Ouster Announces Results for Fourth Quarter and Full Year 2025
SAN FRANCISCO--( BUSINESS WIRE)-- Ouster, Inc. (Nasdaq: OUST) (“Ouster” or the “Company”), a leader in sensing and perception for Physical AI, announced today financial results for the three months and year ended December 31, 2025.
“2025 was a year of exceptional execution for Ouster. Our strong revenue growth and gross margin performance are a testament to our disciplined focus as we pioneer the technologies driving the secular shift towards Physical AI, delivering record results,” said Ouster CEO Angus Pacala. “As we look forward, the strength of our digital lidar business, combined with the acquisition of Stereolabs, positions Ouster as the foundational sensing and perception platform for Physical AI. We are uniquely equipped to accelerate customer development of solutions that sense, think, act, and learn in the physical world.”
Fourth Quarter 2025 Highlights:
Full Year 2025 Highlights:
1Adjusted EBITDA and non-GAAP gross margin are non-GAAP financial measures. See Non-GAAP Financial Measures for additional information and reconciliations of these measures to their respective most directly comparable financial measures calculated in accordance with U.S. GAAP.
Revenue
Ouster delivered fourth quarter revenue of $62 million, an increase of 107% year over year and 57% sequentially. The results include royalties of approximately $21 million that were primarily one-time and related to long-term IP license contracts. Product revenue was $41 million, up 36% year over year and 4% sequentially primarily driven by customers in the industrial and robotics verticals, for use cases in warehouse automation, robotaxi, and mapping. The Company shipped over 8,100 sensors for revenue, a new quarterly record.
Gross Margin
GAAP gross margin was 60%, compared with 44% in the fourth quarter of 2024 and 42% in the third quarter of 2025. Volume growth and operating efficiencies, along with royalties, lifted profitability year over year. Non-GAAP gross margin was 62%, compared with 44% in the fourth quarter of 2024 and 47% in the third quarter of 2025. Revenue from royalties accounted for approximately 19 points of gross margin in the fourth quarter of 2025. Non-GAAP gross margin excludes the impact of stock-based compensation expenses, and certain other items outside of ordinary operations.
First Quarter 2026 Outlook:
For the first quarter of 2026, Ouster expects to achieve $45 to $48 million in total revenue. This includes approximately 7 weeks of Stereolabs operations.
Ouster remains laser focused on maintaining its path to profitability and expects the Stereolabs acquisition to be accretive to that path. Taking into consideration Stereolabs’ 2025 results, Ouster remains confident in its long-term financial framework of annual revenue growth of 30% to 50%, GAAP gross margins of 35% to 40% and well controlled GAAP operating expense growth, which is estimated at 5-8% from its 2025 levels. This framework excludes the revenue and gross margin impact of royalties of approximately $23 million in 2025, which were primarily one time.
Upcoming Investor Events
Ouster management will participate in the following upcoming investor events:
Conference Call Information
Ouster will host a conference call and live webcast for analysts and investors at 5:00 p.m. ET today, March 2, 2026 to discuss its financial results and business outlook.
Interested parties may listen to a live webcast of the conference call. Registration for the webcast can be completed by visiting the following website: https://edge.media-server.com/mmc/p/yvxarmrm. The webcast will be available for replay for at least 30 days after the conference call on Ouster’s investor website at https://investors.ouster.com/.
About Ouster
Ouster (Nasdaq: OUST) is a leader in sensing and perception for Physical AI across industrial, robotics, automotive, and smart infrastructure. With a unified platform of high-performance digital lidar, cameras, AI compute, sensor fusion and perception software, and AI models, Ouster delivers solutions that improve quality of life in the physical world. Headquartered in San Francisco, CA, Ouster has a global presence serving thousands of customers with offices in the Americas, Europe, and Asia-Pacific. For more information about our products, visit www.ouster.com, contact our sales team, or connect with us on X or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “may,” “will,” “should,” “plan,” “could,” “continue,” “target,” “contemplate,” “estimate,” “forecast,” “guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,” and the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than statements of historical fact, including statements regarding our future financial results and financial condition, our strategy, our market positioning, development of and demand for our products, the impact of our recent acquisition of Stereolabs, and future investor conference attendance, are forward-looking statements, all constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, risks related to Ouster’s limited operating history and history of losses; the substantial research and development costs needed to develop and commercialize new products; Ouster’s limited sales history and the ability to maintain confidence in the Company’s long-term business prospect among customers in target markets; fluctuations in its operating results; its ability to maintain competitive average selling prices, high sales volumes and reduce product costs; competition in Ouster’s industry; the negotiating power and product standards of its customers; the adoption of its products and the growth of the lidar market generally; product quality and liability risks; Ouster’s future capital needs and ability to secure additional capital on favorable terms or at all; market acceptance of lidar and Ouster’s forecasts for market growth; Ouster’s ability to manage growth, including growing the sales and marketing organization; risks related to international operations, including international manufacturing; cancellation or postponement of contracts or unsuccessful implementations; the Company’s ability to manage its inventory; credit risk of customers; Ouster’s ability to use tax attributes; Ouster’s dependence on key third party suppliers, in particular Benchmark Electronics, Inc., Fabrinet, and other suppliers; supply chain constraints and challenges; conditions in the industries the Company targets or the global economy; Ouster’s ability to recruit and retain key personnel; its ability to complete, successfully integrate or achieve the anticipated benefits of new acquisitions or investments, including the Stereolabs acquisition; changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on Ouster’s business, financial condition and results of operations; risks related to the use of AI tools by us and others; Ouster’s ability to adequately protect and enforce its intellectual property rights; legal and regulatory risks; risks related to operating as a public company; and other important factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as will be updated in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, once filed, and as may be further updated from time to time in the Company’s other filings with the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management’s reasonable estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, other than as may be required by law, even if subsequent events cause its views to change.
In addition, see information below concerning non-GAAP financial measures.
Non-GAAP Financial Measures
In addition to its results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), Ouster believes the non‑GAAP measures of Non-GAAP Gross Profit, Non-GAAP Gross Margin and Adjusted EBITDA are useful in evaluating its operating performance. Ouster calculates Non-GAAP Gross Profit as gross profit (loss) excluding amortization of acquired intangibles, certain excess and obsolete expenses (recovery), and stock-based compensation expense. Non-GAAP Gross Margin is calculated as Non-GAAP Gross Profit divided by revenues. Adjusted EBITDA is calculated as net loss excluding interest expense (income), net, other (income) expense, net, stock-based compensation expense, provision for (benefit from) income taxes, certain excess and obsolete expenses (recovery), amortization of acquired intangibles, depreciation expenses, certain litigation expenses, gain on lease termination and other items. Ouster believes that Non-GAAP Gross Profit, Non-GAAP Gross Margin, and Adjusted EBITDA may be helpful to investors because it provides consistency and comparability with past financial performance and may be helpful in comparison with other companies, some of which use similar non‑GAAP information to supplement their GAAP results. Adjusted EBITDA is also used by the Board and management as a performance metric for compensation purposes. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non‑GAAP measures used by other companies. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures are included at the end of this press release.
2025
2025
2024
2025
2024
$
40,971
$
39,487
$
30,092
$
146,578
$
111,101
21,207
38
—
22,806
—
62,178
39,525
30,092
169,384
111,101
24,726
22,866
16,909
85,948
70,641
37,452
16,659
13,183
83,436
40,460
15,261
17,777
14,719
65,170
58,084
6,782
7,441
7,045
27,624
27,852
14,505
15,692
17,017
64,641
58,701
36,548
40,910
38,781
157,435
144,637
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(24,251
)
(25,598
)
(73,999
)
(104,177
)
2,746
2,414
1,795
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—
—
—
—
(1,823
)
749
176
386
1,202
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3,495
2,590
2,181
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(23,417
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(63,312
)
(96,508
)
414
72
320
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)
537
$
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$
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)
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)
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(2
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109
(180
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83
(386
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42
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)
(679
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478
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$
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$
(21,669
)
$
(24,596
)
$
(59,816
)
$
(98,240
)
$
0.07
$
(0.37
)
$
(0.48
)
$
(1.07
)
$
(2.08
)
$
0.06
$
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$
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60,468,355
57,976,375
49,958,448
56,334,911
46,584,479
64,733,573
57,976,375
49,958,448
56,334,911
46,584,479
2025
2024
$
67,413
$
45,542
1,467
722
141,172
126,480
27,753
17,941
23,566
16,417
17,517
12,750
278,888
219,852
31,891
10,164
13,452
14,308
8,560
10,133
13,316
17,830
1,100
1,835
2,309
2,026
$
349,516
$
276,148
$
19,984
$
6,288
26,200
30,591
20,705
34,351
4,142
7,196
71,031
78,426
12,938
13,054
—
—
3,106
2,538
703
1,219
87,778
95,237
48
47
1,235,580
1,094,938
(973,448
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(913,071
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(442
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(1,003
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261,738
180,911
$
349,516
$
276,148
2025
2024
$
(60,377
)
$
(97,045
)
7,781
9,836
113
401
40,824
40,459
2,623
892
5,108
4,904
(214
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(619
)
(3,239
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(5,095
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(126
)
(103
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(373
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2,080
(8
)
(587
)
(12
)
(275
)
(8,017
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(1,724
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(6,775
)
4,735
(3,569
)
21,317
13,202
2,476
(5,865
)
(28,059
)
(14,299
)
19,036
(6,733
)
(6,323
)
(39,956
)
(33,694
)
—
668
(24,893
)
(3,756
)
(149,613
)
(144,573
)
138,255
162,313
(36,251
)
14,652
83
205
1,955
1,703
410
—
—
(43,975
)
95,583
57,806
(421
)
(346
)
97,610
15,393
478
(886
)
21,881
(4,535
)
48,099
52,634
$
69,980
$
48,099
OUSTER, INC.
2025
2024
2025
2025
2024
$
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$
(23,737
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$
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$
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)
$
(97,045
)
(2,746
)
(1,795
)
(2,414
)
(9,485
)
(7,023
)
(749
)
(386
)
(176
)
(1,202
)
(646
)
7,271
8,841
11,829
40,824
40,459
414
320
72
(2,935
)
537
—
(1,431
)
—
—
(859
)
1,134
1,342
1,134
4,514
6,516
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651
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3,267
3,230
358
6,494
652
13,037
13,647
—
—
—
(65
)
(627
)
$
10,608
$
(9,701
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$
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$
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$
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)
2025
2024
2025
2025
2024
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901
$
1,140
$
1,618
$
5,455
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18,260
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1,147
1,285
4,978
5,347
2,687
2,373
3,343
11,371
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$
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$
11,829
$
40,824
$
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2025
2024
2025
2025
2024
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$
915
$
1,086
$
3,979
$
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163
201
177
686
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251
72
271
2,171
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$
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$
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$
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$
9,746
2025
2024
2025
2025
2024
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37,452
$
13,183
$
16,659
$
83,436
$
40,460
901
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1,618
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4,608
467
467
467
1,852
1,768
—
(1,431
)
—
—
(859
)
$
38,820
$
13,359
$
18,744
$
90,743
$
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42
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49
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36
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62
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44
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47
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54
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