Ouster Inc (NASDAQ:OUST) shares are rising in extended trading on Tuesday after the company reported better-than-expected results for the third quarter.
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What Happened: Ouster reported third-quarter revenue of $39.52 million, beating analyst estimates of $37.07 million, according to Benzinga Pro. The company reported a third-quarter loss of 37 cents per share, beating estimates for a loss of 45 cents per share.
Total revenue increased 41% year-over-year, primarily driven by customers in the smart infrastructure, robotics and industrial verticals. The company reported record shipments of 7,200 sensors, which included significant deployments in smart infrastructure.
“We delivered Physical AI solutions powered by digital lidar to support our customers’ efforts to increase operating efficiency and improve safety,” said Ouster CEO Angus Pacala. “We remain focused on developing our next generation of products, driving more software-attached sales and progressing on our path to profitability.”
The company ended the quarter with $247 million in cash, cash equivalents, restricted cash and short-term investments.
Ouster said it expects fourth-quarter revenue to be in the range of $39.5 million to $42.5 million versus estimates of $40.5 million.
OUST Price Action: Ouster shares were up 10.55% in after-hours, trading at $30.60 at the time of publication on Tuesday, according to Benzinga Pro.
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