Shares of a lidar technology company, Ouster (NYSE: OUST) surged in pre-market trading at the time of publishing on Friday after the company announced a deal with the driverless technology company, Motional where Ouster will be the exclusive provider of long-range lidar sensors for its all-electric IONIQ 5-based robotaxis through 2026.
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In addition, the company also announced its Q1 results with results “composed of Ouster standalone performance through February 10, 2023, and combined performance of both companies following the merger with Velodyne on February 10, 2023.” OUST’s revenues surged by 101% year over year to $17 million and the company booked $33 million in business with new and existing customers. Analysts were expecting OUST to generate revenues of $16.8 million. However, the company’s net loss widened to $6.03 per share in Q1 versus a loss of $1.90 per share in the same quarter last year, wider than analysts’ expectations of a loss of $1.95 per share.
Looking forward, Ouster expects to generate in Q2 “the first full quarter post-merger” revenues in the range of $18 million to $20 million.
In the past year, OUST stock has cratered by more than 80%.
