Ouster, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Product revenue was 87% and Royalties was 13% of revenue; Product revenue fell from 100% in the fiscal year to Dec 2024.

In the fiscal year to Dec 2025, Americas was 54% and Asia and Pacific was 32% of revenue; Europe, Middle East and Africa fell from 29% in the fiscal year to Dec 2024.

Quarters: Ouster, Inc.'s SEC filings, named by the month they end. Fiscal years: Ouster, Inc.'s annual reports to the SEC.

How it makes money

The company loses $35.6 for every $100 of revenue. Operating expenses exceed all of gross profit.

Beyond ±100% the scale is logarithmic, so that Mar 2023's −1,029% and the quarters near zero both read. Circled: Dec 2023 (net −159.5%, operating −152.6%), Jun 2025 (net −58.8%, operating −76.5%). Net margin is usually about 5 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Ouster, Inc.'s annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

Ouster had $420M in cash and short-term investments at the end of Sep 2026. It burned $97M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 17 quarters. Its diluted share count is up 50% from two years earlier.

From Ouster, Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report Ouster buys from Benchmark, Fabrinet, Supplier A (unnamed) and 1 more; sells to Amazon, Hesai Photonics; two customers it does not name account for 11% and 21% of its revenue.

Suppliers

Unnamed supplier 26%

Unnamed supplier 10%

Benchmark BHE

Fabrinet FN

 

OUSTOuster

Customers

Unnamed customer 21%

Unnamed customer 11%

Amazon AMZN

Hesai Photonics HSAI

Their customers

Aurora Innovation AURfrom Amazon

Celsius Holdings CELHfrom Amazon

Cerebras Systems CBRSfrom Amazon

Show 3

Ouster's 10-Q for the quarter to Sep 2026 gives one customer's share of its revenue: Customer E (15%).

From Ouster, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

Amazon AMZNinvested in Ouster · Holds warrants linked to commercial purchasesWarrant for up to 3,271,970 shares; 2,728,985 vested; $50.57 exercise price; representing 5.2% of outstanding common stock as of February 25, 2026

Hesai Photonics HSAIMaintains global intellectual property cross-licensing agreement

Only the companies Ouster names in its 10-K filed Mar 2, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 11.9x, above the peer median of 3.1x. Revenue is up 50% from a year ago.

Above the peer median of 3.1x. The market pays more per $1 of revenue than for peers.

Ouster, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $50.83, 39% above the current price; 100% of 6 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 6 analysts (100%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $39.25 to $53.50 (+36%), while OUST went from $22.50 to $36.60 (+63%). In the past three months targets were cut once and never raised. 2 upgrades and 1 downgrade over the year; the latest: Amerx moved it to Buy from Overweight on Nov 4, 2026.

The day after each of these reports the stock moved +14.6% (Dec 2025, beat); +4.4% (Mar 2026, missed); −3.8% (Jun 2026, missed); +18.9% (Sep 2026, missed).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.01 a share, and revenue of $63M, up 1% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $305M, up 36% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $32M exceeds operating cash flow of −$65M, leaving free cash flow of −$97M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 3.9, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 4 funds whose copy leaves OUST out (on the exchange, not in the app yet): Bridgewater Associates, Swiss National Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 5 held OUST at the end of their latest quarter (for most, Q3 2026). Over that quarter 3 added shares, 1 cut and 1 bought new. The largest of them is Renaissance Technologies, 844,100 shares worth $34.1M at Sep 30, 2026, 46.6% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of OUST at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors bought $178K and sold $35.9M of OUST on the open market in the 12 months to Nov 12, 2026. 98% of the sales were made under 10b5-1 plans, set up in advance. The largest was Mark Frichtl (Chief Technology Officer), who sold $28.9M in 28 sales.

From the Form 4s filed with the SEC about Ouster, Inc. (64 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 54 other transactions (grants, option exercises, shares sold to pay tax and gifts).