Ouster, Inc.

Lidar developer with solid liquidity and gross margins but persistent losses and uncertain market adoption.

Strengths

• $211M cash, ~13 quarters runway (73rd pct) and current ratio ~3.9 (70th pct)
• Gross margin ~49% (59th pct) and broad lidar/perception IP portfolio

Risks

• Negative returns (ROE -23%, ROA -17%) and negative FCF (~-38% margin)
• Lidar end-market adoption timing remains unproven; revenue commercialization uncertain
• Ongoing ATM dilution and reliance on additional capital

Notable findings

• Net lossNet loss (net margin -35.6%)
• Cash burnNegative free cash flow (-64.8M)
• Chronic dilutionShare count +58%/yr over 4y (dilution, book value/share -84%)
• Strong balance sheetStrong balance sheet — $211M cash & investments, ~13 quarters of runway
• Revenue declineRevenue -21.9% YoY
• Pending mergerOn November 4, 2022, we entered into an Agreement and Plan of Merger (the “Velodyne Merger Agreement”) with Velodyne Lidar, Inc