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Ouster, Inc.

OUST

Ouster, Inc. • NASDAQ
$22.92 ▲ 2.41% (+0.54)
Market Cap $1.38 B
52w High $41.65
52w Low $6.34
Dividend Yield 0%
P/E -14.06
Volume 1.40M
Outstanding Shares 60.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $39.525M ▲ $40.91M ▼ $-21.733M ▼ -54.985% ▲ $-0.37 ▲ $-18.249M ▲
Q2-2025 $35.049M ▲ $42.664M ▲ $-20.612M ▲ -58.809% ▲ $-0.38 ▲ $-21.105M ▼
Q1-2025 $32.632M ▲ $37.313M ▼ $-22.017M ▲ -67.471% ▲ $-0.42 ▲ $-18.782M ▲
Q4-2024 $30.092M ▲ $38.781M ▲ $-23.737M ▲ -78.881% ▲ $-0.48 ▲ $-20.126M ▲
Q3-2024 $28.075M $38.262M $-25.59M -91.149% $-0.54 $-21.624M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $244.518M ▲ $353.772M ▲ $106.331M ▲ $247.441M ▲
Q2-2025 $226.505M ▲ $321.84M ▲ $100.807M ▲ $221.033M ▲
Q1-2025 $168.19M ▼ $268.587M ▼ $100.644M ▲ $167.943M ▼
Q4-2024 $172.022M ▲ $276.148M ▲ $95.237M ▲ $180.911M ▲
Q3-2024 $151.433M $255.226M $83.477M $171.749M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-21.733M ▼ $-18.342M ▼ $-7.69M ▲ $37.155M ▼ $11.079M ▼ $-20.044M ▼
Q2-2025 $-20.612M ▲ $-1.309M ▲ $-36.467M ▼ $59.513M ▲ $22.137M ▲ $-2.198M ▲
Q1-2025 $-22.017M ▲ $-4.879M ▼ $12.59M ▲ $660K ▼ $8.451M ▲ $-5.431M ▼
Q4-2024 $-23.737M ▲ $-2.561M ▲ $-20.206M ▼ $24.827M ▲ $1.38M ▲ $-4.01M ▲
Q3-2024 $-25.59M $-3.767M $25.789M $-29.769M $-7.486M $-4.333M

Revenue by Products

Product Q2-2021Q3-2021Q4-2021Q2-2025
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily from a very small base, which is encouraging for a young hardware company in an emerging market. The company is now consistently generating positive gross profit, suggesting its products are priced above their direct costs, and unit economics are improving. However, operating losses and net losses remain large relative to the size of the business, meaning the company is still far from breakeven. Losses peaked recently and appear to be narrowing, but the business remains firmly in “investment and scale-up” mode rather than in a mature, profitable phase. The reverse stock split and very volatile earnings per share mostly reflect capital structure changes, not an underlying swing in profitability.

Balance Sheet

Balance Sheet The balance sheet shows a company with moderate total assets and a meaningful but not large cash cushion, which has been drawn down over time as the business invests in growth. Debt levels are present but relatively modest, so the company is not heavily leveraged, and it even reduced its borrowings recently. Shareholders’ equity has moved from negative to clearly positive, which is a structural improvement, though equity growth has been constrained by ongoing losses. Overall, the balance sheet looks typical for an early-stage tech hardware firm: not distressed, but dependent on either future capital raises or a move toward smaller losses to sustain operations over the long run.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting the gap between revenue and the costs of running and scaling the business. The encouraging sign is that cash burn has been shrinking recently, indicating some progress on cost control or operating efficiency. Free cash flow tracks operating cash flow closely because capital spending is quite low, which means the main use of cash is funding operating losses, not large factory or equipment buildouts. In practice, this means that while cash consumption is still a concern, it is relatively predictable and closely tied to how quickly the company can grow revenue and improve margins.

Competitive Edge

Competitive Edge Ouster operates in a fiercely competitive lidar market, facing many rivals targeting automotive, industrial, robotics, and infrastructure uses. Its main edge is a digital lidar architecture that aims to be simpler, cheaper, and more scalable than traditional analog systems. The company also stands out by spreading its bets across several industries rather than relying only on self-driving cars. Its growing software layer, including traffic and perception platforms, helps deepen relationships with customers and may create recurring, higher-margin revenue. Partnerships with large technology players and wins in defense and smart infrastructure lend credibility. At the same time, the market remains crowded, pricing pressure is real, and no single company yet has a clearly unassailable position, so Ouster’s moat is promising but still being tested.

Innovation and R&D

Innovation and R&D Innovation is at the core of Ouster’s story. Its digital lidar design, custom chips, and solid-state technology are all focused on making sensors more compact, more capable, and cheaper to manufacture at scale. The acquisition of Sense Photonics greatly expanded its patent portfolio and deepened its bench in automotive-grade solid-state lidar. On top of hardware, Ouster is investing heavily in software platforms such as Gemini and BlueCity, turning raw lidar data into usable insights for traffic management, robotics, and other applications. The next-generation Chronos and L4 chips are key milestones; if successfully launched and adopted, they could unlock higher-performance products and a much larger market, especially in vehicles. These efforts are R&D-heavy and carry execution risk, but they are also the main driver of the company’s long-term potential.

Summary

Ouster is a small but growing lidar company that has steadily increased revenue while remaining deeply loss-making, typical of an early-stage, hardware-plus-software technology business. Its balance sheet and cash flows show ongoing cash burn but not excessive leverage, implying room to keep investing, though likely with continued need for careful capital management. Competitively, Ouster leans on its digital architecture, diversified end markets, and integrated software offerings to stand out in a crowded field. The real value proposition lies in its innovation pipeline: custom chips, solid-state sensors, and SaaS-like software platforms designed to move lidar from niche deployments toward mainstream use. The main questions going forward are whether the company can secure large, stable customers—especially in automotive and infrastructure—while tightening costs enough to bring losses down as the technology and markets mature.

NEWS

November 4, 2025 · 4:10 PM UTC

Ouster Announces Results for Third Quarter 2025

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October 14, 2025 · 6:00 AM UTC

Ouster Announces Date for Third Quarter 2025 Earnings Call

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September 15, 2025 · 6:00 AM UTC

Ouster Announces Strategic Partnership with Constellis to Bring Physical AI to Advanced Security Operations

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