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Ouster, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenue of $28.1 million for the quarter, an increase from $22.2 million in the same quarter the previous year. This growth is attributed to increased sales of the REV7 sensors.
Cost of revenue decreased to $17.3 million from $19.1 million, resulting in a gross profit of $10.8 million, up from $3.1 million in the previous year.
Research and development expenses were $15.1 million, down from $16.7 million, and sales and marketing expenses decreased to $7.2 million from $7.9 million.
General and administrative expenses increased to $15.9 million from $14.3 million, primarily due to higher legal expenses.
The company reported a net loss of $25.6 million for the quarter, compared to a net loss of $35.1 million in the previous year.
Cash and cash equivalents, restricted cash, and short-term investments totaled $153.8 million as of September 30, 2024.
Ouster repaid $44.0 million in debt under the UBS (UBS+2.85%) Agreement in August 2024, using cash on hand.
The filing discusses the impact of the Velodyne (OUST-0.47%) Merger, completed in February 2023, on the company's financials and operations.
The company continues to focus on expanding its market presence and developing new lidar technologies and software solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ouster Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.