Ouster, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $111.1 million, a 33% rise from $83.3 million in 2023. This growth was primarily driven by heightened sales of the company's REV7 lidar sensors, as customer demand increased. The gross profit margin also improved markedly, rising to 36% from 10% in the previous year, attributed to a decrease in cost of revenue, which fell by 6% to $70.6 million, largely due to lower excess inventory charges and compensation-related expenses.
The company experienced a substantial reduction in operating expenses, which totaled $144.6 million in 2024, down 62% from $381.5 million in 2023. This decline was influenced by the absence of goodwill impairment charges, which had amounted to $166.7 million in the prior year. Research and development expenses decreased by 36% to $58.1 million, while sales and marketing costs also saw a 33% reduction to $27.9 million, reflecting ongoing restructuring and cost-cutting initiatives following the merger with Velodyne Lidar, Inc. in February 2023.
Ouster's workforce consisted of 292 employees as of December 31, 2024, with 192 based in the U.S. and 100 internationally. The company continues to focus on expanding its customer base across its four target markets: automotive, industrial, robotics, and smart infrastructure. The geographic distribution of revenue showed growth across all regions, with the Americas contributing $58.4 million, Asia and Pacific $20.2 million, and Europe, the Middle East, and Africa $32.5 million.
Looking ahead, Ouster anticipates continued growth driven by the increasing adoption of lidar technology across various industries. The company plans to leverage its software solutions, such as the Ouster Gemini platform for smart infrastructure, to enhance its market position. However, Ouster also acknowledges the challenges posed by market conditions, competition, and the need for ongoing investment in research and development to maintain its technological edge. The company has indicated that it may require additional capital to support its growth initiatives and navigate the evolving market landscape.
About Ouster, Inc.
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