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RoboticsPublic

Ouster

catalyst in 3dNo base rate yet — OUST has 0 graded prints on the record, and the bar is 3.Website
Ticker
OUST
Beat
robotics
Size
Public Company
Revenue
$54.6M
as of Jun 2026
Cash
$91.8M
as of Jun 2026
Burn
$15.4M/qtr
as of Jun 2026
Runway
~1.5yr at this rate
as of Jun 2026
Researched · Fresh
10 days ago

A real, accelerating Western digital-lidar franchise (+49% rev, 43% GM, 13 straight up quarters, June-30 NDAA China ban as a structural tailwind) priced like a winner-take-all at ~15x sales while it still burns cash and lives on serial dilution — own the operating turn, not this multiple.

Orbit · who it trades with and competes with
4 on the rings · 2 trade · 4 rival
8 mentions across our dossiers
Focus · Robotics
Ouster
OUST · public
No published house view
Trades and competes with
Competes with
Next prints in its web
Links · 4 companies · 2 trade · 4 rival
“And the June-30-2026 NDAA ban on Chinese lidar structurally hands Ouster the US government, defense-adjacent, and security/smart-infra demand its largest rivals (Hesai, RoboSense) are now legally locked out of.”RoboSense · BOTH · from Ouster’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

OUST · weekly close
29.74 USD+0.2%
Friday 30 Oct 2026 · last 52 Fridays 17.66–49.84
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 100,121 sh · 7 filings, Form 4 · 14 Sept 2026
  2. Short interest: 6,338,555 sh · 2.35 days to cover, FINRA · settled 15 Oct 2026
  3. Insiders bought, 90 days: 779 sh · 1 filing, Form 4 · 5 Oct 2026
  4. Next print: in 3 days, Scheduled · 6 Nov 2026, scheduled
29.74USD+0.2%robotics -1.6%OUST · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 14 Sept 2026
7 filings · 100,121 shares
Insiders bought, last 90 daysSEC Form 4 · newest 5 Oct 2026
1 filing · 779 shares
Shares sold shortFINRA · settled 15 Oct 2026
6,338,555 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.35
see the whole series
Financials

The reported figures

Revenue · quarterly
$54.6M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$54.6M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Ouster, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$22.2M USD—-$27.9M USD$660K USD$75.6M USD40.7M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$24.4M USD—-$24.6M USD$373K USD$51.0M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$25.9M USD-99.5% share of revenue-$7.1M USD$1.4M USD$48.3M USD40.7M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$27.0M USD-93.6% share of revenue-$22.0M USD$359K USD$52.7M USD48.3M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$28.1M USD-98.0% share of revenue-$4.3M USD$566K USD$44.4M USD49.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$30.1M USD-85.1% share of revenue-$4.0M USD$1.4M USD$45.5M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$32.6M USD-73.0% share of revenue-$5.4M USD$552K USD$54.0M USD53.8M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$35.0M USD-76.5% share of revenue-$2.2M USD$889K USD$76.1M USD57.8M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$39.5M USD-61.4% share of revenue-$20.0M USD$1.7M USD$87.1M USD60.0M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$62.2M USD1.5% share of revenue-$37.2M USD$21.8M USD$67.4M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$48.6M USD-39.5% share of revenue-$9.8M USD$2.6M USD$78.7M USD63.7M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$54.6M USD-36.7% share of revenue-$15.4M USD$2.6M USD$91.8M USD72.1M sharesFiled · primarysec.gov

Ouster’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$54.6M+56% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $22.2M, as of Sep 2023Revenue Q4 ’23: $24.4M, as of Dec 2023Revenue Q1 ’24: $25.9M, as of Mar 2024Revenue Q2 ’24: $27.0M, as of Jun 2024Revenue Q3 ’24: $28.1M, as of Sep 2024Revenue Q4 ’24: $30.1M, as of Dec 2024Revenue Q1 ’25: $32.6M, as of Mar 2025Revenue Q2 ’25: $35.0M, as of Jun 2025Revenue Q3 ’25: $39.5M, as of Sep 2025Revenue Q4 ’25: $62.2M, as of Dec 2025Revenue Q1 ’26: $48.6M, as of Mar 2026Revenue Q2 ’26: $54.6M, as of Jun 2026
Operating margin · quarterlyQ1 ’24 – Q2 ’26
-36.7%+39.8 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q1 ’24: -99.5%, as of Mar 2024Operating margin Q2 ’24: -93.6%, as of Jun 2024Operating margin Q3 ’24: -98.0%, as of Sep 2024Operating margin Q4 ’24: -85.1%, as of Dec 2024Operating margin Q1 ’25: -73.0%, as of Mar 2025Operating margin Q2 ’25: -76.5%, as of Jun 2025Operating margin Q3 ’25: -61.4%, as of Sep 2025Operating margin Q4 ’25: 1.5%, as of Dec 2025Operating margin Q1 ’26: -39.5%, as of Mar 2026Operating margin Q2 ’26: -36.7%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$15.4M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$27.9M, as of Sep 2023Free cash flow Q4 ’23: -$24.6M, as of Dec 2023Free cash flow Q1 ’24: -$7.1M, as of Mar 2024Free cash flow Q2 ’24: -$22.0M, as of Jun 2024Free cash flow Q3 ’24: -$4.3M, as of Sep 2024Free cash flow Q4 ’24: -$4.0M, as of Dec 2024Free cash flow Q1 ’25: -$5.4M, as of Mar 2025Free cash flow Q2 ’25: -$2.2M, as of Jun 2025Free cash flow Q3 ’25: -$20.0M, as of Sep 2025Free cash flow Q4 ’25: -$37.2M, as of Dec 2025Free cash flow Q1 ’26: -$9.8M, as of Mar 2026Free cash flow Q2 ’26: -$15.4M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$91.8M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $75.6M, as of Sep 2023Cash Q4 ’23: $51.0M, as of Dec 2023Cash Q1 ’24: $48.3M, as of Mar 2024Cash Q2 ’24: $52.7M, as of Jun 2024Cash Q3 ’24: $44.4M, as of Sep 2024Cash Q4 ’24: $45.5M, as of Dec 2024Cash Q1 ’25: $54.0M, as of Mar 2025Cash Q2 ’25: $76.1M, as of Jun 2025Cash Q3 ’25: $87.1M, as of Sep 2025Cash Q4 ’25: $67.4M, as of Dec 2025Cash Q1 ’26: $78.7M, as of Mar 2026Cash Q2 ’26: $91.8M, as of Jun 2026Debt Q3 ’23: $40.4M, as of Sep 2023

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
72.1M+77% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 40.7M, as of Sep 2023Shares outstanding Q1 ’24: 40.7M, as of Mar 2024Shares outstanding Q2 ’24: 48.3M, as of Jun 2024Shares outstanding Q3 ’24: 49.8M, as of Sep 2024Shares outstanding Q1 ’25: 53.8M, as of Mar 2025Shares outstanding Q2 ’25: 57.8M, as of Jun 2025Shares outstanding Q3 ’25: 60.0M, as of Sep 2025Shares outstanding Q1 ’26: 63.7M, as of Mar 2026Shares outstanding Q2 ’26: 72.1M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-30filingSC 13G: Vanguard Capital Management reports 5% stakeVanguard Capital Management reports 3,606,687 shares beneficially owned, 5% of common stock; sole voting power 536,479; sole dispositive power 3,606,687. Event date 30 Sep 2026.agent:company-events · SEC EDGAR SC 13G
2026-10-24editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteMargin figure revised: 42.9% → 49%Margin moved from 42.9% (deep-dive-2026-06-20.md) to 49% (deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteRevenue figure revised: $146.6M → $55MRevenue moved from $146.6M (deep-dive-2026-06-20.md) to $55M (deep-dive-2026-10-24.md).dossier
dossier age
10 days
researched 24 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 9 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 335 words, 6 filing mentions
  2. The dossier: What held, 58 words, 3 filing mentions
Research

The Ouster dossier

The verdict

A real, accelerating Western digital-lidar franchise (+49% rev, 43% GM, 13 straight up quarters, June-30 NDAA China ban as a structural tailwind) priced like a winner-take-all at ~15x sales while it still burns cash and lives on serial dilution — own the operating turn, not this multiple.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. Revenue $55M, up 56% year on year and 12% sequentially; product revenue $53M (+51%). More than 17,000 lidar and camera sensors shipped, lidar about 53% of the total. GAAP gross margin 49% (Q2 2025: 45%; Q1 2026: 43%); non-GAAP gross margin 53% (52%; 46%). GAAP net loss $18M (improved by $2M year on year). Adjusted EBITDA loss $4M. The company calls it the 14th straight quarter of growth. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-06, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1816581/000162828026054297/exhibit991-6302026.htm; quarter ended 2026-06-30]
  2. Cash. Cash, cash equivalents, restricted cash and short-term investments of $263M at 2026-06-30. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL]
  3. Q3 outlook. Total revenue of $54.5M to $57.5M. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL]
  4. Equity offering. On 2026-07-06 the company completed the sale of 3,621,876 shares of common stock for net proceeds of about $191.9M, under an underwriting agreement dated 2026-07-02 with a 60-day lock-up for the company and its directors and executive officers. This closed after the 2026-06-30 balance-sheet date, so the $263M in item 2 does not include it. [sec.gov: 8-K filed 2026-07-06, https://www.sec.gov/Archives/edgar/data/1816581/000119312526296151/d115877d8k.htm]
  5. Shares. 72,112,333 common shares outstanding at 2026-07-31. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1816581/000162828026054467/oust-20260630.htm]
  6. Product and market. The release credits the Rev8 lidar launch and the April launch of the ZED X Nano camera (Stereolabs); growth came from industrial and smart-infrastructure customers (warehouse automation, yard logistics, intelligent transportation). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL as item 1]
  7. Where the new filings meet the carried view (stated as fact, no line changes). The carried seed catalyst "Q2-FY2026 print vs $49.5–52.5M / 35–40% GM guide + profitability-timeline update" meets item 1: revenue of $55M was above the top of that range and GAAP gross margin of 49% was above the 35%-40% guide. The carried verdict cites "+49% rev, 43% GM"; Q2 shows +56% and 49% GAAP. The carried seed's price figures rest on market data this delta does not refresh, and the carried balance-sheet figures predate the July offering (item 4).

What held

  • The business is still loss-making at the GAAP and adjusted-EBITDA levels (net loss $18M; adjusted EBITDA loss $4M). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]
  • Revenue has grown for 14 consecutive quarters, per the company. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]
  • Gross margin kept improving sequentially (GAAP 43% to 49%). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on Ouster, newest first.

  1. current

    A real, accelerating Western digital-lidar franchise (+49% rev, 43% GM, 13 straight up quarters, June-30 NDAA China ban as a structural tailwind) pric…

  2. A real, accelerating Western digital-lidar franchise (+49% rev, 43% GM, 13 straight up quarters, June-30 NDAA China ban as a structural tailwind) pric…

Company details

IndustryRobotics
SizePublic Company
WebsiteVisit Ouster

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5 names

Where Ouster sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.