Ouster, Inc., a leader in sensing and perception for Physical AI, announced today financial results for the three months and year ended December 31, 2025.

“2025 was a year of exceptional execution for Ouster. Our strong revenue growth and gross margin performance are a testament to our disciplined focus as we pioneer the technologies driving the secular shift towards Physical AI, delivering record results,” said Ouster CEO Angus Pacala. “As we look forward, the strength of our digital lidar business, combined with the acquisition of Stereolabs, positions Ouster as the foundational sensing and perception platform for Physical AI. We are uniquely equipped to accelerate customer development of solutions that sense, think, act, and learn in the physical world.”

Fourth Quarter 2025 Highlights:

• $62 million in revenue, up 107% year over year and 57% sequentially; includes royalties of approximately $21 million, primarily one-time and related to long-term IP license contracts
• Product revenue was $41 million, up 36% year over year and 4% sequentially
• Shipped more than 8,100 lidar sensors for revenue
• GAAP gross margin of 60%, up 1600bps year over year and up 1800bps sequentially
• GAAP net income of $4 million, an improvement of $28 million year over year and up $26 million sequentially
• Non-GAAP gross margin1 of 62%, up 1,800bps year over year and up 1,500bps sequentially; the favorable impact of royalties was approximately 1,900bps
• Adjusted EBITDA1 of $11 million, up $20 million both year over year and sequentially
• Cash, cash equivalents, restricted cash, and short-term investments of $211 million as of December 31, 2025

Full Year 2025 Highlights:

• $169 million of revenue, up 52% compared with 2024; includes royalties for approximately $23 million, primarily one-time and related to long-term IP license contracts
• Product revenue was $147 million, up 32% year over year
• Shipped more than 25,000 lidar sensors for revenue
• GAAP gross margin of 49%, up 1300bps compared with 2024
• GAAP net loss of $60 million, an improvement of $37 million year over year
• Non-GAAP gross margin1 of 54%, up 1,200bps compared with 2024; the favorable impact of royalties was approximately 700bps
• Adjusted EBITDA1 loss of $12 million, an improvement of $29 million compared with 2024
• Bookings of $177 million, representing a product book-to-bill of 1.2x

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1Adjusted EBITDA and non-GAAP gross margin are non-GAAP financial measures. See Non-GAAP Financial Measures for additional information and reconciliations of these measures to their respective most directly comparable financial measures calculated in accordance with U.S. GAAP.

Revenue
Ouster delivered fourth quarter revenue of $62 million, an increase of 107% year over year and 57% sequentially. The results include royalties of approximately $21 million that were primarily one-time and related to long-term IP license contracts. Product revenue was $41 million, up 36% year over year and 4% sequentially primarily driven by customers in the industrial and robotics verticals, for use cases in warehouse automation, robotaxi, and mapping. The Company shipped over 8,100 sensors for revenue, a new quarterly record.

Gross Margin
GAAP gross margin was 60%, compared with 44% in the fourth quarter of 2024 and 42% in the third quarter of 2025. Volume growth and operating efficiencies, along with royalties, lifted profitability year over year. Non-GAAP gross margin was 62%, compared with 44% in the fourth quarter of 2024 and 47% in the third quarter of 2025. Revenue from royalties accounted for approximately 19 points of gross margin in the fourth quarter of 2025. Non-GAAP gross margin excludes the impact of stock-based compensation expenses, and certain other items outside of ordinary operations.

First Quarter 2026 Outlook:
For the first quarter of 2026, Ouster expects to achieve $45 to $48 million in total revenue. This includes approximately 7 weeks of Stereolabs operations.

Ouster remains laser focused on maintaining its path to profitability and expects the Stereolabs acquisition to be accretive to that path. Taking into consideration Stereolabs’ 2025 results, Ouster remains confident in its long-term financial framework of annual revenue growth of 30% to 50%, GAAP gross margins of 35% to 40% and well controlled GAAP operating expense growth, which is estimated at 5-8% from its 2025 levels. This framework excludes the revenue and gross margin impact of royalties of approximately $23 million in 2025, which were primarily one time.

Upcoming Investor Events
Ouster management will participate in the following upcoming investor events:

• Cantor Global Technology & Industrial Growth Conference – March 10
• 38th Annual ROTH Conference – March 24

TrendForce 2026 Infrared Sensing Application Market and Branding Strategies
Release: 01 January 2026
Format: PDF / EXCEL
Language: Traditional Chinese / English
Page: 168