Ouster Reports Third Quarter 2021 Financial Results

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. Ouster calculates Adjusted EBITDA as 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.


1 “Strategic Customer Agreements” or “SCAs” establish a multi-year purchase and supply framework for Ouster and the customer, and include details about customer programs and applications where the customer intends to use Ouster products. SCAs also include multi-year non-binding customer forecasts (typically of three to five years in length) giving Ouster visibility to the customer's long-term purchasing requirements, mutually agreed upon pricing over the duration of the agreement, and in certain cases include multi-year binding purchase commitments. “Contracted revenue opportunity” represents the sum of both binding purchase commitments and non-binding forecasts. No assurances can be given that non-binding forecasts will mature into binding purchase commitments, or that any contracted revenue opportunity will result in revenue. No additional revenue opportunity beyond the customer’s actual forecast has been imputed.

2 Adjusted EBITDA loss is a non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and a reconciliation to Net loss, the most directly comparable financial measure calculated in accordance with U.S. GAAP.

3 Sense Photonics acquisition closed on October 22, 2021.

4 “Customer” is defined as having purchased a sensor within the past twelve months ended September 30, 2021.

 
OUSTER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
 
September 30,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents

$

221,576

 

$

11,362

 

Restricted cash, current

 

1,008

 

 

276

 

Accounts receivable, net

 

6,705

 

 

2,327

 

Inventory, net

 

6,502

 

 

4,817

 

Prepaid expenses and other current assets

 

6,288

 

 

2,441

 

Total current assets

 

242,079

 

 

21,223

 

Property and equipment, net

 

8,411

 

 

9,731

 

Operating lease, right-of-use assets

 

9,779

 

 

11,071

 

Restricted cash, non-current

 

1,004

 

 

1,004

 

Other non-current assets

 

-

 

 

3,385

 

Total assets

$

261,273

 

$

46,414

 

Liabilities, redeemable convertible preferred stock and stockholders’ deficit
Current liabilities:
Accounts payable

$

4,461

 

$

6,894

 

Accrued and other current liabilities

 

11,438

 

 

4,121

 

Short-term debt

 

-

 

 

7,130

 

Operating lease liability, current portion

 

3,057

 

 

2,772

 

Total current liabilities

 

18,956

 

 

20,917

 

Operating lease liability, long-term portion

 

9,853

 

 

11,908

 

Warrant liabilities

 

10,979

 

 

49,293

 

Other non-current liabilities

 

905

 

 

978

 

Total liabilities

 

40,693

 

 

83,096

 

Commitments and contingencies
Redeemable convertible preferred stock

 

-

 

 

39,225

 

Stockholders’ deficit:
Common stock

 

16

 

 

-

 

Preferred stock

 

-

 

 

-

 

Additional paid-in capital

 

495,576

 

 

133,468

 

Accumulated deficit

 

(275,012

)

 

(209,375

)

Total stockholders’ deficit

 

220,580

 

 

(75,907

)

Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit

$

261,273

 

$

46,414

 

 
OUSTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share data)
 
Three Months Ended September 30, Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue
Product revenue

$

7,755

 

$

5,934

 

$

21,726

 

$

10,524

 

Service revenue

 

-

 

 

13

 

 

-

 

 

2,004

 

Total revenue

 

7,755

 

 

5,947

 

 

21,726

 

 

12,528

 

Cost of revenue
Cost of product

 

5,879

 

 

4,884

 

 

16,212

 

 

12,962

 

Cost of services

 

-

 

 

-

 

 

-

 

 

26

 

Total cost of revenue

 

5,879

 

 

4,884

 

 

16,212

 

 

12,988

 

Gross (loss) profit

 

1,876

 

 

1,063

 

 

5,514

 

 

(460

)

Operating expenses:
Research and development

 

8,390

 

 

8,876

 

 

19,576

 

 

19,028

 

Sales and marketing

 

6,737

 

 

2,394

 

 

14,777

 

 

6,305

 

General and administrative

 

14,073

 

 

4,512

 

 

36,177

 

 

11,856

 

Total operating expenses

 

29,200

 

 

15,782

 

 

70,530

 

 

37,189

 

Loss from operations

 

(27,324

)

 

(14,719

)

 

(65,016

)

 

(37,649

)

Other (expense) income:
Interest income

 

165

 

 

1

 

 

305

 

 

24

 

Interest expense

 

-

 

 

(521

)

 

(504

)

 

(2,196

)

Other income (expense), net

 

14,490

 

 

(4,376

)

 

(422

)

 

(9,799

)

Total other expense, net

 

14,655

 

 

(4,896

)

 

(621

)

 

(11,971

)

Loss before income taxes

 

(12,669

)

 

(19,615

)

 

(65,637

)

 

(49,620

)

Provision for income tax expense

 

-

 

 

-

 

 

-

 

 

-

 

Net loss and comprehensive loss

$

(12,669

)

$

(19,615

)

$

(65,637

)

$

(49,620

)

Net loss per common share, basic and diluted

$

(0.08

)

$

(0.97

)

$

(0.53

)

$

(3.15

)

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

 

156,647,259

 

 

20,303,631

 

 

123,175,390

 

 

15,753,057

 

 
OUSTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
 
Nine Months Ended September 30,

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss

$

(65,637

)

$

(49,620

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

3,428

 

 

2,705

 

Stock-based compensation

 

18,557

 

 

7,891

 

Change in right-of-use asset

 

1,292

 

 

1,388

 

Interest expense on notes and convertible debt

 

36

 

 

840

 

Amortization of debt issuance costs and debt discount

 

250

 

 

335

 

Change in fair value of warrant liabilities

 

406

 

 

6,097

 

Change in fair value of derivative liability

 

-

 

 

5,308

 

Gain on extinguishment of tranche right liability

 

-

 

 

(1,610

)

Inventory write down

 

866

 

 

1,156

 

Changes in operating assets and liabilities:
Accounts receivable

 

(4,378

)

 

(2,023

)

Inventory

 

(2,551

)

 

(4,064

)

Prepaid expenses and other assets

 

42

 

 

21

 

Accounts payable

 

(2,707

)

 

(625

)

Accrued and other liabilities

 

7,060

 

 

(2,001

)

Operating lease liability

 

(1,770

)

 

(429

)

Net cash used in operating activities

 

(45,106

)

 

(34,631

)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment

 

(1,774

)

 

(2,394

)

Net cash used in investing activities

 

(1,774

)

 

(2,394

)

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

)

 

(3,000

)

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

 

539

 

 

9

 

Issuance of common stock upon exercise of restricted stock awards

 

-

 

 

8

 

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

 

-

 

 

41,526

 

Net cash provided by financing activities

 

257,826

 

 

38,543

 

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

 

210,946

 

 

1,518

 

Cash, cash equivalents and restricted cash at beginning of period

 

12,642

 

 

18,405

 

Cash, cash equivalents and restricted cash at end of period

$

223,588

 

$

19,923

 

 

OUSTER, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(unaudited)

(in thousands)

 
Three Months Ended September 30, Nine Months Ended September 30,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

GAAP net loss

$

(12,669

)

$

(19,615

)

$

(65,637

)

$

(49,620

)

Interest expense (income), net

 

(165

)

 

520

 

 

199

 

 

2,172

 

Other expense (income), net

 

(14,490

)

 

4,376

 

 

422

 

 

9,799

 

Stock-based compensation (1)

 

7,147

 

 

7,256

 

 

18,557

 

 

7,891

 

Non-GAAP operating loss

 

(20,177

)

 

(7,463

)

 

(46,459

)

 

(29,758

)

Depreciation and amortization expense

 

1,174

 

 

980

 

 

3,428

 

 

2,705

 

Adjusted EBITDA (2)

$

(19,003

)

$

(6,483

)

$

(43,031

)

$

(27,053

)

(1) Stock-based compensation for the nine months ended September 30, 2021, in cost of revenue, research and development, sales and marketing and general administrative expenses were $0.5 million, $4.3 million, $2.7 million and $11.1 million, respectively, and $0.6 million, $5.2 million, $0.4 million and $1.7 million, respectively, for the same period in the prior year.
(2) Includes $1.2 million of expenses related to Sense Photonics acquisition




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