![]() See Non-GAAP Financial Measures for additional information and reconciliations of these measures, the most directly comparable financial measures calculated in accordance with U.S. Looking forward, increasing commercial traction for the REV7 sensor and ongoing actions to reduce Ouster’s cost structure support management’s expectations that margins will improve in the second half of 2023.ġ First quarter 2023 revenues include $6.4 million in revenue from Velodyne products following the merger but exclude revenues from Velodyne products prior to the merger on February 10, 2023.Ģ Bookings represent binding contract orders entered during the period.ģ Adjusted EBITDA loss and non-GAAP gross margin are non-GAAP financial measures. Ouster’s first quarter GAAP gross margins include certain non-recurring or unusual items, including excess and obsolete costs of $3.6 million, associated with the consolidation of product lines and manufacturing transition from the REV6 to REV7 OS sensors, as well as amortization of acquired intangibles. ![]() The Company’s non-GAAP gross margin was 25% in the first quarter of 2023, reflecting strong demand for the REV7 sensor product line and a quarter-over-quarter rebound in average selling prices for Ouster’s OS sensors. “We also laid the groundwork to realign our cost structure, streamline manufacturing, and deliver on our product roadmap to catalyze further growth.” “Ouster had a strong first quarter of 2023 marked by significant customer demand for our new REV7 sensors, enabling us to both exceed our revenue expectations for the quarter and book $33 million in business with new and existing customers,” said Ouster CEO Angus Pacala. Net loss increased to $177 million in the first quarter of 2023 primarily due to the non-cash goodwill impairment charges of $99 million and higher operating losses associated with Velodyne merger, compared to $32 million in the first quarter of 2022.Īdjusted EBITDA 3 loss increased to $27 million, compared to a loss of $23 million in the first quarter of 2022.Ĭash, cash equivalents and short-term investments balance of $257 million as of March 31, 2023. Shipped over 3,000 sensors for revenue in the first quarter, up 95% year over year. Non-GAAP gross margins of 25% in the first quarter of 2023. Gross margins of (2%), compared to 30% in the first quarter of 2022. Over $17 million in revenue 1, up 101% from $8.6 million in the first quarter of 2022.īooked 2 $33 million in business with new and existing customers. The first quarter 2022 comparative financial highlights reflect only the results of standalone Ouster. First quarter 2023 financial results are composed of Ouster standalone performance through Februand combined performance of both companies following the merger with Velodyne on February 10, 2023. (NYSE: OUST) (“Ouster” or the “Company”), a leading provider of high-performance lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries, announced today financial results for the three months ended March 31, 2023. SAN FRANCISCO–(BUSINESS WIRE)– $OUST- Ouster, Inc. Now targeting annualized merger cost synergies of between $80 and $85 million Shipped REV7 sensors to over 110 customers in the first quarter 2023 Over $17 million in revenue and $33 million in bookings in the first quarter 2023
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