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Ouster’s customers need to detect their surroundings so vehicles and machinery can operate autonomously, robots can navigate, and infrastructure operators can monitor people and traffic. They buy its OS lidar sensors directly or through distributors that also install and support its solutions. Sensor and accessory sales provide most revenue. Its Gemini software detects, classifies and tracks people and objects, while BlueCity applies those capabilities to traffic operations and safety. The Stereolabs acquisition added ZED cameras and AI computing products to its offerings.
Sales depend on customers moving from testing and integration to commercial deployment. Many customer arrangements carry no minimum purchase commitment, and development can take years. Two customers account for substantial portions of revenue. Ouster also depends on Benchmark Electronics and Fabrinet, which manufacture most of its products in Thailand; it retains some sensor production in San Francisco.
Export controls and sanctions restrict where and to whom Ouster can sell, and required licenses can delay or prevent shipments. Its laser-based products must also meet FDA radiation-control requirements; noncompliance can force it to stop distribution or recall products.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Ouster’s results hinge on lidar adoption in robotics, industry and infrastructure, with RoboSense and SICK among the additional suppliers to watch for competition.
Hesai Group competes with Ouster to sell lidar sensors for autonomous vehicles and robots, putting performance, price and production contracts in contention. Watch its sensor wins with automakers and their suppliers for signs of competitive pressure on Ouster.
Innoviz Technologies Ltd. competes with Ouster for customers buying lidar hardware and software that identifies and tracks objects in vehicles, robotics and smart infrastructure. Its InnovizSMART business in traffic management and robotics is a concrete place to watch that overlap.
MicroVision competes with Ouster to supply lidar sensors and software for automotive autonomy and industrial robotics. Watch its high-volume supply agreements with automakers and their suppliers, distinguishing production business from one-off development revenue.
Aeva Technologies, Inc. offers automotive and industrial customers an alternative to Ouster’s digital lidar: sensing with a continuous laser beam, called FMCW. Nearly all its revenue since inception has come from development arrangements, prototypes and engineering services, so watch whether those customer programs turn into production orders rather than treating development revenue as sensor demand.
Ouster relies on Benchmark Electronics to manufacture its products, so Benchmark’s capacity and execution matter to sensor shipments and costs. Benchmark is paid to design and build products for equipment makers; watch its ability to move Ouster sensors into higher-volume production, where Ouster expects lower per-unit manufacturing costs.
Fabrinet manufactures Ouster products, tying Ouster’s supply reliability and manufacturing costs to its optical and electronic production services. Equipment makers pay Fabrinet for assembly and testing; watch execution at its Thailand manufacturing facilities as Ouster scales sensor production.
Serve Robotics Inc. uses Ouster lidar in its autonomous sidewalk delivery robots, tying demand for Ouster sensors to Serve’s fleet deployment.
Benchmark Electronics earningsBHE
Benchmark Electronics' report will show how its manufacturing business is handling production, a relevant read on the partner that made most of Ouster's OS sensors in 2025.
Look at Benchmark's manufacturing activity and margins together. If activity grows while margins hold, it suggests Benchmark is handling more production without obvious added cost strain, a reassuring sign for Ouster's outsourced supply path. If activity weakens or margins come under pressure, production execution and unit costs warrant more concern. Benchmark's results do not establish Ouster's shipments or manufacturing costs; they show whether the supplier's operating environment looks steadier or more strained.
Ouster, Inc. earningsThis company
Ouster's report will show whether customers are buying more lidar sensors and whether product sales can support the business without unusual license royalties lifting revenue and gross margin.
Read product revenue alongside total revenue and gross profit, which include royalties. In 2025, a long-term IP royalty had no associated cost of revenue, so the gross-margin lift it brought does not by itself show stronger sensor economics. If product revenue grows, gross profit no longer depends mainly on royalties, and cash used in operations narrows, sensor sales are supporting the business more firmly. If royalties still prop up revenue or gross profit while product revenue is weak and operating cash outflow persists, the core business has yet to stand on its own.
Hesai Group earningsHSAI
Hesai Group's report will show whether its lidar sales to automotive and robotics customers are reaching production scale, revealing competitive pressure in markets Ouster also serves.
Watch whether Hesai's sensor sales come from production programs with automakers and their suppliers, rather than mainly prototypes or development work. If production sales expand, a competitor is gaining scale in overlapping markets, which could put more pressure on Ouster's customer wins and pricing. If sales remain mostly development-stage, there is less evidence of Hesai taking production business, but that does not mean Ouster has won those orders. The takeaway is whether competition is moving toward volume production.
Serve Robotics Inc. earningsSERV
Serve Robotics' report will show whether its delivery-robot fleet is expanding; because it uses Ouster lidar, its deployment offers a customer-demand signal for Ouster.
Look for changes in Serve Robotics' robot deployments and fleet size. If its fleet expands, a customer that uses Ouster lidar is growing its operations, which could create more sensor demand; if deployment stalls or slows, this customer-demand signal is weaker. Serve's results do not show how much it buys from Ouster or prove a change in Ouster revenue. The takeaway is whether this customer's expansion offers support for demand.
