false 0001816581 0001816581 2024-08-13 2024-08-13 0001816581 us-gaap:CommonStockMember 2024-08-13 2024-08-13 0001816581 oust:WarrantsToPurchaseCommonStockMember 2024-08-13 2024-08-13 0001816581 oust:WarrantsToPurchaseCommonStockExpiring2025Member 2024-08-13 2024-08-13

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 13, 2024

 

 

Ouster, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-39463   86-2528989

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

350 Treat Avenue

San Francisco, California 94110

(Address of principal executive offices) (Zip Code)

(415) 949-0108

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange

on which registered

Common stock, $0.0001 par value per share   OUST   New York Stock Exchange
Warrants to purchase common stock   OUST WS   New York Stock Exchange
Warrants to purchase common stock expiring 2025   OUST WSA   NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 2.02.

Results of Operations and Financial Condition.

On August 13, 2024, Ouster, Inc. (the “Company”) announced financial results for the three and six months ended June 30, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

No.

   Description
99.1*    Press Release, dated August 13, 2024.
104    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

 

*

Furnished herewith.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Ouster, Inc.
Date: August 13, 2024     By:  

/s/ Mark Weinswig

    Name:   Mark Weinswig
    Title:   Chief Financial Officer

Exhibit 99.1

Ouster Reports Strong Revenue and Margins for Second Quarter 2024

Revenue of $27 million, GAAP gross margin of 34%, and non-GAAP gross margin of 40%

Repaid all outstanding balance under revolving credit line, strengthening balance sheet

On-track to deliver on long-term financial framework and reach profitability

SAN FRANCISCO, CA – Ouster, Inc. (NYSE: OUST) (“Ouster” or the “Company”), a leading global provider of high-performance lidar sensors and software solutions for the automotive, industrial, robotics, and smart infrastructure industries, announced today financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights

 

   

$27 million in revenue, up 39% year over year and 4% sequentially.

 

   

Shipped over 4,000 sensors for revenue.

 

   

GAAP gross margin of 34%, compared to 1% in the second quarter of 2023 and 29% in the first quarter of 2024.

 

   

Non-GAAP gross margin1 of 40%, compared to 26% in the second quarter of 2023 and 36% in the first quarter of 2024.

 

   

Net loss of $24 million, compared to $123 million in the second quarter of 2023 and $24 million in the first quarter of 2024.

 

   

Adjusted EBITDA1 loss of $11 million, compared to $24 million in the second quarter of 2023 and $12 million in the first quarter of 2024.

 

   

Cash, cash equivalents, restricted cash, and short-term investments balance of $186 million as of June 30, 2024.

“Our second quarter results showcase solid execution with GAAP gross margin increasing to 34%. Consistent with Ouster’s strategy of expanding into software solutions, we had one of our best quarters for software-attached sales powered by Ouster Gemini and Blue City. Alongside the continued improvement in our operating results, we have built one of the industry’s most resilient balance sheets and diversified business models,” said Ouster CEO Angus Pacala. “I am excited to see the use cases for lidar expand as the world turns to automation to solve an ever increasing number of modern challenges. With lidar adoption still in its infancy, we are just beginning to tap into our growth and I see a tremendous opportunity still in front of us. At the same time, we remain committed to our long-term financial framework and executing on our path to profitability.”

Revenue growth in the second quarter was primarily driven by large orders from customers in the smart infrastructure and robotics verticals, specifically for perimeter security, tolling, and mapping applications. GAAP gross margin improved by 500bps sequentially and benefited from higher revenues along with greater than expected tailwinds from favorable product mix and lower manufacturing costs. Non-GAAP gross margin increased to 40% compared to 26% in the second quarter of 2023. Non-GAAP gross margin excludes the impact of stock-based compensation expenses and certain other expenses outside of ordinary operations. Subsequent to the end of the second quarter, Ouster repaid all outstanding balance on its revolving credit line utilizing cash on hand.

 

1 

Adjusted EBITDA loss and non-GAAP gross margin are non-GAAP financial measures. See Non-GAAP Financial Measures for additional information and reconciliations of these measures to their respective most directly comparable financial measures calculated in accordance with U.S. GAAP.


2024 Business Objective Updates

 

  1.

Expand software solutions and grow the installed base

 

  2.

Advance the development of digital lidar hardware

 

  3.

Progress on the long-term financial framework

Expand software solutions and grow the installed base: In the second quarter, Ouster secured multiple deals to supply Ouster Gemini’s smart infrastructure software solution, including to one of the world’s largest consumer technology companies as well as a global telecommunications company. During the quarter, Ouster also improved movement detection for security customers, optimized software processing requirements, and enhanced its deep-learning perception model to support new use cases such as identifying unauthorized individuals tailgating into restricted areas.

Advance the development of digital lidar hardware: During the second quarter, Ouster taped out its automotive-grade, custom silicon “Chronos” chip. The Company expects to integrate Chronos into its solid-state, digital flash “DF” sensors in the next year. Development on the Company’s next generation custom silicon “L4” chip is advancing with validation testing underway. Both Chronos and L4 are expected to open up new verticals and bring significant improvements in performance, reliability, and manufacturability to the Ouster product family.

Progress on the long-term financial framework: Ouster is executing on its path to profitability and remains committed to deliver on its long-term framework of 30-50% annual revenue growth, expanding gross margins to 35-40%, and maintaining operating expenses at or below third quarter 2023 levels.

Third Quarter 2024 Outlook

For the third quarter of 2024, Ouster expects to achieve $27 million to $29 million in revenue.

Conference Call Information

Ouster will host a conference call and live webcast for analysts and investors at 5:00 p.m. ET today, August 13, 2024 to discuss its financial results and business outlook. To access the call, please register at https://registrations.events/direct/Q4I9342824.

Upon registering, each participant will be provided with call details and a registrant ID. The webcast and related presentation materials will be accessible for at least 30 days on Ouster’s investor relations website at https://investors.ouster.com. A telephone replay of the call will be available 2 hours after the call ends, and can be accessed via phone through August 27, 2024 by dialing (800) 770-2030 from the U.S. or +1 (609) 800-9909 from outside the U.S. The conference I.D. number is 93428.

About Ouster

Ouster (NYSE: OUST) is a leading global provider of lidar sensors and software solutions for the automotive, industrial, robotics, and smart infrastructure industries. Ouster is on a mission to build a safer and more sustainable future by offering affordable, high-performance sensors that drive mass adoption across a wide variety of applications. Ouster is headquartered in San Francisco, CA with offices in the Americas, Europe, and Asia Pacific. For more information, visit www.ouster.com, or connect with us on X or LinkedIn.

 

2


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “may,” “will,” “should,” “plan,” “could,” “continue,” “target,” “contemplate,” “estimate,” “forecast,” “guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,” and the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than statements of historical fact, including statements regarding Ouster’s revenue guidance for the third quarter of 2024; anticipated new product launches and developments; Ouster’s future results of operations, cash reserve and financial position; the anticipated timing and development of Ouster’s next generation hardware and software solutions; the execution against the Company’s product roadmap and demand for products; the Company’s path to profitability and long-term financial framework; industry and business trends; Ouster’s business objectives, plans, strategic partnerships, and market growth; and Ouster’s competitive market position, all constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, risks related to Ouster’s limited operating history and history of losses; fluctuations in its operating results; the substantial research and development costs needed to develop and commercialize new products; its ability to maintain competitive average selling prices, high sales volumes and reduce product costs; competition in Ouster’s industry; the negotiating power and product standards of its customers; the adoption of its products and the growth of the lidar market generally; product quality and liability risks; Ouster’s future capital needs and ability to secure additional capital on favorable terms or at all; its ability to manage growth, including growing the sales and marketing organization; risks related to international operations, including international manufacturing; cancellation or postponement of contracts or unsuccessful implementations; the Company’s ability to manage its inventory; credit risk of customers; Ouster’s ability to use tax attributes; Ouster’s dependence on key third party suppliers, in particular Benchmark Electronics, Inc., Fabrinet, and other suppliers; supply chain constraints and challenges; conditions in the industries the Company targets or the global economy; the ability of its lidar technology roadmap and new software solutions to catalyze growth; Ouster’s ability to recruit and retain key personnel; its ability to successfully integrate its business with Velodyne and achieve the anticipated benefits of the Velodyne merger; Ouster’s ability to adequately protect and enforce its intellectual property rights, including as it relates to Hesai Group; legal and regulatory risks; risks related to operating as a public company; and other important factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as may be further updated from time to time in the Company’s other filings with the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management’s reasonable estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, other than as may be required by law, even if subsequent events cause its views to change.

In addition, see information below concerning non-GAAP financial measures.

 

3


Non-GAAP Financial Measures

In addition to its results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), Ouster believes the non-GAAP measures of Non-GAAP Gross Margin and Adjusted EBITDA are useful in evaluating its operating performance. Ouster calculates Non-GAAP Gross Profit as gross profit (loss) excluding amortization of acquired intangibles, certain excess and obsolete expenses and losses on firm purchase commitments, and stock-based compensation expense. Non-GAAP Gross Margin is calculated as Non-GAAP Gross Profit divided by revenues. Ouster calculates Adjusted EBITDA as net loss excluding interest expense (income), net, other expense (income), net, stock-based compensation expense, provision for income tax expense, goodwill impairment charges, restructuring costs excluding stock-based compensation expense, certain excess and obsolete expenses and loss on firm purchase commitments, amortization of acquired intangibles, depreciation expense, certain litigation and litigation related expenses, merger and acquisition related expenses. Ouster believes that Non-GAAP Gross Profit, Non-GAAP Gross Margin, and Adjusted EBITDA may be helpful to investors because it provides consistency and comparability with past financial performance and may be helpful in comparison with other companies, some of which use similar non-GAAP information to supplement their GAAP results. Adjusted EBITDA is also used by the Board and management as a performance metric for compensation purposes. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures are included at the end of this press release.

Contacts

For Investors

investors@ouster.io

For Media

press@ouster.io

 

4


OUSTER, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

 

     June 30,
2024
    December 31,
2023
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 52,687     $ 50,991  

Restricted cash, current

     426       552  

Short-term investments

     131,557       139,158  

Accounts receivable, net

     14,343       14,577  

Inventory

     19,453       23,232  

Prepaid expenses and other current assets

     33,530       34,647  
  

 

 

   

 

 

 

Total current assets

     251,996       263,157  

Property and equipment, net

     9,445       10,228  

Operating lease, right-of-use assets

     16,822       18,561  

Unbilled receivable, non-current portion

     7,127       10,567  

Intangible assets, net

     20,930       24,436  

Restricted cash, non-current

     1,092       1,091  

Other non-current assets

     2,463       2,703  
  

 

 

   

 

 

 

Total assets

   $ 309,875     $ 330,743  
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 4,490     $ 3,545  

Accrued and other current liabilities

     48,506       58,166  

Contract liabilities, current

     13,812       12,885  

Operating lease liability, current portion

     7,263       7,096  
  

 

 

   

 

 

 

Total current liabilities

     74,071       81,692  

Operating lease liability, non-current portion

     16,239       18,827  

Debt

     43,973       43,975  

Contract liabilities, non-current portion

     3,487       4,967  

Other non-current liabilities

     1,495       1,610  
  

 

 

   

 

 

 

Total liabilities

     139,265       151,071  
  

 

 

   

 

 

 

Commitments and contingencies

    

Stockholders’ equity:

    

Common stock

     44       42  

Additional paid-in capital

     1,035,087       995,464  

Accumulated deficit

     (863,744     (816,026

Accumulated other comprehensive (loss) income

     (777     192  
  

 

 

   

 

 

 

Total stockholders’ equity

     170,610       179,672  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 309,875     $ 330,743  
  

 

 

   

 

 

 

 

5


OUSTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except share and per share data)

 

     Three Months Ended June 30,     Three Months
Ended March 31,
    Six Months Ended June 30,  
     2024     2023     2024     2024     2023  

Revenue

   $ 26,990     $ 19,396     $ 25,944     $ 52,934     $ 36,626  

Cost of revenue

     17,892       19,210       18,519       36,411       36,816  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit (loss)

     9,098       186       7,425       16,523       (190

Operating expenses:

          

Research and development

     14,432       26,447       13,806       28,238       58,906  

Sales and marketing

     6,750       11,666       6,860       13,610       25,199  

General and administrative

     13,166       17,842       12,580       25,746       49,167  

Goodwill impairment charges

     —        67,266       —        —        166,675  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     34,348       123,221       33,246       67,594       299,947  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (25,250     (123,035     (25,821     (51,071     (300,137

Other income (expense):

          

Interest income

     2,251       2,245       2,651       4,902       3,964  

Interest expense

     (740     (1,728     (741     (1,481     (3,397

Other income (expense), net

     (7     (165     193       186       (111
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income, net

     1,504       352       2,103       3,607       456  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (23,746     (122,683     (23,718     (47,464     (299,681

Provision for income tax expense

     123       50       131       254       332  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (23,869   $ (122,733   $ (23,849   $ (47,718   $ (300,013
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive loss

          

Changes in unrealized (loss) gain on available for sale securities

   $ (45   $ (74   $ (459   $ (504   $ (24

Foreign currency translation adjustments

     (293     23       (172     (465     (57
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive loss

   $ (24,207   $ (122,784   $ (24,480   $ (48,687   $ (300,094
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share, basic and diluted

   $ (0.53   $ (3.19   $ (0.55   $ (1.08   $ (8.84
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares used to compute basic and diluted net loss per share

     44,737,769       38,448,241       43,454,127       44,077,383       33,937,505  

 

6


OUSTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

     Six Months Ended June 30,  
     2024     2023  

CASH FLOWS FROM OPERATING ACTIVITIES

    

Net loss

   $ (47,718   $ (300,013

Adjustments to reconcile net loss to net cash used in operating activities:

    

Goodwill impairment charges

     —        166,675  

Depreciation and amortization

     5,397       10,605  

Loss on write-off of construction in progress and right-of-use asset impairment

     214       1,423  

Stock-based compensation

     20,099       38,246  

Reduction of revenue related to stock warrant issued to customer

     488       61  

Amortization of right-of-use asset

     2,391       2,012  

Interest expense

     —        889  

Amortization of debt issuance costs and debt discount

     —        125  

Accretion or amortization on short-term investments

     (2,933     (2,097

Change in fair value of warrant liabilities

     27       (126

Inventory write down

     742       5,065  

Provision (recovery of) for doubtful accounts

     (241     541  

Gain from disposal of property and equipment

     (114     (248

Realized gain on available for sale securities

     (275     —   

Changes in operating assets and liabilities:

    

Accounts receivable

     3,915       3,420  

Inventory

     3,037       (3,644

Prepaid expenses and other assets

     101       (1,126

Accounts payable

     958       (1,741

Accrued and other liabilities

     (9,830     (4,779

Contract liabilities

     (553     759  

Operating lease liability

     (3,071     (2,525
  

 

 

   

 

 

 

Net cash used in operating activities

     (27,366     (86,478
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

    

Proceeds from sale of property and equipment

     502       560  

Purchases of property and equipment

     (1,741     (1,973

Purchase of short-term investments

     (49,720     (48,554

Proceeds from sales of short-term investments

     60,028       72,481  

Cash and cash equivalents acquired in the Velodyne Merger

     —        32,137  
  

 

 

   

 

 

 

Net cash provided by investing activities

     9,069       54,651  
  

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

    

Proceeds from ESPP purchase

     781       310  

Proceeds from exercise of stock options

     151       150  

Proceeds from the issuance of common stock under at-the-market offering, net of commissions and fees

     19,498       —   

At-the-market offering costs for the issuance of common stock

     (95     —   
  

 

 

   

 

 

 

Net cash provided by financing activities

     20,335       460  
  

 

 

   

 

 

 

Effect of exchange rates on cash and cash equivalents

     (467     (56
  

 

 

   

 

 

 

Net decrease in cash, cash equivalents and restricted cash

     1,571       (31,423

Cash, cash equivalents and restricted cash at beginning of period

     52,634       124,278  
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at end of period

   $ 54,205     $ 92,855  
  

 

 

   

 

 

 

 

7


OUSTER, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(unaudited)

(in thousands)

 

     Three Months Ended June 30,     Three Months Ended March 31,     Six Months Ended June 30,  
     2024     2023     2024     2023     2024     2023  

GAAP net loss

   $ (23,869   $ (122,733   $ (23,849   $ (177,280   $ (47,718   $ (300,013

Interest expense (income), net

     (1,511     (517     (1,910     (50     (3,421     (567

Other expense (income), net

     7       165       (193     (54     (186     111  

Stock-based compensation(1)

     10,695       16,466       9,404       21,780       20,099       38,246  

Provision for income tax expense

     123       50       131       282       254       332  

Goodwill impairment charge

     —        67,266       —        99,409       —        166,675  

Restructuring costs, excluding stock-based compensation expense

     —        3,342       —        12,635       —        15,977  

Excess and obsolete expenses and loss on firm purchase commitments

     —        3,750       572       3,630       572       7,380  

Amortization of acquired intangibles(2)

     1,661       1,702       1,754       1,511       3,415       3,213  

Depreciation expense(2)

     839       2,744       1,053       4,648       1,892       7,392  

Litigation expenses(3)

     1,636       3,364       1,296       537       2,932       3,901  

Merger and acquisition related expenses(4)

     —        —        —        6,058       —        6,058  

Other items

     (114     —        —        —        (114     —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ (10,533   $ (24,401   $ (11,743   $ (26,893   $ (22,276   $ (51,294
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Includes stock-based compensation expense as follows:

 

     Three Months Ended June 30,      Three Months Ended March 31,      Six Months Ended June 30,  
     2024      2023      2024      2023      2024      2023  

Cost of revenue

   $ 1,210      $ 654      $ 913      $ 774      $ 2,123      $ 1,428  

Research and development

     4,650        8,204        4,188        7,505        8,838        15,709  

Sales and marketing

     1,492        3,500        1,400        2,881        2,892        6,381  

General and administrative

     3,343        4,108        2,903        10,620        6,246        14,728  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total stock-based compensation

   $ 10,695      $ 16,466      $ 9,404      $ 21,780      $ 20,099      $ 38,246  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(2) 

Includes depreciation and amortization expense as follows:

 

     Three Months Ended June 30,      Three Months Ended March 31,      Six Months Ended June 30,  
     2024      2023      2024      2023      2024      2023  

Cost of revenue

   $ 999      $ 1,772      $ 1,100      $ 1,750      $ 2,099      $ 3,522  

Research and development

     670        892        712        2,964        1,382        3,856  

Sales and marketing

     249        258        248        181        497        440  

General and administrative

     582        1,524        747        1,264        1,329        2,787  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total depreciation and amortization expense

   $ 2,500      $ 4,446      $ 2,807      $ 6,159      $ 5,307      $ 10,605  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(3) 

Litigation expenses and litigation-related expenses outside of the Company’s ordinary business operations

(4) 

Merger and acquisition related expenses represent transaction costs for the Velodyne Merger which include legal and accounting professional service fees

 

     Three Months Ended June 30,     Three Months Ended March 31,     Six Months Ended June 30,  
     2024     2023     2024     2023     2024     2023  

Gross profit (loss) on GAAP basis

   $ 9,098     $ 186     $ 7,425     $ (376   $ 16,523     $ (190

Stock-based compensation

     1,210       654       913       774       2,123       1,428  

Amortization of acquired intangible assets

     371       412       464       249       835       661  

Excess and obsolete expenses and loss on firm purchase commitments

     —        3,750       572       3,630       572       7,380  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit on non-GAAP basis

   $ 10,679     $ 5,002     $ 9,374     $ 4,277     $ 20,053     $ 9,279  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
            

Gross margin on GAAP basis

     34     1     29     (2 )%      31     (1 )% 

Gross margin on non-GAAP basis

     40     26     36     25     38     25

###

 

8

v3.24.2.u1
Document and Entity Information
Aug. 13, 2024
Document And Entity Information [Line Items]  
Amendment Flag false
Entity Central Index Key 0001816581
Document Type 8-K
Document Period End Date Aug. 13, 2024
Entity Registrant Name Ouster, Inc.
Entity Incorporation State Country Code DE
Entity File Number 001-39463
Entity Tax Identification Number 86-2528989
Entity Address, Address Line One 350 Treat Avenue
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94110
City Area Code (415)
Local Phone Number 949-0108
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common stock, $0.0001 par value per share
Trading Symbol OUST
Security Exchange Name NYSE
Warrants To Purchase Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Warrants to purchase common stock
Trading Symbol OUST WS
Security Exchange Name NYSE
Warrants To Purchase Common Stock Expiring 2025 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Warrants to purchase common stock expiring 2025
Trading Symbol OUST WSA
Security Exchange Name NYSEAMER

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