Ouster (OUST) investor relations material

Executive summary

• Achieved record Q4 2025 revenue of $62M, with $41M from product sales and over 8,100 sensors shipped, marking the twelfth consecutive quarter of product revenue growth.

• Full-year 2025 revenue reached $169M, up 52% year-over-year, with more than 25,000 sensors shipped.

• Completed the acquisition of Stereolabs, expanding into unified sensing and perception platforms combining lidar, cameras, and AI compute, and strengthening leadership in Physical AI.

• Software attached bookings more than doubled in 2025, now over 15% of sensors shipped.

• Strategic priorities for 2026: revolutionize product portfolio, extend leadership in Physical AI, and execute to profitability.

Financial highlights

• Q4 2025 revenue: $62M, up 107% year-over-year; Q4 product revenue: $41M, up 36% year-over-year.

• Q4 GAAP gross margin: 60%, boosted by $21M in one-time royalty revenue; non-GAAP gross margin: 62%.

• Full-year 2025 revenue: $169M, up 52% year-over-year (32% excluding royalties); product revenue: $147M, up 32%.

• Full-year GAAP gross margin: 49%, up 13 points year-over-year; non-GAAP gross margin: 54%.

• Adjusted EBITDA: Q4 positive $11M; full-year loss of $12M, improved from $42M loss in 2024.

• Q4 GAAP net income was $4M; full-year GAAP net loss was $60M, an improvement of $37M year-over-year.

• Ended year with $211M in cash, no debt, and strong balance sheet.

Outlook and guidance

• Q1 2026 revenue guidance: $45M–$48M, including ~7 weeks of Stereolabs revenue.

• 2026 long-term targets: 30%-50% annual revenue growth, 35%-40% GAAP gross margin, and 5%-8% operating expense growth over 2025.

• Stereolabs expected to be accretive to growth and margin; combined business to report consolidated results.

• Path to positive operating free cash flow and profitability remains clear.