Record 2025 revenue as Ouster (NASDAQ: OUST) nears profitability

Rhea-AI Filing Summary

Ouster, Inc. reported strong fourth quarter and full-year 2025 results, with Q4 revenue of $62.2M, up 107% year over year, and full-year revenue of $169.4M versus $111.1M in 2024.

Q4 product revenue reached $41.0M, up 36% year over year, while about $21.2M came from primarily one-time royalties tied to long-term IP licenses. Q4 GAAP gross margin improved to 60% and non-GAAP gross margin to 62%, helped by higher volume, operating efficiencies, and royalties.

Ouster generated Q4 GAAP net income of $4.0M, but recorded a full-year 2025 net loss of $60.4M, narrower than the prior year. For Q1 2026, the company guides to $45–$48M in revenue, including roughly seven weeks of Stereolabs operations, and reaffirms a long-term framework of 30–50% annual revenue growth and 35–40% GAAP gross margins, excluding largely one-time 2025 royalties.

Insights

Equity analyst

Record revenue and margins, but profitability still hinges on recurring growth without one-time royalties.

Ouster delivered Q4 2025 revenue of $62.2M, more than doubling year over year, with product revenue of $41.0M and primarily one-time royalties of about $21.2M. Full-year revenue rose to $169.4M, while GAAP gross margin expanded to 60% in Q4 and 49% for 2025.

The company posted Q4 GAAP net income of $4.0M but still recorded a full-year net loss of $60.4M. Adjusted EBITDA for 2025 was a loss of $12.4M, showing meaningful improvement from the $41.8M loss in 2024, yet confirming the business is not sustainably profitable on a full-year basis.

Guidance for Q1 2026 calls for $45–$48M of revenue, including around seven weeks of Stereolabs results, and management reiterates a long-term framework of 30–50% yearly revenue growth and 35–40% GAAP gross margins. Actual progress toward that framework will depend on maintaining product revenue growth as 2025 royalties of roughly $23M are described as primarily one time.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

NASDAQ NASDAQ false 0001816581 0001816581 2026-03-02 2026-03-02 0001816581 oust:CommonStock0.0001ParValuePerShare2Member 2026-03-02 2026-03-02 0001816581 oust:WarrantsToPurchaseCommonStockExpiring20261Member 2026-03-02 2026-03-02

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): March 2, 2026

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		Nasdaq Global Select Market
Warrants to purchase common stock expiring 2026		OUSTZ		Nasdaq Capital Market

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 March 2, 2026, Ouster, Inc. announced financial results for the three and twelve months ended December 31, 2025. 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 March 2, 2026.
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: March 2, 2026				By:		/s/ Kenneth P. Gianella
				Name:		Kenneth P. Gianella
				Title:		Chief Financial Officer

Exhibit 99.1

Ouster Announces Results for Fourth Quarter and Full Year 2025

Record revenue and gross margins, achieving 12th straight quarter of product revenue growth

Record quarterly lidar shipments of 8,100 units; 2025 shipments exceed 25,000

SAN FRANCISCO, CA – [March 2, 2026 at 4:10 PM ET] – 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 and year ended December 31, 2025.

“2025 was a year of exceptional execution for Ouster. Our strong revenue growth and gross margin performance are a testament to our disciplined focus as we pioneer the technologies driving the secular shift towards Physical AI, delivering record results,” said Ouster CEO Angus Pacala. “As we look forward, the strength of our digital lidar business, combined with the acquisition of Stereolabs, positions Ouster as the foundational sensing and perception platform for Physical AI. We are uniquely equipped to accelerate customer development of solutions that sense, think, act, and learn in the physical world.”

Fourth Quarter 2025 Highlights:

• $62 million in revenue, up 107% year over year and 57% sequentially; includes royalties of approximately $21 million, primarily one-time and related to long-term IP license contracts

• Product revenue was $41 million, up 36% year over year and 4% sequentially

• Shipped more than 8,100 lidar sensors for revenue

• GAAP gross margin of 60%, up 1600bps year over year and up 1800bps sequentially

• GAAP net income of $4 million, an improvement of $28 million year over year and up $26 million sequentially

• Non-GAAP gross margin¹ of 62%, up 1,800bps year over year and up 1,500bps sequentially; the favorable impact of royalties was approximately 1,900bps

• Adjusted EBITDA¹ of $11 million, up $20 million both year over year and sequentially

• Cash, cash equivalents, restricted cash, and short-term investments of $211 million as of December 31, 2025

Full Year 2025 Highlights:

• $169 million of revenue, up 52% compared with 2024; includes royalties for approximately $23 million, primarily one-time and related to long-term IP license contracts

• Product revenue was $147 million, up 32% year over year

• Shipped more than 25,000 lidar sensors for revenue

• GAAP gross margin of 49%, up 1300bps compared with 2024

• GAAP net loss of $60 million, an improvement of $37 million year over year

• Non-GAAP gross margin¹ of 54%, up 1,200bps compared with 2024; the favorable impact of royalties was approximately 700bps

• Adjusted EBITDA¹ loss of $12 million, an improvement of $29 million compared with 2024

• Bookings of $177 million, representing a product book-to-bill of 1.2x

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 fourth quarter revenue of $62 million, an increase of 107% year over year and 57% sequentially. The results include royalties of approximately $21 million that were primarily one-time and related to long-term IP license contracts. Product revenue was $41 million, up 36% year over year and 4% sequentially primarily driven by customers in the industrial and robotics verticals, for use cases in warehouse automation, robotaxi, and mapping. The Company shipped over 8,100 sensors for revenue, a new quarterly record.

Gross Margin

GAAP gross margin was 60%, compared with 44% in the fourth quarter of 2024 and 42% in the third quarter of 2025. Volume growth and operating efficiencies, along with royalties, lifted profitability year over year. Non-GAAP gross margin was 62%, compared with 44% in the fourth quarter of 2024 and 47% in the third quarter of 2025. Revenue from royalties accounted for approximately 19 points of gross margin 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.

First Quarter 2026 Outlook:

For the first quarter of 2026, Ouster expects to achieve $45 to $48 million in total revenue. This includes approximately 7 weeks of Stereolabs operations.

Ouster remains laser focused on maintaining its path to profitability and expects the Stereolabs acquisition to be accretive to that path. Taking into consideration Stereolabs’ 2025 results, Ouster remains confident in its long-term financial framework of annual revenue growth of 30% to 50%, GAAP gross margins of 35% to 40% and well controlled GAAP operating expense growth, which is estimated at 5-8% from its 2025 levels. This framework excludes the revenue and gross margin impact of royalties of approximately $23 million in 2025, which were primarily one time.

Upcoming Investor Events

Ouster management will participate in the following upcoming investor events:

• Cantor Global Technology & Industrial Growth Conference – March 10

• 38th Annual ROTH Conference – March 24

Conference Call Information

Ouster will host a conference call and live webcast for analysts and investors at 5:00 p.m. ET today, March 2, 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/yvxarmrm. 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, are forward-looking statements, 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; 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, 2024, as will be updated in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, 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, certain excess and obsolete expenses (recovery), 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, certain excess and obsolete expenses (recovery), amortization of acquired intangibles, depreciation expenses, 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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except share and per share data)

		Three Months Ended December 31,				Three Months Ended September 30,				Three Months Ended December 31,				Year Ended December 31,
		2025				2025				2024				2025				2024
Revenue
Product revenue		$	40,971			$	39,487			$	30,092			$	146,578			$	111,101
Royalties			21,207				38				—				22,806				—
Total revenue			62,178				39,525				30,092				169,384				111,101
Cost of revenue			24,726				22,866				16,909				85,948				70,641
Gross profit			37,452				16,659				13,183				83,436				40,460
Operating expenses:
Research and development			15,261				17,777				14,719				65,170				58,084
Sales and marketing			6,782				7,441				7,045				27,624				27,852
General and administrative			14,505				15,692				17,017				64,641				58,701
Total operating expenses			36,548				40,910				38,781				157,435				144,637
Income (loss) from operations			904				(24,251	)			(25,598	)			(73,999	)			(104,177	)
Other income (expense):
Interest income			2,746				2,414				1,795				9,485				8,846
Interest expense			—				—				—				—				(1,823	)
Other income (expense), net			749				176				386				1,202				646
Total other income (expense), net			3,495				2,590				2,181				10,687				7,669
Income (loss) before income taxes			4,399				(21,661	)			(23,417	)			(63,312	)			(96,508	)
Provision for (benefit from) income tax			414				72				320				(2,935	)			537
Net income (loss)		$	3,985			$	(21,733	)		$	(23,737	)		$	(60,377	)		$	(97,045	)
Other comprehensive income (loss)
Changes in unrealized gain (loss) on available for sale securities			(2	)			109				(180	)			83				(386	)
Foreign currency translation adjustments			42				(45	)			(679	)			478				(809	)
Total comprehensive income (loss)		$	4,025			$	(21,669	)		$	(24,596	)		$	(59,816	)		$	(98,240	)
Net income (loss) per common share:
Basic		$	0.07			$	(0.37	)		$	(0.48	)		$	(1.07	)		$	(2.08	)
Diluted		$	0.06			$	(0.37	)		$	(0.48	)		$	(1.07	)		$	(2.08	)
Weighted-average shares used in computing net income (loss) per share:
Basic			60,468,355				57,976,375				49,958,448				56,334,911				46,584,479
Diluted			64,733,573				57,976,375				49,958,448				56,334,911				46,584,479

OUSTER, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

		December 31,
		2025				2024
Assets
Current assets:
Cash and cash equivalents		$	67,413			$	45,542
Restricted cash, current			1,467				722
Short-term investments			141,172				126,480
Accounts receivable, net			27,753				17,941
Inventory			23,566				16,417
Prepaid expenses and other current assets			17,517				12,750
Total current assets			278,888				219,852
Property and equipment, net			31,891				10,164
Operating lease, right-of-use assets			13,452				14,308
Unbilled receivable, non-current portion			8,560				10,133
Intangible assets, net			13,316				17,830
Restricted cash, non-current			1,100				1,835
Other non-current assets			2,309				2,026
Total assets		$	349,516			$	276,148
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	19,984			$	6,288
Accrued and other current liabilities			26,200				30,591
Contract liabilities, current			20,705				34,351
Operating lease liability, current portion			4,142				7,196
Total current liabilities			71,031				78,426
Operating lease liability, non-current portion			12,938				13,054
Debt			—				—
Contract liabilities, non-current portion			3,106				2,538
Other non-current liabilities			703				1,219
Total liabilities			87,778				95,237
Stockholders’ equity:
Common stock			48				47
Additional paid-in capital			1,235,580				1,094,938
Accumulated deficit			(973,448	)			(913,071	)
Accumulated other comprehensive (loss) income			(442	)			(1,003	)
Total stockholders’ equity			261,738				180,911
Total liabilities and stockholders’ equity		$	349,516			$	276,148

OUSTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

		For the Years ended December 31,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(60,377	)		$	(97,045	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			7,781				9,836
Loss on write-off and disposal of property and equipment			113				401
Stock-based compensation			40,824				40,459
Reduction of revenue related to stock warrant issued to customer			2,623				892
Amortization of right-of-use asset			5,108				4,904
Non-cash interest income			(214	)			(619	)
Accretion or amortization on short-term investments			(3,239	)			(5,095	)
Change in fair value of warrant liabilities			(126	)			(103	)
(Recovery) provision for inventory write-down			(373	)			2,080
Provision (recovery of) for doubtful accounts			(8	)			(587	)
Realized gain on sale of investments			(12	)			(275	)
Changes in operating assets and liabilities:
Accounts receivable			(8,017	)			(1,724	)
Inventory			(6,775	)			4,735
Prepaid expenses and other assets			(3,569	)			21,317
Accounts payable			13,202				2,476
Accrued and other liabilities			(5,865	)			(28,059	)
Contract liabilities			(14,299	)			19,036
Operating lease liability			(6,733	)			(6,323	)
Net cash used in operating activities			(39,956	)			(33,694	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property & equipment			—				668
Purchases of property and equipment			(24,893	)			(3,756	)
Purchase of short-term investments			(149,613	)			(144,573	)
Proceeds from sales and maturities of short-term investments			138,255				162,313
Net cash provided by (used in) investing activities			(36,251	)			14,652
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options			83				205
Proceeds from ESPP purchase			1,955				1,703
Payments received (remitted) to fund employees tax obligation for vested RSUs			410				—
Repayments of borrowings			—				(43,975	)
Proceeds from the issuance of common stock under at-the-market offering, net of commissions and fees			95,583				57,806
At-the-market offering costs for the issuance of common stock			(421	)			(346	)
Net cash provided by financing activities			97,610				15,393
Effect of exchange rates on cash and cash equivalents			478				(886	)
Net increase (decrease) in cash, cash equivalents and restricted cash			21,881				(4,535	)
Cash, cash equivalents and restricted cash at beginning of year			48,099				52,634
Cash, cash equivalents and restricted cash at end of year		$	69,980			$	48,099

OUSTER, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(unaudited)

(in thousands)

		Three Months Ended December 31,								Three Months Ended September 30,				Year Ended December 31,
		2025				2024				2025				2025				2024
GAAP net income (loss)			$ 3,985				$(23,737	)			$(21,733	)			$ (60,377	)			$(97,045	)
Interest (income) expense, net			(2,746	)			(1,795	)			(2,414	)			(9,485	)			(7,023	)
Other (income) expense, net			(749	)			(386	)			(176	)			(1,202	)			(646	)
Stock-based compensation expense(1)			7,271				8,841				11,829				40,824				40,459
Provision for income tax expense (benefit)			414				320				72				(2,935	)			537
Excess and obsolete expenses (recovery)			—				(1,431	)			—				—				(859	)
Amortization of acquired intangibles(2)			1,134				1,342				1,134				4,514				6,516
Depreciation expenses(2)			941				651				919				3,267				3,230
Litigation expenses(3)			358				6,494				652				13,037				13,647
Gain on lease termination and other items			—				—				—				(65	)			(627	)
Adjusted EBITDA		$	10,608			$	(9,701	)			$ (9,716	)			$ (12,421)				$(41,811	)

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

		Three Months Ended December 31,								Three Months Ended September 30,				Year Ended December 31,
		2025				2024				2025				2025				2024
Cost of revenue		$	901			$	1,140			$	1,618			$	5,455			$	4,608
Research and development			2,829				4,181				5,583				19,020				18,260
Sales and marketing			854				1,147				1,285				4,978				5,347
General and administrative			2,687				2,373				3,343				11,371				12,244
Total stock-based compensation		$	7,271			$	8,841			$	11,829			$	40,824			$	40,459

⁽²⁾  Includes depreciation and amortization expense as follows:  

		Three Months Ended December 31,								Three Months Ended September 30,				Year Ended December 31,
		2025				2024				2025				2025				2024
Cost of revenue		$	1,027			$	915			$	1,086			$	3,979			$	3,985
Research and development			808				626				718				2,846				2,642
Sales and marketing			163				201				177				686				948
General and administrative			77				251				72				271				2,171
Total depreciation and amortization expense		$	2,075			$	1,993			$	2,053			$	7,782			$	9,746

⁽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.

		Three Months Ended December 31,								Three Months Ended September 30,				Year Ended December 31,
		2025				2024				2025				2025				2024
Gross profit on GAAP basis		$	37,452			$	13,183			$	16,659			$	83,436			$	40,460
Stock-based compensation expense			901				1,140				1,618				5,455				4,608
Amortization of acquired intangible assets			467				467				467				1,852				1,768
Excess and obsolete expenses (recovery)			—				(1,431	)			—				—				(859	)
Gross profit on non-GAAP basis		$	38,820			$	13,359			$	18,744			$	90,743			$	45,977
Gross margin on GAAP basis			60	%			44	%			42	%			49	%			36	%
Gross margin on non-GAAP basis			62	%			44	%			47	%			54	%			41	%

Contacts

For Investors

investors@ouster.io

For Media

press@ouster.io

###

FAQ

How did Ouster (OUST) perform financially in Q4 2025?

Ouster reported Q4 2025 revenue of $62.2 million, up 107% year over year, including about $21.2 million of primarily one-time royalties. Product revenue reached $41.0 million, and GAAP gross margin improved to 60%, reflecting stronger scale and efficiency.

What were Ouster (OUST) full-year 2025 revenue and net results?

For 2025, Ouster generated $169.4 million in revenue, up from $111.1 million in 2024. The company reduced its GAAP net loss to $60.4 million, compared with a $97.0 million loss the prior year, showing progress toward improved profitability.

How significant were royalties in Ouster (OUST) 2025 results?

Royalties contributed approximately $21.2 million of Q4 2025 revenue and about $23 million for the full year, tied mainly to long-term IP licenses. Management characterizes these royalties as primarily one time, meaning future revenue will rely more heavily on ongoing product sales.

What margins did Ouster (OUST) achieve in Q4 and full-year 2025?

In Q4 2025, Ouster’s GAAP gross margin reached 60%, with non-GAAP gross margin at 62%. For full-year 2025, GAAP gross margin was 49% and non-GAAP gross margin 54%, supported by higher volumes, operating efficiencies, and royalty revenue.

What is Ouster (OUST) guidance for Q1 2026 revenue?

For the first quarter of 2026, Ouster expects total revenue of $45 million to $48 million. This outlook includes roughly seven weeks of financial contribution from the Stereolabs acquisition, reflecting the early integration of its sensing and perception capabilities.

What long-term financial framework has Ouster (OUST) outlined?

Ouster targets annual revenue growth of 30–50%, GAAP gross margins of 35–40%, and GAAP operating expense growth of 5–8% from 2025 levels. This framework specifically excludes the mostly one-time $23 million in royalty revenue recognized during 2025.

How did Ouster’s (OUST) cash position change by the end of 2025?

At December 31, 2025, Ouster held $67.4 million in cash and cash equivalents and $141.2 million in short-term investments. Total assets increased to $349.5 million, while stockholders’ equity rose to $261.7 million, supported partly by at-the-market equity issuance.

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