Smart ring maker Oura Inc. filed a registration statement with the U.S. Securities and Exchange Commission today for a proposed initial public offering on the Nasdaq Global Select Market under the ticker symbol “OURA.”
Oura filed confidentially for the listing in May. The share count and price range remain unset, and Bloomberg reported in August that the company was working toward a raise of as much as $3 billion.
The filing shows revenue of $1.21 billion for the nine months to June 30, up 74% from $697.6 million a year earlier, with net income of $60.8 million against $1.6 million a year ago. Early investors cashed out along the way, selling $1.09 billion of preferred stock back to Oura and retiring about 17% of the shares issued between the seed round and Series C-1. Because the accounts treat that repurchase as a deemed dividend, the loss attributable to common stockholders came to $924.3 million.
Membership revenue came to $240.5 million over the nine months, up 121% year-over-year, at a gross margin of 89%. Paid members doubled to 5 million. Ring sales accounted for the bulk of the rest, $974 million on 3.1 million rings shipped.
Fiscal 2025 saw revenue more than double, to $907.9 million from $406.8 million. Net income came to $12,000. Battery defects in some Oura Ring 4 units drove warranty expense to $84.4 million over the same 12 months.
The filing describes one of the largest longitudinal biometric datasets in existence, covering 42 billion hours of physiological readings across more than 50 metrics. Membership retention over 12 months runs at 85% on a weighted average. Among the risk factors is a proposed class action alleging the company overstated the accuracy of its sleep tracking.
Goldman Sachs & Co. LLC is leading the underwriting syndicate, with Morgan Stanley, J.P. Morgan, Allen & Co. LLC and Jefferies also serving as joint lead book-running managers.
Oura started in Finland before incorporating in Delaware in March and moving its headquarters to San Francisco. Coming into its IPO, Oura has raised more than $1.2 billion in private funding, including a round of more than $900 million at an $11 billion valuation led by Fidelity Management & Research Co. in October last year. Most of that was returned to early shareholders in the buyback.
The Oura Ring 5 went on sale in May at $399, 40% smaller than the model it replaced.