Ouster (OUST) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $30 million, up 23% year-over-year, with gross margin at 44% and over 4,800 sensors shipped, marking the eighth consecutive quarter meeting or exceeding guidance.

• Fiscal year 2024 revenue reached $111 million, a 33% increase over 2023, with more than 17,300 sensors shipped.

• Ended 2024 with $175 million in cash and equivalents and no debt, maintaining a strong balance sheet.

• Software-attached bookings grew over 60% year-over-year, with significant product and software innovations expected to expand the addressable market in 2025.

• Net loss narrowed to $24 million in Q4 2024 and $97 million for the year, with adjusted EBITDA loss improving to $10 million in Q4 and $42 million for the year.

Financial highlights

• Q4 2024 revenue: $30 million, up 23% year-over-year, with 4,800+ sensors shipped and gross margin at 44%.

• Full-year 2024 revenue: $111 million, up 33% year-over-year, with over 17,000 sensors shipped.

• Bookings for 2024 totaled $115 million, resulting in a book-to-bill ratio above one.

• Q4 2024 GAAP and non-GAAP gross margin: 44%; full-year GAAP gross margin: 36%.

• Operating expenses for 2024 were $145 million, down from $382 million in 2023, with net loss per share at $(0.48) for Q4 and $(2.08) for the year.

Outlook and guidance

• Q1 2025 revenue guidance is $30–$32 million.

• Maintaining long-term framework of 30%-50% annual revenue growth, 35%-40% gross margin, and operating expenses at or below Q3 2023 levels.

• 2025 strategic priorities include scaling software-attached business, transforming the product portfolio, and progressing toward profitability.

• Product portfolio transformation in 2025 aims to significantly expand the addressable market.