Ouster (OUST) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $30 million, up 23% year-over-year, with gross margin at 44% and over 4,800 sensors shipped; full-year 2024 revenue reached $111 million, up 33%, with more than 17,300 sensors shipped.

• Ended 2024 with $175 million in cash and equivalents, no debt, and fully repaid revolving credit line, maintaining a strong balance sheet.

• Software-attached bookings grew over 60% year-over-year, with deployments at more than 700 sites and major contracts including a $2 million BlueCity deal in Chattanooga.

• Advanced digital LiDAR hardware, launched new firmware, developer tools, and next-gen custom silicon, including L4 and Chronos-powered sensors.

• Net loss narrowed to $24 million in Q4 2024 (from $39 million in Q4 2023) and to $97 million for the year (from $374 million in 2023); adjusted EBITDA loss improved to $10 million in Q4 and $42 million for the year.

Financial highlights

• Q4 2024 revenue: $30 million, up 23% year-over-year; gross margin: 44% (GAAP and non-GAAP); over 4,800 sensors shipped.

• Full-year 2024 revenue: $111 million, up 33% year-over-year; gross margin: 36% (GAAP), 41% (non-GAAP); over 17,300 sensors shipped.

• Q4 operating expenses: $39 million (down 9% year-over-year), with a $6 million increase in litigation costs.

• Bookings for 2024: $115 million; book-to-bill ratio over one.

• Ended 2024 with $175 million in cash, cash equivalents, and short-term investments; $24 million net proceeds from ATM in Q4; raised $57.8 million through at-the-market equity offering.

Outlook and guidance

• Q1 2025 revenue guidance: $30–$32 million.

• Maintaining long-term framework: 30%-50% annual revenue growth, 35%-40% gross margin, and operating expenses at or below Q3 2023 levels.

• 2025 strategic priorities: scale software-attached business, transform product portfolio, and execute towards profitability.