Ouster Inc. saw its shares trading lower after announcing its second-quarter financial results, which revealed quarterly losses of 53 cents per share. This exceeded analyst predictions by 13.11%. Despite the positive earnings surprise, quarterly sales fell slightly short of expectations at $26.99 million compared to the estimated $27.03 million.
The company reported shipping over 4,000 sensors for revenue and a non-GAAP gross margin of 40% in the second quarter, a significant improvement from the previous quarters. Ouster credited its revenue growth to substantial orders from customers in smart infrastructure and robotics sectors, particularly for applications such as perimeter security, tolling, and mapping. CEO Angus Pacala highlighted the company's strategic shift towards software solutions, leading to one of their best quarters for software-attached sales driven by products like Ouster Gemini and Blue City.
Looking ahead, Ouster provided an outlook for the third quarter, estimating revenue between $27 million and $29 million, falling short of the consensus estimate of $30.39 million. Despite this, the company remains focused on achieving profitability and delivering on its long-term financial framework. As a result of the earnings report, Ouster shares experienced a notable decline of 19.12% in after-hours trading, settling at $8.80 at the time of publication.