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Ouster, a developer of high-resolution LiDAR sensors for the automotive, industrial, robotics, and smart infrastructure industries, brought in $10.3 million in revenue in Q2 of 2022, up 40% year over year. The company raked in $8.6 million in revenue in Q1 of 2022.
However, its net losses totaled $28 million in Q2. Ouster’s net losses are down from Q1 of this year, when it lost a total of $32 million.
The second quarter of 2022 was Ouster’s second-highest revenue quarter ever. The company’s success this quarter was driven by a 40% growth in the industrial vertical and 28% growth in robotics vertical.
Ouster said it has seen more customers using its LiDAR sensors for warehouse and port automation, off-highway mining and agriculture vehicles, construction robots and drones for mapping and volumetric measurements.
Ouster recently announced a partnership with MOV.AI, a mobile robotics software solutions provider. MOV.AI has integrated Ouster’s digital LiDAR into its Robotics Engine Platform for industrial equipment manufacturers that are looking to automate.
Ouster said it received a number of sizeable orders from the automotive industry, particularly in sensors for autonomous trucks, buses and shuttles. Ouster said it brought in approximately 90 new customers in Q2.
“Ouster continues to capture share in a rapidly evolving market, increasing revenue by 40% over the second quarter of 2021,” Ouster CEO Angus Pacala said. “Our ability to deliver performant and cost-efficient products to customers on time is a key differentiator. Our diversified strategy ensures that we are well-positioned to leverage automation trends across the industrialized economy, as more companies take steps to increase productivity, improve safety, and address ongoing labor shortages across their supply chains. The positive momentum we’re seeing from automakers following the release of our DF A-sample, coupled with upcoming product releases planned for later this year, positions us to capture additional market share and continue to outpace the competition.”
Ouster shipped 2,020 sensors in Q2, up 38% year over year. Its gross margins were 27%, down a bit from 26% in Q2 of 2021 due to supply chain headwinds and the company’s efforts to avoid production and shipping delays.
Ouster adjusted its FY 2022 revenue guidance to $40 million to $55 million. Originally, its revenue guidance was $65 million to $85 million.
“By revising our revenue guidance for this year and taking prudent financial measures to ensure access to capital in the current environment, we are better positioned to navigate headwinds while simultaneously scaling the business to achieve industry-leading growth,” said Ouster CFO Anna Brunelle.