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Side-by-side financial comparison of Ouster, Inc. (OUST) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Ouster, Inc. is the larger business by last-quarter revenue ($48.6M vs $28.1M, roughly 1.7× ARS Pharmaceuticals, Inc.). Ouster, Inc. runs the higher net margin — 8.2% vs -147.1%, a 155.3% gap on every dollar of revenue. On growth, Ouster, Inc. posted the faster year-over-year revenue change (48.9% vs -67.6%).
Ouster, Inc. is an American lidar technology company headquartered in San Francisco, California. It builds high-resolution, digital 3D lidar sensors for use in autonomous vehicles, industrial, robotics, drones, mapping, defense, and security systems.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
OUST vs SPRY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $48.6M | $28.1M |
| Net Profit | $4.0M | $-41.3M |
| Gross Margin | 42.9% | — |
| Operating Margin | 17.6% | -147.6% |
| Net Margin | 8.2% | -147.1% |
| Revenue YoY | 48.9% | -67.6% |
| Net Profit YoY | — | -182.8% |
| EPS (diluted) | $0.06 | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $48.6M | — | ||
| Q4 25 | $62.2M | $28.1M | ||
| Q3 25 | $39.5M | $32.5M | ||
| Q2 25 | $35.0M | $15.7M | ||
| Q1 25 | $32.6M | $8.0M | ||
| Q4 24 | $30.1M | $86.6M | ||
| Q3 24 | $28.1M | $2.1M | ||
| Q2 24 | $27.0M | $500.0K |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $-21.7M | $-51.2M | ||
| Q2 25 | $-20.6M | $-44.9M | ||
| Q1 25 | $-22.0M | $-33.9M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | $-25.6M | $-19.1M | ||
| Q2 24 | $-23.9M | $-12.5M |
| Q1 26 | 42.9% | — | ||
| Q4 25 | 60.2% | — | ||
| Q3 25 | 42.1% | — | ||
| Q2 25 | 45.2% | — | ||
| Q1 25 | 41.3% | — | ||
| Q4 24 | 43.8% | — | ||
| Q3 24 | 38.3% | — | ||
| Q2 24 | 33.7% | — |
| Q1 26 | 17.6% | — | ||
| Q4 25 | 1.5% | -147.6% | ||
| Q3 25 | -61.4% | -163.7% | ||
| Q2 25 | -76.5% | -302.9% | ||
| Q1 25 | -73.0% | -466.3% | ||
| Q4 24 | -85.1% | 54.5% | ||
| Q3 24 | -98.0% | -1051.6% | ||
| Q2 24 | -93.6% | -3068.0% |
| Q1 26 | 8.2% | — | ||
| Q4 25 | — | -147.1% | ||
| Q3 25 | -55.0% | -157.4% | ||
| Q2 25 | -58.8% | -285.6% | ||
| Q1 25 | -67.5% | -425.7% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | -91.1% | -925.0% | ||
| Q2 24 | -88.4% | -2503.2% |
| Q1 26 | $0.06 | — | ||
| Q4 25 | $0.10 | $-0.41 | ||
| Q3 25 | $-0.37 | $-0.52 | ||
| Q2 25 | $-0.38 | $-0.46 | ||
| Q1 25 | $-0.42 | $-0.35 | ||
| Q4 24 | $-0.46 | $0.52 | ||
| Q3 24 | $-0.54 | $-0.20 | ||
| Q2 24 | $-0.53 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $173.1M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $275.6M | $114.3M |
| Total Assets | $381.5M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $173.1M | — | ||
| Q4 25 | $208.6M | $245.0M | ||
| Q3 25 | $244.5M | $288.2M | ||
| Q2 25 | $226.5M | $240.1M | ||
| Q1 25 | $168.2M | $275.7M | ||
| Q4 24 | $172.0M | $314.0M | ||
| Q3 24 | $151.4M | $204.6M | ||
| Q2 24 | $184.2M | $218.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $275.6M | — | ||
| Q4 25 | $261.7M | $114.3M | ||
| Q3 25 | $247.4M | $147.7M | ||
| Q2 25 | $221.0M | $192.3M | ||
| Q1 25 | $167.9M | $229.0M | ||
| Q4 24 | $180.9M | $256.8M | ||
| Q3 24 | $171.7M | $201.0M | ||
| Q2 24 | $170.6M | $215.2M |
| Q1 26 | $381.5M | — | ||
| Q4 25 | $349.5M | $327.7M | ||
| Q3 25 | $353.8M | $372.8M | ||
| Q2 25 | $321.8M | $313.5M | ||
| Q1 25 | $268.6M | $327.3M | ||
| Q4 24 | $276.1M | $351.2M | ||
| Q3 24 | $255.2M | $217.6M | ||
| Q2 24 | $309.9M | $222.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-15.4M | $-43.5M | ||
| Q3 25 | $-18.3M | $-47.0M | ||
| Q2 25 | $-1.3M | $-39.6M | ||
| Q1 25 | $-4.9M | $-40.7M | ||
| Q4 24 | $-2.6M | $42.0M | ||
| Q3 24 | $-3.8M | $-14.5M | ||
| Q2 24 | $-21.6M | $-7.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-37.2M | — | ||
| Q3 25 | $-20.0M | $-47.2M | ||
| Q2 25 | $-2.2M | $-39.6M | ||
| Q1 25 | $-5.4M | $-40.8M | ||
| Q4 24 | $-4.0M | $41.7M | ||
| Q3 24 | $-4.3M | $-14.6M | ||
| Q2 24 | $-22.0M | $-7.3M |
| Q1 26 | — | — | ||
| Q4 25 | -59.8% | — | ||
| Q3 25 | -50.7% | -145.4% | ||
| Q2 25 | -6.3% | -252.2% | ||
| Q1 25 | -16.6% | -512.1% | ||
| Q4 24 | -13.3% | 48.2% | ||
| Q3 24 | -15.4% | -706.3% | ||
| Q2 24 | -81.5% | -1463.4% |
| Q1 26 | — | — | ||
| Q4 25 | 35.0% | 0.0% | ||
| Q3 25 | 4.3% | 0.6% | ||
| Q2 25 | 2.5% | 0.3% | ||
| Q1 25 | 1.7% | 1.1% | ||
| Q4 24 | 4.8% | 0.3% | ||
| Q3 24 | 2.0% | 6.8% | ||
| Q2 24 | 1.3% | 7.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OUST
| Product revenue | $48.2M | 99% |
| Royalties | $347.0K | 1% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
