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olivLaw · US equity research

Ouster, Inc. OUST

General Industrial Machinery & Equipment, NEC · SIC 3569 · Vertical: General Industrial Machinery & Equipment, NEC (SIC 3569)

29.74USD−7.47% · 1 dayClose 30 Oct 2026

Ouster, Inc. supplies digital lidar sensors and perception solutions for Physical AI, giving machines, robots and infrastructure the ability to sense their surroundings. In the second quarter of 2026 the company reported revenue of 55 mn USD, up 56% from a year earlier. The shift toward better gross margins is significant for the company, though net losses persist.

At the close of 30 Oct 2026, Ouster, Inc. (OUST) stock was 29.74 USD (−7.47% on the day), with market capitalisation 2.1 bn USD, beta 3.04, 52-week range 16.63–62.52 USD. Latest reported quarter (Q2 2026): revenue of 54.6 m USD (+55.9% YoY), net income of -18.1 m USD, diluted EPS -0.27 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.1 bn USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.85 · TTM to 30 Jun 2026
E/P (TTM)
-2.87%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
3.04
Volatility (1y) 102%
52-week range
16.6362.52

Price history

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Technical reading

RSI (14)
39.8
weak (30–45)
Bollinger (20, 2)
23.40 – 44.49
in the lower half of the band · %B 0.30 · band width 62.1%
SMA 50 / 200
35.90 / 32.42
mixed trend
MACD (12, 26, 9)
-2.03 / -2.04
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−26.3%−0.9%−25.3 pp—
3 months−23.8%+1.2%−25.0 pp—
6 months+12.4%+4.8%+7.6 pp—
Year to date+37.4%+10.7%+26.7 pp—
1 year−8.0%+11.1%−19.1 pp−36.7%
3 years+678.5%+80.7%+597.8 pp+26.1%
5 years−51.7%+64.6%−116.3 pp—
Max drawdown (1y)
−55.2%
30 Jun 2026 → 22 Oct 2026
Max drawdown (5y)
−95.8%
09 Nov 2021 → 25 Apr 2023
Compound annual growth (5y)
−13.6%
S&P 500 +10.5%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
54.6 m USD
+55.9% YoY
Net income
-18.1 m USD
unavailable YoY
Diluted EPS
-0.27
unavailable YoY
net / operating
-33.2% / -36.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue28.1 m30.1 m32.6 m35.0 m39.5 m62.2 m48.6 m54.6 m
Cost of revenue17.3 m16.9 m19.1 m19.2 m22.9 m24.7 m27.7 m27.9 m
Gross profit10.8 m13.2 m13.5 m15.8 m16.7 m37.5 m20.8 m26.7 m
Research & development15.1 m14.7 m15.0 m17.1 m17.8 m15.3 m16.1 m19.3 m
Operating income-27.5 m-25.6 m-23.8 m-26.8 m-24.3 m904.0 k-19.2 m-20.0 m
Depreciation & amortisation2.4 m ≈2.0 m1.8 m1.9 m ≈2.1 m ≈2.1 m2.7 m3.2 m ≈
Interest expense342.0 k00000——
Pre-tax income-25.6 m-23.4 m-21.8 m-24.2 m-21.7 m4.4 m-16.9 m-18.0 m
Income tax-37.0 k320.0 k195.0 k-3.6 m72.0 k414.0 k552.0 k125.0 k
Net income-25.6 m-23.7 m-22.0 m-20.6 m-21.7 m4.0 m-17.5 m-18.1 m
Diluted EPS-0.54-0.47 ≈-0.42-0.38-0.370.07 ≈-0.28-0.27
Operating cash flow-3.8 m ≈-2.6 m-4.9 m-1.3 m ≈-18.3 m ≈-15.4 m-7.3 m-12.8 m ≈
Capex566.0 k ≈1.4 m552.0 k889.0 k ≈1.7 m ≈21.8 m2.6 m2.6 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenue11.4 m18.9 m33.6 m41.0 m83.3 m111.1 m169.4 m
Revenue YoYunavailable+65.6%+77.6%+22.2%+103.0%+33.4%+52.5%
Net income-51.7 m-106.8 m-94.0 m-138.6 m-374.1 m-97.0 m-60.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS-6.99-5.98-0.70-7.79-10.10-2.08-1.07
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-452.7%-564.9%-279.9%-337.7%-449.2%-87.3%-35.6%
Free cash flow-47.7 m-45.6 m-75.3 m-116.1 m-140.9 m-37.5 m-64.8 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
67.4 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
261.7 m USD
Total assets
349.5 m USD
Debt / equity
unavailable
Current ratio
3.93x
ROE
-27.3%
ROA
-19.3%
FCF margin
-38.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
83.3 m
2024
111.1 m
2025
169.4 m

SEC (XBRL)· 02 Mar 2026verified

Cost of revenue
2023
75.0 m
2024
70.6 m
2025
85.9 m

SEC (XBRL)· 02 Mar 2026verified

Gross profit
2023
8.3 m
2024
40.5 m
2025
83.4 m

SEC (XBRL)· 02 Mar 2026verified

Research & development
2023
91.2 m
2024
58.1 m
2025
65.2 m

SEC (XBRL)· 02 Mar 2026verified

Operating income
2023
-373.2 m
2024
-104.2 m
2025
-74.0 m

SEC (XBRL)· 02 Mar 2026verified

Depreciation & amortisation
2023
17.1 m
2024
9.8 m
2025
7.8 m

SEC (XBRL)· 02 Mar 2026verified

EBITDA
2023
-356.0 m ≈
2024
-94.3 m ≈
2025
-66.2 m ≈

SEC (XBRL)· 02 Mar 2026derived

Interest expense
2023
9.3 m
2024
1.8 m
2025
0

SEC (XBRL)· 02 Mar 2026verified

Pre-tax income
2023
-373.6 m
2024
-96.5 m
2025
-63.3 m

SEC (XBRL)· 02 Mar 2026verified

Income tax
2023
523.0 k
2024
537.0 k
2025
-2.9 m

SEC (XBRL)· 02 Mar 2026verified

Net income
2023
-374.1 m
2024
-97.0 m
2025
-60.4 m

SEC (XBRL)· 02 Mar 2026verified

Diluted EPS
2023
-10.10
2024
-2.08
2025
-1.07

SEC (XBRL)· 02 Mar 2026verified

Weighted average diluted shares
2023
37.0 m
2024
46.6 m
2025
56.3 m

SEC (XBRL)· 02 Mar 2026verified

Balance sheet · USD

Cash
2023
51.0 m
2024
45.5 m
2025
67.4 m

SEC (XBRL)· 02 Mar 2026verified

Receivables
2023
14.6 m
2024
17.9 m
2025
27.8 m

SEC (XBRL)· 02 Mar 2026verified

Inventories
2023
23.2 m
2024
16.4 m
2025
23.6 m

SEC (XBRL)· 02 Mar 2026verified

Current assets
2023
263.2 m
2024
219.9 m
2025
278.9 m

SEC (XBRL)· 02 Mar 2026verified

Property, plant & equipment, net
2023
10.2 m
2024
10.2 m
2025
31.9 m

SEC (XBRL)· 02 Mar 2026verified

Goodwill
2023
0
2024
—
2025
0

SEC (XBRL)· 05 May 2026verified

Intangibles (excl. goodwill)
2023
24.4 m
2024
17.8 m
2025
13.3 m

SEC (XBRL)· 02 Mar 2026verified

Total assets
2023
330.7 m
2024
276.1 m
2025
349.5 m

SEC (XBRL)· 02 Mar 2026verified

Accounts payable
2023
3.5 m
2024
6.3 m
2025
20.0 m

SEC (XBRL)· 02 Mar 2026verified

Long-term debt
2023
44.0 m
2024
0
2025
—

SEC (XBRL)· 21 Mar 2025verified

Current liabilities
2023
81.7 m
2024
78.4 m
2025
71.0 m

SEC (XBRL)· 02 Mar 2026verified

Total liabilities
2023
151.1 m
2024
95.2 m
2025
87.8 m

SEC (XBRL)· 02 Mar 2026verified

Equity
2023
179.7 m †
2024
180.9 m †
2025
261.7 m †

SEC (XBRL)· 02 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-137.9 m
2024
-33.7 m
2025
-40.0 m

SEC (XBRL)· 02 Mar 2026verified

Capex
2023
3.0 m
2024
3.8 m
2025
24.9 m

SEC (XBRL)· 02 Mar 2026verified

Free cash flow
2023
-140.9 m ≈
2024
-37.5 m ≈
2025
-64.8 m ≈

SEC (XBRL)· 02 Mar 2026derived

Investing cash flow
2023
50.6 m
2024
14.7 m
2025
-36.3 m

SEC (XBRL)· 02 Mar 2026verified

Financing cash flow
2023
15.7 m
2024
15.4 m
2025
97.6 m

SEC (XBRL)· 02 Mar 2026verified

Share repurchases
2023
0
2024
—
2025
—

SEC (XBRL)· 28 Mar 2024verified

Computed indicators

Growth

Revenue growth (YoY)
52.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
60.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
55.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
49.6%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-25.6%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-30.6%
computed by olivLawTTM to 30 Jun 2026
Net margin
-26.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-40.2%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-18.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-13.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-16.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
insufficient data

Liquidity

Current ratio
4.2x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
3.8x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-53.8 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
28.7 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-82.5 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
33 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
80 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
62 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
51 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
2.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-2.9%
computed by olivLawTTM to 30 Jun 2026
P/B
5.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
10.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-3.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
10.12
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

29.74 USD

30 Oct 2026Source: olivLaw, closing series

Market cap: 2.1 bn USD

Key indicators

Market capitalisation
2.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
5.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-18.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-26.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
52.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 990derived 88

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: General Industrial Machinery & Equipment, NEC (SIC 3569)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-26.0%43 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth60.4%100 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet4.2x100 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-3.8%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial43/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ouster, Inc. (OUST). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 169.4 m USD in 2025; YoY growth 52.5%; net margin -26.0%; ROE -18.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 60.4%
  • Current ratio: 4.2x

What contradicts it

  • FCF yield: -3.8%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

General Industrial Machinery & Equipment, NEC (SIC 3569) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
—
vertical median 32.4x
EV/EBITDA
—
vertical median 42.3x
P/S
10.5x
vertical median 4.6x
above median (+126.6%)
P/B
5.8x
vertical median 2.1x
above median (+180.1%)
ROE
-18.0%
vertical median 1.8%
below median (−1,108.4%)
Net margin
-26.0%
vertical median -0.4%
below median
EBIT margin
-30.6%
vertical median 0.2%
below median (−17,267.8%)
Revenue YoY
52.5%
vertical median 22.3%
above median (+135.0%)
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
—
vertical median 0.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SYMSymbotic Inc.22.9 bn789.31.8%0.3%+25.7%−53% / +11%
NDSNNordson Corporation18.0 bn32.617.8%18.6%+3.8%+39% / +52%
RRXRegal Rexnord Corp10.5 bn32.44.8%5.4%−1.6%+12% / +33%
ESABESAB Corporation4.3 bn25.07.5%5.7%+3.7%−40% / +10%
OUSTOuster, Inc.2.1 bn—-18.0%-26.0%+52.5%−8% / +679%
CHRNChronoscale Holdings Corporation2.1 bn—-42.0%-70.3%+459.4%+167% / −12%
HSAIHesai Group1.9 bn28.36.9%14.4%+52.1%−49% / +26%
HLPHongli Group Inc.298.2 m135.33.5%9.9%+39.0%+165% / +89%
AZA2z Cust2mate Solutions Corp.269.0 m—-82.1%-477.6%+47.0%−17% / +60%
SERVServe Robotics Inc.225.4 m—-64.6%-2,315.8%+46.2%−80% / unavailable
TAYDTaylor Devices, Inc.180.2 m26.49.9%17.5%−10.0%+22% / +153%
RRRichtech Robotics Inc.20.1 m—-16.2%-700.1%+19.0%−80% / unavailable
KITTNauticus Robotics, Inc.10.7 m——-1,132.2%+191.8%−98% / −100%
INLFInlif Limited1.2 m—-41.3%-29.6%+16.5%−100% / unavailable
ATSATS Corp——-1.7%-1.1%−16.5%−33% / −45%

1- and 3-year price returns: for OUST from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Ouster, Inc. supplies digital lidar sensors and perception solutions for Physical AI, giving machines, robots and infrastructure the ability to sense their surroundings. In the second quarter of 2026 the company reported revenue of 55 mn USD, up 56% from a year earlier 3. The shift toward better gross margins is significant for the company, though net losses persist 13.

    SWOT

    Strengths

    • The company has a broad patent portfolio and a simplified digital architecture that supports competitive costs 1.
    • Revenue growth and the Rev8 launch point to a product advantage that customers have recognised 23.

    Weaknesses

    • The company has posted net losses every year since inception and has a relatively short operating history 1.
    • Research and development spending remains high relative to revenue, and financial results can fluctuate from quarter to quarter 1.
    • Reliance on a few manufacturing partners and single-source suppliers for some components exposes the company to disruption 12.

    Opportunities

    • If investment in autonomy expands across industry and infrastructure, demand for sensors and software could grow 13.
    • Integrating cameras and AI compute could allow the company to sell complete platforms to robotics customers 12.
    • Development of solid-state DF sensors could open access to the automotive market if products achieve certification 1.

    Threats

    • Competitive pressure and large low-price contracts could weigh on long-term margins 12.
    • Tariffs and trade restrictions in production countries could raise costs if they cannot be passed on to customers 12.
    • Customers could delay or cancel orders while waiting for new product generations, as has happened before 1.

    Risks

    • Persistent net losseshigh

      The company has not reached profitability and states that it expects to keep incurring losses for an indefinite period 1.

    • Volatile resultsmedium

      Quarterly results can fluctuate widely due to customer timing and component costs, which makes forecasting difficult 12.

    • Supplier dependencemedium

      Some components come from single or limited suppliers, and disruptions could delay deliveries 12.

    • Tariffs and international trademedium

      Changes in trade policy could affect costs and demand, although customers contractually bear tariff costs 12.

    • Dilution from share issuancelow

      Sales of shares through at-the-market programmes and anti-dilution adjustments to a warrant can dilute existing shareholders 1.

    Investment thesis

    What would need to be true (bull case)

    • If the sales growth and margin improvement of recent quarters continue, the company could move its business closer to profitability 3.
    • The unified platform after the Stereolabs acquisition could give customers a complete perception solution, which could strengthen relationships with key accounts 12.
    • The Rev8 launch and the native color sensor family could support adoption in new markets if customer enthusiasm turns into orders 23.

    What would break the thesis

    • Net losses remain, and the company cannot guarantee it will ever become profitable, which could require new sources of capital 1.
    • Price pressure from multi-year contracts could limit margins even if volumes grow 12.
    • Long production cycles and customer delays could push back expected revenue, particularly in automotive 12.

    What to watch

    • Delivery against the third quarter 2026 revenue outlookQ3 2026
    • Trend in GAAP gross margin and net lossQ3 2026
    • Rev8 adoption and the pace of new orders from key customersnext 10-Q
    • Effects of tariffs and trade policy on production costs2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Ouster designs and manufactures high-resolution digital lidar sensors that provide 3D vision to machinery, vehicles, robots and fixed infrastructure 1. Its unified platform now also includes cameras, AI compute and perception software following the February 2026 acquisition of Stereolabs 12. The company aims to remain a single-supplier sensing and perception platform for customers in industry, robotics, automotive and smart infrastructure 2.

    Its main products are the OS line, introduced in 2018 with four models, to which the Rev8 family based on the L4 and L4 Max chips was added in May 2026 2. The DF series of solid-state lidar for ADAS and autonomous driving is still under development 12. The company also offers perception software such as Ouster Gemini and BlueCity for traffic and security 1.

    Ouster manufactures its products through external partners, Benchmark and Fabrinet, which produce most of its equipment, mainly in Thailand 12. The company says the simplicity of its digital architecture helps lower per-unit production costs as volumes rise 1. Two customers accounted for more than 10% of revenue in 2025 1.

    Segments

    Digital OS and Rev8 lidar

    The OS and Rev8 lines form the core of the sensor business, and Rev8 adds native color and an expanded range of resolutions, including the flagship 256-channel OS1 Max 2. The company reported that lidar made up about 53% of units shipped in the second quarter of 2026 3.

    Stereolabs cameras and AI compute

    The Stereolabs acquisition, completed on February 4, 2026, added ZED cameras and embedded AI compute that complement lidar in robotics and industrial applications 12. The April 2026 launch of the ZED X Nano was described by the company as the most successful launch in Stereolabs history 3.

    Perception software and smart infrastructure

    Ouster Gemini and BlueCity are software platforms for detecting and tracking people and vehicles and for traffic management 12. Both products are designed not to output personally identifiable information 1.

    Market context

    The company describes a total addressable market in the multi-billion dollar range across its four target markets: automotive, industrial, robotics and smart infrastructure 1. In the near term, demand for lidar appears concentrated in warehouses, yard logistics and intelligent transportation, according to the second quarter 2026 results 3.

    Adoption depends on production cycles that range from six months to several years, and automotive typically takes longer 2. The company says the lidar market is approaching an inflection point, but the exact timing of adoption remains hard to estimate 12.

    Trends

    • Autonomy and Physical AItailwind

      Companies in industry, robotics and cities are investing more in systems that perceive and act without human intervention, and Ouster positions its products as a foundation for such investment 13. If investment in Physical AI continues, demand for perception sensors could grow 3.

    • Pricing pressureheadwind

      The company expects continued price pressure from large multi-year contracts and competition, which could reduce margins in the short term 12.

    • Tariffs and trade policyheadwind

      Uncertainty in US trade relations could raise production costs if tariffs are imposed on goods from Thailand, Canada, Taiwan or China, although customers contractually pay these costs 12.

    • Margin gains through volumemixed

      Higher volumes and operating efficiencies have lifted gross margin over the past year, which, if the trend continues, would support progress toward profitability 3.

    Competitive position

    Lidar is an emerging technology with many competitors, and the company says competitive pressure may push prices down 1. Ouster argues that its simplified digital architecture lets it scale more effectively than rivals 1.

    Competition also comes from camera and perception providers in robotics and infrastructure, and competitors' product development could cost the company business 12.

    • Velodyne Lidar (absorbed through merger)

      The former competitor merged with Ouster in February 2023, and its products are in the final stage of their life cycle 1.

    • Other industrial lidar and camera sensor makers

      The company cites numerous competitors in the growing lidar market without naming them in the analysed sources 1.

    • Radar and camera system providers

      The company compares lidar with radar and cameras, arguing it offers superior resolution for object detection 1.

    • ADAS and automotive system makers

      Suppliers of driver-assistance systems are both customers and potential competitors in the automotive segment 1.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ouster, Inc. · 02 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ouster, Inc. · 06 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ouster, Inc. · 06 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Ouster, Inc. (OUST): stock, results, valuation and forecast · olivLaw