and shipments, notably of its REV7 sensors, while introducing new revenue streams and advancing product development.
Financial Highlights and Future Objectives
Ouster Inc reported record quarterly revenue of over $24 million with shipments exceeding 4,100 sensors in the fourth quarter of 2023. The company's GAAP operating expenses increased sequentially due to a litigation settlement and higher stock-based compensation expenses. However, non-GAAP gross margins improved significantly, reflecting the company's operational efficiencies and cost-saving measures.
Looking ahead, Ouster Inc has set ambitious business objectives for 2024. The company aims to expand software solutions, grow its installed base, and advance the development of digital lidar hardware. The introduction of the next-generation L4 custom silicon chip is expected to enhance the performance of the OS sensor family. Ouster Inc is also focused on progressing towards its long-term financial framework, targeting 30-50% annual revenue growth, expanding gross margins to 35-40%, and maintaining operating expenses at or below third quarter 2023 levels.
Ouster CEO Angus Pacala commented on the company's performance and future outlook:
"Ouster had a transformative year, reporting record revenue of $83 million and bookings of $142 million in 2023... This was accomplished while delivering record financial performance, significantly reducing our cash burn, and exceeding our initial post-merger annualized cost savings target by over 40%... I’m excited to continue this momentum in 2024 as we execute our plan towards profitability."
Financial Statements Analysis
The company's balance sheet reflects a healthy financial position with $50.991 million in cash and cash equivalents as of December 31, 2023. The condensed consolidated statements of operations and comprehensive loss indicate a net loss of $38.995 million for the three months ended December 31, 2023, which is higher than the estimated net loss of $29.136 million. The non-GAAP financial measures reveal efforts to evaluate operating performance beyond the standard GAAP metrics, with a focus on non-GAAP gross profit, non-GAAP gross margin, and adjusted EBITDA.
Ouster Inc's performance in 2023 showcases a company on the rise, with a clear focus on innovation, operational efficiency, and financial discipline. As Ouster Inc continues to execute its strategic plan, it is positioning itself for sustained growth and profitability in the competitive lidar sensor market.
For more detailed financial information and future updates, investors and analysts are encouraged to visit Ouster’s investor relations website at https://investors.ouster.com.
Explore the complete 8-K earnings release (here) from Ouster Inc for further details.
