Q2 2024 Ouster Inc Earnings Call Transcript
Key Points
- Ouster Inc (OUST) achieved a GAAP gross margin of 34%, setting a new operating record.
- The company reported revenues of $27 million, marking the sixth consecutive quarter of meeting or exceeding guidance.
- Ouster Inc (OUST) reduced inventory levels by over 30% and improved annualized inventory turns to over 3.5 times.
- The company repaid all outstanding balance on its revolving credit line with cash on hand, strengthening its financial position.
- Ouster Inc (OUST) saw significant growth in its robotics vertical, securing and expanding relationships with key customers like Serve Robotics.
- Some customer schedules have been pushed to the right, potentially softening near-term growth.
- GAAP operating expenses increased sequentially by 3%, driven by higher stock-based compensation and increased litigation expenses.
- The company expects operating expenses to fluctuate on a quarterly basis due to the timing of R&D project spending and litigation activities.
- Despite strong performance, there is a slight normalization expected in gross margins, which may remain relatively flat sequentially.
- The company faces challenges in integrating complex technology, which can delay customer deployments and impact revenue timing.
Hello and welcome to Ouster's second-quarter 2024 earnings conference call. (Operator Instructions) The call today is being recorded. And a replay of the call will be available on the Ouster's Investors Relations website an hour after the completion of this call.
I'd now like to turn the conference over to Chen Geng, VP of Strategic Finance and Treasurer.
Good afternoon, everyone. Thank you for joining us for our second-quarter 2024 earnings call. I am joined today by Ouster's Chief Executive Officer, Angus Pacala; and Chief Financial Officer, Mark Weinswig.
Before we begin the prepared remarks, we would like to remind you that earlier today, Ouster issued a press release announcing its second-quarter 2024 results. An investor presentation was published and is available on the Investor Relations section of Ouster's website.
Today's earnings call and press release reflects management's views as of today only and will include statements related to our business
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