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Mar 31, 2023
Ouster Q1 2023 Earnings Report
Ouster exceeded revenue guidance and increased target for merger cost synergies.
Key Takeaways
Ouster reported a strong first quarter of 2023, exceeding revenue expectations with over $17 million in revenue, a 101% increase year-over-year, and booked $33 million in business. The company also shipped REV7 sensors to over 110 customers and is targeting annualized merger cost synergies of between $80 and $85 million.
Revenue was over $17 million, up 101% from Q1 2022.
Bookings were $33 million with new and existing customers.
Over 3,000 sensors were shipped for revenue, up 95% year-over-year.
Net loss increased to $177 million due to non-cash goodwill impairment charges and higher operating losses associated with the Velodyne merger.
Forward Guidance
For the second quarter of 2023, Ouster expects to achieve $18 million to $20 million in revenue.
Positive Outlook
- Targeted sales approach to drive near-term growth.
- Execution on the digital lidar roadmap for OS and DF series.
- Development of a robust software ecosystem.
- Building a financially strong business.
- Increasing commercial traction for the REV7 sensor and ongoing actions to reduce Ouster’s cost structure support management’s expectations that margins will improve in the second half of 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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