Oura just one step closer to becoming a publicly traded company.
The maker of smart rings filed its S-1 paperwork on Thursday, a necessary step toward an initial public offering.
The filing said Oura brought in $1.4 billion in revenue and $59 million in net income in the one-year period ending in June. The company said revenue grew 74% year-over-year, compared to the first three quarters of fiscal 2026 with the same period in 2025.
Oura also said in the filing that it has “a history of operating losses” and “has only recently achieved profitability,” adding “there can be no guarantee that we will maintain profitability in any future period.”
The filing showed Oura suffered a loss of $924 million on revenue of $1.21 billion for the nine-month period ended in June. For the same period a year earlier, the company’s losses were $182.8 million on revenues of $697.6 million.
The Oura Ringmakerwhich plans to list on the Nasdaq under the ticker OURA, had 5 million paying members as of June, the filing said.
The filing lists several risk factors facing the company as required in S-1s by the Securities and Exchange Commission.
“We have experienced rapid growth in recent years,” says the section on risk factors. “This rapid growth may not be sustainable or indicative of future performance, and we expect our growth rate to slow over time.”
The company said current trade tensions and tariffs could increase the cost of some of its products, while broader economic pressures and changes in consumer spending could impact its business.
The filing also stated that much of Oura’s revenue comes from a “limited number of retail partners.” The company said its top two customers accounted for 12% and 10% of total revenue, respectively, in the nine months ended June.
Oura said his activities are dependent on outside sources AI modelsincluding OpenAI, Anthropic and Google, and on third-party data centers, adding that data center disruptions could impact the business. It also said there were “legal, regulatory, ethical, security or reputational risks” associated with AI.
