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Ouster Inc. (OUST-8.63%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in revenue to $111.1 million from $83.3 million in the previous year. This growth was driven by increased sales of the REV7 sensors.
Cost of revenue decreased to $70.6 million from $75.0 million, resulting in a gross margin improvement to 36% from 10% in the prior year.
Research and development expenses decreased to $58.1 million from $91.2 million, and sales and marketing expenses decreased to $27.9 million from $41.6 million, reflecting cost reduction initiatives post-merger with Velodyne.
General and administrative expenses also decreased to $58.7 million from $82.0 million, contributing to an overall reduction in operating expenses.
The company reported a net loss of $97.0 million, an improvement from the $374.1 million net loss in the previous year, which included goodwill impairment charges.
Interest income was $8.8 million, slightly down from $9.0 million, while interest expense decreased significantly to $1.8 million from $9.3 million due to debt repayment and refinancing.
Ouster's cash, cash equivalents, and short-term investments totaled approximately $174.6 million as of December 31, 2024. The company anticipates these funds will be sufficient to meet its obligations for at least the next twelve months.
The filing also details the company's strategic focus on growing its software-attached business, transforming its product portfolio, and executing towards profitability.
Ouster highlights its continued investment in research and development to maintain its competitive position in the lidar market.
The company acknowledges its dependence on a few large customers for a significant portion of its sales and the potential impact of macroeconomic conditions on its business.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ouster Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.