Lidar maker Ouster dips as quarterly losses widen, but CEO sees savings in Velodyne merger

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Ouster is on track to realize the benefits of its merger with Velodyne, completed in February. But its pre-merger Q4 results fell short of expectations.

Ouster is on track to achieve about $50 million of the promised $75 million in annualized cost savings by the end of the first quarter, he said, based on the two companies' standalone costs as of the third quarter of 2022.

For the full year, Ouster reported $41 million in revenue with a 27% gross margin, in line with its previous guidance to investors. The company shipped over 8,600 lidar sensors in 2022 – but it reported a net loss of about $139 million, or 70 cents per share, for the full year.Pacala said that he would encourage Ouster's investors to look ahead.

Lidar, short for "light detection and ranging," is a sensor technology that uses invisible infrared lasers to create a detailed 3D image of the sensor's surroundings. Ouster's lidar units and software are tailored for several industry verticals, including automotive applications, industrial machinery, robotics and "smart infrastructure," in which sensors and data help to manage energy networks, public water-supply systems, and even traffic signals in urban settings.

 

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