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2024-03-27 04:51
Ouster (NYSE:OUST) shares are trading more than 4% higher after the close after the company reported record revenue for Q4, a higher gross profit margin attributed to lower manufacturing costs, and 2024 revenue guidance that was above Wall Street’s expectations.
“Ouster had a transformative year,” the company’s CEO Angus Pacala said, adding this was accomplished while “delivering record financial performance, significantly reducing our cash burn, and exceeding our initial post-merger annualized cost savings target by over 40%.”
Ouster (OUST) makes digital lidar sensors used in self-driving vehicles, robotics, and for the smart infrastructure industry. Some of the robots at the recent Nvidia (NVDA) event had eyes that used Ouster’s lidar technology.
Although the company’s loss per share and total revenue were below the Street’s expectations, Ouster’s gross profit nearly tripled from the same quarter last year. And while operating expenses continue to exceed revenue by almost 2:1, expenses were down 2.5% from a year ago resulting in a narrower loss year-over-year. On a per share basis, the company reported a loss of $0.95 per share in Q4 versus a loss of $2.54 per share in the same quarter last year.
Adjusted EBITDA improved to a loss of $14.1M from a loss of $18.4M. The company’s adjusted gross profit margin for Q4 improved to 35% versus 33% for the same quarter last year and from 19% in the previous quarter.
“Margin expansion was driven by higher revenues and lower manufacturing costs attributable to operational improvements,” the company said in Tuesday’s earnings report.