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 measure of Adjusted EBITDA is useful in evaluating its operating performance. We calculate Adjusted EBITDA as GAAP net loss excluding interest expense (income), net, other expense (income), net, stock-based compensation and depreciation and amortization. Ouster believes that Adjusted EBITDA may be helpful to investors because it provides consistency and comparability with past financial performance and may be helpful in comparing with other companies, some of which use similar non‑GAAP information to supplement their GAAP results. 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.
| OUSTER, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
|||||||
| (in thousands) | |||||||
March 31, |
|
December 31, |
|||||
2021 |
|
2020 |
|||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
257,165 |
|
$ |
11,362 |
|
|
| Restricted cash, current |
|
276 |
|
|
276 |
|
|
| Accounts receivable, net |
|
2,467 |
|
|
2,327 |
|
|
| Inventory, net |
|
5,293 |
|
|
4,817 |
|
|
| Prepaid expenses and other current assets |
|
4,097 |
|
|
2,441 |
|
|
| Total current assets |
|
269,298 |
|
|
21,223 |
|
|
| Property and equipment, net |
|
9,101 |
|
|
9,731 |
|
|
| Operating lease, right-of-use assets |
|
10,551 |
|
|
11,071 |
|
|
| Restricted cash, non-current |
|
1,004 |
|
|
1,004 |
|
|
| Other non-current assets |
|
62 |
|
|
3,385 |
|
|
| Total assets | $ |
290,016 |
|
$ |
46,414 |
|
|
| Liabilities, redeemable convertible preferred stock and stockholders' equity / (deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ |
3,933 |
|
$ |
6,894 |
|
|
| Accrued and other current liabilities |
|
4,645 |
|
|
4,121 |
|
|
| Operating lease liability, current portion |
|
2,833 |
|
|
2,772 |
|
|
| Short-term debt |
|
— |
|
|
7,130 |
|
|
| Total current liabilities |
|
11,411 |
|
|
20,917 |
|
|
| Operating lease liability, long term portion |
|
11,169 |
|
|
11,908 |
|
|
| Warrant liabilities (At March 31, 2021 and December 31, 2020 related party $5,154 and $0, respectively) |
|
14,725 |
|
|
49,293 |
|
|
| Other non-current liabilities |
|
956 |
|
|
978 |
|
|
| Total liabilities |
|
38,261 |
|
|
83,096 |
|
|
| Redeemable convertible preferred stock |
|
— |
|
|
39,225 |
|
|
| Stockholders' equity / (deficit): | |||||||
| Common stock |
|
16 |
|
|
— |
|
|
| Additional paid-in capital |
|
482,071 |
|
|
133,468 |
|
|
| Accumulated deficit |
|
(230,332 |
) |
|
(209,375 |
) |
|
| Total stockholders' equity / (deficit) |
|
251,755 |
|
|
(75,907 |
) |
|
| Total liabilities, redeemable convertible preferred stock, and stockholders' equity / (deficit) | $ |
290,016 |
|
$ |
46,414 |
|
|
| OUSTER, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED) |
|||||||
| (in thousands, except share and per share data) | |||||||
| Three months ended March 31, |
|||||||
| 2021 |
|
2020 |
|||||
| Product revenue | $ |
6,611 |
|
$ |
2,300 |
|
|
| Cost of revenue |
|
4,868 |
|
|
4,216 |
|
|
| Gross profit (loss) |
|
1,743 |
|
|
(1,916 |
) |
|
| Operating expenses: | |||||||
| Research and development |
|
4,712 |
|
|
4,365 |
|
|
| Sales and marketing |
|
3,426 |
|
|
2,226 |
|
|
| General and administrative |
|
9,907 |
|
|
3,775 |
|
|
| Total operating expenses |
|
18,045 |
|
|
10,366 |
|
|
| Loss from operations |
|
(16,302 |
) |
|
(12,282 |
) |
|
| Other (expense) income: | |||||||
| Interest income |
|
1 |
|
|
22 |
|
|
| Interest expense |
|
(504 |
) |
|
(1,277 |
) |
|
| Other income (expense), net |
|
(4,152 |
) |
|
(5,156 |
) |
|
| Total other expense, net |
|
(4,655 |
) |
|
(6,411 |
) |
|
| Loss before income taxes |
|
(20,957 |
) |
|
(18,693 |
) |
|
| Provision for income taxes |
|
— |
|
|
— |
|
|
| Net loss and comprehensive loss | $ |
(20,957 |
) |
$ |
(18,693 |
) |
|
| Net loss per common share, basic and diluted | $ |
(0.38 |
) |
$ |
(2.41 |
) |
|
| Weighted-average shares used to compute basic and diluted net loss per share |
|
55,688,281 |
|
|
7,767,169 |
|
|
| OUSTER, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) |
|||||||
| (in thousands) | |||||||
| Three months ended March 31, |
|||||||
| 2021 |
|
2020 |
|||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net loss | $ |
(20,957 |
) |
$ |
(18,693 |
) |
|
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization |
|
1,095 |
|
|
822 |
|
|
| Stock-based compensation |
|
5,256 |
|
|
175 |
|
|
| Change in right-of-use asset |
|
520 |
|
|
436 |
|
|
| Interest expense on notes and convertible debt |
|
36 |
|
|
905 |
|
|
| Amortization of debt issuance costs and debt discount |
|
250 |
|
|
94 |
|
|
| Change in fair value of warrant liabilities |
|
4,152 |
|
|
— |
|
|
| Change in fair value of derivative liability |
|
— |
|
|
5,308 |
|
|
| Inventory obsolescence impairment |
|
— |
|
|
1,483 |
|
|
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable |
|
(140 |
) |
|
(463 |
) |
|
| Inventory |
|
(476 |
) |
|
(2,980 |
) |
|
| Prepaid expenses and other assets |
|
(1,202 |
) |
|
(27 |
) |
|
| Accounts payable |
|
(1 |
) |
|
590 |
|
|
| Accrued and other liabilities |
|
(254 |
) |
|
351 |
|
|
| Operating lease liability |
|
(678 |
) |
|
165 |
|
|
| Net cash used in operating activities |
|
(12,399 |
) |
|
(11,834 |
) |
|
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
| Purchases of property and equipment |
|
(597 |
) |
|
(1,393 |
) |
|
| Net cash used in investing activities |
|
(597 |
) |
|
(1,393 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Proceeds from the merger and private offering |
|
291,454 |
|
|
— |
|
|
| Payment of offering costs |
|
(26,116 |
) |
|
— |
|
|
| Repayment of debt |
|
(7,000 |
) |
|
— |
|
|
| Proceeds from issuance of promissory notes to related parties |
|
5,000 |
|
|
— |
|
|
| Repayment of promissory notes by related parties |
|
(5,000 |
) |
|
— |
|
|
| Repurchase of common stock |
|
(43 |
) |
|
— |
|
|
| Proceeds from exercise of stock options |
|
504 |
|
|
2 |
|
|
| Net cash provided by financing activities |
|
258,799 |
|
|
2 |
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
245,803 |
|
|
(13,225 |
) |
|
| Cash, cash equivalents and restricted cash at beginning of period |
|
12,642 |
|
|
18,405 |
|
|
| Cash, cash equivalents and restricted cash at end of period | $ |
258,445 |
|
$ |
5,180 |
|
|
| Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets as of March 31, | |||||||
| 2021 |
2020 |
||||||
| Cash and cash equivalents | $ |
257,165 |
|
$ |
3,624 |
|
|
| Restricted cash, current |
|
276 |
|
|
276 |
|
|
| Restricted cash, non-current |
|
1,004 |
|
|
1,280 |
|
|
| Total cash, cash equivalents and restricted cash | $ |
258,445 |
|
$ |
5,180 |
|
|
| OUSTER, INC. | |||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED) |
|||||||
| (in thousands) | |||||||
| Three months ended March 31, |
|||||||
| 2021 |
|
2020 |
|||||
| GAAP net loss | $ |
(20,957 |
) |
$ |
(18,693 |
) |
|
| Interest expense (income), net |
|
503 |
|
|
1,255 |
|
|
| Other expense (income), net |
|
4,152 |
|
|
5,156 |
|
|
| Stock-based compensation (1) |
|
5,256 |
|
|
174 |
|
|
| Non-GAAP operating loss |
|
(11,046 |
) |
|
(12,108 |
) |
|
| Depreciation and amortization expense |
|
1,095 |
|
|
822 |
|
|
| Adjusted EBITDA | $ |
(9,951 |
) |
$ |
(11,286 |
) |
|
| (1) Stock-based compensation for the three months ended March 31, 2021 in cost of revenue, research and development, sales and marketing and general and administrative expenses were $0.12 million, $0.92 million, $0.27 million and $3.95 million, respectively, and $0.04 million, $0.14 million, $0.05 million and $(0.05) million, respectively, for the same period in the prior year. |
