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Ouster (OUST) Q4 2022 Results

The New York Stock Exchange welcomes Ouster Inc. (NYSE: OUST) to its initial listing today, Friday, March 12, 2021. To mark the occasion, Ouster’s CEO, Angus Pacala, will ring The Opening Bell® with Chris Taylor, NYSE Listings and Services Vice President.

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rider manufacturer banishment said on Thursday it is on track to deliver more than $75 million in annual cost savings by the end of 2023. Merger with rival Velodyne in February.

CEO Angus Pacala told CNBC in an interview after the company’s fourth quarter. report Ouster has already begun integrating Velodyne’s people and technology into its existing operations and is eliminating approximately 200 employees from the combined business.

Ouster achieves approximately $50 million of the $75 million promised in annual cost savings by the end of the first quarter, based on independent costs for the two companies as of the third quarter of 2022 It’s a schedule.

For the fourth quarter, which reflects Ouster’s performance prior to the completion of its merger with Velodyne, the company reported a loss of 23 cents per share on earnings of $11 million. That compares with a loss of 17 cents per share on earnings of $11.9 million in the same period last year.

Ouster reported revenue of $41 million for the full year and a gross margin of 27%, in line with previous investor guidance. The company reports a net loss of about $139 million, or 70 cents per share, for the full year, despite shipping more than 8,600 lidar sensors in 2022.

Shares fell about 9% in aftermarket trading on Thursday.

Pacala said he encourages Ouster investors to look to the future.

“We also posted a $70 million business in 2022,” he said. “And I think this number alone is a very strong indicator of how this business is doing. We have a large backlog this year.”

Short for “light detection and ranging,” lidar is a sensor technology that uses invisible infrared lasers to create a detailed 3D image of the sensor’s surroundings. Ouster’s lidar units and software are tailored for several industries such as automotive applications, industrial machinery, robotics and “smart infrastructure”, while sensors and data are used in energy networks, public water systems and even Helps manage traffic lights in urban environments. .

Ouster shipped over 2,900 lidar sensors in the fourth quarter, a 23% year-over-year increase. But gross margin, which shows progress toward profitability, fell from 30% in the same period last year to 17% in the fourth quarter. Pacala said some volume discounts to existing customers, as well as spending to ramp up production of his Ouster’s new REV7 sensor platform, which launched in October, hurt gross margins in the period. said.

Pacala said early customer feedback for the REV7 has been “incredibly positive,” and although spending to launch the new platform negatively impacted the company’s Q4 results, 2023 is expected to be a good year. He said he expects dividends to pay out as it unfolds.

At year’s end, Ouster and Velodyne had combined cash balances of approximately $315 million. The combined company expects to generate $15 million to $17 million in revenue in the first quarter, excluding revenue generated by Velodyne before the merger closed on February 10.

Ouster has not yet announced when it will announce its first quarter results. Ouster (OUST) Q4 2022 Results

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