Ouster, a developer of LiDAR sensors for robots and autonomous vehicles, among other systems, increased its revenue to $7.4 million in the second quarter of 2021. This marks a 72% increase year over year and is up 11% from first quarter of 2021.
Ouster said it shipped more than 1,460 sensors in the second quarter, which is a 342% increase year over year and a 49% increase over Q1.
Revenue growth was driven by the increases in sales volume compared to Q1 2021. Stability in margins was attributable to decreases in cost per unit as the company continued to realize economies of scale in its production capabilities.
However, the company’s net loss increased to $32 million in Q2 2021, compared to $11.3 million in Q2 2020 and $21 million in Q1 2021. Its adjusted EBITDA loss increased to $14.1 million, up from $9.3 million year over year and $10 million in Q1 2021. The company said the increase in Adjusted EBITDA loss was primarily due to its continued investments in its hardware roadmap, software, and expansion of its commercial team.
For the full year 2021, Ouster expects to generate between $33-$35 million in revenue.
“We believe our second quarter results demonstrate that we continue on our path of becoming the leading LiDAR company across each of our four verticals,” said Ouster CEO Angus Pacala. “We believe we have the most differentiated technology and the most diversified customer base among LiDAR companies, as well as a proven ability to execute. Ouster continues to invest in its long term growth by improving product performance, lowering costs, and growing revenues.”
“We are investing in growing a best-in-class commercial organization to expand and support our customer base as well as in developing our highly competitive product roadmap, which we believe will allow Ouster to pull ahead in each of our verticals over time,” added Ouster CFO Anna Brunelle.
Ouster went public in March 2021 via a merger with special purpose acquisition company (SPAC) Colonnade Acquisition Corp. The deal valued the LiDAR maker at $1.9 billion. SPACs have become a hot investment mechanism in robotics. Berkshire Grey, Sarcos Robotics, Vicarious Surgical, and a slew of other LiDAR companies, have or will also be going public via SPACs.
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