Ouster, Inc. (OUST) as of March 31, 2026 shows a deeply negative equity recovery posture under a liquidation scenario, consistent with the company's accumulated deficit of $990.9 million. Total reported assets are $381.5 million against total liabilities of $105.9 million, yielding book equity of $275.6 million. Under liquidation haircuts, that book equity collapses materially. Cash and equivalents of $78.7 million recover at par; short-term investments (primarily commercial paper and corporate debt) of $94.4 million recover near par given their short duration. Accounts receivable of $26.2 million haircut to roughly $23-25 million; inventory of $29.9 million recovers at 60%, or approximately $17.9 million. PP&E gross of $51.5 million less $17.7 million accumulated depreciation yields net $33.8 million, which at a 50-70% recovery haircut produces $17-24 million of realizable value. Intangible assets ($35.0 million net, consisting of acquired IP and customer relationships from the Stereolabs acquisition closed February 4, 2026) receive zero recovery under the liquidation lens. Goodwill of $38.5 million, entirely attributable to the Stereolabs acquisition during Q1 2026, is also zeroed. Operating lease ROU assets of $13.9 million are zeroed; corresponding lease liabilities of $17.4 million ($4.6 million current, $12.8 million noncurrent) remain at face value as a continuing obligation. Contract liabilities of $27.1 million — up from $23.8 million at year-end 2025, driven partly by $2.3 million acquired in the Stereolabs transaction — remain at face value as performance obligations that do not extinguish in a wind-up without satisfaction or settlement. Accrued liabilities of $38.2 million also stay at face. The most significant change from the prior filing (2025 10-K, December 31, 2025) is the Stereolabs acquisition: $27.5 million in net cash paid, $38.5 million goodwill on-boarded (zero recovery), $35.0 million net intangibles added (zero recovery), and incremental contract liabilities, deferred tax liabilities ($5.1 million), and operating lease obligations assumed. This acquisition materially worsened the liquidation recovery by adding roughly $73.5 million of zero-recovery assets while adding face-value liabilities. The filing discloses non-cancelable purchase commitments and tariff exposure risks in MD&A but does not separately XBRL-tag the outstanding purchase commitment dollar amounts — those are referenced only in Note 7 narrative. Full valuation allowance remains against net domestic and most foreign deferred tax assets. No debt outstanding. MFFAIS CLV is reported as -$18.4 million, consistent with the liquidation deficit computed above when cash-only recovery is considered against all liabilities.
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