Ouster, Inc.

Revenue was $55 million in Q2 2026, up approximately 56% year over year. GAAP gross margin was 49% versus 45% in Q2 2025; management said Q2 2026 gross margin included a one-time refund that boosted margin by about 1,000 basis points, while Q2 2025 had a one-time refund that added about 500 basis points. GAAP operating expenses were $47 million, up approximately 10% year over year, and Adjusted EBITDA was negative $4 million, improving by about $1 million from a year ago. Ouster shipped over 17,000 sensors, including over 9,000 lidar and over 8,000 camera sensors. Third-quarter 2026 revenue is expected to be $54.5 million to $57.5 million, with Rev8 production volumes ramping throughout and into the latter part of Q3, and full-year revenue expectations were unchanged. The company also reiterated 2026 royalty revenue of around $5 million.

Angus Pacala framed Q2 as an execution quarter that validated Ouster’s strategy around a unified sensing and perception platform. He said Rev8 is the company’s most important product launch to date and emphasized early customer response, including multiple million-dollar-plus orders, stronger demand across industrial and smart infrastructure, and meaningful opportunities in robotics, drones, and defense. His tone was highly confident about Ouster’s competitive position and long-term growth, repeatedly stressing that the company is building a multi-year platform and not just selling components.

Ken Gianella highlighted record quarterly revenue, record sensor shipments, and continued operating leverage. He said GAAP gross margin was 49%, with the result boosted by a one-time refund, and that operating expenses were $47 million, up about 10% year over year due largely to Stereolabs integration, Rev8 and ZED X Nano launches, and broader Physical AI investments. He also pointed to $263 million of cash, restricted cash, and short-term investments, no debt, approximately $98 million raised through the ATM in Q2, and about $191 million in net proceeds from the July 6 common stock offering. He said the financing means Ouster does not expect to need additional capital to fund its current operating plan on the path to profitability.

Analysts focused on Rev8 demand, backlog and production capacity, BlueCity’s growth trajectory, robotics demand, and gross margin normalization. Management said Q2 included only minor prototype Rev8 sales, but production should ramp quarter over quarter in the back half of the year; Angus also said Rev8 adoption should transition over about two years and will be a critical part of revenue in the second half of this year. On margins, Ken said the near-term normalized product gross margin range is still 35% to 40%, even though software and solutions like BlueCity could pull margins higher over time. They also described strong cross-selling between lidar and Stereolabs cameras, and said robotics and drones are emerging growth areas with strong customer interest.