| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||||
| Delaware | 86-2528989 | |||||||||||||
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | |||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common stock, $0.0001 par value per share | OUST | New York Stock Exchange | ||||||||||||
| Warrants to purchase common stock | OUST WS | New York Stock Exchange | ||||||||||||
| Warrants to purchase common stock expiring 2025 | OUST WSA | NYSE American | ||||||||||||
| Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||||||||
| Emerging growth company | ☐ | ||||||||||
| Page | ||||||||
Part II - Other Information | ||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 48,270 | $ | 50,991 | |||||||
| Restricted cash, current | 564 | 552 | |||||||||
| Short-term investments | 139,546 | 139,158 | |||||||||
| Accounts receivable, net | 12,220 | 14,577 | |||||||||
| Inventory | 21,070 | 23,232 | |||||||||
| Prepaid expenses and other current assets | 34,808 | 34,647 | |||||||||
| Total current assets | 256,478 | 263,157 | |||||||||
| Property and equipment, net | 10,513 | 10,228 | |||||||||
| Unbilled receivable, non-current portion | 7,043 | 10,567 | |||||||||
| Operating lease, right-of-use assets | 17,411 | 18,561 | |||||||||
| Intangible assets, net | 22,592 | 24,436 | |||||||||
| Restricted cash, non-current | 1,091 | 1,091 | |||||||||
| Other non-current assets | 2,555 | 2,703 | |||||||||
| Total assets | $ | 317,683 | $ | 330,743 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 6,122 | $ | 3,545 | |||||||
| Accrued and other current liabilities | 56,375 | 58,166 | |||||||||
| Contract liabilities, current | 13,429 | 12,885 | |||||||||
| Operating lease liability, current portion | 7,153 | 7,096 | |||||||||
| Total current liabilities | 83,079 | 81,692 | |||||||||
| Operating lease liability, non-current portion | 17,278 | 18,827 | |||||||||
| Debt | 43,973 | 43,975 | |||||||||
| Contract liabilities, non-current portion | 4,483 | 4,967 | |||||||||
| Other non-current liabilities | 1,638 | 1,610 | |||||||||
| Total liabilities | 150,451 | 151,071 | |||||||||
Commitments and contingencies (Note 8) | |||||||||||
| Stockholders’ equity: | |||||||||||
Common stock, $0.0001 par value; 100,000,000 shares authorized at March 31, 2024 and December 31, 2023; 44,978,704 and 43,257,863 issued and outstanding at March 31, 2024 and December 31, 2023, respectively. | 44 | 42 | |||||||||
| Additional paid-in capital | 1,007,502 | 995,464 | |||||||||
| Accumulated deficit | (839,875) | (816,026) | |||||||||
| Accumulated other comprehensive (loss) income | (439) | 192 | |||||||||
| Total stockholders’ equity | 167,232 | 179,672 | |||||||||
| Total liabilities and stockholders’ equity | $ | 317,683 | $ | 330,743 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Revenue | $ | 25,944 | $ | 17,230 | |||||||
| Cost of revenue | 18,519 | 17,606 | |||||||||
| Gross profit (loss) | 7,425 | (376) | |||||||||
| Operating expenses: | |||||||||||
| Research and development | 13,806 | 32,459 | |||||||||
| Sales and marketing | 6,860 | 13,533 | |||||||||
| General and administrative | 12,580 | 31,325 | |||||||||
| Goodwill impairment charges | — | 99,409 | |||||||||
| Total operating expenses | 33,246 | 176,726 | |||||||||
| Loss from operations | (25,821) | (177,102) | |||||||||
| Other income (expense): | |||||||||||
| Interest income | 2,651 | 1,719 | |||||||||
| Interest expense | (741) | (1,669) | |||||||||
| Other income, net | 193 | 54 | |||||||||
| Total other income, net | 2,103 | 104 | |||||||||
| Loss before income taxes | (23,718) | (176,998) | |||||||||
| Provision for income tax expense | 131 | 282 | |||||||||
| Net loss | $ | (23,849) | $ | (177,280) | |||||||
| Other comprehensive loss | |||||||||||
| Changes in unrealized (loss) gain on available for sale securities | $ | (459) | $ | 51 | |||||||
| Foreign currency translation adjustments | $ | (172) | $ | (81) | |||||||
| Total comprehensive loss | $ | (24,480) | $ | (177,310) | |||||||
| Net loss per common share, basic and diluted | $ | (0.55) | $ | (6.03) | |||||||
| Weighted-average shares used to compute basic and diluted net loss per share | 43,454,127 | 29,411,612 | |||||||||
| Common Stock | Additional Paid-in- Capital | Accumulated Deficit | Accumulated other comprehensive loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance — December 31, 2023 | 43,257,863 | $ | 42 | $ | 995,464 | $ | (816,026) | $ | 192 | $ | 179,672 | ||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | 54,374 | — | 108 | — | — | 108 | |||||||||||||||||||||||||||||
| Issuance of restricted stock awards | 533,601 | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||
Proceeds from at-the-market offering, net of commissions and fees of $72 | 343,571 | — | 2,331 | — | — | 2,331 | |||||||||||||||||||||||||||||
| Issuance of common stock in connection with Velodyne Merger | 29,376 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Issuance of common stock upon vesting of restricted stock | 759,919 | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||
| Common stock warrants issuable to customer | — | — | 195 | — | — | 195 | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 9,404 | — | — | 9,404 | |||||||||||||||||||||||||||||
| Net loss | — | — | — | (23,849) | — | (23,849) | |||||||||||||||||||||||||||||
| Other Comprehensive loss | — | — | — | — | (631) | (631) | |||||||||||||||||||||||||||||
| Balance — March 31, 2024 | 44,978,704 | $ | 44 | $ | 1,007,502 | $ | (839,875) | $ | (439) | $ | 167,232 | ||||||||||||||||||||||||
| Common Stock | Additional Paid-in- Capital | Accumulated Deficit | Accumulated other comprehensive loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance — December 31, 2022 | 18,658,799 | $ | 19 | $ | 613,665 | $ | (441,916) | $ | (149) | $ | 171,619 | ||||||||||||||||||||||||
| Issuance of common stock upon Velodyne Merger | 19,483,269 | 20 | 306,582 | — | — | 306,602 | |||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | 10,007 | — | 18 | — | — | 18 | |||||||||||||||||||||||||||||
| Issuance of common stock upon vesting of restricted stock | 568,675 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Repurchase of common stock | (3,753) | — | — | — | — | — | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 21,780 | — | — | 21,780 | |||||||||||||||||||||||||||||
| Vesting of early exercised stock options | — | — | 27 | — | — | 27 | |||||||||||||||||||||||||||||
| Net loss | — | — | — | (177,280) | — | (177,280) | |||||||||||||||||||||||||||||
| Other Comprehensive loss | — | — | — | — | (30) | (30) | |||||||||||||||||||||||||||||
| Balance — March 31, 2023 | 38,716,997 | $ | 39 | $ | 942,072 | $ | (619,196) | $ | (179) | $ | 322,736 | ||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net loss | $ | (23,849) | $ | (177,280) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Goodwill impairment charges | — | 99,409 | |||||||||
| Depreciation and amortization | 2,897 | 6,159 | |||||||||
| Loss on write-off of construction in progress and right-of-use asset impairment | — | 1,423 | |||||||||
| Stock-based compensation | 9,404 | 21,780 | |||||||||
| Reduction of revenue related to stock warrant issued to customer | 195 | — | |||||||||
| Amortization of right-of-use asset | 1,150 | 1,112 | |||||||||
| Interest expense | — | 685 | |||||||||
| Amortization of debt issuance costs and debt discount | — | 62 | |||||||||
| Accretion or amortization on short-term investments | (1,486) | (805) | |||||||||
| Change in fair value of warrant liabilities | 21 | (106) | |||||||||
| Inventory write down | 737 | 2,836 | |||||||||
| Provision (recovery of) for doubtful accounts | (208) | 445 | |||||||||
| Loss from disposal of property and equipment | — | 145 | |||||||||
| Realized gain on available for sale securities | (275) | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 6,089 | (3,450) | |||||||||
| Inventory | 1,425 | (2,329) | |||||||||
| Prepaid expenses and other assets | (1,268) | 672 | |||||||||
| Accounts payable | 2,636 | 5,488 | |||||||||
| Accrued and other liabilities | (1,758) | (9,218) | |||||||||
| Contract liabilities | 60 | 944 | |||||||||
| Operating lease liability | (1,492) | (984) | |||||||||
| Net cash used in operating activities | (5,722) | (53,012) | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Proceeds from sale of property and equipment | — | 168 | |||||||||
| Purchase of short-term investments | (24,485) | (5,003) | |||||||||
| Proceeds from sales of short-term investments | 25,398 | 19,981 | |||||||||
| Purchases of property and equipment | (1,382) | (1,006) | |||||||||
| Cash and cash equivalents acquired in the Velodyne Merger | — | 32,137 | |||||||||
| Net cash (used in) provided by investing activities | (469) | 46,277 | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Proceeds from exercise of stock options | 109 | 18 | |||||||||
| Proceeds from the issuance of common stock under at-the-market offering, net of commissions and fees | 3,587 | — | |||||||||
| At-the-market offering costs for the issuance of common stock | (43) | — | |||||||||
| Net cash provided by financing activities | 3,653 | 18 | |||||||||
| Effect of exchange rates on cash and cash equivalents | (170) | (79) | |||||||||
| Net decrease in cash, cash equivalents and restricted cash | (2,708) | (6,796) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 52,633 | 124,278 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 49,925 | $ | 117,482 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| SUPPLEMENTAL DISCLOSURES OF OPERATING ACTIVITIES: | |||||||||||
| Cash paid for interest | $ | 740 | $ | 1,383 | |||||||
| SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | |||||||||||
| Property and equipment purchases included in accounts payable and accrued liabilities | $ | 45 | $ | 258 | |||||||
| Common stock shares issued in the Velodyne Merger | $ | — | $ | 297,425 | |||||||
| Common stock warrants issued in the Velodyne Merger | $ | — | $ | 9,177 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Customer A | 41 | % | 42 | % | |||||||
| Customer B | 12 | % | 12 | % | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Supplier A | 17 | % | 11 | % | |||||||
| Supplier B | 25 | % | 17 | % | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Supplier A | 21 | % | — | % | |||||||
| Supplier B | 59 | % | 44 | % | |||||||
| Estimated Fair Value | |||||
| Purchase consideration | $ | 306,602 | |||
| Amounts of identifiable assets and liabilities assumed | |||||
| Cash and cash equivalents | $ | 32,137 | |||
| Short-term investments | 155,031 | ||||
| Accounts receivable, net | 8,611 | ||||
| Inventory | 9,700 | ||||
| Prepaid expenses and other current assets | 4,387 | ||||
| Unbilled receivable, non-current portion | 6,657 | ||||
| Property and equipment, net | 9,900 | ||||
| Operating lease, right-of-use assets | 10,887 | ||||
| Intangible assets, net | 13,000 | ||||
| Other non-current assets | 1,047 | ||||
| Accounts payable | (3,356) | ||||
| Accrued and other current liabilities | (32,821) | ||||
| Contract liabilities, current | (5,475) | ||||
| Operating lease liability, current portion | (3,735) | ||||
| Operating lease liability, non-current portion | (11,940) | ||||
| Contract liabilities, non-current portion | (2,206) | ||||
| Other non-current liabilities | (745) | ||||
| Total identifiable net assets | $ | 191,079 | |||
| Goodwill | $ | 115,523 | |||
| $ | 306,602 | ||||
| Estimated Useful Life (in years) | Estimated Fair Value | ||||||||||
| Developed technology - Hardware | 3 | $ | 2,500 | ||||||||
| Developed technology - Software | 5 | 5,100 | |||||||||
| Customer relationships | 8 | 5,400 | |||||||||
| Intangible assets, net | 5.9 | $ | 13,000 | ||||||||
Three Months Ended March 31, 2023 | |||||
| Revenue | $ | 20,886 | |||
| Net loss | $ | (175,835) | |||
Three Months Ended March 31, 2023 | |||||
| An increase in amortization expense related to the fair value of acquired identifiable intangible assets, net of the amortization expense already reflected in actual historical results | $ | (277) | |||
| A decrease (increase) in expenses related to the transaction expenses | $ | 6,058 | |||
| A net increase in revenue related to the impact of the acceleration of the Amazon Warrant vesting recognized by Velodyne at the close of the Velodyne Merger transaction | $ | 3,656 | |||
| A decrease in expenses related to the impact of the acceleration of the Amazon Warrant vesting recognized by Velodyne at the close of the Velodyne Merger transaction | $ | 26,704 | |||
| Represents decrease (increase) in additional stock-based compensation expense related to Ouster employee terminations due to change in control. | $ | 6,383 | |||
| Represents a decrease (increase) in severance expense in connection with the Velodyne Merger transaction | $ | 10,586 | |||
| March 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 21,793 | $ | — | $ | — | $ | 21,793 | |||||||||||||||
| Short-term investments: | |||||||||||||||||||||||
| Commercial paper | — | 82,917 | — | 82,917 | |||||||||||||||||||
| Corporate debt and U.S. government agency securities | — | 56,629 | — | 56,629 | |||||||||||||||||||
| Total short-term investments | — | 139,546 | — | 139,546 | |||||||||||||||||||
| Total financial assets | $ | 21,793 | $ | 139,546 | $ | — | $ | 161,339 | |||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Warrant liabilities | $ | — | $ | — | $ | 250 | $ | 250 | |||||||||||||||
| Total financial liabilities | $ | — | $ | — | $ | 250 | $ | 250 | |||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 7,354 | $ | — | $ | — | $ | 7,354 | |||||||||||||||
| Commercial paper | — | 2,989 | — | 2,989 | |||||||||||||||||||
| Short-term investments: | |||||||||||||||||||||||
| Commercial paper | — | 80,620 | — | 80,620 | |||||||||||||||||||
| Corporate debt and U.S. government agency securities | — | 58,538 | — | 58,538 | |||||||||||||||||||
| Total short-term investments | — | 139,158 | — | 139,158 | |||||||||||||||||||
| Total financial assets | $ | 7,354 | $ | 142,147 | $ | — | $ | 149,501 | |||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Warrant liabilities | $ | — | $ | — | $ | 229 | $ | 229 | |||||||||||||||
| Total financial liabilities | $ | — | $ | — | $ | 229 | $ | 229 | |||||||||||||||
| Private Placement Warrant Liability | |||||
| Fair value as of December 31, 2023 | $ | 229 | |||
| Change in the fair value included in other income, net | 21 | ||||
| Fair value as of March 31, 2024 | $ | 250 | |||
| Fair value as of December 31, 2022 | 180 | ||||
| Change in the fair value included in other income, net | (106) | ||||
| Fair value as of March 31, 2023 | $ | 74 | |||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Cash | $ | 26,477 | $ | 40,648 | |||||||
| Cash equivalents: | |||||||||||
Money market funds(1) | 21,793 | 7,354 | |||||||||
| Commercial paper | — | 2,989 | |||||||||
| Total cash and cash equivalents | $ | 48,270 | $ | 50,991 | |||||||
| March 31, 2024 | March 31, 2023 | ||||||||||
| Cash and cash equivalents | $ | 48,270 | $ | 115,827 | |||||||
| Restricted cash, current | 564 | 566 | |||||||||
| Restricted cash, non-current | 1,091 | 1,089 | |||||||||
| Total cash, cash equivalents and restricted cash | $ | 49,925 | $ | 117,482 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Raw materials | $ | 7,819 | $ | 10,062 | |||||||
| Work in process | 119 | 75 | |||||||||
| Finished goods | 13,132 | 13,095 | |||||||||
| Total inventory | $ | 21,070 | $ | 23,232 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Prepaid expenses | $ | 6,634 | $ | 6,025 | |||||||
| Receivable from contract manufacturers | 3,267 | 2,028 | |||||||||
| Insurance receivable | 23,375 | 23,375 | |||||||||
| Other current assets | 1,532 | 3,219 | |||||||||
| Total prepaid and other current assets | $ | 34,808 | $ | 34,647 | |||||||
| Estimated Useful Life (in years) | March 31, 2024 | December 31, 2023 | |||||||||||||||
| Machinery and equipment | 3 | $ | 16,527 | $ | 16,535 | ||||||||||||
| Computer equipment | 3 | 1,104 | 1,104 | ||||||||||||||
| Automotive and vehicle hardware | 5 | 93 | 22 | ||||||||||||||
| Software | 3 | 590 | 593 | ||||||||||||||
| Furniture and fixtures | 7 | 945 | 946 | ||||||||||||||
| Construction in progress | 4,930 | 3,572 | |||||||||||||||
| Leasehold improvements | Shorter of useful life or lease term | 10,879 | 10,879 | ||||||||||||||
| 35,068 | 33,651 | ||||||||||||||||
| Less: Accumulated depreciation | (24,555) | (23,423) | |||||||||||||||
| Property and equipment, net | $ | 10,513 | $ | 10,228 | |||||||||||||
| March 31, 2024 | |||||||||||||||||||||||
| Estimated Useful Life (in years) | Gross Carrying amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
| Developed technology | 3 - 8 | $ | 23,500 | $ | (6,999) | $ | 16,501 | ||||||||||||||||
| Vendor relationship | 3 | 6,600 | (5,317) | 1,283 | |||||||||||||||||||
| Customer relationships | 3 - 8 | 6,300 | (1,492) | 4,808 | |||||||||||||||||||
| Intangible assets, net | $ | 36,400 | $ | (13,808) | $ | 22,592 | |||||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||
| Estimated Useful Life (in years) | Gross Carrying amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
| Developed technology | 3 - 8 | $ | 23,500 | $ | (5,948) | $ | 17,552 | ||||||||||||||||
| Vendor relationship | 3 | 6,600 | (4,767) | 1,833 | |||||||||||||||||||
| Customer relationships | 3 - 8 | 6,300 | (1,249) | 5,051 | |||||||||||||||||||
| Intangible assets, net | $ | 36,400 | $ | (11,964) | $ | 24,436 | |||||||||||||||||
| Years: | Amount | ||||
| 2024 (the remainder of 2024) | $ | 4,853 | |||
| 2025 | 4,515 | ||||
| 2026 | 3,776 | ||||
| 2027 | 3,682 | ||||
| 2028 | 2,779 | ||||
| Thereafter | 2,987 | ||||
| Total | $ | 22,592 | |||
| March 31, 2024 | December 31, 2023 | ||||||||||
Uninvoiced receipts | $ | 10,826 | $ | 12,980 | |||||||
Accrued compensation | 7,009 | 6,387 | |||||||||
Accrued legal contingencies | 27,500 | 27,500 | |||||||||
Sales and use tax | 1,842 | 2,667 | |||||||||
| Other | 9,198 | 8,632 | |||||||||
| Total accrued and other current liabilities | $ | 56,375 | $ | 58,166 | |||||||
| Number of Shares Underlying Outstanding Options | Weighted- Average Exercise Price per Share | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Outstanding—December 31, 2023 | 1,871,649 | $ | 7.36 | 6.71 | $ | 5,160 | |||||||||||||||||
| Options exercised | (54,374) | 1.92 | |||||||||||||||||||||
| Options cancelled | (6,403) | 16.90 | |||||||||||||||||||||
| Outstanding—March 31, 2024 | 1,810,872 | $ | 7.49 | 6.47 | $ | 6,135 | |||||||||||||||||
| Vested and expected to vest—March 31, 2024 | 1,810,872 | $ | 7.49 | 6.47 | $ | 6,135 | |||||||||||||||||
| Exercisable—March 31, 2024 | 1,578,366 | $ | 7.42 | 6.46 | $ | 5,423 | |||||||||||||||||
| Options Outstanding | Options Exercisable | |||||||||||||||||||
| Exercise Price | Options Outstanding | Weighted Average Remaining Contractual Life (Years) | ||||||||||||||||||
| $ | 1.85 | 231,119 | 6.29 | 222,579 | ||||||||||||||||
| 2.13 | 814,027 | 6.52 | 700,364 | |||||||||||||||||
| 14.22 | 752,408 | 6.50 | 642,679 | |||||||||||||||||
| $ | 52.40 | 13,318 | 5.66 | 12,744 | ||||||||||||||||
| 1,810,872 | 1,578,366 | |||||||||||||||||||
| Number of Shares | Weighted Average Grant Date Fair Value (per share) | ||||||||||
| Unvested—December 31, 2023 | 3,074,939 | $ | 13.19 | ||||||||
| Granted | 193,894 | 7.91 | |||||||||
| Canceled | (65,574) | 12.58 | |||||||||
| Vested | (759,919) | 10.53 | |||||||||
| Unvested—March 31, 2024 | 2,443,340 | $ | 13.62 | ||||||||
| Number of Shares | Weighted Average Grant Date Fair Value (per share) | ||||||||||
| Unvested—December 31, 2023 | 380,383 | $ | 15.30 | ||||||||
| Granted | 533,601 | 7.94 | |||||||||
| Vested | (168,271) | 12.66 | |||||||||
| Unvested—March 31, 2024 | 745,713 | $ | 10.63 | ||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cost of revenue | $ | 913 | $ | 774 | |||||||
| Research and development | 4,188 | 7,505 | |||||||||
| Sales and marketing | 1,400 | 2,881 | |||||||||
| General and administrative | 2,903 | 10,620 | |||||||||
| Total stock-based compensation | $ | 9,404 | $ | 21,780 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| RSUs | $ | 6,809 | $ | 16,330 | |||||||
| Stock Options | 1,530 | 2,005 | |||||||||
| Employee stock purchase plan | 505 | 184 | |||||||||
| RSAs | 560 | 3,261 | |||||||||
| Total stock-based compensation | $ | 9,404 | $ | 21,780 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Numerator: | |||||||||||
| Net loss | $ | (23,849) | $ | (177,280) | |||||||
| Denominator: | |||||||||||
| Weighted average shares used to compute basic and diluted net loss per share | 43,454,127 | 29,411,612 | |||||||||
| Net loss per common share—basic and diluted | $ | (0.55) | $ | (6.03) | |||||||
| March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Options to purchase common stock | 1,810,872 | 2,085,665 | |||||||||
| Public and private common stock warrants | 5,232,035 | 5,231,417 | |||||||||
| Restricted Stock Units | 2,443,340 | 3,088,938 | |||||||||
| Unvested early exercised common stock options | 8,984 | 52,435 | |||||||||
| ESPP shares pending issuance | 903,848 | 251,143 | |||||||||
| Restricted Stock Awards | 745,713 | 422,725 | |||||||||
| Total | 11,144,792 | 11,132,323 | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Americas | $ | 10,624 | $ | 9,904 | |||||||
| Asia Pacific | 6,149 | 2,669 | |||||||||
| Europe, Middle East and Africa | 9,171 | 4,657 | |||||||||
| Total | $ | 25,944 | $ | 17,230 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| United States | 36 | % | 56 | % | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Contract liabilities, current | |||||||||||
| Deferred revenues from licensing contracts | $ | 5,631 | $ | 4,723 | |||||||
| Other contract liabilities | 7,798 | 8,162 | |||||||||
| Contract liabilities, long-term portion | |||||||||||
| Deferred revenues from licensing contracts | 3,088 | 3,997 | |||||||||
| Other contract liabilities | 1,395 | 970 | |||||||||
| Total contract liabilities | $ | 17,912 | $ | 17,852 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Beginning balance | $ | 17,852 | $ | 744 | |||||||
| Contract liabilities acquired in the Velodyne Merger | — | 8,385 | |||||||||
| Net revenue deferred in the period | 1,347 | (141) | |||||||||
| Revenue recognized that was included in the contract liability balance at the beginning of the period | (1,287) | (362) | |||||||||
| Ending balance | $ | 17,912 | $ | 8,626 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| (dollars in thousands) | |||||||||||
| Revenue | $ | 25,944 | $ | 17,230 | |||||||
Cost of revenue(1) | 18,519 | 17,606 | |||||||||
| Gross profit (loss) | 7,425 | (376) | |||||||||
Operating expenses(1): | |||||||||||
| Research and development | 13,806 | 32,459 | |||||||||
| Sales and marketing | 6,860 | 13,533 | |||||||||
| General and administrative | 12,580 | 31,325 | |||||||||
| Goodwill impairment charges | — | 99,409 | |||||||||
| Total operating expenses | 33,246 | 176,726 | |||||||||
| Loss from operations | (25,821) | (177,102) | |||||||||
| Other income (expense): | |||||||||||
| Interest income | 2,651 | 1,719 | |||||||||
| Interest expense | (741) | (1,669) | |||||||||
| Other income, net | 193 | 54 | |||||||||
| Total other income, net | 2,103 | 104 | |||||||||
| Loss before income taxes | (23,718) | (176,998) | |||||||||
| Provision for income tax expense | 131 | 282 | |||||||||
| Net loss | $ | (23,849) | $ | (177,280) | |||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| (dollars in thousands) | |||||||||||
| Cost of revenue | $ | 913 | $ | 774 | |||||||
| Research and development | 4,188 | 7,505 | |||||||||
| Sales and marketing | 1,400 | 2,881 | |||||||||
| General and administrative | 2,903 | 10,620 | |||||||||
| Total stock-based compensation | $ | 9,404 | $ | 21,780 | |||||||
| Three Months Ended March 31, | Change | Change | |||||||||||||||||||||
| 2024 | 2023 | $ | % | ||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Revenue by geographic location: | |||||||||||||||||||||||
| Americas | $ | 10,624 | $ | 9,904 | $ | 720 | 7 | % | |||||||||||||||
| Asia Pacific | 6,149 | 2,669 | 3,480 | 130 | |||||||||||||||||||
| Europe, Middle East and Africa | 9,171 | 4,657 | 4,514 | 97 | |||||||||||||||||||
| Total | $ | 25,944 | $ | 17,230 | $ | 8,714 | 51 | % | |||||||||||||||
| Three Months Ended March 31, | Change | Change | |||||||||||||||||||||
| 2024 | 2023 | $ | % | ||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Cost of revenue | $ | 18,519 | $ | 17,606 | $ | 913 | 5 | % | |||||||||||||||
| Three Months Ended March 31, | Change | Change | |||||||||||||||||||||
| 2024 | 2023 | $ | % | ||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | $ | 13,806 | $ | 32,459 | $ | (18,653) | (57) | % | |||||||||||||||
| Sales and marketing | 6,860 | 13,533 | (6,673) | (49) | |||||||||||||||||||
| General and administrative | 12,580 | 31,325 | (18,745) | (60) | |||||||||||||||||||
| Goodwill impairment charges | — | 99,409 | (99,409) | * | |||||||||||||||||||
| Total operating expenses | $ | 33,246 | $ | 176,726 | $ | (143,480) | (81) | % | |||||||||||||||
| Three Months Ended March 31, | Change | Change | |||||||||||||||||||||
| 2024 | 2023 | $ | % | ||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Interest income | $ | 2,651 | $ | 1,719 | $ | 932 | 54 | % | |||||||||||||||
| Interest expense | (741) | (1,669) | 928 | (56) | |||||||||||||||||||
| Other income, net | 193 | 54 | 139 | 257 | |||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| (dollars in thousands) | |||||||||||
| Net cash (used in) provided by: | |||||||||||
| Operating activities | $ | (5,722) | $ | (53,012) | |||||||
| Investing activities | $ | (469) | $ | 46,277 | |||||||
| Financing activities | $ | 3,653 | $ | 18 | |||||||
| Exhibit Number | Description | Incorporated by Reference | ||||||||||||||||||||||||||||||||||||
| Form | File No. | Exhibit | Filing Date | Filed/ Furnished herewith | ||||||||||||||||||||||||||||||||||
| S-4/A | 333-251611 | 2.1 | 2/10/2021 | |||||||||||||||||||||||||||||||||||
| 8-K | 001-39463 | 2.1 | 11/7/2022 | |||||||||||||||||||||||||||||||||||
| S-4 POS | 333-251611 | 3.1 | 3/10/2021 | |||||||||||||||||||||||||||||||||||
| 8-K | 001-39463 | 3.1 | 4/20/2023 | |||||||||||||||||||||||||||||||||||
8-K | 001-3946 | 3.1 | 4/22/2024 | |||||||||||||||||||||||||||||||||||
| 8-K | 001-38703 | 4.1 | 10/18/2018 | |||||||||||||||||||||||||||||||||||
| 8-K | 001-38703 | 4.1 | 2/7/2022 | |||||||||||||||||||||||||||||||||||
* | ||||||||||||||||||||||||||||||||||||||
* | ||||||||||||||||||||||||||||||||||||||
* | ||||||||||||||||||||||||||||||||||||||
* | ||||||||||||||||||||||||||||||||||||||
DEF 14A | 001-39463 | Annex A | 4/25/2024 | |||||||||||||||||||||||||||||||||||
| * | ||||||||||||||||||||||||||||||||||||||
| * | ||||||||||||||||||||||||||||||||||||||
| ** | ||||||||||||||||||||||||||||||||||||||
| ** | ||||||||||||||||||||||||||||||||||||||
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document. | * | ||||||||||||||||||||||||||||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | * | ||||||||||||||||||||||||||||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | * | ||||||||||||||||||||||||||||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | * | ||||||||||||||||||||||||||||||||||||
| 101.LAB | Inline XBRL Taxonomy Label Linkbase Document | * | ||||||||||||||||||||||||||||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | * | ||||||||||||||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | * | ||||||||||||||||||||||||||||||||||||
| † | The annexes, schedules, and certain exhibits to this Exhibit have been omitted pursuant to Item 601(b)(2) of Regulation S-K. | ||||
| * | Filed herewith. | ||||
| ** | Furnished herewith. | ||||
| Ouster, Inc. | ||||||||
Date: May 13, 2024 | By: | /s/ Mark Weinswig | ||||||
| Name: | Mark Weinswig | |||||||
| Title: | Chief Financial Officer (principal financial officer and principal accounting officer) | |||||||
| Non-Employee Director | $40,000 | ||||
| Chair of the Board | $60,000 | ||||
| Vice Chair of the Board | $60,000 | ||||
| Chair | Non-Chair | |||||||
| Audit Committee Member | $20,000 | $10,000 | ||||||
| Compensation Committee Member | $15,000 | $6,000 | ||||||
| Nominating and Corporate Governance Committee Member | $10,000 | $5,000 | ||||||
| General: | The Board or the Compensation Committee may, in its discretion, provide Non-Employee Directors with the opportunity to elect to convert all or a portion of their annual retainers into awards of RSUs (“Retainer RSU Awards”) granted under the applicable Plan, with each such Retainer RSU Award covering a number of shares of Common Stock calculated by dividing (i) the amount of the annual retainer that would have otherwise been paid to such Non-Employee Director on the applicable grant date by (ii) the average per share closing trading price of the Common Stock over the most recent 30 trading days as of the grant date (such election, a “Retainer RSU Election”). Each Retainer RSU Award automatically will be granted on the fifth day of the month immediately following the end of the quarter for which the corresponding portion of the annual retainer was earned. Each Retainer RSU Award will be fully vested on the grant date. | ||||
| Election Method: | Each Retainer RSU Election must be submitted to the Company in the form and manner specified by the Board or its Compensation Committee (the “Compensation Committee”). An individual who fails to make a timely Retainer RSU Election shall not receive a Retainer RSU Award and instead shall receive the applicable annual retainer in cash. Retainer RSU Elections must comply with the following timing requirements: •Initial Election. Each individual who first becomes a Non-Employee Director may make a Retainer RSU Election with respect to annual retainer payments scheduled to be paid in the same calendar year as such individual first becomes a Non-Employee Director (the “Initial Retainer RSU Election”). The Initial Retainer RSU Election must be submitted to the Company on or before the date that the individual first becomes a Non-Employee Director or, if later, within thirty (30) days following the date this Program is adopted (the “Initial Election Deadline”), and the Initial Retainer RSU Election shall become final and irrevocable as of the Initial Election Deadline. •Annual Election. No later than December 31 of each calendar year, or such earlier deadline as may be established by the Board or the Compensation Committee, in its discretion (the “Annual Election Deadline”), each individual who is a Non-Employee Director as of immediately before the Annual Election Deadline may make a Retainer RSU Election with respect to the annual retainer relating to services to be performed in the following calendar year (the “Annual Retainer RSU Election”). The Annual Retainer RSU Election must be submitted to the Company on or before the applicable Annual Election Deadline and shall become effective and irrevocable as of the Annual Election Deadline. | ||||
| Initial RSU Award: | Each Non-Employee Director who is initially elected or appointed to serve on the Board after the Effective Date shall be granted an award of RSUs under the applicable Plan covering that number of shares of Common Stock calculated by dividing (i) $300,000 by (ii) the average per share closing trading price of the Common Stock over the most recent 30 trading days as of the grant date (the “Initial Long-Term RSU Award”). The Initial Long-Term RSU Award will be automatically granted on the date on which such Non-Employee Director commences service on the Board, and will vest as 1/12th of the shares subject thereto on each quarterly anniversary of the applicable date of grant such that the shares subject to the Initial Long-Term RSU Grant are fully vested on the third anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through each such vesting date. Each Non-Employee Director who is initially elected or appointed to serve on the Board on or after the Effective Date shall be granted an award of RSUs under the applicable Plan covering that number of shares of Common Stock calculated by dividing (i) the product of $175,000 multiplied times a fraction, the numerator of which is the number of full months between the date the Non-Employee Director is appointed to serve on the Board and the next scheduled annual meeting of the Company’s stockholders (an “Annual Meeting”) and the denominator of which is 12, by (ii) the average per share closing trading price of the Common Stock over the most recent 30 trading days as of the grant date (the “Initial Short-Term RSU Award” and, together with the Initial Long-Term RSU Award, the “Initial RSU Awards”). The Initial Short-Term RSU Award will vest in substantially equal quarterly installments through, and with the last installment vesting on, the date of the Annual Meeting, subject to the Non-Employee Director continuing in service on the Board through the date of the applicable Annual Meeting. | ||||
| Annual RSU Award: | Each Non-Employee Director who is serving on the Board as of the date of an Annual Meeting and will continue to serve as a Non-Employee Director immediately following such Annual Meeting, shall be granted an award of RSUs under the applicable Plan covering a number of shares of Common Stock calculated by dividing (i) $175,000 by (ii) the average per share closing trading price of the Common Stock over the most recent 30 trading days as of the grant date (the “Annual RSU Award”). The Annual RSU Award will be automatically granted on the date of the applicable Annual Meeting, and will vest as to 1/4th of the shares subject thereto on each quarterly anniversary of the applicable date of grant such that the shares subject to the Annual RSU Grant are fully vested on the first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through such vesting date. Notwithstanding the foregoing, in the event the next Annual Meeting occurs prior to the first anniversary of the date of grant, the Annual RSU Grant shall fully vest on the date of such Annual Meeting, subject to the Non-Employee Director continuing in service on the Board through the date of such Annual Meeting. | ||||
| General: | Each Non-Employee Director shall have the opportunity to defer the issuance of the shares underlying RSUs granted under this Program, including Retainer RSU Awards, Initial RSU Awards and Annual RSU Awards, that would otherwise be issued to the Non-Employee Director in connection with the vesting or grant of the RSUs until the earliest of a fixed date properly elected by the Non-Employee Director, the Non-Employee Director’s Termination of Service or a Change in Control. Any such deferral election (“Deferral Election”) shall be subject to such rules, conditions and procedures as shall be determined by the Board or the Compensation Committee, in its sole discretion, which rules, conditions and procedures shall at all times comply with the requirements of Section 409A of the Code, unless otherwise specifically determined by the Board or the Compensation Committee. If an individual elects to defer the delivery of the shares underlying RSUs granted under this Program, settlement of the deferred RSUs shall be made in accordance with the terms of the Deferral Election. | ||||
| Election Method: | Each Deferral Election must be submitted to the Company in the form and manner specified by the Board or its Compensation Committee. Deferral Elections must comply with the following timing requirements: •Initial Deferral Election. Each individual who first becomes a Non-Employee Director may make a Deferral Election with respect to the Non-Employee Director’s Initial RSU Awards and Retainer RSU Awards to be paid in the same calendar year as such individual first becomes a Non-Employee Director (the “Initial Deferral Election”). The Initial Deferral Election must be submitted to the Company on or before Initial Election Deadline, and the Initial Deferral Election shall become final and irrevocable as of the Initial Election Deadline. •Annual Deferral Election. No later than the Annual Election Deadline, each individual who is a Non-Employee Director as of immediately before the Annual Election Deadline may make a Deferral Election with respect to the Annual RSU Award and Retainer RSU Awards to be granted in the following calendar year (the “Annual Deferral Election”). The Annual Deferral Election must be submitted to the Company on or before the applicable Annual Election Deadline and shall become effective and irrevocable for the subsequent calendar year as of the Annual Election Deadline. | ||||
| Participant: | [_________________] | ||||
| Grant Date: | [_________________] | ||||
| Total Number of Shares of Restricted Stock: | [_________________] | ||||
| Vesting Commencement Date: | [_________________] | ||||
| Vesting Schedule: | [_________________] | ||||
Termination: | If the Participant experiences a Termination of Service, any Shares that have not become vested on or prior to the date of such Termination of Service will thereupon be automatically forfeited by the Participant, and the Participant’s rights in such Shares shall thereupon lapse and expire. | ||||
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Ouster, Inc.; | ||||
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | ||||
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
Date: May 13, 2024 | By: | /s/ Angus Pacala | |||||||||
| Angus Pacala | |||||||||||
Co-Founder and Chief Executive Officer (principal executive officer) | |||||||||||
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Ouster, Inc.; | ||||
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | ||||
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
Date: May 13, 2024 | By: | /s/ Mark Weinswig | |||||||||
| Mark Weinswig | |||||||||||
Chief Financial Officer (principal financial officer) | |||||||||||
| (1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |||||||
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | |||||||
Date: May 13, 2024 | By: | /s/ Angus Pacala | |||||||||
| Angus Pacala | |||||||||||
Co-Founder and Chief Executive Officer (principal executive officer) | |||||||||||
| (1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |||||||
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | |||||||
Date: May 13, 2024 | By: | /s/ Mark Weinswig | |||||||||
| Mark Weinswig | |||||||||||
Chief Financial Officer (principal financial officer) | |||||||||||
