Shares of lidar sensors provider Ouster (NYSE:OUST) are tanking today after its fourth-quarter numbers failed to impress investors.
Revenue declined 7.7% year-over-year to $10.94 million, missing the cut by about $5 million. Net loss per share at $0.23 too came in wider than expectations by $0.07. During the quarter, sensor shipments rose 23% year-over-year to 2,950. Overall, in 2022, the company booked business worth $70 million from new as well as current customers.
The company is witnessing growth in its industrial and robotics units and expects an improvement in margins over time with higher ERV7 sensor shipments coupled with its acquisition of Velodyne.
Looking ahead, for Q1 2023, OUIST expects revenue to hover between $15 million and $17 million.
Overall, Wall Street has a consensus price target of $1 on OUST, implying a more than 20% upside in the stock. At the same time, short interest in the stock remains elevated at about 19% at present.
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