OUSTOuster, Inc.

General Industrial Machinery & Equipment, NEC

Revenue: $169M; 52% YoY
Operating margin: -43.7%; 53% YoY
EBITDA: −$66M; 30% YoY
Market cap: $2.0B
Employees: 204; $830K revenue each
Net debt / EBITDA: —; −$51M net debt
AI in 10-K: 7.9; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
24% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentYes
80% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$830K · 84th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.9 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$47M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$34M	$41M	$83M	$111M	$169M	52%
Operating income	−$100M	−$145M	−$373M	−$104M	−$74M	29%
Net income	−$94M	−$139M	−$374M	−$97M	−$60M	38%
Operating cash flow	−$71M	−$111M	−$138M	−$34M	−$40M	19%
Capex	$4M	$5M	$3M	$4M	$25M	563%
Stock-based comp	$25M	$33M	$58M	$40M	$41M	0.9%
Buybacks	$45K	$45K	$0	—	—

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 14, 2022	DEFM14A	—	$0.82	50%

13D filers

Filed	Filer	Form	Stake	Intent
Sep 3, 2021	Goldfield Jacob	SC 13D/A	6.8%	Passive
Mar 23, 2021	Goldfield Jacob	SC 13D	9.3%	Passive

Insider trading

Open-market buys, 12 mo: $178K · 3
Open-market sells, 12 mo: $47M · 68
Net: −$47M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$8M	251	—
FY2024	$2M	$2M	142	—
FY2023	$1M	$599K	89	—