Ouster Revenue Jumps 56% as Gross Margin Rebounds
Ouster posted second-quarter revenue of $55 million, up 56% from a year earlier, as gross margin recovered from a first-quarter dip.
Ouster (OUST) reported second-quarter revenue of $55 million, up 56% from a year earlier and up 12% from the first quarter, extending the lidar and camera sensor maker's streak of product revenue growth to 14 consecutive quarters.
The sequential trajectory marked a reversal from the first quarter, when revenue fell 22% following a fourth-quarter period inflated by one-time royalty payments. Revenue growth turned positive again in the second quarter, aided by the full-quarter consolidation of Stereolabs, the camera-sensor maker Ouster acquired on February 4, 2026. The first quarter captured only about seven weeks of Stereolabs' contribution, making the second quarter the first with a complete comparison.
GAAP gross margin expanded to 49% in the second quarter, up 600 basis points from 43% in the first quarter and up 400 basis points from 45% a year earlier. Non-GAAP gross margin rose to 53%, up 700 basis points sequentially. The recovery followed a sharp swing: fourth-quarter 2025 gross margin had reached 60%, lifted roughly 1,900 basis points by the one-time royalties, before falling 1,700 basis points in the first quarter as that boost faded.
Sensor shipment volume nearly tripled over three quarters, climbing from 7,200 units in the third quarter of 2025 to a then-record 8,100 in the fourth quarter, then to 12,600 in the first quarter of 2026 and more than 17,000 in the second quarter. Within that mix, lidar's share of total shipments declined to about 53% in the second quarter from roughly 65% in the first, as camera and Stereolabs units grew at a faster pace.
Ouster narrowed its GAAP net loss to $18 million in the second quarter, an improvement of $2 million from a year earlier and $1 million from the first quarter's $17 million loss. Adjusted EBITDA loss shrank to $4 million from $7 million in the first quarter and improved $1 million from a year earlier. Research and development spending rose to $19.3 million from $16.1 million in the first quarter, a 20% sequential increase attributed in part to Stereolabs integration costs.
Ouster pointed to two product launches as drivers of demand: the Rev8 OS lidar, which introduced native color and functional-safety features when it launched in the first quarter, and the ZED X Nano camera, launched in April 2026 and described as Stereolabs' most successful product launch to date. The Rev8 OS launch was a pivotal moment for customer demand, a characterization not present in prior-quarter releases.
For the third quarter, Ouster guided to revenue of $54.5 million to $57.5 million, continuing sequential growth off the second quarter's $55 million base. The company has exceeded the high end of its guidance in each of the past two quarters, beating a $49.5 million to $52.5 million second-quarter guide and a $45 million to $48 million first-quarter guide.
Cash, restricted cash and short-term investments rose to $263 million at the end of the second quarter from $175 million in the first quarter, reflecting $98 million raised through at-the-market equity issuance in the first half of the year. The balance sheet also reflected the Stereolabs deal, with goodwill of $38.5 million and intangible assets climbing to $32.9 million from $13.3 million at the end of 2025.
Ouster's Q4 2025 release disclosed $177 million in bookings and a 1.2 times book-to-bill ratio; that metric did not appear in either the first- or second-quarter 2026 releases.