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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
Ouster reported revenue of $169M in the fiscal year ended Dec 2025, up 52.5% from the year before. Operating income was −$74M, an operating margin of −43.7%, and net income was −$60M. Operating cash flow of −$40M less capital expenditure of $25M left free cash flow of −$65M.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 33.6 | 41.0 | 83.3 | 111 | 169 |
| Cost of revenue | 24.5 | 30.1 | 75.0 | 70.6 | 85.9 |
| Gross profit | 9.1 | 10.9 | 8.3 | 40.5 | 83.4 |
| Research & development | 34.6 | 64.3 | 91.2 | 58.1 | 65.2 |
| Selling, general & admin | 74.2 | 92.0 | 124 | 86.6 | 92.3 |
| Operating income | −99.7 | −145 | −373 | −104 | −74.0 |
| Interest expense | 0.5 | 2.7 | 9.3 | 1.8 | 0.0 |
| Pre-tax income | −96.8 | −138 | −374 | −96.5 | −63.3 |
| Income tax | −2.8 | 0.3 | 0.5 | 0.5 | −2.9 |
| Net income | −94.0 | −139 | −374 | −97.0 | −60.4 |
| Diluted EPS | −0.70 | −7.79 | −10.10 | −2.08 | −1.07 |
| Diluted shares | 134 | 17.8 | 37.0 | 46.6 | 56.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 183 | 123 | 51.0 | 45.5 | 67.4 |
| Receivables | 10.7 | 11.2 | 14.6 | 17.9 | 27.8 |
| Inventory | 7.4 | 19.5 | 23.2 | 16.4 | 23.6 |
| Current assets | 207 | 162 | 263 | 220 | 279 |
| Net PP&E | 10.1 | 9.7 | 10.2 | 10.2 | 31.9 |
| Goodwill | 51.1 | 51.2 | 0.0 | – | 0.0 |
| Total assets | 308 | 256 | 331 | 276 | 350 |
| Payables | 4.9 | 8.8 | 3.5 | 6.3 | 20.0 |
| Deferred revenue | 0.2 | 0.4 | 12.9 | 34.4 | 20.7 |
| Current liabilities | 22.1 | 29.5 | 81.7 | 78.4 | 71.0 |
| Long-term debt | 0.0 | 39.6 | 44.0 | 0.0 | – |
| Total liabilities | 47.0 | 84.5 | 151 | 95.2 | 87.8 |
| Shareholders' equity | 261 | 172 | 180 | 181 | 262 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −71.1 | −111 | −138 | −33.7 | −40.0 |
| Capital expenditure | 4.3 | 5.4 | 3.0 | 3.8 | 24.9 |
| Free cash flow | −75.3 | −116 | −141 | −37.5 | −64.8 |
| Depreciation & amortisation | 5.5 | 9.5 | 17.1 | 9.8 | 7.8 |
| Stock-based compensation | 25.4 | 33.3 | 57.7 | 40.5 | 40.8 |
| Acquisitions | 10.9 | 0.0 | – | – | – |
| Share buybacks | 0.0 | 0.0 | 0.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.2% | 103.0% | 33.4% | 52.5% |
| Gross margin | 27.1% | 26.6% | 10.0% | 36.4% | 49.3% |
| Operating margin | −297.0% | −354.4% | −448.1% | −93.8% | −43.7% |
| Net margin | −279.9% | −337.7% | −449.2% | −87.3% | −35.6% |
| Return on equityBlank when equity is negative | −36.0% | −80.7% | −208.2% | −53.6% | −23.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −34.9% | −64.2% | −149.8% | −52.7% | −26.6% |
| Free cash flow margin | −224.4% | −283.0% | −169.2% | −33.7% | −38.3% |
| Cash conversion (CFO ÷ net income) | 0.76x | 0.80x | 0.37x | 0.35x | 0.66x |
| Receivable days | 117 | 100 | 64 | 59 | 60 |
| Inventory days | 111 | 237 | 113 | 85 | 100 |
| Payable days | 72 | 107 | 17 | 32 | 85 |
| Interest cover | −198x | −54.0x | −40.1x | −57.1x | – |
| Debt ÷ equity | 0.00x | 0.23x | 0.24x | 0.00x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −183 | −83.4 | −7.0 | −45.5 | – |
| Current ratio | 9.38x | 5.51x | 3.22x | 2.80x | 3.93x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.