Ouster (NASDAQ:OUST) Posts 56% Revenue Jump in Q2 2026, But EPS Misses Estimate

Ouster, Inc. (NASDAQ: OUST) reported second-quarter 2026 revenue of $55 million, a 56% year-over-year increase, while GAAP EPS of $(0.27) missed the $(0.20) consensus estimate. The company also issued third-quarter revenue guidance of $54.5 million to $57.5 million, with a midpoint below the $57.48 million analyst consensus.

Q2 2026 Results

• Revenue: $55 million, up 56% year over year and 12% sequentially from Q1 2026
• Product revenue: $53 million, up 51% year over year, with growth driven by industrial and smart infrastructure customers in warehouse automation, yard logistics, and intelligent transportation
• GAAP EPS: $(0.27), missing the $(0.20) consensus estimate
• GAAP gross margin: 49%, up 400 basis points year over year and 600 basis points sequentially
• Unit shipments: more than 17,000 lidar and camera sensors, with lidar representing approximately 53% of the total
• Cash and equivalents: $263 million as of June 30, 2026

What Drove the Results

Ouster's GAAP EPS of $(0.27) missed the $(0.20) consensus estimate, while revenue of $55 million exceeded the $50.88 million analyst estimate. GAAP net loss of $18 million improved by $2 million year over year, and Adjusted EBITDA loss of $4 million improved by $1 million year over year. GAAP gross margin expanded 400 basis points to 49%, with the company attributing the improvement to volume growth and operating efficiencies.

Non-GAAP gross margin reached 53%, up 200 basis points year over year and 700 basis points sequentially. The gap between GAAP net loss of $18 million and Adjusted EBITDA loss of $4 million reflects non-cash items including stock-based compensation excluded from the non-GAAP calculation.

For the third quarter of 2026, Ouster guided for total revenue of $54.5 million to $57.5 million, compared to the analyst consensus of $57.48 million. The guidance midpoint of $56 million fell short of that consensus, which appeared to pressure the stock in after-hours trading on August 6. Shares had gained 1.02% during the regular Thursday session to close at $45.58, while the S&P 500 declined 0.16%.

Wall Street View

Ouster CEO Angus Pacala stated: "We delivered a strong second quarter, with $55 million in revenue and more than 17,000 total sensors shipped. These results reflect the strength of our unified sensing and perception platform and the continued growth we have been seeing across our markets. Customers around the world have continued to scale their investments in Physical AI, and Ouster is well positioned to benefit as autonomy moves into more complex, real-world applications." Pacala also highlighted that the introduction of Rev8, Ouster's latest lidar product, drew a strong response from customers, and that the April launch of the ZED X Nano was described as the most successful launch in Stereolabs history. Ouster management is scheduled to present at the Oppenheimer 29th Annual Technology, Internet and Communications Conference on August 11, 2026, and Rosenblatt Securities' 6th Annual Age of AI Scaling Summit on August 18, 2026.

Investor Takeaway

Ouster delivered its 14th consecutive quarter of record product revenue growth, with gross margin expansion pointing to improving unit economics at scale even as the GAAP per-share loss came in wider than consensus. The key forward question is whether Q3 revenue lands toward the top of the $54.5 million to $57.5 million guidance range, which would need to approach or exceed the $57.48 million analyst consensus to sustain the growth narrative. With $263 million in cash and a net loss that has narrowed year over year, Ouster retains financial flexibility as it scales its Physical AI platform across industrial and infrastructure markets.