Ouster, Inc.

Hello, and welcome to OUCHR's first quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After today's presentation and remarks, there will be an opportunity to ask questions. If you would like to ask a question during this time, simply press star, followed by the numbers 11 on your telephone keypad. If you would like to withdraw your question, press star 11 again. The call today is being recorded, and a replay of the call will be available on the Ouster Investor Relations website an hour after the completion of this call. I would like to now turn the conference over to Chang Dong, Senior Vice President of Strategic Finance and Treasurer. Please go ahead.

Thank you, operator, and good afternoon, everyone. Thank you for joining our first quarter 2026 earnings call. Today on the call, we have Chief Executive Officer Angus McCalla and Chief Financial Officer Ken Gianella. As a reminder, after the market closed today, Outzer issued its financial news release, which was also furnished on a Form 8K and is posted in the investor relations section of the Outzer website. Today's conference call will be available for webcast replay in the investor relations section of our website. I want to remind everyone that on this call, we will make certain forward-looking statements. These include all statements about our competitive position, product advantages, growth opportunities, anticipated industry trends, our business and strategic priorities, our operating expense targets, the impact of our recent acquisition, the development and expansion of our products, our product's capabilities and performance, and our revenue guidance for the second quarter of 2026 and long-term financial targets. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause actual results and trends to differ materially from those contained in or implied by these forward-looking statements are set forth in the first quarter 2026 financial results release and in the quarterly and annual reports we file with the Securities and Exchange Commission. Any forward-looking statements that we make on this call are based on assumptions as of today and, other than as may be required by law. AUSER assumes no obligation to update any forward-looking statements which speak only as of the respective dates. In today's conference call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP and non-GAAP measures discussed today is included in the financial results release. I would now like to turn the call over to Angus.

Hello, everyone, and thank you for joining us today. Over the last four months, we have seen the culmination of over 10 years of Outdoor innovation, strategy, and execution. In February, we acquired Stereolabs, a pioneer in AI camera vision and perception solutions, creating a world-leading sensing and perception company for physical AI. We are already seeing the strategic rationale transform into operational reality with a resoundingly positive customer response. And just yesterday, we launched Rev8, the world's first native color LiDAR and a paradigm shift in AI perception. To perceive the world in full context requires a combination of structure and color, and Rev8 is the first sensor to unify both. With native color across our entire product portfolio of cameras and LiDARs, we have further strengthened Ouster as the foundational sensing and perception platform for physical AI as we provide unified products and solutions that accelerate customer innovation and unlock new applications that sense, think, act, and learn in the physical world. Now turning to an update of our Q1 2026 results. Outdoor had a strong start to the year, achieving our 13th straight quarter of product revenue growth with over 12,600 LIDAR and cameras shipped, reflecting robust demand for our expanded product portfolio. With $49 million in revenue, we achieved another record product revenue quarter on a strong 43% gross margin, overcoming headwinds from a continuing constrained supply chain environment. We ended the quarter with adjusted EBITDA loss of $7 million, and cash, cash equivalents, and restricted cash, and short-term investments of $175 million. Our LiDAR business grew approximately 44% year-over-year, with strong contributions from our industrial vertical, where we secured several large deals to power industrial automation. We significantly expanded our long-term relationship with a large European industrial company for port automation. In another key win, supported by our NDAA compliance sensors, we secured a deal with an autonomous earth-moving company to retrofit heavy equipment to support a project with the U.S. Department of Defense. Alster's smart infrastructure solutions business continues to validate our end-to-end system strategy. We saw continued momentum from our expanded ITS distributor network as we won contracts to deploy Alster BlueCity across the United States. securing large million-dollar deals to provide next-generation traffic actuation systems in Arizona, Michigan, and the Northeast U.S. We were also proud to announce the expansion of Ouster Blue City with the Georgia Department of Transportation to modernize the region's traffic infrastructure. The turnkey Ouster Blue City traffic management solution will be deployed at more than 30 intersections across the greater Atlanta area in preparation for the FIFA World Cup and beyond. Blue City is bringing physical AI to smart cities around the world, with over 700 contracted site deployments across intersections, mid-blocks, and highways, reinforcing Alster's position as a leading solution for transportation departments seeking to transition from legacy traffic solutions into dynamic, digitally integrated, 3D LiDAR-powered traffic management solutions for actuation and analytics. We also saw strength from Master Gemini in the quarter, recognizing millions of dollars of revenue from a significant customer renewal. Leveraging our unified platform and proprietary deep learning perception model trained on over 4 million labeled objects, Gemini empowers our customers to operate more efficiently and safely at over 550 sites around the world. In the months since the acquisition, Stereo Labs has already proven to be a perfect complement. we're seeing benefits of our unified platform through the ability to immediately help customers combine multiple modalities of sensors and AI compute, easing the friction of combining disparate technologies and accelerating our customers' go-to-market efforts. The rapid integration and commercial success of our expanded camera vision portfolio provided tailwinds during the quarter, and business momentum exceeded our initial expectations. We are seeing strong demand from companies building foundational AI models and advanced robotics platforms. And leading companies around the world are relying on our expanded product portfolio to train, scale, and deploy the next generation of autonomous delivery, advanced manipulation, and precision agriculture. We continue to see large opportunities for StereoLabs to augment Ouster's perception roadmap to meet physical AI's increasing demand for sophisticated multi-sensor fusion. By merging our proprietary AI models with Stereolab's neural depth capabilities, we are delivering the specialized perception logic and application-specific software required to revolutionize safety and efficiency across the global supply chain. Continuing the momentum and our leadership in cameras for physical AI, we released the Stereolab ZX Nano, which is shipping this month. This product sets a new standard for wrist-mount stereo vision, delivering 2.3 megapixels RGB with neural depth, zero-copy capture data pipeline, and ruggedized GMSL2 connectivity, and a 40% smaller form factor. Like all Stereo Labs cameras, the ZX Nano comes with a purpose-trained neural depth model, specifically tuned for its capabilities. and further highlighting Elster's deep vertical integration from hardware to software. Engineered for robotic manipulation and high throughput data collection, we are helping robotics teams scale imitation and reinforcement learning for manipulation tasks. Leveraging StereoLAB's industry-leading image quality and end-to-end capture latency, our customers can now overcome critical bottlenecks by capturing high-resolution RGB and stereo camera depth images at up to 120 frames per second for training data and manipulation learning. And now turning to yesterday's highly anticipated product announcement. I'm truly excited to introduce Rev8, the world's first native color LiDAR sensors powered by next generation L4 ouster silicon. We're redefining the meaning of LiDAR itself with native color sensing implemented directly on the silicon. By fusing color and 3D data through physics and leveraging Fujifilm color science, our patented native color technology unlocks megapixel resolution and stunning image quality with ultra-low latency and perfect spatial-temporal alignment. We work with industry-leading camera experts to ensure Rev8 delivers uncompromising industrial-grade imaging, delivering an exceptional 48-bit color depth and 116 dB of dynamic range, Ouster's native color data maintains performance in lighting extremes from 1 lux to 2 million lux. We live in a world where a machine's capacity to perceive is constrained by the capability of its sensors. Web8 is built to generate the petabytes of rich native color 3D information necessary to build the next generation of physical AI systems and train new world models. Now, for the first time, a single LiDAR sensor can understand road signs, interpret brake lights, or simply capture the richness of planet Earth in survey-grade colorized maps. Featuring radically upgraded OS Zero, OS One, and OS Dome sensors, and the new flagship 256-channel OS One Max, Rev8 delivers industry-leading resolution, range, and reliability, designed for functional safety, affordability, and scale. Rev8 represents the culmination of years of research and development, innovative design, and rigorous testing. It is the most advanced family of LiDAR Ouster has ever developed and sets a new standard in sensing. All of this is a testament to Ouster's digital-first approach, which starts with our proprietary system-on-chip. Rev8 is powered by a breakthrough L4 Ouster silicon, with up to 256 channels of resolution honed over years of development by our in-house silicon design team. The L4 architecture features both the 128-channel L4 and the 256-channel L4 Max, each embedded with Fujifilm color science, resulting in exquisite color data and hardware-enabled high dynamic range. The L4 boasts 42.9 gigamax of processing power, detection of up to 20 trillion photons per second, a 40 kilohertz measurement rate with peak-a-second timing precision, and is capable of processing up to 10.4 million points per second and 22.4 gigabits per second of data bandwidth off-chip. Now, we've paired it with a completely redesigned light engine, featuring all-new custom Vixel arrays and our most advanced driver topology ever. Enhanced by picosecond timing precision, this architecture delivers unprecedented levels of range, resolution, and accuracy across the entire Rev8 OS family. The cornerstone of the new Rev8 family is the flagship OS1 Max, a sensor without compromise. With double the resolution of the Rev7 OS2 and a quarter of the size, The OS1 Max packs an incredible amount of capability into a small, ruggedized form factor. The OS1 Max provides best-in-class performance with 256 channels of high-definition sensing up to 500 meters in all directions with a 45-degree vertical field of view. No other 360-degree spinning LiDAR comes close. Purpose-built for high-speed autonomy, smart infrastructure, and heavy industrial applications, the OS1 Max is capable of resolving the smallest objects at long range. And like all Rev8 sensors, the OS1 Max offers exceptional native color imaging. But we didn't stop there. We set out to build the safest family of 3D LiDAR sensors ever created. This took years of rigorous engineering work, testing, and design validation. The result? Rev8 is life-saving technology made right. ruggedized for the real world with automotive-grade reliability that can withstand the harshest production environments. Ouster now offers a set of products to break into the multibillion-dollar market for industrial safety sensors long dominated by legacy players by replacing outdated 2D laser scanners and cameras with high-resolution 3D native color LIDARs. Every sensor is auto-grade, cyber-secure, and designed for ASIL-B, SIL-2, and PLD functional safety certifications, ensuring continuous uptime and industry-leading reliability. Importantly, this is a platform built to scale. Rev8 was designed for low-cost, high-volume production deployments to support mass market adoption. With a planned 10-year production life, Rev8 sensors provide the long-term program stability and scalability required for global commercial rollouts. With Rev8, we're delivering the safest, most feature-rich, secure, and reliable family of 3D LiDAR sensors we have ever built, and we hit the ground running. Earlier today, we announced the integration of our new Rev8 family across the NVIDIA Jetson platform, bringing native color LiDAR to the NVIDIA robotics ecosystem for the first time. With dedicated support for Rev8 across NVIDIA Jetpack, Isaac Sim, and Jetson AJX Orin and Thor, we're ensuring rich, high-fidelity 3D digital ladder data is fully harnessed by NVIDIA's accelerated computing and development tools. This builds on years of integration support for previous OS sensor generations, as well as Stereo Labs' own integrations across the entire ZET portfolio. Together, we are providing the essential building blocks for physical AI, enabling machines to sense, think, and act in the real world with more speed and precision than ever before. Rev8 is shipping today and is being adopted by some of the world's most innovative companies. This is a testament to our close collaboration with key customers over years to ensure Rev8 met their program needs. We're already seeing early traction with dozens of technology leaders across the industrial, robotics, automotive, and smart infrastructure markets intending to adopt Rev8 OS sensors, including Google, Volvo Autonomous Solutions, Lieber, Epiroc, FieldAI, Flyability, Skydio, PlusAI, Comstellis, Bedrock, Casgore, Third Wave Automation, Burroughs, Seagrid, Gecko Robotics, Pratt & Miller, AAM Intelligent Machines, Syngin, FreeFly Systems, ATI Robotics, and SwarmForm, among others. Clearly, there is overwhelming customer pull for Rev8, and this gives us confidence in an incredibly strong back half of the year. We spent years developing these groundbreaking capabilities, and I am thrilled to finally introduce Rev8 to the world. With that, let me now turn the call over to Ken, who will provide more context on our first quarter financial results.