|
OUSTER, INC. |
|||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(unaudited) |
|||||||
|
(in thousands, except share and per share data) |
|||||||
|
|
June 30,
|
|
December 31,
|
||||
|
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. | ||||||||||||||||
