OUST - Earnings call transcript Q4 2023

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Operator

Hello, and welcome to Ouster's Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] This call is being recorded, and a replay of the call will be available on the Ouster Investor Relations website an hour after the completion of this call.

I'd now like to turn the conference over to Chen Geng, VP of Strategic Finance and Treasurer.

Chen Geng

Good afternoon, everyone. Thank you for joining us for our fourth quarter 2023 earnings call. by Officer, Executive Mark today and Angus joined Financial Chief Weinswig. am Ouster's Officer, Chief Pacala; I

Before we a website. of begin XXXX is to its remind available the quarter results. prepared remarks, that fourth Investor was today, we An earlier on investor Ouster published fiscal the Ouster's issued and press presentation announcing you release year would and like section Relations

information, Act course Reform quarter materially to will of framework, like also that and and to to forward-looking commentary I'd release, may share discuss intended Litigation be this Securities uncertainties management matters XXXX call, Ouster's with no forward-looking our guidance Ouster's that that growth subject may the There remind our to will press Private results expectations the other plans, actual conference cause covered of today. of during such differ be financial statements. certain that in harbor guarantee risks you we strategy from that XXXX and current is including regarding go-forward the estimates today's by described expectations are achieved, and everyone are for and financial results first provisions safe actual

with Form highlighted required report rule risks regulation, furnished obligation addition, annual any for to December report filed ended you after the forward-looking XX, disclosures for of year any no will as consider should December to law, to date carefully important on Ouster's Ouster's this this be In any or the as Form for including Except these on risk XXXX, may of Ouster's updated call. or during in XX-K undertakes the year future update reports statements annual XX, in reason described the Ouster XXXX. the by call, affect other SEC, that and factors XX-K ended results as

derived internal data upon experience from uncertainty as which on operates discussed knowledge concerning cause and is data materially definition, the by end to its and on sources results in position markets. on could in information released computations Ouster's such of well and independent expressed the reviewing information research and management analysts third-party in publicly organizations, industry Ouster's call research as competitive assumptions other reasonable are are made differ and industry which such and which markets available and assumptions it sources and Information from from industry based to from those are By this estimates. risks, third-party independent subject other and based industry, estimates,

financial a During will this financial for certain supplement we to a should discuss considered substitute and non-GAAP call, measures accordance in not with GAAP. prepared measures. be measures These non-GAAP as

of GAAP refer reconciliation the today's release. a please non-GAAP during call press financial measures, directly this to measures For comparable most discussed to

like to over would call I turn the to now Angus.

Charles Pacala

milestones of across us everyone, and portfolio sheet, was completed XXXX We forged year and a notably which sensor our with balance Hello, thank you structure. transformative most REVX, and the for We expanded achieved yet. merger cost a today. Velodyne, Ouster. joining performant important stronger streamlined our patent production company with a successfully shipments scaling operations, for

over accomplished with development cash journey. streams we financial burn exceeding significantly DF product Gemini was performance, target XX%. our a while our post-merger and reducing first BlueCity initial revenue in record Ouster customers, the forward demoed Additionally, of launch our by delivering stride our annualized with new added cost significant sensors savings This and all and marking

and a strong strategic X digital robust laid the into a out new drive for deeper software financially map, priorities delve we build ecosystem road lidar business, our execute business. XXXX: develop Let's on

the successfully against goals. executed team I each at of Looking these past the Ouster back year, believe

in million in Mobility and new million record May lidar including large $XX Ouster increase by We autonomous multimillion-dollar wins a deals for vehicles. Motional year-over-year. $XXX First, supply verticals, all XXX% record production across and a X revenue, to booked a business closed sensors generated their

saw customers benefit accuracy. improvements promotion precision by dramatic This REVX's demand Vice Senior relationships our been automation and was new the sales largest of Global President verticals, understanding leading growth who brings also mapping, Cyrille range, in high-performing and warehouse of has market Ouster inspection Sales. from since our increased teams. and We our complemented Cyrille and XXXX customers from with Jacquemet, some of comprehensive experience of deep a with

Turning all we advancements power custom made significant next-generation to CMOS our our the to our chips year, This products. priority. of develop that second in road map

the the ASIC our out taped OS our of we LX next state-of-the-art sensors. chip, power First, iteration that will

We also dozen OEMs the and DF Tier Chronos our plan series. final over integrate silicon chip, form made DF for we've to exciting hardware Chronos we progress year, that already into a custom automotive-grade factor This the demoed on to the Xs.

addition automotive, and that for management. are key achievements We our environmental and progress help and infrastructure meet ASIL-B, data our to certification, customers serviceable, expand These our that ISO significantly also milestones in SIL-X XXXX safe, demonstrates products of markets within our achieved industrial to and is to We ISO quality standards. industries. This partners. and obtainable will the NEMA certifications the road which ISO smart our XXXXX made commitment functionally for on security TSX meet cybersecure XXXXX standards deliver certification highest map

and Shifting portfolio lidar We bolstered This security digital further new systems. added with to milestone year, and our software business analytics, deep XXXX, addition expanded expect new the this City, major software from Ouster increase. solutions coupled customers. revenue intelligent a and enhanced traffic were crowd the models increasing and to in product cloud-backed the and booked in with with our launch of Ouster platform integrations. contribution lowering stickiness barriers management the to turnkey a while was these of we AI sales with Blue perception transportation solution. its revenue learning perception solutions stream stream We Throughout solutions. millions our partner for our to software lidar adoption Gemini, the continue

XXXX, to in manufacturer a we to progress build Thailand. with transitioned We business. made closed lower-cost in merger significant the a financially strong Velodyne Velodyne and Finally, products

cost efforts structure capital. optimize Through initial by lowered significantly post-merger cost burn. over refinancing loan, cash of savings target XX% annualized our Our cost of and we our our the our reduced to our surpassed term

We our peers also that shareholders. will implemented value to believe toward a new financial sets framework platform business a also guide robust customers apart only Ouster our not establishes long-term and we model deliver to employees, This from profitability. us but

complemented excited diversified momentum to drive in near- XXXX our this achievements and growth. technology our lidar supports AI-powered solutions, long-term towards differentiated we revenue continue model our as I'm plan and in Our business uniquely will XXXX, digital a execute by software profitability. and

our turn financial for CFO, to full call the now the context more our I'll year. provide quarter to and Weinswig, results over Mark fourth on

Mark Weinswig

you, and Thank good afternoon, Angus, everyone.

me revenue, commercial to had by generating which contributor we each Let deployments. third quarter, of recognized over a off revenue, Both the infrastructure. customers in over test The revenue, start from of million by followed quarter. the the record fourth multiple verticals our illustrates pilot $XX.X to $X XX% was million robotics discussing smart our quarterly results. evolution largest customers a latest In increase vertical the

quarter driven versus record improved approximately operating stock-based points the were In the sensors, Non-GAAP merger. and XXX we in a settlement XX% a gross sequentially, expenses and of gross the QX, basis XX% over quarter to fourth Ouster. quarter. levels margins the for to X,XXX in expenses. shipped since GAAP $XX prior improved million higher highest GAAP litigation compensation by reached XX% higher margins

at we expenses focused below or We quarter-to-quarter, XXXX fluctuate on quarter improving expect operating and our GAAP remain operating levels. expenses to third

Turning results. to full year

increase XXX% a $XX XXXX, For revenues year-over-year. of book-to-bill of and we an $XXX reported record million X.Xx. were Bookings million, of ratio represented

We to expect report on bookings to annual continue basis. an

included of $X,XXX. were over average XX%, margins Full year $XXX selling million. XXXX, operating achieved impairment goodwill of expenses charges non-GAAP were price were XX,XXX XX%. During and roughly margins GAAP and shipped million, we $XXX GAAP gross an sensors gross which

higher gross XXXX each transition path higher back, improved year as us a sequentially delivered cost revenues, EBITDA. growth and marked and Looking our merger, transform In executed put plan we profitability. on a to we successfully margins a the drive since revenue quarter to structure, adjusted of

made and cost since lowering over by also capital management. We by burn XXXX, XX% rate debt working of our cash financial our progress cutting significant improving of our QX

short-term accomplishments December strong have performant these one investments with XXXX. and of broadest the we bases We $XXX most of cash and believe industry of sheet a as Ouster put the investments we enter position customer the the cash, million market, as equivalents, in in cash and Overall, in XX. a family restricted balance in strong sensors

sheet Our $XX strong during growth. the ATM million cash reflecting a to at approximately raised to year-end strategy via future maintain fund our help quarter, our balance our balance includes

our to Moving guidance. revenue

a a represents between million. sequential in which of first seasonally XXXX, quarter million For $XX historically has the Ouster targeting for weaker revenue quarter, This and been quarter. $XX is increase first the

call now XXXX turn and closing I'll back the goals our Angus share to remarks. to

Charles Pacala

Thanks, Mark.

are second, we of on advance software solutions financial long-term the XXXX, our meaningful for accelerate extend grow business, progress the Ouster strategic the which For focused our framework. expand on advance path third, priorities our installed on and profitability: adoption digital competitiveness, make and lidar will first, and to our X base; lidar development hardware;

smart ease as tools software expanded improve solutions, of new as year well We adoption opportunities transportation global improve safety. to to installation and tools will existing integrators These customers companies, and subscription-based to this infrastructure efficiency are logistics provide analytics additional release later security the by enabling Ouster's statistics operational Gemini authorities. customers new and and customers. Ouster and support City, plan Blue at that

world and be growth. $XX at cameras estimated expect contributor signalized With future security intersections sales global already to end coupled around key millions market billion, a system for of the we the to software

multimillion-dollar replicate Ouster with footprint. opportunity We X% leading our company leading massive deploy represents our a over time see deal expand logistics Gemini this hardware global to sites this coupled solution For at approximately more global of digital Ouster to customer's approximately other selected with of for a deployment example, logistics and lidar a smart within the companies. offering XXX infrastructure, logistics to by to sites. digital lidar This was

developing continues versus the chip, bring further range, of field manufacturability, view out and in to its sensor performance, Turning been significant safety road to family. hardware. enhance the certifications to expand silicon on lidar expected LX, map, and improvements with along obtainable and custom to will next-generation Ouster differentiation the serviceable, provide has that operating progress Ouster's OS technologies taped market digital peers.

to the later into flash we our solid-state In this addition, year. Chronos chip digital sensors plan integrate

XX% Ouster at margins Finally, achieving focused levels. financial annual XX% to on expenses set to expanding gross below XXXX operating maintaining or framework growth, quarter third and revenue a XX% XX% has to

framework, We a path to progress expect to putting Ouster on this meaningful show results against XXXX profitability.

the performance if that founded premise needs Moore's be silicon be closing, to in Law. to digital the the lidar architecture, can of In ubiquitous. going was on around with Ouster is digital line lidar CMOS Designed exponentially scale it

Our maintaining digital low-cost opens is enables that designed while approach that a streamlined customization scalability. process applications broad industry up for manufacturing

cloud-based with simplifying solutions, we more for and even features, adoption software expanding the lidar. offering are use Now case

have to growth of have record track We ability scale proven year. with record the bookings gross manufacture with demonstrated over a last a strong positive and margins at and revenue

sensors customers. are and We REVX replicate Blue opportunities see material major to increased deployments Ouster robotaxi mapping driving Our demand and throughout and the City from new handling, customers year. Gemini expand existing and to

trusted industries, in as am the of as Ouster's increasing accelerates confident as lidar to share ever poised future. American As provider, is across lidar market a Ouster I capture and adoption

like With to open that, for I'd Q&A. it

Operator

Cantor the line Fitzgerald. comes Instructions] of Andres [Operator question with Sheppard from Your first

Andres Sheppard-Slinger

Congratulations core quarter. you up kind to it of I beginning trends guys. around auto Angus, obviously vertical maybe where terms kind industry curious on you're and auto just as the seeing auto of stands lidar of industry. pertains the thoughts a get wanted to realize ramp in that on sensors. for the is not I to fully But your what

Charles Pacala

automotive for reason, is measured beast feel of is Thanks a that our strategy. for also because markets. promise Ouster confident key huge represents with adopting but it in lidar we taken the auto uncertainty time huge And Well, of X uncertainty And industry and for has X question. the the very our the an that automotive lines approach given technology. interesting

well-established high-volume And customers developing we're automotive our a uncertain time have that, target ADAS massive into We the set that opportunity we with again, an new of line. DF is sell products consumer today. specifically opportunity a to

of vehicle what autonomy. differently doing on focusing that believe decades to And building a long it's needs, sets the actually product levels which build and and we cases, to for compact that holy market affordable suite, the build can capture different versus to on to high-performance, us a DF the automakers time is seeing the Ouster the in factors, what that models and run, here, of some the with the market thing we're waiting, grail success market that's as important right that up that form can it And for a sensor, types, sensor before product play a many Now and across is market sensor. is represented much it. actually, line more in first adopt actually has a build being for ready of come is really now

we're field small So I'm made to readiness on hinges view XXXX. We Chronos got sensors that silicon demo the feedback on final have Again, DF was state personally going I factor, form and really that line DF going building is final solid resolution, high this the happy. of on team to major we density, We the the product. industry. to something back now year. chip, and Xs meet DF with product the building Tier great are this that's a of great the Chronos happen pixel and high-volume go XXXX. into to actually executing automakers designers on And the really in that to progress fully of range architecture. be able that's present And to the in devices, silicon world-class where automotive

Andres Sheppard-Slinger

what was think best we ASPs XXXX those continue what think for to way XX% a That of and about way that or gross Just past into improve to Maybe this best helpful. about the as what's target, Got kind you're quarter? really super to kind as it. is, relative Mark appreciate that next your of -- trends question ASPs what's XX% I closer curious our incorporating blended that. margins model? the can inching to for to you

Mark Weinswig

Yes. question. for Thank the you

sold in end meeting sensors. a this interest. Ouster quarter came had number what a to at the demand. book-to-bill terms of also We demand shipments our quarter. very in the first of of So lot A of A of quarter, all, great and customer record lot that's And high of ratio. led

In forward, more did the decline product terms in mix ASPs between it just ASPs, have quarter-to-quarter going was a SKUs. than a of but on we shift nothing slight quarter different

obviously internally. is and amount lower for just news charges seeing and that growth. revenue a good we some One Number is associated merger. our with are And we improve, cutting the continue or So us the couple of these overall basically margins two that's because to of that things. of excess third obsolete a of costs is is seeing of are

year reduce So contract we to overseas -- for a this are and We've put becoming together efficient. structure we our structure. products moving more manufacturing, cost to been

we're to led the margins So level. increase our to for those have us things that obviously, by the And able performance be XX% basically happy quarter. in very to

Andres Sheppard-Slinger

run regards is the balance of to now expected rate maybe just million? us one, of it. could. In remind can the you just Got what $XXX And That's helpful. I your one kind if last liquidity, with

Mark Weinswig

Yes.

the as of investment December. We $XXX securities million in end of have cash

adjusted This continuing our EBITDA in quarter, opportunities cash to and our We're million improve to revenues, our we $XX grow loss to cost margins. reduced reduce see our burn.

able So on to that to to be we to path did that profitability. hitting And framework. our all is is obviously, continue that And down goal framework. one in to we're financial November cylinders thing laid move out we meet

Andres Sheppard-Slinger

Got it. Great. quarter. on the Congrats

Operator

line Markets. with Chardan from comes Your Dobson next the question of Capital Brian

Brian Dobson

business now to time Angus, color execute a of clients deals? automotive how the market think you margin what bit seeing spent in and view on vis-a-vis kind you with industrial and comparison could with do order you give little that in you're perhaps in right of

Charles Pacala

rollout market technology. and Sure. corollaries for more allows for of a are Brian. track happen line time question, kind the industrial time the in the to rollout There terms the automotive many to of the between But Thanks linearly, expected market the to industrial the customers for market. which of more can of technology

that players. So companies a to get them they of product that allows to to we're of year, create their companies large quickly engaging and identify number a that to industrial what out enough industrial industrial really expanding and we've us invest able players, with start can seen set parameters new their each is product the and with market expand a set market. those can that and every volumes in And mature that bring of purchasing bring a to has by

nothing. players And better customers in so are the that's industrial the kind space much cadence predictable more constrain they're and of automotive of embarking of on to able much because players, or all problem because are a there than where that lot it's a this

not predictable And gross and still of for the and space end industrial BXB lidar cost and more really type many industrial so versus led expensive. selling to that's industrial are they're consumer. players falls in terms players, are customer. just benefits much our in Generally, the a to ASP Ouster. There Ouster automotive of much It's that for expectations, the more are that a business on consumer putting margins to equipment other

multimillion-dollar construction a tolerate price industry. point, higher can So the than machinery, of consumer ASPs equipment, industrial equipment, mining pieces higher automotive

So again, our results. reflected has it's to kind that led just of -- in

just kind X of since last of quarters Our is the that resilience really the the merger industrial shown sector. over for now the quarter-on-quarter revenue laid and ASP year we've out the solid build dynamics in I because

Operator

with the comes Your of Rosenblatt Kevin from Securities. next Cassidy line question

Kevin Cassidy

or software close But moving results on say the of potential increase? larger units so gross margin? for the progress. margin, component improvement here? Congratulations is the But getting you on lines XX%, you're revenues lower from what and at Is the those are to target. material very can parts great gross lifting great you're along process Or it your

Mark Weinswig

Yes.

of on the this about items quarters. want improvements couple last -- little kind hit of And the couple bit software I'm led over have talk would kind the of the Angus sure I'll to the a to So opportunity. of

are merger, thing cost. The move opportunities the our in increase us And in reduction really important put also over additional That's XXX% partner reducing the big almost That's operations terms was a overall to a huge significant Velodyne most leverage. of did able of We're outsourced overseas the we volumes. a the effort of months. in the -- After seen over all few the to in terms our led to that. now first organization. sensors We've and over in in manufacturing also cost structure we group Thailand. given actually the operating

most that So factors We those last led performant the ASP. us that, gross sensor release X interest our beginning market. sensor, of we really this higher to the of the obviously, which -- to a then that's are main since it's overall the the we've REVX in -- has margins. just and of -- seen a in in the in lot have really year. the customer get A improvements see And

of I'll Angus forward, it to side. through go-forward software going opportunities some Now the leave from of to the walk kind

Charles Pacala

And of Yes, highlight would and opportunity there's sensors. OS to capabilities in further generation produce our features next absolutely. I unique that

with and So REVX lidar has new shown the that the by capability OS going we of our and tap iterating to kind generation continue driving next of hardware. the and immense LX success We're sensors. DF chip silicon the can that on in

the kind to there. software of business City, opportunity an But expand year, margin expand adoption with technology that that lidar rate benefit the the in we we're software as that making side, Blue solutions in use and cases and last we with play developed an Gemini infrastructure to on Ouster for added see the the that -- smart of the of potentially business our

software to that buying So able we're significant of they that And customers are in imagine to and you a that provide is value the complete that these in lidar providing are some that something making Ouster investment are build solution. investment smart sell solutions through infrastructure. we can ourselves majority complete have now that

the to side. there's that there more think come margin I on So

Kevin Cassidy

that line software handle as And Or further. go over question, go how a number asking into Yes. that into the ASPs folded be -- with I'm revenue? Great. question maybe average do is it long Okay. going you expected to I as amortized if be And going was to up was selling the separate price, Is sensors? LX, the item? it to of the you going to

Mark Weinswig

so. Yes, out already great that to as see that you to done what probably that really information it's will are looks to next amount we we've happen -- start does a on that about break excited deployments start will of date are to over that. we or And But we software and question. start like. the more the grow, And will year

over still change start the customers the and more customers, fold the and We refining Ouster as the model as product work are opportunity time will we come into with line. that seeing for

Charles Pacala

mean, add, would is business. the software a I majority I of And our revenue subscription-based Yes. software

So seeing model the to customer sector. infrastructure smart we're adopt that willingness already into

Kevin Cassidy

Okay. Great. Congratulations again.

Charles Pacala

Thank you.

Operator

question [Operator of line comes Instructions] from Shadi next the Your Mitwalli Craig-Hallum. with

Shadi Mitwalli

year-over-year, This on question guys. of your Mitwalli XX% lower solid on QX growth implies first to is your year, growth. of which for is Shannon. the guidance XX% full guidance. end XX% year My Shadi Congrats is on QX Richard guidance the on

here, XX%-plus what maybe confidence the you'll growth be is giving that able that XXXX? to So throughout maintain you

Charles Pacala

first to growth. for the really digital I solutions-expanded the customers out. But DF, priorities The the the advancement with rapid laid executing quickly more that platform. X And to than -- Yes. highlighted how seen we've have of of software and mean Gemini expand we're so and really and lidar X, I we've are framework financial platform a in business the kind -- in in for be kind on positive Blue an the the being Ouster. the focusing able X line uptake OS on outlook priority, on of more first hardware, on incredible going uptake City generally And questions. business, and they're the smart revenue revenue Thanks strategic just focused themselves of full the the traditional with software time developing -- our something a first business kind like time And on lidar purchase with from hardware to solution much a the that hardware the top revenue solutions. Generally, we're customer that complete of meaningful alone. circumventing is from us. for allowing faster solution are industrial allowed first solution day complete to because in is us X, the software the a build By tap It's for full because selling completely markets. space purchasing. customer partners base and automotive solution that to in really or it's providing also that the to we the that's a both our those us them third willing the new

-- Gemini security ] and is [ security So be security sold every the poised crowd is the space. globally. positioned analytics $XX into year And systems told of industry to billion sold

market customer a from a performance base and from to Gemini massive proposition well-established provide solution. the level So of value complete Ouster next a clear with

there sped new solution. to Ouster, after adoption big it's markets, So for they're fact also that are by opportunities going the and a complete

features, more that's in a a circumvent to to opportunity the But a we technology. robustness environmental is lidar barriers example, more remove time We're on upgrade to used environment. more a happening, OS a Something challenging itself. performance, an some they might scenarios provide to customer little the the into. A them mining customer sensors dusty hardware different machine side but each to of allows adopt for is that to operating get able good that

just to scope entire design. REVX their the in sensors can't. remove of from system generations a that those dust the With through whole a of set That previous a pierce problems way customer of can sensors, allows lidar

we of confidence hitting we're us this model going give that growth, like on long-term continue XX% that and that to things the XX%. building established to bounds So within those trajectory to on revenue

Mark Weinswig

one thing had obviously, is we bookings. year in that great key a And

over booked $XXX million. So we

gives we orders us we to that to take-or-pay continue we've So interest. when that from way, the customers. are just of can confidence by received able that been huge these we've you shown grow, binding kind what ask the see And

Operator

Kevin with Capital. WestPark Garrigan

Kevin Garrigan

Congrats on the results.

too And you this too Or quarter, last it I or small? expand of were on this revenues it is but any -- small what plans markets? I still other to is think software any asked update into software quarter? end kind

Charles Pacala

Yes.

software point. So revenues we breaking this aren't at out

mentioned solution the in date attached coupled millions with around fulsome pretty put software out have press XXX sites the We software to traction software That's hardware we've the of our dollars business. selling. We deployed lidar of over solutions in release booked that in software in we're business, a we've that XXXX. seen the that with XXXX, QX combination

the I metrics so was rate And deployment, a question? then to specifically but it's of that software we'll what where be think out happy part we sorry, we're And the of relevant. with when degree grown second breaking I'm the feel they've

Kevin Garrigan

whether into expand plans to other you markets. guys have Just any end

Charles Pacala

Yes.

absolutely infrastructure that versus moving lowest of some solve bring robotics to because order. into think and traffic fixed in the preexisting safety-critical potentially first automotive markets, for the technical it largest assets. established I is because instance, with security some there of the it's infrastructure that market, the system has to market, challenges and an opportunity autonomy solutions the started markets, industrial We smart

But us said, software that -- the build a being for offerings there's I these to in businesses. potential that continue think to other

tuned. stay So

we're X of providing kind will Ouster than today. to Ouster software the from what on think different very of look XX the now I years

Kevin Garrigan

that much so No, sense. makes Yes.

follow-up, the kind out you Okay. would then at of and back lidar, And looking in as that XXXX? Perfect. smart or warehouses accelerating it's in play as you XXXX adopt rate a kind you rate see And kind or thought do whether to that as it of robotics? infrastructure XXXX? Did and just looking look XXXX, forward more of to of autonomous become did customers

Charles Pacala

for I going this Absolutely. appropriate And now. end, remark save think to but I it's was the

And markets. are is will what's is he robotic. GTC And For immense extremely our giving those tailwind an key of increasingly, already that you of XXXX future that one tuned in to Jensen for it moves in well. the our lidar said last business that He Huang, in those and beyond. Robotics eyesight. presentation the at said week, CEO sensors machines of NVIDIA's everything be

of we the performant extremely in things well chips of across think so markets. automation the availability is And that business. the AI, diversity we capture and and focus end our increased to and complement perfect advancements are the the on poised And autonomy like AI co-processors affordable to

taking absolutely these advantage we think that playing we're trends in So is of the being start industries given that we those diversified on customer a from adjacent that focus automotive. to

Kevin Garrigan

Yes. No, completely ton sense. that makes a agree. I Yes, of

Operator

question-and-answer This I'll for closing Pacala call the to the session. concludes turn Angus remarks.

Charles Pacala

call I employees all forward incredibly for And And I of delivering look everyone XXXX. the questions thank on thank I ask that to Well, strong today. a XXXX. Ouster's want to record joined an and

Operator

for This you concludes We today's thank joining. conference call.

You may lines. disconnect now your

Ouster (OUST) 26 Mar 242023 Q4 Earnings call transcript