Ouster: color lidar sells, cameras carry the growth, and the cash comes from new shares

Product revenue up 42%, a new Rev8 backlog and $421M of cash with no debt. But lidar units are flat, and the share count rose 23% in a year.

By A (Akash Chaudhari), 2026-11-05

Price is the Nov 3 close, before the print. The stock traded ~7% higher after hours. Research only, not advice.

Close Nov 3$28.9852-week range $16.40–63.79
Market cap~$2.1B73.0M shares on Sep 30
Cash$421MNo debt
Q4 guide$61–64MQ4 2025 was $62M with $21M one-time royalties
Adj. EBITDA−$3MQ3; −$8M a year ago
Dilution+23%Weighted shares, Q3 y/y

The print: what grew, and what didn't

Product revenue by quarter$M; excludes royalties
Q3 25
Q4 25
Q1 26
Q2 26
$56M
Q3 26▲ 6.1%
Stereolabs included from February 2026

Total revenue is noisy. Q4 2025 was $62M, but $21M of it was one-time royalties from IP licenses, after Ouster won its dispute with Hesai. So the Q4 2026 guide of $61–64M looks flat y/y, while product revenue would be up ~50%. Product revenue is the number to track.

The harder question is how much of the growth is organic. Ouster does not split out Stereolabs, but the 10-Q says the increase was "primarily driven by the inclusion of revenue from products acquired through the Stereolabs acquisition". In units, lidar was ~27% of 27,000+ sensors, about 7,300. That is below the 8,100 lidar shipped in Q4 2025. Lidar volume is being held back while customers switch from Rev7 to Rev8, and Rev8 production is still ramping.

Sources