Ouster Inc. (OUST) reported financial results for the third quarter after the closing bell on Tuesday, and the lidar maker delivered a double beat that investors clearly liked.

Ouster Q3 Highlights

Ouster reported third-quarter revenue of $59.33 million, beating analyst estimates of $56.27 million, according to market data. The company reported a third-quarter loss of 20 cents per share, beating estimates for a loss of 24 cents per share.

Total revenue increased 50% year-over-year as product revenue increased 42% to $56 million. The company reported total shipments of more than 27,000 lidar (light detection and ranging) and camera sensors during the quarter.

Ouster ended the quarter with $421 million in cash, cash equivalents, restricted cash and short-term investments.

"Our Stereolabs cameras had a record quarter of shipments, unlocked by our investments in capacity to meet surging growth in the robotics sector," said Angus Pacala, CEO of Ouster.

"The market reception for Rev8 has been decisive. As the world's first native color lidar, Rev8 is a paradigm shift that is proving to be an undeniable competitive differentiator."

Ouster said customer demand for Rev8 has been robust as initial production ramps. The company expects its delivery cadence to accelerate heading into 2027.

Ouster guided for fourth-quarter revenue in the range of $61 million to $64 million, versus estimates of $62.03 million.

Ouster's management team will further discuss the quarter on an earnings call at 5 p.m. ET.

OUST Shares Climb After Earnings

OUST Price Action: Ouster shares were up 7.62% in after-hours on Tuesday, trading at $31.19 at the time of publication, according to market data.