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Hongli vs Ouster: revenue, profit, margins and growth compared

Hongli brought in $19.6M of revenue in fiscal 2025, Ouster $169.4M in fiscal 2025. Revenue changed by +39.0% at Hongli and +52.5% at Ouster on the year before, so Ouster grew faster. Hongli kept 9.9% of its revenue as net profit, Ouster -35.6%. Free cash flow was $660.8K at Hongli and -$64.8M at Ouster.

Side by side, latest fiscal year

HLPOUST
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$19.6M$169.4M
Revenue growth+39.0%+52.5%
Net income$1.9M-$60.4M
Net margin9.9%-35.6%
Free cash flow$660.8K-$64.8M
Free cash flow margin3.4%-38.3%
Earnings per share (diluted)$0.03-$1.07
Cash$1.8M$67.4M
Debtn/an/a
Price to earningsn/an/a
Market value$165.2M$3.2B
Dividend yieldn/an/a
Rank by revenue in sector#426 of 451 · Industrials#363 of 451 · Industrials

Over the years

Revenue
HLP FY2020: $11.2MHLP FY2022: $21.7MHLP FY2022: $20.3MHLP FY2023: $16MHLP FY2024: $14.1MHLP FY2025: $19.6MOUST FY2019: $11.4MOUST FY2020: $18.9MOUST FY2021: $33.6MOUST FY2022: $41MOUST FY2023: $83.3MOUST FY2024: $111.1MOUST FY2025: $169.4MFY19FY20FY21FY22FY23FY24FY25
HLP $19.6MOUST $169.4M
Net income
HLP FY2020: $2.4MHLP FY2022: $3.2MHLP FY2022: $2.9MHLP FY2023: $864.7KHLP FY2024: -$1.9MHLP FY2025: $1.9MOUST FY2019: -$51.7MOUST FY2020: -$106.8MOUST FY2021: -$94MOUST FY2022: -$138.6MOUST FY2023: -$374.1MOUST FY2024: -$97MOUST FY2025: -$60.4MFY19FY20FY21FY22FY23FY24FY25
HLP $1.9MOUST -$60.4M
Net margin
HLP FY2020: 21.7%HLP FY2022: 14.7%HLP FY2022: 14.5%HLP FY2023: 5.4%HLP FY2024: -13.3%HLP FY2025: 9.9%OUST FY2019: -452.7%OUST FY2020: -564.9%OUST FY2021: -279.9%OUST FY2022: -337.7%OUST FY2023: -449.2%OUST FY2024: -87.3%OUST FY2025: -35.6%FY19FY20FY21FY22FY23FY24FY25
HLP 9.9%OUST -35.6%
Revenue growth
HLP FY2022: +94.6%HLP FY2022: -6.6%HLP FY2023: -21.1%HLP FY2024: -11.8%HLP FY2025: +39.0%OUST FY2020: +65.6%OUST FY2021: +77.6%OUST FY2022: +22.2%OUST FY2023: +103.0%OUST FY2024: +33.4%OUST FY2025: +52.5%FY20FY21FY22FY23FY24FY25
HLP +39.0%OUST +52.5%
Free cash flow
HLP FY2020: $2.4MHLP FY2022: $135KHLP FY2022: -$2.6MHLP FY2023: $582.5KHLP FY2024: -$446.5KHLP FY2025: $660.8KOUST FY2019: -$47.7MOUST FY2020: -$45.6MOUST FY2021: -$75.3MOUST FY2022: -$116.1MOUST FY2023: -$140.9MOUST FY2024: -$37.5MOUST FY2025: -$64.8MFY19FY20FY21FY22FY23FY24FY25
HLP $660.8KOUST -$64.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Hongli and Ouster

Which is bigger by revenue, Hongli or Ouster?

Ouster is bigger by revenue: $169.4M in fiscal 2025, against $19.6M for Hongli in fiscal 2025.

Which keeps more of its revenue as profit, Hongli or Ouster?

Hongli had a net margin of 9.9% in fiscal 2025; Ouster had -35.6% in fiscal 2025.

Which grew revenue faster, Hongli or Ouster?

In their latest fiscal years revenue changed by +39.0% at Hongli and +52.5% at Ouster.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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