$10.3 million in revenue with 27% gross margins
in Q2 2022
Revises FY 2022 revenue guidance to $40 to 55
million
Ouster, Inc. (NYSE: OUST) (“Ouster” or the “Company”), a leading
provider of high-resolution digital lidar sensors for the
automotive, industrial, robotics, and smart infrastructure
industries, announced financial results for the three months ended
June 30, 2022.
Second Quarter 2022 Financial Highlights
- $10.3 million in revenue, up 40% year over year.
- 27% gross margins, compared to 26% in the second quarter of
2021.
- Shipped 2,020 sensors in the second quarter, up 38% year over
year.
- Increased the number of Strategic Customer Agreements to 80, up
from 72 in the prior quarter, collectively representing
approximately $575 million in contracted revenue opportunity
through 2026.1
- Net loss decreased to $28 million, compared to $32 million in
the second quarter of 2021.
- Adjusted EBITDA loss2 increased to $23 million, compared to $14
million in the second quarter of 2021.
Ouster achieved its second highest revenue quarter, driven
primarily by growth in the industrial and robotics verticals,
predominantly from customers utilizing digital lidar for warehouse
and port automation, off-highway mining and agriculture vehicles,
construction robots, and drones for mapping and volumetric
measurement. Sizeable orders in the automotive vertical,
specifically for autonomous trucks, buses, and shuttles also
meaningfully contributed to revenue in the second quarter followed
by revenues from smart infrastructure deployments around the world.
The Company delivered gross margins of 27%, down slightly from the
first quarter of 2022 due to continued supply chain headwinds and
efforts to avoid production and shipping delays.
Business Updates
Continued Customer Traction: In the
second quarter, Ouster sold sensors to approximately 90 new
customers3, and converted another 8 customers to multi-year SCAs
with binding commitments, further expanding its contracted revenue
opportunity to approximately $575 million through 2026.
Progressed Automotive Traction:
Ouster Automotive continued to expand its traction with OEMs, Tier
1s, and AV companies, driven by strong demand for its solid-state
Digital Flash (DF) A-sample sensors, which started shipping in the
first month of the second quarter.
Strengthened Financial Position:
Ouster continued to bolster its financial position through balance
sheet initiatives, including a previously announced term loan
facility of up to $50 million. In the second quarter, the Company
drew $20 million on the term loan facility and raised approximately
$15 million from sales of common stock through an at-the-market
offering. Combined with initiatives to optimize spend and
accelerate growth, the Company believes these actions will
strengthen the business and provide the flexibility and liquidity
to execute on its business plan.
“Ouster continues to capture share in a rapidly evolving market,
increasing revenue by 40% over the second quarter of 2021,” said
Ouster CEO Angus Pacala. “Our ability to deliver performant and
cost-efficient products to customers on-time is a key
differentiator. Our diversified strategy ensures that we are
well-positioned to leverage automation trends across the
industrialized economy, as more companies take steps to increase
productivity, improve safety, and address ongoing labor shortages
across their supply chains. The positive momentum we’re seeing from
automakers following the release of our DF A-sample, coupled with
upcoming product releases planned for later this year, position us
to capture additional market share and continue to outpace the
competition.”
2022 Outlook
Ouster revised its FY 2022 revenue guidance to $40 million to
$55 million and reaffirmed its gross margin target of 25% to
30%.
While the fundamentals of Ouster’s business remain unchanged,
ongoing macroeconomic pressures are impacting customer ramp
timelines, resulting in a significant number of large deals being
delayed or staggered over a longer period of time than previously
anticipated.
“Ouster’s differentiated technology, backed by a leading cost
structure and our multi-market approach, positions us to continue
to win head-to-head commercial opportunities and gain market share
across our four market verticals,” said Ouster CFO Anna Brunelle.
“By revising our revenue guidance for this year and taking prudent
financial measures to ensure access to capital in the current
environment, we are better positioned to navigate headwinds, while
simultaneously scaling the business to achieve industry-leading
growth.”
Conference Call
Information
Ouster will host a conference call and live webcast for analysts
and investors at 5 p.m. EDT today, August 4, 2022, to discuss its
financial results and business outlook. To access the call, please
register at https://conferencingportals.com/event/xojjoxlp.
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
telephonic replay of the conference call will be available through
August 18, 2022. To access the replay, please dial (800) 770-2030
from the U.S. or (647) 362-9199 from outside the U.S. and enter the
conference ID number: 93428.
About Ouster
Ouster (NYSE: OUST) is building a safer and more sustainable
future through its high-resolution digital lidar sensors for the
automotive, industrial, smart infrastructure, and robotics
industries. Ouster’s sensors offer an excellent combination of
price and performance with the flexibility to span hundreds of
use-cases and enable revolutionary autonomy across industries. With
a global team and high-volume manufacturing, Ouster supports over
600 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 “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding Ouster’s technological advancements,
market opportunities, market growth expectations, potential
pipeline of customers, strategic partnerships and outlook, its
ability to meet its revenue goals and guidance, its strategy, and
market positioning, effects of its near term bottom-up analysis and
cost structure, sales pipeline, bookings and commercial expansion
plans, anticipated product releases, and ability to drive near and
long term revenue growth. Forward-looking statements give Ouster’s
current expectations and projections relating to its financial
condition, competitive position, financial position, future results
of operations, plans, objectives, future orders whether binding or
non-binding, and business. You may identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as “aim”, “anticipate”, “estimate”, “expect”, “project”,
“plan”, “forecast”, “intend”, “believe”, “may”, “will”, “should”,
“can have”, “likely”, “guidance”, “continue”, “could”, “would”,
“potentially”, “preliminary” and other words and terms of similar
meaning in connection with any discussion of the timing or nature
of future operating or financial performance or other events. 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 Ouster’s limited
operating history and history of losses; the negotiating power and
product standards of its customers; fluctuations in its operating
results; supply chain constraints and challenges; cancellation or
postponement of contracts or unsuccessful implementations; the
adoption of its products and the growth of the lidar market
generally; its ability to grow its sales and marketing
organization; substantial research and development costs needed to
develop and commercialize new products; the competitive environment
in which it operates; selection of its products for inclusion in
target markets; its future capital needs and ability to secure
additional capital on favorable terms or at all; its ability to use
tax attributes; its dependence on key third party suppliers, in
particular Benchmark Electronics, Inc., and manufacturers; its
ability to maintain inventory and the risk of inventory
write-downs; inaccurate forecasts of market growth; its ability to
manage growth; the creditworthiness of its customers; risks related
to acquisitions; risks related to international operations; risks
of product delivery problems or defects; costs associated with
product warranties; its ability to maintain competitive average
selling prices or high sales volumes or reduce product costs;
conditions in its customers’ industries; its ability to recruit and
retain key personnel; its use of professional employer
organizations; its ability to adequately protect and enforce its
intellectual property rights; its ability to effectively respond to
evolving regulations and standards; risks related to operating as a
public company; risks related to the COVID-19 pandemic; risks
related to certain of its warrants being accounted for as
liabilities; and other important factors discussed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2021, as
any such factors may be updated from time to time in the Company’s
other filings with the Securities and Exchange Commission (the
“SEC”), and in other reports the Company files with or furnishes to
the SEC. 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 required by law, even if subsequent events
cause its views to change.
The financials herein are unaudited and subject to the
finalization of year-end audit procedures. In additional 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 measure of Adjusted EBITDA
is useful in evaluating its operating performance. 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,
depreciation and amortization and other non-recurring expenses.
Ouster believes that 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. 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.
1 "Strategic Customer Agreements” or “SCAs” establish a
multi-year purchase and supply framework for Ouster and the
customer, and include details about customer programs and
applications where the customer intends to use Ouster products.
SCAs also include multi-year non-binding customer forecasts
(typically of three to five years in length) giving Ouster
visibility to the customer's long-term purchasing requirements,
mutually agreed upon pricing over the duration of the agreement,
and in certain cases include multi-year binding purchase
commitments. “Contracted revenue opportunity” represents the sum of
both binding purchase commitments and non-binding forecasts. No
assurances can be given that non-binding forecasts will mature into
binding purchase commitments, or that any contracted revenue
opportunity will result in revenue. No additional revenue
opportunity beyond the customer’s actual forecast has been imputed.
2 Adjusted EBITDA loss is a non-GAAP financial measure. See
Non-GAAP Financial Measures for additional information and a
reconciliation to Net loss, the most directly comparable financial
measure calculated in accordance with U.S. GAAP. 3 "Customer” is
defined as having purchased a sensor within the past twelve months
ended June 30, 2022.
OUSTER, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) (in thousands, except share and per share
data) June 30,2022 December 31,2021
Assets Current assets: Cash and cash equivalents
$
159,707
$
182,644
Restricted cash, current
977
977
Accounts receivable, net
9,382
10,723
Inventory
17,181
7,448
Prepaid expenses and other current assets
7,539
5,566
Total current assets
194,786
207,358
Property and equipment, net
8,393
10,054
Operating lease, right-of-use assets
14,369
15,156
Goodwill
51,151
51,076
Intangible assets, net
20,408
22,652
Restricted cash, non-current
1,088
1,035
Other non-current assets
355
371
Total assets
$
290,550
$
307,702
Liabilities, redeemable convertible preferred stock and
stockholders’ equity Current liabilities: Accounts payable
$
5,825
$
4,863
Accrued and other current liabilities
14,520
14,173
Operating lease liability, current portion
3,067
3,067
Total current liabilities
23,412
22,103
Operating lease liability, long-term portion
15,191
16,208
Warrant Liabilities
492
7,626
Debt
19,119
-
Other non-current liabilities
1,365
1,065
Total liabilities
59,579
47,002
Commitments and contingencies Redeemable convertible preferred
stock
-
-
Stockholders’ equity (deficit): Common stock
18
17
Additional paid-in capital
594,800
564,045
Accumulated deficit
(363,753
)
(303,356
)
Accumulated other comprehensive loss
(94
)
(6
)
Total stockholders’ equity
230,971
260,700
Total liabilities, redeemable convertible preferred stock, and
stockholders’ equity
$
290,550
$
307,702
OUSTER, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in
thousands, except share and per share data) Three
Months Ended June 30, Six Months Ended June 30,
2022
2021
2022
2021
Product revenue
$
10,329
$
7,360
$
18,887
$
13,971
Cost of product
7,547
5,465
13,514
10,333
Gross (loss) profit
2,782
1,895
5,373
3,638
Operating expenses: Research and development
15,893
6,474
31,799
11,186
Sales and marketing
7,563
4,614
14,653
8,040
General and administrative
12,515
12,197
26,298
22,104
Total operating expenses
35,971
23,285
72,750
41,330
Loss from operations
(33,189
)
(21,390
)
(67,377
)
(37,692
)
Other (expense) income: Interest income
344
139
498
140
Interest expense
(444
)
-
(444
)
(504
)
Other income (expense), net
5,326
(10,760
)
7,010
(14,912
)
Total other expense, net
5,226
(10,621
)
7,064
(15,276
)
Loss before income taxes
(27,963
)
(32,011
)
(60,313
)
(52,968
)
Provision for income tax expense
37
-
84
-
Net loss
$
(28,000
)
$
(32,011
)
$
(60,397
)
$
(52,968
)
Other comprehensive loss Foreign currency translation adjustments
$
(76
)
$
-
$
(88
)
$
-
Total comprehensive loss
$
(28,076
)
$
(32,011
)
$
(60,485
)
$
(52,968
)
Net loss per common share, basic and diluted
$
(0.16
)
$
(0.21
)
$
(0.35
)
$
(0.50
)
Weighted-average shares used to compute basic and diluted net loss
per share
175,057,360
155,923,689
172,965,833
106,070,590
OUSTER, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited) (in thousands) Six
months ended June 30,
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES Net loss
$
(60,397
)
$
(52,968
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
4,739
2,254
Stock-based compensation
16,869
11,410
Change in right-of-use asset
1,358
1,047
Interest expense
402
36
Amortization of debt issuance costs and debt discount
42
250
Change in fair value of warrant liabilities
(7,134
)
14,898
Inventory write down
447
144
Gain from disposal of property and equipment
(100
)
-
Changes in operating assets and liabilities: Accounts receivable
1,341
(2,344
)
Inventory
(10,180
)
(48
)
Prepaid expenses and other assets
(1,957
)
(37
)
Accounts payable
1,094
(3,317
)
Accrued and other liabilities
(329
)
1,692
Operating lease liability
(1,588
)
(1,363
)
Net cash used in operating activities
(55,393
)
(28,346
)
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of
property & equipment
275
-
Purchases of property and equipment
(1,277
)
(659
)
Net cash used in investing activities
(1,002
)
(659
)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from the
merger and private offering
-
291,454
Payment of offering costs
-
(27,124
)
Repayment of debt
-
(7,000
)
Proceeds from issuance of promissory notes to related parties
-
5,000
Repayment of promissory notes to related parties
-
(5,000
)
Repurchase of common stock
(43
)
(43
)
Proceeds from exercise of stock options
252
504
Proceeds from borrowings, net of debt discount and issuance costs
19,077
-
Proceeds from the issuance of common stock under at-the-market
offering, net of commissions and fees
14,568
-
At-the-market offering costs for the issuance of common stock
(196
)
-
Taxes paid related to net share settlement of restricted stock
awards
(59
)
-
Net cash provided by financing activities
33,599
257,791
Effect of exchange rates on cash and cash equivalents
(88
)
-
Net increase (decrease) in cash, cash equivalents and restricted
cash
(22,884
)
228,786
Cash, cash equivalents and restricted cash at beginning of period
184,656
12,642
Cash, cash equivalents and restricted cash at end of period
$
161,772
$
241,428
OUSTER, INC. RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (unaudited) (in thousands)
Three Months Ended June 30, Six Months Ended June
30,
2022
2021
2022
2021
GAAP net loss
$
(28,000
)
$
(32,011
)
$
(60,397
)
$
(52,968
)
Interest expense (income), net
100
(139
)
(54
)
364
Other expense (income), net
(5,326
)
10,760
(7,010
)
14,912
Stock-based compensation(1)
8,119
6,154
16,869
11,410
Provision for income tax expense
37
-
84
-
Non-GAAP operating loss
(25,070
)
(15,236
)
(50,508
)
(26,282
)
Depreciation and amortization expense(2)
2,354
1,160
4,739
2,254
Adjusted EBITDA
$
(22,716
)
$
(14,076
)
$
(45,769
)
$
(24,028
)
(1)Includes stock-based compensation expense as follows:
Three Months Ended June 30, Six Months Ended June 30,
2022
2021
2022
2021
Cost of revenue
$
146
$
133
$
365
$
251
Research and development
3,806
1,321
7,566
2,242
Sales and marketing
1,839
719
3,362
985
General and administrative
2,328
3,981
5,576
7,932
Total stock-based compensation
$
8,119
$
6,154
$
16,869
$
11,410
(2)Includes depreciation and amortization expense as
follows:
Three Months Ended June 30, Six Months
Ended June 30,
2022
2021
2022
2021
Cost of revenue
$
309
$
275
$
593
$
678
Research and development
823
231
1,710
350
Sales and marketing
75
-
150
-
General and administrative
1,146
654
2,286
1,226
Total depreciation and amortization expense
$
2,354
$
1,160
$
4,739
$
2,254
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005933/en/
For Investors Sarah Ewing investors@ouster.io
For Media Heather Shapiro press@ouster.io
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