Ouster Delivers on 2021 Guidance with $34 Million in Revenue and 27% Gross Margins; Q4 Revenue Up 53%; Aims to Double Revenue for 2022

The financials herein are unaudited and subject to the finalization of year-end audit procedures. In addition see information below concerning non-GAAP financial measures:

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 expense, depreciation and amortization and non-recurring acquisition related expenses. 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 comparison 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 "Customer” is defined as having purchased a sensor within the past twelve months ended December 31, 2021.

 
OUSTER, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
 
December 31

 

2021

 

 

 

2020

 

Assets
Current assets:
Cash and cash equivalents

$

182,644

 

$

11,362

 

Restricted cash, current

 

977

 

 

276

 

Accounts receivable, net

 

10,723

 

 

2,327

 

Inventory

 

7,448

 

 

4,817

 

Prepaid expenses and other current assets

 

5,566

 

 

2,441

 

Total current assets

 

207,358

 

 

21,223

 

 
Property and equipment, net

 

10,054

 

 

9,731

 

Operating lease, right-of-use assets

 

15,156

 

 

11,071

 

Goodwill

 

51,076

 

 

 

Intangible assets, net

 

22,652

 

 

 

Restricted cash, non-current

 

1,035

 

 

1,004

 

Other non-current assets

 

371

 

 

3,385

 

Total assets

$

307,702

 

$

46,414

 

 
Liabilities, redeemable convertible preferred stock and stockholder's deficit
Current liabilities:
Accounts payable

$

4,863

 

$

6,894

 

Accrued and other current liabilities

 

14,173

 

 

4,121

 

Short-term debt

 

 

 

7,130

 

Operating lease liability, current portion

 

3,067

 

 

2,772

 

Total current liabilities

 

22,103

 

 

20,917

 

 
Operating lease liability, long term portion

 

16,208

 

 

11,908

 

Warrant liabilities

 

7,626

 

 

49,293

 

Other non-current liabilities

 

1,065

 

 

978

 

Total liabilities

 

47,002

 

 

83,096

 

 
Commitments and contingencies
 
Redeemable convertible preferred stock

 

 

 

39,225

 

 
Stockholders' equity (deficit):
Common stock

 

17

 

 

 

Additional paid-in capital

 

564,045

 

 

133,468

 

Accumulated deficit

 

(303,356

)

 

(209,375

)

Accumulated other comprehensive loss

 

(6

)

 

 

Total stockholder's equity (deficit)

 

260,700

 

 

(75,907

)

Total liabilties, redeemable convertible preferred stock, and stockholder's deficit

$

307,702

 

$

46,414

 

OUSTER, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share data)
Three Months Ended Dec 31, Year Ended December 31,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Revenue
Product revenue

$

11,852

 

$

6,362

 

$

33,578

 

$

16,886

 

Service revenue

 

-

 

 

14

 

 

 

 

2,018

 

Total revenue

 

11,852

 

 

6,376

 

 

33,578

 

 

18,904

 

 
Cost of revenue
Cost of product

 

8,280

 

 

4,403

 

 

24,492

 

 

17,365

 

Cost of services

 

-

 

 

-

 

 

 

 

26

 

Total cost of revenue

 

8,280

 

 

4,403

 

 

24,492

 

 

17,391

 

Gross profit

 

3,572

 

 

1,973

 

 

9,086

 

 

1,513

 

 
Operating expenses:
Research and development

 

15,003

 

 

4,289

 

 

34,579

 

 

23,317

 

Sales and marketing

 

7,481

 

 

2,693

 

 

22,258

 

 

8,998

 

General and administrative

 

15,782

 

 

9,104

 

 

51,959

 

 

20,960

 

Total operating expenses

 

38,266

 

 

16,086

 

 

108,796

 

 

53,275

 

Loss from operations

 

(34,694

)

 

(14,113

)

 

(99,710

)

 

(51,762

)

 
Other (expense) income:
Interest income

 

166

 

 

-

 

 

471

 

 

24

 

Interest expense

 

-

 

 

(321

)

 

(504

)

 

(2,517

)

Other income (expense), net

 

3,390

 

 

(42,351

)

 

2,968

 

 

(52,150

)

Total other expense, net

 

3,556

 

 

(42,672

)

 

2,935

 

 

(54,643

)

 
Loss before income taxes

 

(31,138

)

 

(56,785

)

 

(96,775

)

 

(106,405

)

Provision for (benefit from) income taxes

 

(2,794

)

 

375

 

 

(2,794

)

 

375

 

Net loss

 

(28,344

)

 

(57,160

)

 

(93,981

)

 

(106,780

)

Other comprehensive loss
Foreign currency translation adjustments

 

(6

)

 

 

 

(6

)

 

-

 

Total comprehensive loss

 

(28,350

)

 

(57,160

)

 

(93,987

)

 

(106,780

)

Net loss per common share, basic

$

(0.17

)

$

(2.37

)

$

(0.70

)

$

(5.98

)

Weighted-average common shares outstanding, basic

 

165,853,915

 

 

24,130,953

 

 

133,917,571

 

17,858,976

 

OUSTER, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)

For the Years Ended December 31,

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss

$

(93,981

)

$

(106,780

)

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

 

5,477

 

 

3,718

 

Stock-based compensation

 

25,363

 

 

12,057

 

Deferred income taxes

 

(2,477

)

 

-

 

Change in right-of-use asset

 

2,180

 

 

1,887

 

Interest expense on notes and convertible debt

 

36

 

 

1,030

 

Amortization of debt issuance costs and debt discount

 

250

 

 

258

 

Change in fair value of warrant liabilities

 

(2,947

)

 

48,440

 

Change in fair value of derivative liability

 

-

 

 

5,308

 

Gain on extinguishment of tranche right liability

 

-

 

 

(1,610

)

Provision for doubtful accounts

 

379

 

 

67

 

Inventory write down

 

808

 

 

797

 

Changes in operating assets and liabilities:
Accounts receivable

 

(8,007

)

 

(1,457

)

Inventory

 

(3,440

)

 

(3,146

)

Prepaid expenses and other assets

 

854

 

 

(1,442

)

Accounts payable

 

(2,442

)

 

144

 

Accrued and other liabilities

 

9,060

 

 

(417

)

Operating lease liability

 

(1,670

)

 

(971

)

Net cash used in operating activities

 

(70,557

)

 

(42,117

)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment

 

(4,283

)

 

(3,509

)

Acquisition, net of cash acquired

 

(10,946

)

 

-

 

Net cash used in investing activities

 

(15,229

)

 

(3,509

)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the merger and private offering

 

291,442

 

 

-

 

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

 

(45

)

 

-

 

Proceeds from exercise of stock options

 

526

 

 

1,337

 

Proceeds from exercise of warrants

 

1

 

 

-

 

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

 

-

 

 

41,526

 

Net cash provided by financing activities

 

257,800

 

 

39,863

 

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

 

172,014

 

 

(5,763

)

Cash, cash equivalents and restricted cash at beginning of period

 

12,642

 

 

18,405

 

Cash, cash equivalents and restricted cash at end of period

$

184,656

 

$

12,642

 

OUSTER, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)
(in thousands)
 
Three Months Ended December 31, Year Ended December 31,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

GAAP net loss

$

(28,344

)

$

(57,160

)

$

(93,981

)

$

(106,780

)

Interest expense (income), net

 

(166

)

 

321

 

 

33

 

 

2,493

 

Other expense (income), net

 

(3,390

)

 

42,351

 

 

(2,968

)

 

52,150

 

Stock-based compensation

 

6,805

 

 

4,166

 

 

25,363

 

 

12,057

 

Income taxes

 

(2,794

)

 

375

 

 

(2,794

)

 

375

 

Non-GAAP operating loss

 

(27,889

)

 

(9,947

)

 

(74,347

)

 

(39,705

)

Depreciation and amortization expense

 

2,049

 

 

1,013

 

 

5,477

 

 

3,718

 

Non-recurring acquisition expense

 

1,535

 

 

-

 

 

1,535

 

 

-

 

Adjusted EBITDA

$

(24,306

)

$

(8,934

)

$

(67,336

)

$

(35,987

)





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