Ouster Inc. (OUST) shares plummeted 11.89% in after-hours trading on Tuesday, following the release of the company's first-quarter financial results.

The lidar technology company reported an adjusted loss per share of $0.28, which was in line with analyst expectations. While quarterly sales of $48.578 million surpassed the consensus estimate of $46.267 million, representing a significant year-over-year increase, the market reaction was negative. The financial details revealed a net loss of $17.465 million and an operating loss of $19.212 million for the quarter, indicating that profitability remains a challenge despite top-line growth.

Earlier in the day, Ouster had announced an expanded collaboration with NVIDIA to integrate its Rev8 lidar sensors across the Jetson platform, a positive business development. However, this news was overshadowed by investor focus on the company's continued losses in its quarterly earnings report.