Ouster, Inc.

ouster.com

What Do They Do?

Sells lidar sensors, cameras and perception software to industrial and automotive businesses, robotics companies, and public- and private-sector infrastructure customers.

How Do They Make Money?

Customers mainly buy lidar sensors, generally paying when shipped or delivered, or after any required customer acceptance. Ouster also earns royalties from licensed intellectual property based on licensees’ product sales.

revenue

Segment	Share	Revenue	How money arrives
Product revenue Sold outright	87% FY2022: 100%		Sold outright
Royalties Licensed	13%		Licensed

Who Are Their Customers?

Many customers buy directly; others are reached through global distributors that sell, install, and support Ouster’s solutions.

Customers above 10% of revenue, FY2025

of revenue from two customers (11%, 21%)

FY2024: 12% from one customer

Do Revenues Turn Into Profits?

No. It lost $60.4M in FY2025.

Operating income, FY2025

−44% of revenue

▼ −29% (Loss) vs FY2024 (−$104.2M, −94%)

Net income, FY2025

−36% of revenue

▼ −38% (Loss) vs FY2024 (−$97M, −87%)

Free cash flow, FY2025

−38% of revenue

▲ +73% (Loss) vs FY2024 (−$37.5M, −34%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +56%; vs $35M in Q2 FY2025
Net income: ▼ −12% (Loss); vs −$20.6M in Q2 FY2025

Product revenue share of revenue vs 99.9% in Q2 FY2025

Growing. Revenue grew 5.0x in 4 years, from $33.6M in FY2021 to $169.4M in FY2025, about 50% a year.

Added cameras and computing The portfolio expands from lidar sensors and software to include cameras and computing hardware for artificial intelligence, following the Stereolabs acquisition.

Revenue over time

Product revenue Royalties Services

$200M$100M$0

FY2021 FY2022 FY2024 FY2025

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