Ouster and Velodyne Successfully Complete Merger to Create Lidar Powerhouse

SAN FRANCISCO – Ouster and Velodyne have announced the successful completion of their merger, effective February 10, 2023. The combined company, which will continue to trade on the New York Stock Exchange as “OUST,” creates a lidar powerhouse with over 850 customers in the automotive, industrial, robotics, and smart infrastructure industries. With a robust product portfolio of innovative hardware and software solutions, Ouster aims to retain approximately 350 employees and will have its headquarters in San Francisco and key offices across the Americas, Europe, and Asia-Pacific.

The merger is expected to drive significant cost synergies and value creation for the combined company and its stakeholders. The combined company’s strengths include a robust product portfolio, expanded partner ecosystem and distribution channels, innovative digital lidar roadmap and software strategy, extensive intellectual property portfolio, strong financial position, and cost synergies.

Ouster’s leadership team is comprised of executives who have a deep company, industry, and financial expertise. The company plans to provide an update on its integration plans, including its product offering, technology roadmap, manufacturing and operations footprint, commercial strategy, and additional synergies across the business, on its fourth quarter 2022 earnings call.

The financial results for the fiscal year and fourth quarter ended December 31, 2022, will be reported after the market closes on Thursday, March 23, 2023, with a conference call scheduled to discuss its results. The company has already achieved its fiscal year 2022 guidance of $40 to $55 million in revenue and 25% to 30% in gross margins.

The financial data in this press release is preliminary, and actual results may differ materially from these estimates as a result of the completion of normal year-end accounting procedures and adjustments.

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