# Ouster, Inc. (OUST)

> Source: Nexqual · https://nexqual.com/OUST · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ouster, Inc. (OUST), nexqual.com/OUST" · informational, not investment advice.

**Price:** USD 27.98 (-7.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 27.98 · day 27.5–29.59 · 52w 16.4–63.79 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $205M, net income -$53.3M (-26.0% margin), free cash flow -$82.5M (SEC filings).
- Insider open-market sales, last ~7 months: 30 Form 4 filings, $43.0M; 3 not under a Rule 10b5-1 plan ($965K); 11 by opportunistic insiders (0 outside 10b5-1 plans), 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $42K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -15.2% vs S&P 500 +14.9%; 5Y -57.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD -0.1, revenue estimate $56.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $33.6M | $41.0M | $83.3M | $111M | $169M | $205M |
| Gross profit | $9.1M | $10.9M | $8.3M | $40.5M | $83.4M | — |
| Operating income | -$99.7M | -$145M | -$373M | -$104M | -$74.0M | -$62.6M |
| Net income | -$94.0M | -$139M | -$374M | -$97.0M | -$60.4M | -$53.3M |
| EPS (diluted) | -$7.00 | -$7.79 | -$10.10 | -$2.08 | -$1.07 | — |
| Free cash flow | -$75.3M | -$116M | -$141M | -$37.5M | -$64.8M | -$82.5M |
| Gross margin | 27.1% | 26.6% | 10.0% | 36.4% | 49.3% | — |
| Operating margin | -297.0% | -354.4% | -448.1% | -93.8% | -43.7% | -30.6% |
| Net margin | -279.9% | -337.7% | -449.2% | -87.3% | -35.6% | -26.0% |
| Revenue growth | +77.6% | +22.2% | +103.0% | +33.4% | +52.5% | — |
| Cash + short-term investments | $183M | $123M | $192M | $175M | $211M | — |
| Total debt | $0K | $39.6M | $44.0M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Insider sales (SEC Form 4, open-market, last ~7 months)
27 of 30 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Chung Megan | General Counsel and Secretary | 11,484 | $390K | 5.7% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-14 | Spencer Darien | Chief Operating Officer | 12,808 | $435K | 4.3% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-14 | Pacala Charles Angus | President and CEO | 30,385 | $1.0M | 2.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-14 | Jacquemet Cyrille | Chief Revenue Officer | 8,896 | $302K | 7.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-14 | Gianella Kenneth P. | Chief Financial Officer | 15,686 | $533K | 6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-14 | Frichtl Mark | Chief Technology Officer | 18,778 | $638K | 5.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-18 | Gianella Kenneth P. | Chief Financial Officer | 40,000 | $1.8M | 13.3% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05…2026-08-06 | Skaggs Stephen A | Director | 5,000 | $228K | 7.5% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-04 | Spencer Darien | Chief Operating Officer | 30,000 | $1.4M | 9.1% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-22 | Tewksbury Ted L Iii | Director | 1,695 | $80K | 1.3% | Yes | Too little history (no open-market trades in 2024) |
| 2026-06-12 | Gianella Kenneth P. | Chief Financial Officer | 54,337 | $2.1M | 15.3% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12 | Pacala Charles Angus | President and CEO | 29,797 | $1.2M | 2.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-12 | Jacquemet Cyrille | Chief Revenue Officer | 8,723 | $339K | 7.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12 | Spencer Darien | Chief Operating Officer | 12,559 | $488K | 3.7% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-12 | Chung Megan | General Counsel and Secretary | 11,261 | $437K | 5.3% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-12 | Frichtl Mark | Chief Technology Officer | 18,414 | $715K | 6.2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Jacquemet Cyrille | Chief Revenue Officer | 9,433 | $377K | 7.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22…2026-05-26 | Frichtl Mark | Chief Technology Officer | 384,426 | $15.6M | 56.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Spencer Darien | Chief Operating Officer | 30,001 | $1.4M | 8.1% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-21 | Heystee Susan | Director | 9,316 | $324K | 21% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $42K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-11 | Boulet Virginia | Director | 1,658 | $42K | 25.23 | Too little history (no open-market trades in 2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-27 | Rosenblatt | Maintained | Buy | $53 |
| 2026-08-07 | Rosenblatt | Maintained | Buy | $53 |
| 2026-07-21 | Northland Capital Markets | Target raised | Outperform | $38 → $60 |
| 2026-07-15 | Oppenheimer | Target raised | Outperform | $42 → $57 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -15.2% | -57.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.2% | -15.6% |
| Volatility (annualized) | 102.1% | 96.5% |
| Max drawdown | -55.3% (Jun 2026→Oct 2026) | -95.0% (Nov 2021→Apr 2023) |

## Peers (Electronic Components)
ROG (Rogers Corporation) USD 128.89 -8.27% · BHE (Benchmark Electronics, Inc.) USD 66.3 -6.95% · KN (Knowles Corporation) USD 33.38 -4.41% · BELFB (Bel Fuse Inc.) USD 199.81 -9.40% · OSIS (OSI Systems, Inc.) USD 200.49 +1.81% · OLED (Universal Display Corporation) USD 87.45 +4.29%

## More
Full page: https://nexqual.com/OUST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OUST's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1816581/000162828026013313/oust-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | BENCHMARK ELECTRONICS INC (BHE) | "Our main manufacturing partners are Benchmark Electronics, Inc. ("Benchmark") and Fabrinet." |
| Customer | Velodyne Lidar | "While the majority of our sales are direct to customers, we also sell our sensors through a domestic and international distribution network, which has expanded as a result of the Velodyne Merger." |
| Partner | Fabrinet (FN) | "Our main manufacturing partners are Benchmark Electronics, Inc. ("Benchmark") and Fabrinet." |

Other companies that name OUST in their own reports (relationship from OUST's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Serve Robotics Inc. /DE/ (SERV) | 10-K 2026-03-12 | "Key suppliers of single and limited source components include NVIDIA Corporation, Ouster, Inc., and other vendors providing cameras, ultrasonic sensors, electronic motors, and modems." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenue | $52.8M | 96.6% | +50.7% |
| Royalties | $1.9M | 3.4% | +5379.4% |
| Total revenue | $54.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $35.4M | 64.9% | +44.3% |
| Asia and Pacific | $12.6M | 23.0% | +106.1% |
| Europe, Middle East and Africa | $6.6M | 12.1% | +50.6% |
| Total revenue | $54.6M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 32%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "Outlook: For the third quarter of 2026, Ouster expects to achieve $54.5 million to $57.5 million in total revenue."
- "ET today, August 6, 2026 to discuss its financial results and business outlook."

Analysts expect $56.3M for the current quarter, +0.5% vs the guidance midpoint $56.0M. Source: https://www.sec.gov/Archives/edgar/data/1816581/000162828026054297/exhibit991-6302026.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.10 | $-0.10 | +1.6% | $56.3M | 4 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.06 | +16.1% | $62.0M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.34 | $-0.41 | -17.9% | $221.5M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.13 | $-0.04 | +177.8% | $299.4M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±20.9%; earnings reaction alone ±15.6%; last 8 reports averaged ±15.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 88.1% | ±10.4% |
| 2026-11-06 | 14 | 130.0% | ±20.9% |
| 2026-11-13 | 21 | 116.8% | ±23.0% |
| 2026-11-20 | 28 | 104.0% | ±23.1% |
| 2026-11-27 | 35 | 102.2% | ±25.6% |
| 2026-12-04 | 42 | 97.6% | ±26.7% |
| 2026-12-18 | 56 | 95.3% | ±30.0% |
| 2027-01-15 | 84 | 93.1% | ±35.6% |