Ouster Continues Merger Integration and Reaffirms Quarterly Guidance, Positioning the Company for Long-term Success
22 Junho 2023 - 6:30PM
Business Wire
On track to achieve annualized merger cost
synergies of at least $80-85 million
Reaffirms second quarter 2023 revenue guidance
of $18-20 million
Further cost reductions designed to align with
long term financial goals
Ouster, Inc. (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 that it is implementing additional cost reductions,
including a workforce reduction, to further position the Company
for long-term success. Ouster is on track to achieve previously
disclosed annualized merger related cost synergies of at least $80
million to $85 million by the end of the fourth quarter 20231. The
Company also reaffirmed its second quarter 2023 guidance of between
$18 million to $20 million in revenue, which includes sales of all
combined company products for the entire period.
“We are positioning Ouster for long-term success by taking the
necessary steps to reduce costs while leveraging efficiencies to
grow our top line revenues and execute on our hardware and software
product roadmaps,” said Ouster CEO Angus Pacala. “These are the
right actions for our business as we work to accelerate lidar
adoption and deliver value to our shareholders.”
Ouster continues to execute on its four strategic business
priorities for the year:
- Drive new business through targeted sales to deliver near-term
growth
- Execute on the digital lidar roadmap for OS and DF series to
expand serviceable market
- Develop a robust software ecosystem to accelerate lidar
adoption
- Build a financially strong business to support long-term growth
and deliver value to shareholders
The Company intends to present greater detail on its cost
structure on its upcoming earnings calls.
About Ouster
Ouster (NYSE: OUST) is a leading global provider of
high-resolution scanning and solid-state digital lidar sensors,
Velodyne 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. With a global team
and high-volume manufacturing, Ouster supports over 850 customers
in over 50 countries. Ouster is headquartered in San Francisco, CA
with offices in the Americas, Europe, Asia-Pacific, and the Middle
East. For more information, visit www.ouster.com, or connect with
us on Twitter 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,” “may,” “continue,” “target,”
“contemplate,” “estimate,” “forecast,” “guidance,” “predict,”
“positioning,” “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 historical facts, including statements regarding Ouster’s
ability to meet its revenue goals and guidance; Ouster’s ability to
achieve merger-related synergies and the timeframe for doing so;
the anticipated benefits of and costs associated with the Velodyne
merger; and Ouster’s ability to execute on product roadmaps
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; Ouster’s ability to retain
key personnel; and other important factors discussed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2022, that are 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.
1 The synergy estimate is baselined against the standalone cost
structures of the Ouster and Velodyne, as of the third quarter
2022.
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