Ouster to supply over five thousand digital
lidar sensors to Third Wave through 2025
Ouster, Inc. (NYSE: OUST) (“Ouster” or the “Company”), a leading
provider of high-resolution digital lidar sensors, today announced
that it signed a strategic customer agreement with Third Wave
Automation, a provider of versatile and effective autonomous
solutions for the material handling industry. The agreement
includes a forecast for over five thousand OS sensors through 2025
to equip robotic material handling vehicles with 3D digital lidar,
a key component of Third Wave’s autonomous driving sensor
suite.
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Third Wave pallet truck outfitted with
Ouster digital lidar. (Photo: Business Wire)
Powered by its proprietary advanced perception software and
collaborative autonomy platform, Third Wave Automation combines
hybrid autonomous vehicles, intelligent fleet management, remote
operation, and assistance capabilities to provide holistic material
handling solutions that improve over time. Vehicles, such as
forklifts, will be equipped with up to four Ouster sensors to carry
out tasks such as object detection, localization, and mapping. The
Third Wave Automation solution can be built into new material
handling vehicles, including those developed through its strategic
partnership with Toyota Industrial Corporation. The system offers
the ability for vehicles to operate in manual, remote control, or
fully autonomous modes, providing the end customer with flexibility
in task management.
“After a series of tests with several other lidar technologies,
we selected Ouster’s OS sensors for their high resolution and
reliability, along with their ability to detect obstacles close to
the vehicle,” said Mac Mason, Co-founder and Chief Robotics Officer
at Third Wave. “We view Ouster as the performance leader in 3D
lidar and as a dependable long-term partner to scale with as Third
Wave’s business grows.”
As global supply chain automation continues to accelerate,
Ouster expects its total addressable market for the industrial
vertical to reach an estimated $2.1 billion by 20251. This is
driven in part by the material handling equipment market, which is
expected to expand from $212 billion in 2019 to $321 billion by
20272, representing a significant opportunity to capture demand for
automation across warehouses, manufacturing floors, ports, and
distribution yards.
“Ouster continues to win new customers in the industrial
vertical, which is ripe for automation with 3D digital lidar. Third
Wave is one of the leading material handling automation upstarts
poised to scale rapidly across our warehouse and logistics
submarkets,” said Nate Dickerman, President of Field Operations at
Ouster. “Our two companies see an incredible opportunity to help
modernize the supply chain through automated technologies that
increase safety, efficiency, and productivity.”
About Third Wave
Automation
Third Wave Automation (TWA) was founded in 2018 in Union City,
CA, in order to alleviate increasing supply chain stress using
intelligent automation products and services. Leveraging machine
learning and artificial intelligence to create its Collaborative
Autonomy Platform, TWA brings humans and automated systems together
to improve throughput, efficiency and safety beyond what either
humans or automation could achieve alone. The Collaborative
Autonomy Platform combines hybrid autonomous vehicles, intelligent
fleet management, remote operation and assistance capabilities to
provide holistic materials handling solutions that improve over
time. TWA’s platform requires no infrastructure upgrades,
integrates into existing workflows and delivers immediate value to
customers on deployment. For more information, visit
thirdwave.ai.
About Ouster
Ouster (NYSE: OUST) is building a safer and more sustainable
future through its high-resolution digital lidar sensors for the
automotive, industrial, smart infrastructure, and robotics
industries. Ouster’s sensors offer an excellent combination of
price and performance with the flexibility to span hundreds of
use-cases and enable revolutionary autonomy across industries. With
a global team and high-volume manufacturing, Ouster supports
approximately 600 customers in over 50 countries. Ouster is
headquartered in San Francisco, CA with offices in the Americas,
Europe, Asia-Pacific, and the Middle East. For more information,
visit www.ouster.com, or connect with us on Twitter or
LinkedIn.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding Ouster’s financial outlook, market
positioning, and anticipated results. Forward-looking statements
give Ouster’s current expectations and projections relating to its
financial condition, competitive position, results of operations,
plans, objectives, future performance and growth, potential revenue
opportunity from Strategic Customer Agreements, including the
possibility that they may not translate into revenue, future
orders, total addressable market, and business. Any statements
regarding the doubling of the Company’s contracted revenue
opportunity do not speak to expectations for any periods beyond
2022. You can identify forward-looking statements by the fact that
they do not relate strictly to historical or current facts. These
statements may include words such as “anticipate”, “estimate”,
“expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”,
“should”, “can have”, “likely” and other words and terms of similar
meaning in connection with any discussion of the timing or nature
of future operating or financial performance or other events. All
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those that
we expected, including: Ouster’s limited operating history and
history of losses; the negotiating power and product standards of
its customers; fluctuations in its operating results; cancellation
or postponement of contracts or unsuccessful implementations; the
adoption of its products and the growth of the lidar market
generally; its ability to grow its sales and marketing
organization; substantial research and development costs needed to
develop and commercialize new products; the competitive environment
in which it operates; selection of our products for inclusion in
target markets; its future capital needs; its ability to use tax
attributes; its dependence on key third party suppliers, in
particular Benchmark Electronics, Inc., and manufacturers; ability
to maintain inventory and the risk of inventory write-downs;
inaccurate forecasts of market growth; its ability to manage
growth; the creditworthiness of our customers; risks related to
acquisitions; risks related to international operations; risks of
product delivery problems or defects; costs associated with product
warranties; its ability to keep its competitive edge and maintain
competitive average selling prices or high sales volumes or reduce
product costs; conditions in its customers industries; its ability
to recruit and retain key personnel; its use of professional
employer organizations; its ability to timely and adequately
protect and enforce its intellectual property rights; its ability
to effectively respond to evolving regulations and standards; risks
related to operating as a public company; risks related to the
COVID-19 pandemic; and other important factors discussed in the
Company’s final prospectus and definitive proxy statement, dated
February 12, 2021, filed with the Securities and Exchange
Commission (the “SEC”), as updated by the factors disclosed in the
section titled “Risk Factors” in its final prospectus filed with
the SEC and dated August 19, 2021 and in Form 10-K filed with the
SEC on February 28, 2022. Any such forward-looking statements
represent management’s estimates and beliefs as of the date of this
press release. While Ouster may elect to update such
forward-looking statements at some point in the future, other than
as required by law, it disclaims any obligation to do so, even if
subsequent events cause its views to change.
1Ouster TAM estimate sources: McKinsey & Company; Automotive
software and electronics 2030; Ouster internal estimates; Unit
demand estimates from government data and internal estimates.
2October 2020 issue of Fortune Business Insights, Material Handling
Equipment Market Report.
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version on businesswire.com: https://www.businesswire.com/news/home/20220303005357/en/
Ouster:
For Investors Sarah Ewing investors@ouster.io
For Media Heather Shapiro press@ouster.io
Third Wave:
For Investors Andre Sequin andre@thirdwave.ai
For Media Amel Ali amel@thirdwave.ai
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