TLDR
- Oura filed its S-1 paperwork on September 3, 2026, taking a key step toward a Nasdaq IPO under the ticker OURA
- The company reported $1.4 billion in revenue and $59 million in net income for the year ending June 2026
- Revenue grew 74% year-over-year, though the company warned growth may slow
- Oura has 5 million paid members and sells in 56 markets across around 8,400 retail locations
- The company flagged risks including tariffs, reliance on a small number of retail partners, and dependence on third-party AI from OpenAI, Anthropic, and Google
Oura, the company behind the Oura Ring health-tracking wearable, filed its S-1 paperwork with the Securities and Exchange Commission on Thursday, moving closer to going public on the Nasdaq stock exchange.
Oura just filed their S-1. Some notes:
– $1.21B revenue in the 9 months to June, +74% y/y
– Hardware was 80% of revenue, membership 20% (growing +121% y/y)
– 5M paid members up 2x y/y
– 55% blended gross margins and $60.8M net income
– Members wear the ring a median of ~23 hours…— Tanay Jaipuria (@tanayj) September 3, 2026
The company plans to list under the ticker OURA. Lead underwriters include Goldman Sachs, Morgan Stanley, and J.P. Morgan.
The filing reveals strong financial growth. Oura brought in $1.4 billion in revenue and $59 million in net income for the twelve-month period ending June 2026.
For the nine months ending June 2026, revenue came in at $1.21 billion, a 74% jump compared to the same period a year earlier.
Gross profit for that nine-month period was $662 million, representing a 55% margin.
Revenue Growth Comes With a Warning
Despite the strong numbers, Oura was upfront about its financial history. The company said it has “a history of operating losses” and has “only recently achieved profitability.”
It added there is no guarantee it will stay profitable in future periods.
For the nine months ending June 2026, Oura recorded losses of $924 million on revenue of $1.21 billion. In the same period a year prior, losses were $182.8 million on revenue of $697.6 million.
The company also flagged that current trade tensions and tariffs could push up product costs.
Business Model and Members
Oura makes money two ways: hardware sales of the Oura Ring and recurring subscription fees called Oura Membership.
The company had 5 million paid members as of June 2026. Around 72% of those members are women.
Oura sold 3.6 million rings in the twelve months ending June 2026. The average wear time is around 23 hours per day.
The company sells its products in 56 markets through roughly 8,400 retail locations, including Amazon, Best Buy, Target, Costco, and Walmart. Less than 20% of hardware revenue came from outside the United States.
About 40% of new members are acquired organically, and the 12-month paid member retention rate sits at around 85%.
Risks and Partnerships
Oura noted that two of its largest customers made up 12% and 10% of total revenue for the nine-month period, showing a concentration risk among retail partners.
The company also said its platform relies on AI models from OpenAI, Anthropic, and Google, as well as third-party data centers. It warned that disruptions to those services could affect operations.
Oura has partnerships with Dexcom, Natural Cycles, ResMed, Strava, and others to expand its health platform.
The company cites a serviceable addressable market of over $90 billion across fitness, digital health, and connected biosensors.
Management is led by CEO Thomas Hale, former President of Momentive, and CFO Sean Brecker, former CEO of Headspace.
Proceeds from the IPO will go toward technology development, working capital, and other corporate purposes.
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