Oura has filed the paperwork needed to list on the stock market, moving the smart ring maker a step closer to a public listing.
The company submitted its S-1 registration with US regulators on Thursday, setting out its finances ahead of a planned initial public offering on the Nasdaq under the ticker OURA.
Revenue climbs and losses narrow
The filing shows Oura generated $1.4 billion in revenue in the year to June, alongside net income of $59 million.
That marks a shift into profitability for a company that has spent years losing money, with Oura acknowledging in the filing that it has "only recently achieved profitability".
Revenue grew 74% year-on-year when comparing the first three quarters of the 2026 financial year with the same period the year before.
For that nine-month period, Oura reported losses of $924 million on revenue of $1.21 billion, against losses of $182.8 million on revenue of $697.6 million a year earlier.
The company gave no assurance that profitability would continue in future periods.
Membership base tops 5 million
Oura said it had 5 million paid members as of June.
The ring maker's business depends heavily on a small number of retail partners, with its two largest customers accounting for 12% and 10% of total revenue respectively over the nine months to June.
Risk factors flagged
As is standard for stock market filings, Oura set out a series of risks facing the business.
The company said its rapid growth could prove difficult to sustain, warning that its growth rate is expected to slow over time.
Tariffs and broader trade tensions were flagged as a potential threat, with Oura warning these could raise the cost of some of its products.
Wider economic pressure and shifts in consumer spending were also listed among the risks to its outlook.
AI dependence highlighted
Oura disclosed that its operations rely on artificial intelligence models from OpenAI, Anthropic and Google, as well as third-party data centres.
The company warned that disruption to those data centres could affect its business, and pointed to legal, regulatory, ethical, security and reputational risks tied to its use of AI.
What happens next
The S-1 filing does not set a date for the listing itself, and the number of shares to be offered and their price range have yet to be disclosed.
Oura's move follows a wave of interest in wearable health technology, with the ring tracking sleep, heart rate and other biometric data for its subscriber base.
