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Here are 1-3 brief analogies to describe Ouster (OUST):

• Mobileye for Lidar Sensors: Similar to how Mobileye provides camera-based vision systems for ADAS and autonomous vehicles, Ouster provides high-resolution lidar sensors for 3D perception in autonomous systems and robotics.
• The Qualcomm of 3D Perception: Ouster supplies critical lidar sensors for autonomous vehicles and robotics, much like Qualcomm supplies essential chips and modems for smartphones and other connected devices.

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• Digital Lidar Sensors: Ouster's digital lidar sensors capture real-time 3D data for precise perception and navigation across robotics, industrial automation, smart infrastructure, and automotive applications.
• Lidar Software: Ouster provides software tools, such as Ouster Studio and SDKs, to enable users to visualize, process, and integrate data from their lidar sensors.

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• Automotive & Autonomous Driving Companies: These customers are developers and manufacturers of autonomous vehicles, Advanced Driver-Assistance Systems (ADAS), and other robotics for various transportation applications, including passenger vehicles, robotaxis, and trucks. An example from the Velodyne Lidar heritage (now part of Ouster) is Motional (a private joint venture between Hyundai and Aptiv) which has used LiDAR in its robotaxi fleet.
• Industrial Automation & Robotics Manufacturers: This category includes companies producing autonomous mobile robots (AMRs), automated guided vehicles (AGVs), drones, and heavy industrial equipment. These are used in sectors such as logistics, manufacturing, mining, construction, and agriculture. Ouster has announced multi-year supply agreements with leading global manufacturers in these spaces, though specific names are typically confidential.
• Smart Infrastructure & Mapping Providers: This segment comprises organizations and municipalities involved in smart city initiatives, intelligent traffic management, security, and precision mapping and surveying. This includes solutions for aerial mapping, mobile mapping, and static monitoring of environments.
• Security & Defense Integrators: Customers in this category utilize LiDAR technology for applications such as perimeter security, surveillance, object detection, and various defense-related systems.

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• Jabil Inc. (JBL)
• onsemi (ON)

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Angus Pacala, Chief Executive Officer

Angus Pacala co-founded Ouster in June 2015 and has served as its CEO and a director since then. Prior to Ouster, Mr. Pacala co-founded lidar company Quanergy Systems, Inc. in 2012, where he served as Director of Engineering until February 2015. He was also a Battery Engineer at Amprius, Inc. from June 2011 to October 2012. Amprius Technologies, Inc. later merged with a Special Purpose Acquisition Company (SPAC), Kensington Capital Acquisition Corp. IV, in 2022 to become a public company. Mr. Pacala has been a key figure in the lidar market, instrumental in Ouster's acquisition of Sense Photonics in 2021 and the merger with Velodyne in 2023. He holds a Bachelor of Science and a Master of Science degree in mechanical engineering from Stanford University.

Ken Gianella, Chief Financial Officer

Ken Gianella has served as Ouster's Chief Financial Officer since May 2025. Before joining Ouster, Mr. Gianella was the Chief Financial Officer and later Chief Operating Officer at Quantum Corporation from January 2023 to April 2025. He previously held various leadership and finance roles at Itron, Inc., where he joined through the acquisition of Silver Spring Networks. At Silver Spring Networks, an IoT and smart networks company, he held senior finance positions including interim Chief Financial Officer, Senior Vice President of Finance and Treasurer, before its acquisition by Itron for approximately $830 million in 2018. Mr. Gianella also served as Chief Financial Officer and Vice President of Finance at Sensity Systems, Inc., a producer of smart LED lights, which was acquired by Verizon in 2016. Additionally, he held senior finance roles at KLA-Tencor Corporation. He holds a Master of Business Administration from the University of Pittsburgh and a Bachelor of Science in Business Administration from Duquesne University.

Mark Frichtl, Chief Technology Officer

Mark Frichtl has served as Ouster's Chief Technology Officer since he co-founded the company in June 2015. His previous experience includes working as a Technologies Development Engineer at Apple, Inc. in 2015 and as an Engineer at Quanergy, Inc. from July 2013 to April 2015. Mr. Frichtl earned a Bachelor of Science degree in engineering physics and a Master of Science degree in mechanical engineering from Stanford University.

Darien Spencer, Chief Operating Officer

Darien Spencer has been Ouster's Chief Operating Officer since July 2017. Before joining Ouster, Mr. Spencer held the role of Executive Vice President of Operations and Chief Procurement Officer at Enphase Energy from August 2013 to April 2017. He was also the General Manager of Business Units and Automation at Jabil Circuit from August 2012 to August 2013, and a Co-Founder and Chief Operating and Procurement Officer at Optisolar / Novasolar Corporation from January 2007 to November 2012. Additionally, he served as Senior Vice President of Asia Operations at Maxtor Corporation and Seagate Technology.

Megan Chung, General Counsel

Megan Chung has served as Ouster's General Counsel since February 2023, and prior to that, she was the company's Deputy General Counsel starting in July 2021. Before her time at Ouster, Ms. Chung was a Partner at the law firm of Kilpatrick Townsend & Stockton LLP from 2014 to July 2021, and also served as the Office Managing Partner for the firm's San Diego office from October 2019 to July 2021. She received her J.D. from the University of California, Davis School of Law, and her B.A. and M.A. from Stanford University.

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Key Risks to Ouster (OUST)

1. Limited Operating History and Inability to Achieve or Sustain Profitability: Ouster has a limited operating history and has consistently incurred significant losses to date, making it challenging to evaluate its future prospects and the risks it may encounter. The company's ability to achieve or sustain profitability remains uncertain, and it may require additional capital, which could lead to shareholder dilution.
2. Uncertain Market Adoption of Lidar Technology and Intense Competition: The market adoption of lidar technology across Ouster's target industries is uncertain, making it difficult to forecast long-term demand for its products. Ouster also operates in an intensely competitive market, facing established players and aggressive pricing from competitors, particularly Chinese firms, which could adversely affect its revenue and margins.
3. Dependence on Key Third-Party Suppliers and Manufacturers: Ouster relies on a limited number of third-party suppliers for key components and on third-party contract manufacturers for a significant portion of its product production. Interruptions in these relationships, or an inability of these third parties to scale production to meet demand, could adversely impact Ouster's business, supply chain continuity, and financial results.

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The increasing viability and adoption of camera-centric, AI-driven perception systems (e.g., "vision-only" or vision-dominant architectures) for autonomous applications.

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Ouster (OUST) offers high-resolution digital 3D lidar sensors, including the OS0, OS1, and OS2 series, and intelligent software solutions like the Gemini perception platform and BlueCity analytics suite. These products and services are utilized across various sectors such as autonomous vehicles, industrial applications, robotics, drones, mapping, defense, security systems, and smart infrastructure.

The addressable markets for Ouster's main products and services are as follows:

• The global LiDAR market is expected to approach $19 billion by 2030.
• For smart infrastructure, Ouster estimates a total addressable market of $19 billion by 2030 globally. This market includes applications in intelligent transportation systems, logistics, perimeter security, and crowd analytics.
• The maturing global industrial LiDAR market is valued at $70 billion.
• Within the industrial LiDAR market, the industrial automation sector represents a $19 billion addressable market globally.
• The 3D Zone Monitoring feature for Ouster's REV7 lidar sensors, used in logistics and security, presents an opportunity of over $1 billion.

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Ouster (OUST) is strategically positioned for future revenue growth over the next two to three years, driven by several key factors highlighted in recent company communications and analyst observations.

Here are 4 expected drivers of Ouster's future revenue growth:

1. Expansion in Key Verticals: Ouster anticipates significant growth from its continued expansion within the smart infrastructure, robotics, and industrial sectors. The company has made notable strides in deploying its products across smart infrastructure and industrial verticals, securing substantial orders from major industrial equipment manufacturers and technology companies. Demand for Ouster's lidar solutions is particularly strong for applications such as yard logistics, retail analytics, warehouse automation, last-mile delivery, and mapping. The smart infrastructure segment was the largest contributor to revenue in Q3 2025, with robotics and industrial verticals also making substantial contributions.
2. Advancements in Software Solutions and AI: Ouster is focused on scaling its software-attached business and enhancing its AI algorithms to improve detection accuracy and enable new applications. The company's strategic priorities include increasing software sales and leveraging solutions like Ouster Gemini to improve safety and operational efficiency, particularly in smart infrastructure applications for global technology company distribution hubs. Investments in AI-powered solutions are expected to drive future growth and convert pilot programs into large-scale deployments.
3. New Product Development and Technology Leadership: Continued investment in research and development for next-generation products, including the development of L4-powered OS sensor prototypes and the Chronos chip, is a key driver. These technological advancements are designed to enhance sensor performance and reliability, unlock new verticals, and reinforce Ouster's position as a leader in the lidar industry. This ongoing innovation is crucial for sustaining a competitive edge and meeting evolving customer demands.
4. Strategic Customer Wins and Large-Scale Deployments: Securing significant purchase orders and forming strategic partnerships are vital for Ouster's revenue trajectory. The company has reported securing substantial orders from major global technology companies and a large European industrial equipment manufacturer. These wins, coupled with successful large-scale deployments and partnerships, such as with Constellis to enhance security operations, indicate a strong market adoption of Ouster's lidar solutions and validate the demand for its products across various industries.

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