# EDGAR Filing Document

**Accession Number:** 0001816581
**File Stem:** 0001193125-25-264756
**Filing Date:** 2025-11
**Character Count:** 32969
**Document Hash:** a6e7e27c4146f3a412585da0fc4180e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-264756.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001193125-25-264756

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ouster, Inc.
- **CENTRAL INDEX KEY:** 0001816581
- **STANDARD INDUSTRIAL CLASSIFICATION:** GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39463
- **FILM NUMBER:** 251449463

**BUSINESS ADDRESS:**
- **STREET 1:** 350 TREAT AVENUE
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94110
- **BUSINESS PHONE:** (415) 987-6972

**MAIL ADDRESS:**
- **STREET 1:** 350 TREAT AVENUE
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Colonnade Acquisition Corp.
- **DATE OF NAME CHANGE:** 20200701

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): November 4, 2025

## Ouster, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39463** | **86-2528989** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

#### 350 Treat Avenue

#### San Francisco, California 94110

#### (Address of principal executive offices) (Zip Code)
(415) 949-0108

#### (Registrant's telephone number, including area code)

#### N/A

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| Common stock, $0.0001 par value per share | OUST | Nasdaq Global Select Market |
| Warrants to purchase common stock expiring 2026 | OUSTZ | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On November 4, 2025, Ouster, Inc. announced financial results for the three and nine months ended September 30, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 99.1\* | [Press Release, dated November 4, 2025.](d44003dex991.htm) |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

\* Furnished herewith.

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Ouster, Inc. | Ouster, Inc. |
| Date: November 4, 2025 | By: | /s/ Kenneth P. Gianella |
|  | Name: | Kenneth P. Gianella |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

**Ouster Announces Results for Third Quarter 2025** 

*Strong performance on record shipments of over 7,200 sensors* 

*Achieves eleventh straight quarter of revenue growth* 

SAN FRANCISCO, CA – [November 4, 2025 at 4:10 PM ET] – <u>Ouster, Inc.</u> (Nasdaq: OUST) ("Ouster" or the "Company"), a global leader in high-performance lidar sensors and intelligent software solutions that bring Physical AI to life across the automotive, industrial, robotics, and smart infrastructure sectors, announced today financial results for the three months ended September 30, 2025.

**Third Quarter 2025 Highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $39.5 million in revenue, up 41% year over year and 13% sequentially;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin of 42%, up 400bps year over year and down 300bps sequentially;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $22 million, an improvement of $4 million year over year and down $1 million
sequentially;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP gross
margin<sup>1</sup> of 47%, up 300bps year over year and down 400bps sequentially;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>1</sup> loss of $10 million, flat year over
year and a decline of $4 million sequentially;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents, restricted cash, and short-term investments of $247 million as of September 30,

*Revenue* 

Ouster delivered quarterly revenue of $39.5 million, an increase of 41% year over year and 13% sequentially. Demand was primarily driven by customers in the smart infrastructure, robotics, and industrial verticals, for use cases in yard logistics, retail analytics, warehouse automation, last mile delivery, and mapping. The Company shipped over 7,200 sensors for revenue, a new quarterly record.

*Gross Margin* 

GAAP gross margin was 42%, compared with 38% in the third quarter of 2024 and 45% in the second quarter of 2025. Continued positive improvements and efficiencies in operations lifted profitability year over year. Non-GAAP gross margin increased to 47%, compared with 45% in the third quarter of 2024 and 52% in the second quarter of 2025. Non-GAAP gross margin excludes the impact of stock-based compensation expenses and certain other items outside of ordinary operations.

**Fourth Quarter 2025 Outlook** 

For the fourth quarter of 2025, Ouster expects to achieve $39.5 million to $42.5 million in revenue.

<sup>1</sup> Adjusted EBITDA loss and non-GAAP gross margin are non-GAAP financial measures. See Non-GAAP Financial Measures for additional information and reconciliations of these measures to their respective most directly comparable financial measures calculated in accordance with U.S. GAAP.

------

**Upcoming Investor Events** 

Ouster management will participate in the following upcoming investor events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Northland Growth Conference – December 16, 2025 (Virtual)

**<u>Conference Call Information</u>**

Ouster will host a conference call and live webcast for analysts and investors at 5:00 p.m. ET today, November 4, 2025 to discuss its financial results and business outlook.

Interested parties may listen to a live webcast of the conference call. Registration for the webcast can be completed by visiting the following website: <u>https://edge.media-server.com/mmc/p/dbktre6z</u>. The webcast will be available for replay for at least 30 days after the conference call on Ouster's investor website at <u>https://investors.ouster.com/</u>.

**<u>About Ouster</u>**

Ouster (Nasdaq: OUST) is a global leader in high-performance lidar sensors and intelligent software solutions that bring Physical AI to life across the automotive, industrial, robotics, and smart infrastructure sectors. Ouster's technology delivers performance, reliability, and affordability to accelerate the adoption of autonomous systems at scale and drive meaningful improvements in safety, efficiency, and sustainability. Ouster is headquartered in San Francisco, CA, with offices in the Americas, Europe, and Asia-Pacific. For more information about our products, visit <u>www.ouster.com</u>, contact our <u>sales team</u>, or connect with us on <u>X</u> or <u>LinkedIn</u>.

**<u>Forward-Looking Statements</u>**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as "anticipate," "expect," "project," "intend," "believe," "may," "will," "should," "plan," "could," "continue," "target," "contemplate," "estimate," "forecast," "guidance," "predict," "possible," "potential," "pursue," "likely," and the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than statements of historical fact, including statements regarding our future financial results and financial condition, our strategy, our market positioning, development of and demand for our products, progress against our priorities, and future investor conference attendance, are forward-looking statements, all constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, risks related to Ouster's limited operating history and history of losses; the substantial research and development costs needed to develop and commercialize new products; Ouster's limited sales history and the ability to maintain confidence in the Company's long-term business prospect among customers in target markets; fluctuations in its operating results; its ability to maintain competitive average selling prices, high sales volumes and reduce product costs; competition in Ouster's industry; the negotiating power and product standards of its customers; the adoption of its products and the growth of the lidar market generally; product quality and liability risks; Ouster's future capital needs and ability to secure additional capital on favorable terms or at all; market acceptance of lidar and Ouster's forecasts for

------

market growth; Ouster's ability to manage growth, including growing the sales and marketing organization; risks related to international operations, including international manufacturing; cancellation or postponement of contracts or unsuccessful implementations; the Company's ability to manage its inventory; credit risk of customers; Ouster's ability to use tax attributes; Ouster's dependence on key third party suppliers, in particular Benchmark Electronics, Inc., Fabrinet, and other suppliers; supply chain constraints and challenges; conditions in the industries the Company targets or the global economy; Ouster's ability to recruit and retain key personnel; its ability to complete or achieve the anticipated benefits of new acquisitions or investments; changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on Ouster's business, financial condition and results of operations; risks related to the use of AI tools by us and others; Ouster's ability to adequately protect and enforce its intellectual property rights; legal and regulatory risks; risks related to operating as a public company; and other important factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and updated by the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, once filed, and as may be further updated from time to time in the Company's other filings with the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management's reasonable estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, other than as may be required by law, even if subsequent events cause its views to change.

In addition, see information below concerning non-GAAP financial measures.

**<u>Non-GAAP Financial Measures</u>**

In addition to its results determined in accordance with generally accepted accounting principles in the United States ("GAAP"), Ouster believes the non-GAAP measures of Non-GAAP Gross Profit, Non-GAAP Gross Margin and Adjusted EBITDA are useful in evaluating its operating performance. Ouster calculates Non-GAAP Gross Profit as gross profit (loss) excluding amortization of acquired intangibles, certain excess and obsolete expenses and losses on firm purchase commitments, and stock-based compensation expense. Non-GAAP Gross Margin is calculated as Non-GAAP Gross Profit divided by revenues. Adjusted EBITDA is calculated as net loss excluding interest expense (income), net, other (income) expense, net, stock-based compensation expense, provision for (benefit from) income taxes, certain excess and obsolete expenses and loss on firm purchase commitments, amortization of acquired intangibles, depreciation expense, certain litigation expenses, gain on lease termination and other items. Ouster believes that Non-GAAP Gross Profit, Non-GAAP Gross Margin, and Adjusted EBITDA may be helpful to investors because it provides consistency and comparability with past financial performance and may be helpful in comparison with other companies, some of which use similar non-GAAP information to supplement their GAAP results. Adjusted EBITDA is also used by the Board and management as a performance metric for compensation purposes. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures are included at the end of this press release.

------

**OUSTER, INC.** 

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

**(unaudited)** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  **Assets** |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $87126 | $45542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash, current | 805 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 157392 | 126480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 24781 | 17941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 16513 | 16417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 18631 | 12750 |
|  Total current assets | 305248 | 219852 |
|  Property and equipment, net | 12864 | 10164 |
|  Operating lease right-of-use assets | 11182 | 14308 |
|  Unbilled receivable, non-current portion | 6103 | 10133 |
|  Intangible assets, net | 14450 | 17830 |
|  Restricted cash, non-current | 1835 | 1835 |
|  Other non-current assets | 2090 | 2026 |
|  Total assets | $353772 | $276148 |
|  **Liabilities and stockholders' equity** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $16370 | $6288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued and other current liabilities | 40742 | 30591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities, current | 29189 | 34351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liability, current portion | 7488 | 7196 |
|  Total current liabilities | 93789 | 78426 |
|  Operating lease liability, non-current portion | 8411 | 13054 |
|  Contract liabilities, non-current portion | 3326 | 2538 |
|  Other non-current liabilities | 804 | 1219 |
|  Total liabilities | 106330 | 95237 |
|  Commitments and contingencies |  |  |
|  Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 48 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1225309 | 1094938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (977433) | (913071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive (loss) income | (482) | (1003) |
|  Total stockholders' equity | 247442 | 180911 |
|  Total liabilities and stockholders' equity | $353772 | $276148 |

---

------

**OUSTER, INC.** 

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS** 

**(unaudited)** 

**(in thousands, except share and per share data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months<br>Ended June 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
|  Revenue | $39525 | $28075 | $35049 | $107206 | $81009 |
|  Cost of product | 22866 | 17321 | 19207 | 61222 | 53732 |
|  Gross profit | 16659 | 10754 | 15842 | 45984 | 27277 |
|  Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 17777 | 15127 | 17147 | 49909 | 43365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 7441 | 7197 | 6978 | 20842 | 20807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 15692 | 15938 | 18539 | 50136 | 41684 |
|  Total operating expenses | 40910 | 38262 | 42664 | 120887 | 105856 |
|  Loss from operations | (24251) | (27508) | (26822) | (74903) | (78579) |
|  Other income (expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2414 | 2149 | 2620 | 6739 | 7051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | (342) |  |  | (1823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 176 | 74 | (26) | 453 | 260 |
|  Total other income, net | 2590 | 1881 | 2594 | 7192 | 5488 |
|  Loss before income taxes | (21661) | (25627) | (24228) | (67711) | (73091) |
|  Provision for (benefit from) income taxes | 72 | (37) | (3616) | (3349) | 217 |
|  Net loss | $(21733) | $(25590) | $(20612) | $(64362) | $(73308) |
|  Other comprehensive income (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in unrealized gain (loss) on available-for-sale securities | 109 | 298 | (70) | $85 | $(206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | (45) | 335 | 401 | 436 | (130) |
|  Total comprehensive loss | $(21669) | $(24957) | $(20281) | $(63841) | $(73644) |
|  Net loss per common share, basic and diluted | $(0.37) | $(0.54) | $(0.38) | $(1.17) | $(1.62) |
|  Weighted-average shares used to compute basic and diluted net loss per share | 57976375 | 47684363 | 54466143 | 54997009 | 45287763 |

---

------

**OUSTER, INC.** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(unaudited)** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(64362) | $(73308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5707 | 7843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on write-off and disposal of property and equipment and right-of-use asset impairment | 106 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on lease termination | (65) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 33553 | 31618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reduction of revenue related to stock warrant issued to customer | 2054 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right-of-use asset | 3868 | 3606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion or amortization on short-term investments | (2400) | (4239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of warrant liabilities | (8) | (191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Recovery) provision for inventory write-down | (551) | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision (recovery) of doubtful accounts | 120 | (894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain on available for sale securities | (4) | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (2930) | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 455 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | (5943) | 22499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 9216 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued and other liabilities | 6056 | (29466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | (4374) | 7625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liability | (5028) | (4637) |
|  Net cash used in operating activities | (24530) | (31133) |
|  **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of property and equipment |  | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | (3143) | (2307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of short-term investments | (118424) | (85585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of short-term investments | 90000 | 122082 |
|  Net cash (used in) provided by investing activities | (31567) | 34858 |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from ESPP purchase | 980 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options | 83 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received (remitted) to fund employees tax obligation for vested RSUs | 2440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings |  | (43975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of common stock under at-the-market offering, net of commissions and fees | 94057 | 33792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At-the-market offering costs for the issuance of common stock | (232) | (202) |
|  Net cash provided by (used in) financing activities | 97328 | (9434) |
|  Effect of exchange rates on cash and cash equivalents | 436 | (206) |
|  Net increase (decrease) in cash, cash equivalents and restricted cash | 41667 | (5915) |
|  Cash, cash equivalents and restricted cash at beginning of period | 48099 | 52634 |
|  Cash, cash equivalents and restricted cash at end of period | $89766 | $46719 |

---

------

**OUSTER, INC.** 

**RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** 

**(unaudited)** 

**(in thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Three Months<br>Ended June 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
|  **GAAP net loss** | $(21733) | $(25590) | $(20612) | $(64362) | $(73308) |
|  Interest income, net | (2414) | (1807) | (2620) | (6739) | (5228) |
|  Other (income) expense, net | (176) | (74) | 26 | (453) | (260) |
|  Stock-based compensation expense<sup>(1)</sup> | 11829 | 11519 | 13226 | 33553 | 31618 |
|  Provision for (benefit from) income taxes | 72 | (37) | (3616) | (3349) | 217 |
|  Excess and obsolete expenses and loss on firm purchase commitments |  |  |  |  | 572 |
|  Amortization of acquired intangibles<sup>(2)</sup> | 1134 | 1759 | 1127 | 3380 | 5174 |
|  Depreciation expense<sup>(2)</sup> | 919 | 687 | 732 | 2326 | 2579 |
|  Litigation expenses<sup>(3)</sup> | 652 | 4221 | 6234 | 12680 | 7153 |
|  Gain on lease termination |  |  |  | (65) |  |
|  Other items |  | (513) |  |  | (627) |
|  **Adjusted EBITDA** | $(9716) | $(9835) | $(5503) | $(23029) | $(32110) |
|  <sup>(1)</sup> Includes stock-based compensation expense as follows: | <sup>(1)</sup> Includes stock-based compensation expense as follows: | <sup>(1)</sup> Includes stock-based compensation expense as follows: | <sup>(1)</sup> Includes stock-based compensation expense as follows: | <sup>(1)</sup> Includes stock-based compensation expense as follows: | <sup>(1)</sup> Includes stock-based compensation expense as follows: |
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Three Months<br>Ended June 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
|  Cost of revenue | 1618 | 1345 | 1799 | $4553 | $3468 |
|  Research and development | 5583 | 5241 | 6303 | 16191 | 14079 |
|  Sales and marketing | 1285 | 1308 | 1733 | 4124 | 4200 |
|  General and administrative | 3343 | 3625 | 3391 | 8685 | 9871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stock-based compensation | $11829 | $11519 | $13226 | $33553 | $31618 |
|  <sup>(2)</sup> Includes depreciation and amortization expense as follows: | <sup>(2)</sup> Includes depreciation and amortization expense as follows: | <sup>(2)</sup> Includes depreciation and amortization expense as follows: | <sup>(2)</sup> Includes depreciation and amortization expense as follows: | <sup>(2)</sup> Includes depreciation and amortization expense as follows: | <sup>(2)</sup> Includes depreciation and amortization expense as follows: |
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Three Months<br>Ended June 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
|  Cost of revenue | $1086 | $971 | $942 | $2952 | $3070 |
|  Research and development | 718 | 634 | 678 | 2038 | 2016 |
|  Sales and marketing | 177 | 250 | 174 | 523 | 747 |
|  General and administrative | 72 | 591 | 65 | 194 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total depreciation and amortization expense | $2053 | $2446 | $1859 | $5707 | $7753 |
|  <sup>(3)</sup> Represents litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs. | <sup>(3)</sup> Represents litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs. | <sup>(3)</sup> Represents litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs. | <sup>(3)</sup> Represents litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs. | <sup>(3)</sup> Represents litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs. | <sup>(3)</sup> Represents litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs. |
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Three Months<br>Ended June 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
|  **Gross profit on GAAP basis** | $16659 | $10754 | $15842 | $45984 | $27277 |
|  Stock-based compensation | 1618 | 1345 | 1799 | 4553 | 3468 |
|  Amortization of acquired intangible assets | 467 | 467 | 461 | 1385 | 1302 |
|  Excess and obsolete expenses and loss on firm purchase commitments |  |  |  |  | 572 |
|  **Gross profit on non-GAAP basis** | $18744 | $12566 | $18102 | $51922 | $32619 |
|  **Gross margin on GAAP basis** | 42% | 38% | 45% | 43% | 34% |
|  **Gross margin on non-GAAP basis** | 47% | 45% | 52% | 48% | 40% |

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