{"id":11199,"date":"2023-08-11T21:25:47","date_gmt":"2023-08-11T21:25:47","guid":{"rendered":"https:\/\/isafespend.com\/investing\/earnings-from-lidar-maker-ouster-meet-the-street-the-stock-is-soaring\/"},"modified":"2023-08-11T21:25:48","modified_gmt":"2023-08-11T21:25:48","slug":"earnings-from-lidar-maker-ouster-meet-the-street-the-stock-is-soaring","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=11199","title":{"rendered":"Earnings from Lidar Maker Ouster Meet the Street. The Stock Is Soaring."},"content":{"rendered":"
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\n

Ouster Lidar sensors at the company\u2019s booth at the CES 2023 trade show in Las Vegas.<\/h4>\n


\n David Becker\/Getty Images
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

The market for lidar, a key technology for self-driving cars, is maturing, making it possible for investors to start to differentiate between the companies and their stocks. <\/p>\n

Thursday,
\n Ouster
\n (ticker: OUST) reported a second-quarter adjusted loss of $24 million before interest, taxes, depreciation, and amortization. That was roughly in line with what Wall Street expected, as were the lidar company\u2019s sales of $19.4 million. <\/p>\n

\n

For the current quarter, management expects sales of $20 million to $22 million, compared with the slightly under $22 million Wall Street expected. <\/p>\n

That was enough for investors. Shares soared 25% to $6.37 in midday trading Friday. Coming into earnings, shares were up about 23% over the past three months, while the
\n S&P 500
\n and
\n Nasdaq Composite
\n added 8% and 11%, respectively. <\/p>\n

Year-over-year comparisons aren\u2019t meaningful for the company since it merged with lidar producer Velodyne, in February. \u201cIt\u2019s the second record quarter in a row,\u201d CEO Angus Pacala told Barron\u2019s<\/em>. \u201cI\u2019m thrilled with the momentum built with the merger.\u201d <\/p>\n

Results look fine. Typically, an in-line quarter with reasonable guidance isn\u2019t anything to write home about, but the numbers are noteworthy in the lidar business.<\/p>\n

Lidar is essentially laser-based radar that can give a car a set of eyes, allowing for advanced driver-assistance features. Along with the automotive market,
\n Ouster
\n sells to industrial, automation, and smart-infrastructure customers. <\/p>\n

Lidar peers
\n AEye
\n (LIDR) and
\n Aeva Technologies
\n (AEVA) both reported second-quarter revenue of less than $1 million.
\n Innoviz Technologies
\n (INVZ) reported less than $2 million in second-quarter sales. For the full year, Wall Street projects those three Lidar producers will generate about $25 million in sales, with 64% coming from Innoviz. When the trio was raising money via mergers with special-purpose acquisition companies a few years ago, their combined projection for 2023 sales was $132 million. They were off by more than 80%. <\/p>\n

It has been slower going than expected for Ouster, too. Analysts project the company will generate about $83 million in 2023 sales, while in the 2020-2021 time frame, Velodyne and Outer expected to generate about $735 million in combined 2023 sales. <\/p>\n

They were way off too, but $83 million in sales is significant. Among early-stage lidar start-ups, only
\n Luminar Technologies (LAZR)
\n is expected to generate more. Wall Street projects it will generate 2023 sales of $85 million.<\/p>\n

When Luminar was raising money in 2020, it projected $124 million in 2023 sales.<\/p>\n

Luminar stock has been rewarded for its sales and management\u2019s conservative projections with a market capitalization of about $2.4 billion. Ouster and Innoviz come in at roughly $245 million and $310 million, respectively. Aeva and
\n AEye
\n have market caps of about $235 million and $50 million. <\/p>\n

Luminar has roughly 75% of the total market cap of the group. Luminar and Ouster have about 87% of the total revenue generated by the group. Both companies will try to press their leads over peers in the coming quarters. <\/p>\n

\u201cThere\u2019s no rule that everybody has to win,\u201d says Pacala. Not everyone will. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ouster Lidar sensors at the company\u2019s booth at the CES 2023 trade show in Las Vegas. David Becker\/Getty Images The market for lidar, a key technology for self-driving cars, is maturing, making it possible for investors to start to differentiate between the companies and their stocks. Thursday, Ouster (ticker: OUST) reported a second-quarter adjusted loss<\/p>\n","protected":false},"author":1,"featured_media":11200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-11199","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nEarnings from Lidar Maker Ouster Meet the Street. The Stock Is Soaring. | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Ouster Lidar sensors at the company\u2019s booth at the CES 2023 trade show in Las Vegas. 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