Ouster (OUST) Q4 2025 earnings summary

Executive summary

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

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

• Acquisition of Stereolabs positions the company as a unified sensing and perception platform for Physical AI, combining lidar, cameras, AI compute, and software.

Financial highlights

• Q4 2025 GAAP gross margin was 60%, up from 44% in Q4 2024, with non-GAAP gross margin at 62%; Q4 revenue included approximately $21 million in one-time royalties.

• Full year 2025 GAAP gross margin was 49%, up from 36% in 2024; non-GAAP gross margin was 54%.

• Q4 2025 revenue increased 107% year-over-year; product revenue grew 36% year-over-year.

• Adjusted EBITDA for Q4 was $11 million; full year adjusted EBITDA loss narrowed to $12 million from $42 million in 2024.

• Ended the year with $211 million in cash, restricted cash, and short-term investments, and no debt.

Outlook and guidance

• Q1 2026 revenue expected between $45 million and $48 million, including about 7 weeks of Stereolabs revenue.

• Royalty revenue for 2026 expected to be less than $5 million, mostly in the second half.

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

• Stereolabs acquisition expected to be accretive to profitability.