Ouster (Ouster (OUST)) reported its first-quarter earnings after the bell on Tuesday, and the numbers were solid. Revenue came in at $48.58 million, beating the $46.27 million analysts were looking for. The company lost 28 cents per share, which was right in line with estimates.

But here's the thing: Ouster shares dropped more than 11% in after-hours trading, falling to $25.40. Why? Because Wall Street is a tough crowd. The company's outlook for the second quarter — revenue between $49.20 million and $52.50 million — straddled the consensus estimate of $50.70 million. That's not the kind of blowout guidance that sends stocks soaring.

Still, the underlying business is humming. Total revenue jumped 49% year-over-year, with product revenue — mostly lidar and camera sensors — surging 55% to $48 million. Ouster shipped 12,600 sensors during the quarter, and CEO Angus Pacala credited the company's expanded camera vision portfolio for the strong demand. “The rapid integration and commercial success of our expanded camera vision portfolio was a tailwind during the quarter, with strong demand from companies building foundational AI models and advanced robotics platforms,” he said.

Ouster ended the quarter with $175 million in cash and short-term investments, giving it plenty of runway. The earnings call kicked off at 5 p.m. ET, and management is likely fielding questions about the outlook and competitive landscape.

For now, the market is saying: great quarter, but show us more. And Ouster's stock is paying the price.