Ouster Inc. OUST shares are trading lower after the company reported its second-quarter financial results Tuesday. Here's a look at the details from the report.
The Details: Ouster reported quarterly losses of 53 cents per share, which beat the analyst consensus estimate of 61 cents by 13.11%. Quarterly sales came in at $26.99 million which missed the analyst consensus estimate of $27.03 million.
The company shipped over 4,000 sensors for revenue, and reported non-GAAP gross margin of 40%, compared to 26% in the second quarter of 2023 and 36% in the first quarter of 2024. Revenue growth in the second quarter was primarily driven by large orders from customers in the smart infrastructure and robotics verticals, specifically for perimeter security, tolling, and mapping applications.
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“Our second quarter results showcase solid execution with GAAP gross margin increasing to 34%. Consistent with Ouster’s strategy of expanding into software solutions, we had one of our best quarters for software-attached sales powered by Ouster Gemini and Blue City. Alongside the continued improvement in our operating results, we have built one of the industry’s most resilient balance sheets and diversified business models,” said Ouster CEO Angus Pacala.
Outlook: Ouster sees third-quarter revenue in a range of $27 million to $29 million, below the consensus estimate of $30.39 million for the quarter. The company said it is on track to deliver on its long-term financial framework and reach profitability.
OUST Price Action: According to Benzinga Pro, Ouster shares are down 19.12% after-hours at $8.80 at the time of publication Tuesday.
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