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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.
Ouster
Ouster
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.