Ouster Inc. (OUST) experienced a decline in its stock price after the company released its financial results for the second quarter on Tuesday. Despite beating analyst expectations for earnings per share, Ouster missed revenue estimates, causing investors to react negatively.
The company reported a loss of 53 cents per share for the quarter, surpassing the consensus estimate of 61 cents by 13.11%. However, quarterly sales came in at $26.99 million, slightly below the analyst consensus estimate of $27.03 million.
Despite the revenue miss, Ouster shipped over 4,000 sensors during the quarter, contributing to revenue growth. The company also reported a non-GAAP gross margin of 40%, a significant improvement from 26% in the second quarter of 2023 and 36% in the first quarter of 2024. This growth was driven by substantial orders from customers in the smart infrastructure and robotics sectors, particularly for applications like perimeter security, tolling, and mapping.
Ouster’s CEO, Angus Pacala, expressed optimism about the company’s performance, highlighting the increasing adoption of its software solutions. He emphasized the company’s strong balance sheet and diversified business model, signifying confidence in Ouster’s future trajectory.
Looking ahead, Ouster anticipates third-quarter revenue to fall within the range of $27 million to $29 million, slightly below the analyst consensus estimate of $30.39 million. Despite this, the company maintains its commitment to its long-term financial goals, including achieving profitability.
As of the time of publication, Ouster shares were down 19.12% after-hours, trading at $8.80.
