Ouster Bolsters Market Position, Reports Second-Highest Revenue Quarter

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 other non-recurring 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 “Customer” is defined as having purchased a sensor within the past twelve months ended March 31, 2022.

OUSTER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share and per share data)
 

March 31,

 

December 31

2022

 

2021

Assets
Current assets:
Cash and cash equivalents

$

160,783

 

$

182,644

 

Restricted cash, current

 

977

 

 

977

 

Accounts receivable, net

 

9,881

 

 

10,723

 

Inventory

 

11,619

 

 

7,448

 

Prepaid expenses and other current assets

 

3,006

 

 

5,566

 

Total current assets

 

186,266

 

 

207,358

 

Property and equipment, net

 

8,968

 

 

10,054

 

Operating lease, right-of-use assets

 

14,582

 

 

15,156

 

Goodwill

 

51,076

 

 

51,076

 

Intangible assets, net

 

21,530

 

 

22,652

 

Restricted cash, non-current

 

1,035

 

 

1,035

 

Other non-current assets

 

452

 

 

371

 

Total assets

$

283,909

 

$

307,702

 

Liabilities, redeemable convertible preferred stock and stockholders' equity
Current liabilities:
Accounts payable

$

9,469

 

$

4,863

 

Accrued and other current liabilities

 

11,789

 

 

14,173

 

Operating lease liability, current portion

 

2,888

 

 

3,067

 

Total current liabilities

 

24,146

 

 

22,103

 

Operating lease liability, long-term portion

 

15,685

 

 

16,208

 

Warrant liabilities

 

5,881

 

 

7,626

 

Other non-current liabilities

 

1,018

 

 

1,065

 

Total liabilities

 

46,730

 

 

47,002

 

Commitments and contingencies
Redeemable convertible preferred stock, $0.0001 par value per share; 100,000,000 shares authorized at March 31, 2022 and December 31, 2021; Nil shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively (aggregate liquidation preference of Nil at March 31, 2022 and December 31, 2021, respectively)

 

 

 

 

Stockholders’ equity (deficit):
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2022 and December 31, 2021; 173,602,503 and 172,200,417 issued and outstanding at March 31, 2022 and December 31, 2021, respectively

 

17

 

 

17

 

Additional paid-in capital

 

572,933

 

 

564,045

 

Accumulated deficit

 

(335,753

)

 

(303,356

)

Accumulated other comprehensive loss

 

(18

)

 

(6

)

Total stockholders’ equity

 

237,179

 

 

260,700

 

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

$

283,909

 

$

307,702

 

OUSTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except share and per share data)

 

Three Months Ended March 31,

2022

 

2021

 
Product revenue

$

8,558

 

$

6,611

 

Cost of product revenue

 

5,967

 

 

4,868

 

Gross profit

 

2,591

 

 

1,743

 

Operating expenses:
Research and development

 

15,906

 

 

4,712

 

Sales and marketing

 

7,090

 

 

3,426

 

General and administrative

 

13,783

 

 

9,907

 

Total operating expenses

 

36,779

 

 

18,045

 

Loss from operations

 

(34,188

)

 

(16,302

)

Other income (expense):
Interest income

 

154

 

 

1

 

Interest expense

 

 

 

(504

)

Other income (expense), net

 

1,684

 

 

(4,152

)

Total other income (expense), net

 

1,838

 

 

(4,655

)

Loss before income taxes

 

(32,350

)

 

(20,957

)

Provision for income taxe expense

 

47

 

 

 

Net loss

 

(32,397

)

 

(20,957

)

Other comprehensive loss
Foreign currency translation adjustments

 

(12

)

 

 

Total comprehensive loss

 

(32,409

)

 

(20,957

)

Net loss per common share, basic and diluted

$

(0.19

)

$

(0.38

)

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

 

170,906,196

 

 

55,688,281

 

OUSTER, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)

Three Months Ended March 31,

2022

 

2021

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss

$

(32,397

)

$

(20,957

)

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

 

2,385

 

 

1,095

 

Stock-based compensation

 

8,750

 

 

5,256

 

Change in right-of-use asset

 

644

 

 

520

 

Interest expense on notes and convertible debt

 

-

 

 

36

 

Amortization of debt issuance costs and debt discount

 

-

 

 

250

 

Change in fair value of warrant liabilities

 

(1,745

)

 

4,152

 

Inventory write down

 

203

 

 

-

 

Gain from disposal of property and equipment

 

(100

)

 

-

 

Changes in operating assets and liabilities:
Accounts receivable

 

842

 

 

(140

)

Inventory

 

(4,373

)

 

(476

)

Prepaid expenses and other assets

 

2,480

 

 

(1,202

)

Accounts payable

 

4,807

 

 

(1

)

Accrued and other liabilities

 

(2,551

)

 

(254

)

Operating lease liability

 

(772

)

 

(678

)

Net cash used in operating activities

 

(21,827

)

 

(12,399

)

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property & equipment

 

275

 

 

-

 

Purchases of property and equipment

 

(416

)

 

(597

)

Net cash used in investing activities

 

(141

)

 

(597

)

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 to related parties

 

-

 

 

(5,000

)

Repurchase of common stock

 

(31

)

 

(43

)

Proceeds from exercise of stock options

 

209

 

 

504

 

Taxes paid related to net share settlement of restricted stock awards

 

(59

)

 

-

 

Net cash provided by financing activities

 

119

 

 

258,799

 

Effect of exchange rates on cash and cash equivalents

 

(12

)

 

-

 

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

 

(21,862

)

 

245,803

 

Cash, cash equivalents and restricted cash at beginning of year

 

184,657

 

 

12,642

 

Cash, cash equivalents and restricted cash at end of year

$

162,795

 

$

258,445

 

SUPPLEMENTAL DISCLOSURES OF OPERATING ACTIVITIES:
Cash paid for interest

$

-

 

$

635

 

SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Property and equipment purchases included in accounts payable and accrued liabilities

$

377

 

$

100

 

Private placement warrants acquired as part of the merger

$

-

 

$

19,377

 

Issuance of redeemable convertible preferred stock upon exercise of warrants

$

-

 

$

58,097

 

Conversion of redeemable convertible preferred stock to common stock

$

-

 

$

97,322

 

Deferred transaction costs not yet paid

$

-

 

$

504

 

OUSTER, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)
(in thousands)
 

Three Months Ended March 31,

2022

 

2021

GAAP net loss

$

(32,397

)

$

(20,957

)

Interest expense (income), net

 

(154

)

 

503

 

Other expense (income), net

 

(1,684

)

 

4,152

 

Stock-based compensation (1)

 

8,750

 

 

5,256

 

Income taxes

 

47

 

 

-

 

Non-GAAP operating loss

 

(25,438

)

 

(11,046

)

Depreciation and amortization expense (2)

 

2,385

 

 

1,095

 

Adjusted EBITDA

$

(23,053

)

$

(9,951

)

 
(1) Includes stock-based compensation expense as follows:

Three Months Ended March 31,

2022

 

2021

Cost of revenue

$

383

 

$

118

 

Research and development

 

3,595

 

 

921

 

Sales and marketing

 

1,524

 

 

265

 

General and administrative

 

3,248

 

 

3,952

 

Total stock-based compensation

$

8,750

 

$

5,256

 

 
(2) Includes depreciation and amortization expense as follows:

Three Months Ended March 31,

2022

 

2021

Cost of revenue

$

577

 

$

350

 

Research and development

 

577

 

 

192

 

Sales and marketing

 

75

 

 

 

General and administrative

 

1,156

 

 

553

 

Total depreciation and amortization expense

$

2,385

 

$

1,095

 





© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise