Ouster Reports Second Quarter 2021 Financial Results

OUSTER, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share and per share data)

       

 

June 30,
2021

 

December 31,
2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

240,148

 

 

$

11,362

 

Restricted cash, current

276

 

 

276

 

Accounts receivable, net

4,671

 

 

2,327

 

Inventory, net

4,721

 

 

4,817

 

Prepaid expenses and other current assets

6,367

 

 

2,441

 

Total current assets

256,183

 

 

21,223

 

Property and equipment, net

8,562

 

 

9,731

 

Operating lease, right-of-use assets

10,024

 

 

11,071

 

Restricted cash, non-current

1,004

 

 

1,004

 

Other non-current assets

 

 

3,385

 

Total assets

$

275,773

 

 

$

46,414

 

Liabilities, redeemable convertible preferred stock and stockholders’ equity / (deficit)

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,825

 

 

$

6,894

 

Accrued and other current liabilities

6,259

 

 

4,121

 

Short-term debt

 

 

7,130

 

Operating lease liability, current portion

2,895

 

 

2,772

 

Total current liabilities

12,979

 

 

20,917

 

Operating lease liability, long-term portion

10,422

 

 

11,908

 

Warrant liabilities (At June 30, 2021 and December 31, 2020 related party $5,154 and Nil, respectively)

25,471

 

 

49,293

 

Other non-current liabilities

899

 

 

978

 

Total liabilities

49,771

 

 

83,096

 

Commitments and contingencies (Note 7)

 

 

 

Redeemable convertible preferred stock, $0.0001 par value per share; Nil and 131,411,372 shares authorized at June 30, 2021 and December 31, 2020; Nil and 88,434,754 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively (aggregate liquidation preference of Nil and $41,791 at June 30, 2021 and December 31, 2020, respectively)

 

 

39,225

 

Stockholders’ equity / (deficit):

 

 

 

Common stock, $0.0001 par value; 1,000,000,000 and 210,956,516 shares authorized at June 30, 2021 and December 31, 2020, respectively; 161,449,205 and 33,327,294 issued and outstanding at June 30, 2021 and December 31, 2020, respectively

16

 

 

 

Preferred stock, $0.0001 par value; 100,000,000 and Nil shares authorized at June 30, 2021 and December 31, 2020, respectively; Nil and Nil issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

 

Additional paid-in capital

488,329

 

 

133,468

 

Accumulated deficit

(262,343

)

 

(209,375

)

Total stockholders’ equity / (deficit)

226,002

 

 

(75,907

)

Total liabilities, redeemable convertible preferred stock, and stockholders’ equity / (deficit)

$

275,773

 

 

$

46,414

 

OUSTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except share and per share data)

       

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Product revenue

$

7,360

 

 

$

2,290

 

 

$

13,971

 

 

$

4,590

 

Service revenue

 

 

1,991

 

 

 

 

1,991

 

Total revenue

7,360

 

 

4,281

 

 

13,971

 

 

6,581

 

Cost of product revenue

 

 

 

 

 

 

 

Cost of product

5,465

 

 

3,862

 

 

10,333

 

 

8,078

 

Cost of services

 

 

26

 

 

 

 

26

 

Total cost of revenue

5,465

 

 

3,888

 

 

10,333

 

 

8,104

 

Gross profit (loss)

1,895

 

 

393

 

 

3,638

 

 

(1,523

)

Operating expenses:

 

 

 

 

 

 

 

Research and development

6,474

 

 

5,678

 

 

11,186

 

 

10,152

 

Sales and marketing

4,614

 

 

1,685

 

 

8,040

 

 

3,911

 

General and administrative

12,197

 

 

3,678

 

 

22,104

 

 

7,344

 

Total operating expenses

23,285

 

 

11,041

 

 

41,330

 

 

21,407

 

Loss from operations

(21,390

)

 

(10,648

)

 

(37,692

)

 

(22,930

)

Other (expense) income:

 

 

 

 

 

 

 

Interest income

139

 

 

1

 

 

140

 

 

23

 

Interest expense

 

 

(398

)

 

(504

)

 

(1,675

)

Other income (expense), net

(10,760

)

 

(267

)

 

(14,912

)

 

(5,423

)

Total other expense, net

(10,621

)

 

(664

)

 

(15,276

)

 

(7,075

)

Loss before income taxes

(32,011

)

 

(11,312

)

 

(52,968

)

 

(30,005

)

Provision for income tax expense

 

 

 

 

 

 

 

Net loss and comprehensive loss

$

(32,011

)

 

$

(11,312

)

 

$

(52,968

)

 

$

(30,005

)

Net loss per common share, basic and diluted

$

(0.21

)

 

$

(0.59

)

 

$

(0.50

)

 

$

(2.23

)

Weighted-average shares used to compute basic and diluted net loss per share

155,923,689

 

 

19,138,365

 

 

106,070,590

 

 

13,452,766

 

                       
In the Company's Condensed Consolidated Statements Of Operations And Comprehensive Loss, this release corrects "Net loss per common share, basic and diluted" and "Weighted-average shares used to compute basic and diluted net loss per share" for the three months ended June 30, 2020.

OUSTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

   

 

Six Months Ended June 30,

 

2021

 

2020

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net loss

$

(52,968

)

 

$

(30,005

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

2,254

 

 

1,725

 

Stock-based compensation

11,410

 

 

635

 

Change in right-of-use asset

1,047

 

 

1,075

 

Interest expense on notes and convertible debt

36

 

 

962

 

Amortization of debt issuance costs and debt discount

250

 

 

146

 

Change in fair value of warrant liabilities

14,898

 

 

115

 

Change in fair value of derivative liability

 

 

5,308

 

Inventory write down

144

 

 

1,767

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(2,344

)

 

(210

)

Inventory

(48

)

 

(2,933

)

Prepaid expenses and other assets

(37

)

 

130

 

Accounts payable

(3,317

)

 

(831

)

Accrued and other liabilities

1,692

 

 

(2,173

)

Operating lease liability

(1,363

)

 

20

 

Net cash used in operating activities

(28,346

)

 

(24,269

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Purchases of property and equipment

(659

)

 

(1,775

)

Net cash used in investing activities

(659

)

 

(1,775

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Proceeds from the merger and private offering

291,454

 

 

 

Payment of offering costs

(27,124

)

 

 

Repayment of debt

(7,000

)

 

 

Proceeds from issuance of promissory notes to related parties

5,000

 

 

 

Repayment of promissory notes to related parties

(5,000

)

 

 

Repurchase of common stock

(43

)

 

 

Proceeds from exercise of stock options

504

 

 

2

 

Proceeds from issuance of Series B redeemable convertible preferred stock, net of issuance cost of $265

 

 

20,631

 

Net cash provided by financing activities

257,791

 

 

20,633

 

Net increase (decrease) in cash, cash equivalents and restricted cash

228,786

 

 

(5,411

)

Cash, cash equivalents and restricted cash at beginning of period

12,642

 

 

18,405

 

Cash, cash equivalents and restricted cash at end of period

$

241,428

 

 

$

12,994

 

OUSTER, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(unaudited)

(in thousands)

                 
   

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2021

 

2020

 

2021

 

2020

GAAP net loss

 

$

(32,011

)

 

$

(11,312

)

 

$

(52,968

)

 

$

(30,005

)

Interest expense (income), net

 

 

(139

)

 

 

397

 

 

 

364

 

 

 

1,652

 

Other expense (income), net

 

 

10,760

 

 

 

267

 

 

 

14,912

 

 

 

5,423

 

Stock-based compensation (1)

 

 

6,154

 

 

 

460

 

 

 

11,410

 

 

 

635

 

Non-GAAP operating loss

 

 

(15,236

)

 

 

(10,188

)

 

 

(26,282

)

 

 

(22,295

)

Depreciation and amortization expense  

 

1,160

 

 

 

903

 

 

 

2,254

 

 

 

1,725

 

Adjusted EBITDA

 

$

(14,076

)

 

$

(9,285

)

 

$

(24,028

)

 

$

(20,570

)

                 
(1) Stock-based compensation for the six months ended June 30, 2021, in cost of revenue, research and development, sales and marketing and general and administrative expenses were $0.3 million, $2.2 million, $1 million and $7.9 million, respectively, and $0.1 million, $0.3 million, $0.1 million and $0.1 million, respectively, for the same period in the prior year.




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