Ouster Announces Results for First Quarter 2026

Published: 2026-05-05 16:07:07 ET OUST

Record product revenue, achieving 13th straight quarter of growth Lidar and camera shipments of more than 12,600 units New Rev8 OS digital lidar with native color sensing, 2x range and resolution, and functional safety

Published on 05/05/2026 at 04:07 pm EDT

Ouster, Inc. (Nasdaq: OUST) (“Ouster” or the “Company”), a leader in sensing and perception for Physical AI, announced today financial results for the three months ended March 31, 2026.

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New Rev8 OS digital lidar with native color sensing, 2x range and resolution.

“Our first quarter demonstrated strong execution across our portfolio, delivering record product revenue and validating the growing demand for our solutions across key markets. We won new million-dollar contracts for Ouster BlueCity and secured several million-dollar deals to power industrial automation. Stereolabs has already proven to be a perfect complement, and the rapid integration and commercial success of our expanded camera vision portfolio was a tailwind during the quarter, with strong demand from companies building foundational AI models and advanced robotics platforms,” said Ouster CEO Angus Pacala.

“We are continuing the momentum of our unified sensing and perception platform with the introduction of our revolutionary Rev8 OS family, powered by our next-generation L4 Ouster Silicon. This launch represents a paradigm shift in AI perception as Rev8 sets a new standard for sensing, featuring the world’s first native-color lidar sensors with industry-leading resolution, range, and reliability designed for functional safety, affordability, and scale. By combining native color and perception across our entire product portfolio, we have solidified Ouster’s role as the foundational sensing and perception platform for Physical AI as we provide unified products and solutions that accelerate customer innovation and unlock new applications that sense, think, act, and learn in the physical world.”

First Quarter 2026 Highlights:

1 Adjusted EBITDA 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.

Revenue

Ouster delivered first quarter revenue of $49 million, an increase of 49% year over year and a decrease of 22% sequentially. Product revenue was $48 million, up 55% year over year and 18% sequentially primarily driven by customers in the smart infrastructure and industrial verticals, for use cases in warehouse automation, yard logistics, and intelligent transportation. The Company shipped over 12,600 sensors, of which lidar was approximately 65% of the total.

Gross Margin

GAAP gross margin was 43%, compared with 41% in the first quarter of 2025 and 60% in the fourth quarter of 2025. Volume growth and operating efficiencies lifted profitability year over year. Non-GAAP gross margin was 46%, compared with 46% in the first quarter of 2025 and 62% in the fourth quarter of 2025. Non-GAAP gross margin excludes the impact of stock-based compensation expenses, and certain other items outside of ordinary operations.

Second Quarter 2026 Outlook:

For the second quarter of 2026, Ouster expects to achieve $49.5 million to $52.5 million in total revenue. This includes a full quarter of Stereolabs operations.

Upcoming Investor Events

Ouster management will participate in the following upcoming investor events:

Conference Call Information

Ouster will host a conference call and live webcast for analysts and investors at 5:00 p.m. ET today, May 5, 2026 to discuss its financial results and business outlook. Interested parties may listen to a live webcast of the conference call. Registration for the webcast can be completed by visiting the following website: https://edge.media-server.com/mmc/p/pt46y4as. The webcast will be available for replay for at least 30 days after the conference call on Ouster’s investor website at https://investors.ouster.com/.

About Ouster

Ouster (Nasdaq: OUST) is a leader in sensing and perception for Physical AI across industrial, robotics, automotive, and smart infrastructure. With a unified platform of high-performance digital lidar, cameras, AI compute, sensor fusion and perception software, and AI models, Ouster delivers solutions that improve quality of life in the physical world. Headquartered in San Francisco, CA, Ouster has a global presence serving thousands of customers with offices in the Americas, Europe, and Asia-Pacific. For more information about our products, visit www.ouster.com, contact our sales team, or connect with us on X or LinkedIn.

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 our future financial results and financial condition, our strategy, our market positioning, development of and demand for our products, the impact of our recent acquisition of Stereolabs, and future investor conference attendance, 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; the substantial research and development costs needed to develop and commercialize new products; Ouster’s limited sales history and the ability to maintain confidence in the Company’s long-term business prospect among customers in target markets; fluctuations in its operating results; 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; market acceptance of lidar and Ouster’s forecasts for market growth; Ouster’s 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; Ouster’s ability to recruit and retain key personnel; its ability to complete, successfully integrate or achieve the anticipated benefits of new acquisitions or investments, including the Stereolabs acquisition; changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on Ouster’s business, financial condition and results of operations; risks related to the use of AI tools by us and others; Ouster’s ability to adequately protect and enforce its intellectual property rights; 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, 2025, and updated by the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, once filed, and 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.

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 Profit, 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, acquisition and integration-related charges, and stock-based compensation expense. Non-GAAP Gross Margin is calculated as Non-GAAP Gross Profit divided by revenues. Adjusted EBITDA is calculated as net loss excluding interest expense (income), net, other (income) expense, net, stock-based compensation expense, provision for (benefit from) income taxes, amortization of acquired intangibles, depreciation expenses, acquisition and integration-related charges, certain litigation expenses, gain on lease termination and other items. 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.

OUSTER, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

March 31,

2026

December 31,

2025

Assets

Current assets:

Cash and cash equivalents

78,720

67,413

Restricted cash, current

647

1,467

Short-term investments

94,398

141,172

Accounts receivable, net

26,195

27,753

Inventory

29,878

23,566

Prepaid expenses and other current assets

21,169

17,517

Total current assets

251,007

278,888

Property and equipment, net

33,826

31,891

Operating lease, right-of-use assets

13,865

13,452

Goodwill

38,525

—

Unbilled receivable, non-current portion

5,240

8,560

Intangible assets, net

35,007

13,316

Restricted cash, non-current

1,100

Other non-current assets

2,942

2,309

Total assets

381,512

349,516

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

17,403

19,984

Accrued and other current liabilities

38,193

26,200

Contract liabilities, current

24,159

20,705

Operating lease liability, current portion

4,561

4,142

Total current liabilities

84,316

71,031

Operating lease liability, non-current portion

12,824

12,938

Contract liabilities, non-current portion

2,951

3,106

Deferred tax liability

5,147

—

Other non-current liabilities

653

703

Total liabilities

105,891

87,778

Commitments and contingencies

Stockholders’ equity:

Common stock

Additional paid-in capital

1,267,048

1,235,580

Accumulated deficit

(990,913

)

(973,448

)

Accumulated other comprehensive (loss) income

(562

)

(442

)

Total stockholders’ equity

275,621

261,738

Total liabilities and stockholders’ equity

381,512

349,516

OUSTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except share and per share data)

Three Months Ended March 31,

Three Months Ended

December 31,

2026

2025

Revenue:

Product revenue

48,231

31,105

40,971

Royalties

347

1,527

21,207

Total revenue

48,578

32,632

62,178

Cost of revenue

27,740

19,149

24,726

Gross profit

20,838

13,483

37,452

Operating expenses:

Research and development

16,082

14,985

15,261

Sales and marketing

7,840

6,423

6,782

General and administrative

16,128

15,905

14,505

Total operating expenses

40,050

37,313

36,548

Income (loss) from operations

(19,212

)

(23,830

)

904

Other income (expense):

Interest income

2,474

1,705

2,746

Other income (expense), net

(175

)

303

749

Total other income, net

2,299

2,008

3,495

Income (loss) before income taxes

(16,913

)

(21,822

)

4,399

Provision for income tax expense

552

195

414

Net income (loss)

(17,465

)

(22,017

)

3,985

Other comprehensive income (loss)

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

(120

)

Foreign currency translation adjustments

—

Total comprehensive income (loss)

(17,585

)

(21,891

)

4,025

Net income (loss) per common share:

Basic

(0.28

)

(0.42

)

0.07

Diluted

(0.28

)

(0.42

)

0.06

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

Basic

61,824,843

52,488,199

60,468,355

Diluted

61,824,843

52,488,199

64,733,573

OUSTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Three Months Ended March 31,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

(17,465

)

(22,017

)

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

Depreciation and amortization

2,703

1,795

Loss on write-off and disposal of property and equipment

—

Gain on lease termination

—

(65

)

Stock-based compensation

7,494

8,498

Deferred taxes

(360

)

—

Reduction of revenue related to stock warrant issued to customer

1,101

397

Amortization of right-of-use asset

820

1,245

Accretion on short-term investments

(454

)

(822

)

Change in fair value of warrant liabilities

—

(112

)

(Recovery) provision for inventory write-down

(488

)

261

Recovery of doubtful accounts

—

(16

)

Realized gain on sale of available for sale securities

)

—

Changes in operating assets and liabilities, net of effects of business acquisition:

Accounts receivable

6,472

4,137

Inventory

(3,665

)

1,051

Prepaid expenses and other assets

(153

)

(3,883

)

Accounts payable

(3,536

)

4,120

Accrued and other liabilities

134

8,691

Contract liabilities

1,020

(6,515

)

Operating lease liability

(895

)

(1,660

)

Net cash used in operating activities

(7,281

)

(4,879

)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property and equipment

(2,561

)

(552

)

Purchase of short-term investments

(10,802

)

(13,858

)

Proceeds from sales and maturities of short-term investments

57,919

27,000

Acquisition of Stereolabs, net of cash acquired

(27,493

)

—

Net cash provided by investing activities

17,063

12,590

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from exercise of stock options

Payments received to fund employees tax obligation for vested RSUs

611

632

Net cash provided by financing activities

705

660

Effect of exchange rates on cash and cash equivalents

—

Net increase in cash, cash equivalents and restricted cash

10,487

8,451

Cash, cash equivalents and restricted cash at beginning of period

69,980

48,099

Cash, cash equivalents and restricted cash at end of period

80,467

56,550

OUSTER, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(unaudited)

(in thousands)

Three Months Ended March 31,

Three Months Ended

December 31,

2026

2025

GAAP net income (loss)

(17,465

)

(22,017

)

3,985

Interest income, net

(2,474

)

(1,705

)

(2,746

)

Other income, net

175

(303

)

(749

)

Stock-based compensation expense(1)

7,494

8,498

7,271

Provision for income tax expense

552

195

414

Amortization of acquired intangibles(2)

1,709

1,120

1,134

Depreciation expense(2)

994

675

941

Acquisition and integration-related charges(4)

2,252

—

2,537

Litigation (recovery) expenses(3)

(119

)

5,793

358

Gain on lease termination

—

(65

)

—

Adjusted EBITDA

(6,882

)

(7,809

)

13,145

(1)Includes stock-based compensation expense as follows:

Three Months Ended March 31,

Three Months Ended

December 31,

2026

2025

Cost of revenue

826

1,137

901

Research and development

2,616

4,305

2,829

Sales and marketing

766

1,106

854

General and administrative

3,286

1,950

2,687

Total stock-based compensation

7,494

8,498

7,271

(2)Includes depreciation and amortization expense as follows:

Three Months Ended March 31,

Three Months Ended

December 31,

2026

2025

Cost of revenue

1,311

924

1,027

Research and development

880

642

808

Sales and marketing

316

172

163

General and administrative

196

Total depreciation and amortization expense

2,703

1,795

2,075

(3)Represents litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs.

(4)Includes legal and accounting fees and transition related services and are not considered normal, recurring, cash operating expenses necessary to operate the Company's business.

Three Months Ended March 31,

Three Months Ended

December 31,

2026

2025

Gross profit on GAAP basis

20,838

13,483

37,452

Stock-based compensation

826

1,137

901

Amortization of acquired intangible assets

862

457

467

Gross profit on non-GAAP basis

22,526

15,077

38,820

Gross margin on GAAP basis

Gross margin on non-GAAP basis

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