Ouster, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved revenues of $28.1 million for the third quarter, marking a 26% increase from $22.2 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $81.0 million, up 38% from $58.8 million year-over-year. This growth was primarily driven by increased sales of the REV7 sensors and the full impact of the Velodyne Merger, completed on February 10, 2023.

Gross profit for the third quarter was $10.8 million, significantly higher than $3.1 million in Q3 2023, reflecting a gross margin of 38% compared to 14% a year earlier. For the nine-month period, gross profit surged to $27.3 million from $2.9 million in the prior year. The company reported a loss from operations of $27.5 million for the third quarter, an improvement from a loss of $35.7 million in Q3 2023. The nine-month loss from operations also decreased to $78.6 million from $335.9 million in the previous year.

Ouster's accumulated deficit increased to $889.3 million as of September 30, 2024, compared to $816.0 million at the end of 2023. Total current assets decreased to $200.2 million from $263.2 million, while total assets fell to $255.2 million from $330.7 million. The company’s total stockholders’ equity decreased slightly to $171.7 million from $179.7 million.

In terms of expenses, research and development costs for the third quarter decreased by 9% to $15.1 million, attributed to reductions in compensation and restructuring costs post-merger. Sales and marketing expenses also fell by 9% to $7.2 million, while general and administrative expenses rose by 12% to $15.9 million, primarily due to increased legal costs.

Ouster's cash and cash equivalents, along with restricted cash and short-term investments, totaled $153.8 million as of September 30, 2024. The company has made strides in improving its cash flow, with net cash used in operating activities decreasing to $31.1 million for the nine months ended September 30, 2024, from $113.7 million in the same period of 2023.

The company has also been active in managing its debt, having repaid all outstanding indebtedness under a revolving credit agreement with UBS Bank in August 2024. Ouster continues to face challenges, including recurring losses and negative cash flows, but remains focused on expanding its product offerings and improving financial performance.