The shares of Ouster, Inc. (NYSE: OUST) are currently undergoing a notable upsurge of 36.65% in the current trading session, reaching a value of $6.81. The recent release of the company's financial reports is directly linked for this increase in its stock price.
Ouster (OUST) has released the financial results for the quarter ended December 31, 2023. Ouster reported revenues for the quarter that were over $24 million, a record for the quarter and a 10% sequential rise.
Ouster successfully deployed more than 4,100 sensors, setting a quarterly record and generating revenue growth of more than 20% in a row. Furthermore, the Adjusted EBITDA was $14 million negative, which is a gain over the $18 million loss in the third quarter of 2023 that before it.
With record-breaking $83 million in sales and $142 million in bookings in 2023, Ouster had a pivotal year. This progress was underscored by the completion of a merger with Velodyne, fortifying the balance sheet, enriching the patent portfolio, and optimizing the cost structure.
OUST attained significant milestones across its operational domains, notably in the expansion of production and shipment capacities for REV7. Furthermore, the introduction of Ouster Gemini and Blue City unveiled new revenue avenues, while the demonstration of the first DF sensors to customers represented a significant stride forward in product development.
These accomplishments were made alongside record financial performance, substantial reduction in cash burn, and surpassing the initial post-merger annualized cost savings target by over 40%. Sustaining this momentum into 2024 is pivotal for Ouster to execute its path towards profitability.
The company is also focused on enlarging its software solutions portfolio and expanding its installed base. Leveraging its smart infrastructure solutions, driven by Ouster Gemini and Blue City, the company empowers its clientele to enhance operational efficiency and safety measures.
With a sizable LIDAR market in smart infrastructure estimated in the multibillion-dollar range, the integration of software-driven sales is envisaged to be a significant driver of future growth.