📊 LiDAR Company Comparison

OUST vs INVZ vs LAZR — Fundamentals & Performance Analysis (Q2 2026)

📈 Fundamentals — Most Recent Quarter (Q2 2026)

Metric OUST INVZ LAZR
Revenue (TTM) ~$205M ~$53M N/A*
Revenue Q2 2026 $54.6M $18.1M N/A*
Gross Margin 48.9% 3.9% N/A*
Operating Margin -36.7% -101.9% N/A*
Net Margin -33.2% -102.5% N/A*
EBITDA (Q2 2026) -$16.0M -$17.2M N/A*
Free Cash Flow (Q2) -$15.4M -$15.2M N/A*
Cash $91.8M $25.7M N/A*
Total Debt $16.4M $35.6M N/A*
Market Cap (Q2) $4.3B $168.5M N/A*
P/S Ratio (TTM) 20.9x 3.2x N/A*
Return on Equity -18.0% -114.8% N/A*

*LAZR (Luminar Technologies) experienced a corporate action around late June 2026 — the ticker shows an anomalous ~22,000% move, consistent with a bankruptcy/reorg/ticker reuse event. Reliable fundamental comparison is not possible.

Key Takeaways:
  • OUST is the clear fundamental leader — nearly 4x the revenue of INVZ, and a gross margin of ~49% vs INVZ's near-zero 3.9%. That margin gap is enormous and reflects OUST's maturing product and pricing power.
  • INVZ is burning cash at a rate nearly equal to OUST's despite having only ~25% of the revenue. With just $25.7M cash vs OUST's $91.8M, INVZ faces real liquidity risk.
  • OUST's P/S of ~21x is expensive — it's pricing in significant growth execution. INVZ at 3.2x P/S reflects market skepticism.
  • Both are still loss-making and FCF-negative. Neither is a "safe" fundamental bet.

📊 Price Performance — Indexed (Sep 2024 = 100)

LAZR excluded due to corporate action distortion (ticker reuse/bankruptcy event ~Jun 2026).

Key Observations:
  • Massive run-up into Sep 2025: Both stocks had significant gains, with INVZ actually outperforming OUST at the peak (~+601% vs ~+368%).
  • Sharp divergence after Sep 2025: OUST surged again in Q2 2026 (peaking near +680%) driven by revenue acceleration and analyst upgrades. INVZ collapsed and is now essentially back to flat vs Sep 2024 (~+2%).
  • Current positioning: OUST is up ~+449% from Sep 2024 and consolidating from its June 2026 highs. INVZ has given up almost all its gains.

🎯 Verdict

Criteria OUST INVZ LAZR
Revenue Scale ✅ Leader ❌ Small ⚠️ N/A
Gross Margin ✅ ~49% ❌ ~4% ⚠️ N/A
Balance Sheet ✅ Cash-Rich ❌ At Risk ⚠️ N/A
Valuation ⚠️ Expensive (20.9x P/S) ✅ Cheap (3.2x P/S) ⚠️ N/A
Price Performance ✅ Strong ❌ Collapsed ❌ Defunct
Bottom Line:

OUST is the standout in this peer group on virtually every operational metric. The risk is valuation — at 20.9x TTM sales, the market is pricing in continued strong execution. INVZ is a speculative distressed situation with a deteriorating balance sheet. LAZR appears to no longer be a comparable peer.