Smart ring maker Oura has officially filed for a listing on Nasdaq under the ticker OURA, BeInCrypto reports, citing the company's prospectus. According to SEC filings, revenue grew 74% to $1.21 billion in the first nine months of the fiscal year. Goldman Sachs, Morgan Stanley, and J.P. Morgan are leading the underwriting consortium. According to Bloomberg, Oura's IPO valuation could exceed $16 billion, with the company looking to raise up to $3 billion in capital through the listing.
Revenue growth was driven by a doubling of both hardware sales and subscription income. Oura shipped 3.1 million rings over the nine-month period, up from 1.8 million a year earlier, with hardware sales contributing $974 million. Subscription revenue surged 121% to $240.5 million, while the number of paid subscribers doubled to 5 million users. Daily active users account for 65% of total monthly users, indicating strong engagement. Oura's business model is built on a dual revenue stream: buyers purchase the physical ring with optical sensors once, while full app functionality is available only to subscribers who pay on a recurring basis. For the full fiscal year 2025, the company's revenue reached $907.9 million, more than doubling the prior year's $406.8 million.
Improving financials are reflected in profitability: Oura's net income reached $60.8 million, compared to $1.6 million a year earlier. However, the loss attributable to common shareholders stood at $924.3 million, stemming from a pre-IPO buyout of preferred shares from early investors totaling $1.09 billion. The timing of the listing coincides with broader activity in the public markets: crypto exchange service Kraken has delayed its IPO to 2027, while other companies continue to prepare their market debuts. Oura's precise valuation will remain uncertain until the price range and share count are announced, though $16 billion is viewed as the target based on market dynamics and the company's growth metrics.