Oura (OURA) Registration filing summary

Company overview and business model

• Operates a health intelligence platform integrating proprietary smart ring hardware, software, AI, and services to deliver personalized health insights across sleep, activity, stress, heart health, metabolic health, and women's health.

• Business model combines hardware sales (Oura Ring) with a recurring subscription (Oura Membership) for access to advanced features and insights.

• Platform leverages a large, longitudinal biometric dataset (42 billion hours as of June 2026) to power AI-driven predictive health models and personalized recommendations.

• Serves 5 million paid members in 56 markets, with high engagement (65% DAU/MAU) and 85% 12-month paid member retention as of June 2026.

• Distribution is omnichannel: direct-to-consumer, retail (8,400 doors globally), enterprise, and strategic partnerships.

Financial performance and metrics

• Revenue for the nine months ended June 30, 2026: $1.21 billion, up 74% year-over-year; gross margin 55%.

• Net income for the same period: $60.8 million, up from $1.6 million in the prior year; Adjusted EBITDA $106.7 million.

• Hardware revenue: $974 million (80% of total); Membership revenue: $240.5 million (20% of total).

• Rings Sold: 3.1 million in nine months ended June 2026; Paid Members: 5.0 million.

• Weighted-average 12-month paid member retention: 85%; DAU/MAU: 65%.

• Cash and cash equivalents as of June 30, 2026: $371.8 million; total debt: $380.1 million.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes, including technology development, working capital, operating expenses, and capital expenditures.

• A portion will be used to satisfy anticipated tax withholding and remittance obligations related to RSU settlements.

• Management has broad discretion over use of proceeds and may also consider acquisitions or investments in complementary products, technologies, or businesses.