approximately results, our This a of XXXX for revenues. good our existing Thank accounted quarter, automotive, the with each second everyone. increase afternoon, a book-to-bill quarter. X/X record customers. verticals revenue, we a million the In in booked of third with and million quarter. and quarter ratio we in in $XX $XX.X Starting XX% robotics industrial, third represents new business recognized the X.X off and infrastructure third smart over you, The Angus,
half last the the ASPs slightly saw X.X. shipped Over improved third the basis. a increased mix. demand strong in third of averaged the continued sequential traction We has quarter quarter over quarters, X sensors commercial and X,XXX XXXX, by our Similar product driven to book-to-bill first ratio and on
to quarter GAAP significantly improved XX%. Ouster in third the gross anticipated, As its margins
company. Ouster's gross software included purchase expenses the XXXX, to margins $X third ASPs X operations, taken level quarter consolidation manufacturing losses our in commitments certain higher XX% margins over record structure. excess as the reduction an approximately the near in gross a we of with prior have associated and and on product the were including in the past product lines. a costs, months quarter Third The costs actions margins firm higher significantly which primarily driven increase ordinary cost our obsolete were reflects of and by quarter outside up of of public and from a revenue, gross reduce non-GAAP to million
in non-GAAP our We gross and margins. GAAP expect further improvements
activities, taken will and other in expenses out actions quarters infrequent the delineation R&D the future couple transient ordinary expenses Operating quarter performance. the have timing primarily product our between of operations unusual over to the outside and structure baseline impacts the last than business to of expected, our nature of integration, a due integration-related fundamentals cost to significant reduce we effort of in expenses. Given clear during break an to help third we continue lower transition the operating to of our the and certain provide merger or came
We to of fluctuate the projects, next-generation R&D the tape-out to Chronos of Chip. due timing our expect expenses our including
cash, XXXX. of structure map. is We broadest as maintaining in believe financial strong we road have be bases continue in digital balance the while $XXX differentiator, view performant in regards enter cash We of the as the industry the investments customer our our on with short-term and fourth of our business with quarter position the strong family believe have sensors and to our cash and fortifying restricted equivalents, our of intend cost sheet a to solid September of lowered a a market, We invest proactive to balance Ouster ability in XX. We we to most the prudent as we position and million one sheet.
As along in we establishing to operational and loan interest refinanced by facility our result expenses, prior we agreement. lower financial a new in term compared to significantly increased our credit expect we existing loan flexibility announced October, with that
to the million approximately place during raised winner Our us will that balance these maintain actions reflecting cash sheet. LiDAR and via market our quarter, believe on our industry strategy the September win. balance $X a We take ATM at path a be strong most to included better a XX
integration we our As part merger have business model. aligning with structure efforts, significant of cost our strides our made
completed We majority discuss enough strategy. the our to integration our and go-forward activities have now visibility financial have of
framework we've to shared, financial drive us Angus As profitability. X-pronged to established a
to XX% XXXX First, achieving second, growth; XX% margins maintaining and expenses quarter annual third, levels. XX% to or expanding below operating third to XX%; average revenue gross at
business and support operating expenses. appropriate Since merger, worked Our our an controlling to current have first establish trajectory. cost been structure has we sustain on to the focus
these to continuing while our have to a We map road materially in supporting our successfully sales reduce product and network. costs implemented plan invest
surpassed have We target are cost $XXX of prior million. pleased our that year-end savings third quarter XXXX our
a of are premerger our when lower expenses spending the lowest to cost Notably, operating was quarter represents stand-alone Velodyne. compared $XXX the second of and since Our combined level over or XX% this company. XXXX Ouster Ouster million
fluctuate expenses due we at maintain investments and on forward, savings. these through quarterly savings may a incur below aim or certain to noncash we Operating Looking expenses achieve software office R&D certain and the transition to basis may XXXX third space quarter to We've operating opportunities Thailand. consolidation, of levels. optimization expenses the to identified timing expenses, and
savings, realizing a dollar operating keep we these on flat cost basis. After expenses to expect relatively
growth already We this have expect believe personnel revenue support we to necessary and multiple years infrastructure of significant invested and growth. the
benefit to operating of percentage leverage expect a business. a optimizing the our committed as the expect we management We from inherent maximize is decline earnings and continuous effort, operating and business' revenue. to expenses of to are expenses power Cost to
basis. commitments to a to Moving inventory, margins our gross third second improve excess and been metric, margins. made transitory transition. XX% negatively product in and losses key our our gross GAAP and basis progress We impacted costs Post merger, on XX% non-GAAP on as margins by quarter now purchase have obsolete on significant realizing such the a gross
margins our the improvement pleased have our are We rebounded. as third quarter results with in
reach not implement are initiatives. numerous margins we continue time gross to over and we XX% to business expect XX% However, to we as finished,
shifting First, all products we of Velodyne are production Thailand. volume to
to expect contract model. We leverage expand we margins manufacturing our as
As already primarily products a OS reminder, manufactured our Thailand. are in
Second, recognize we believe our REVX superior value the proposition our of and sensors. increased performance customers
see as customer Given shift improvement our these margin sensors. expect towards we to differentiated continues these are products, higher-priced to base
of hardware. expect at software sales grow to a than rate Third, products our we faster
become We accretive revenues. expect our a these growing provide as percentage to software margins a overall will solutions margins to of contribution be higher and
cost our as shipment Lastly, leverage and absorption our grow. are experienced as additional to in expect already from variables we increases. gross our framework. key benefit fixed year Optimizing volume expanding operating financial our X cost structure We've and expect to continues margins our improvements this positive volume
like the over to call back the growth. him now third I'd have turn to to Angus pillar, discuss key revenue
