Ouster Extends Product-Revenue Streak to 15 Quarters

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue reached $59 million, up 50% year over year, as lidar and camera shipments rose to more than 27,000 units.

Ouster, Inc. (OUST), a sensing and perception company for Physical AI, reported third-quarter 2026 revenue of $59 million, up 50% from a year earlier and 9% sequentially. That followed 56% year-over-year growth and 12% sequential growth in the second quarter. The company said product revenue of $56 million rose 42% year over year and 6% sequentially, marking a 15th straight quarter of product-revenue growth.

Product sales were the bulk of the top line. The company said the increase was primarily driven by customers in the industrial and robotics verticals for warehouse automation, defense, construction, mapping, and data collection. Royalty revenue was $3.3 million.

Shipments rose to more than 27,000 lidar and camera sensors for revenue, from more than 17,000 in the second quarter. Lidar fell to approximately 27% of the total from approximately 53%. Chief executive Angus Pacala said Stereolabs cameras had a record quarter of shipments, unlocked by investments in capacity to meet growth in robotics.

Gross margin compressed. GAAP gross margin was 43%, compared with 49% in the second quarter. The company said a one-time refund had lifted second-quarter GAAP gross margin by about 1,000 basis points. Non-GAAP gross margin was 47%.

The GAAP net loss narrowed to $14 million, or $0.20 a share, from $18 million in the second quarter. Adjusted EBITDA loss was $3 million. Operating expenses were $44.5 million. Research and development was $18.6 million, sales and marketing $9.6 million, and general and administrative $16.3 million. Interest income was $4.2 million.

Cash, cash equivalents, restricted cash, and short-term investments were $421 million as of September 30, 2026, up from $263 million as of June 30. The balance sheet showed cash and cash equivalents of $88.9 million and short-term investments of $330.9 million. Inventory was $36.5 million. Accounts receivable, net, were $39.3 million. Current contract liabilities were $10.4 million. Goodwill of $38.5 million and net intangible assets of $30.8 million reflected the Stereolabs acquisition, which used $27.5 million of cash, net of cash acquired, in the nine months ended September 30. Additional paid-in capital was $1.59 billion. Accumulated deficit was $1.02 billion.

Pacala said market reception for Rev8, which the company described as the world’s first native color lidar, had been decisive, that hundreds of customers had chosen it, and that delivery cadence is expected to accelerate into 2027. He said the company provides lidar, vision, compute, and software for Physical AI.

For the fourth quarter of 2026, Ouster expects total revenue of $61 million to $64 million. That range sits above the third-quarter outlook of $54.5 million to $57.5 million issued in August.

Management is scheduled to speak at the ROTH Technology Conference on November 18, 2026, and the Northland Growth Conference on December 16, 2026.