Ouster Inc. (OUST) shares experienced a significant 24-hour plunge of 10.70%, with the sharp decline occurring in post-market trading following the release of the company's first-quarter financial results.

The lidar technology company reported quarterly sales of $48.578 million, which surpassed analyst expectations of $46.267 million and represented substantial year-over-year growth. However, investors reacted negatively to the company's continued financial losses, with Ouster reporting a net loss of $17.465 million and an operating loss of $19.212 million for the quarter.

While the company met earnings per share estimates with an adjusted loss of $0.28 and announced positive business developments including an expanded collaboration with NVIDIA, market sentiment was weighed down by concerns over ongoing profitability challenges despite top-line revenue growth.