Reduces spend across the business by over
15%
Reduces headcount by approximately 10%
Suspends sales of common stock through ATM
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 a comprehensive cost reduction initiative
across its business, streamlining its cost structure and extending
its expected cash runway.
“We are laser-focused on bolstering our path to profitability
and minimizing capital requirements. These efforts, coupled with
our industry-leading margins, focused growth, and robust product
roadmap, especially the upcoming launch of the L3 chip, keep us on
that path,” said Ouster CEO Angus Pacala.
In its last earnings call, Ouster announced three pillars to
strengthen its financial position: strategic fundraising, targeted
spend, and accelerated growth. In addition to actions in the second
quarter, the Company is executing a multi-pronged strategy to
reduce gross cash spend across operational expenditures, capital
expenditures, and inventory, targeting $107 million in gross cash
spend in 20231. This represents a reduction of more than 15%
compared to annualized gross cash spend based on the second quarter
2022. Specifically, the Company is reducing operational
expenditures through budget realignment and an approximately 10%
workforce reduction, optimizing capital expenditures, and improving
working capital through inventory and build plan adjustments.
These efforts, coupled with additional steps to accelerate
market share capture through product releases and targeted
commercial strategies, provide Ouster with the flexibility to
execute on its business plan. In addition to the actions above, the
Company suspended sales of common stock through its at-the-market
(“ATM”) offering.
“Ouster is well-positioned to emerge as the market leader this
year. We continue to deliver best-in-class hardware, capture market
share, progress toward achieving product and safety specific
certifications, and build a robust software ecosystem to expand our
addressable market,” said Ouster CFO Anna Brunelle. “We identified
areas of the business where we can operate with greater efficiency,
allowing us to further execute on our strategic initiatives and
deliver high-performance products to our hundreds of customers in
order to bolster our path to profitability.”
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
approximately 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 expectations for its cost-savings
initiatives and path to profitability, as well as its technological
advancements, market opportunities, market growth expectations,
potential pipeline of customers, anticipated product releases, and
positioning to capture market share. 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; risks related to legal
proceedings; 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 updated by the Company’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2022
and as any such factors may be further 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.
_______________ 1 Gross cash spend includes capital
expenditures, inventory, and operational expenditures, excluding
stock-based compensation, depreciation, and litigation expense.
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version on businesswire.com: https://www.businesswire.com/news/home/20220920005531/en/
For Investors Sarah Ewing investors@ouster.io
For Media Heather Shapiro press@ouster.io
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