Oura files Nasdaq IPO after $1.21 billion in revenue

Oura Inc. filed a Form S-1 with the SEC on 3 September 2026 (accession 0001193125-26-381855, CIK 0002133022). The company has applied to list on the Nasdaq Global Select Market under the ticker OURA. This is a registration statement, not a priced IPO. Share count and the price range are blank on the cover.

The operating line is the one the wires led with. Revenue was $1,214.5 million for the nine months ended 30 June 2026, up 74% from $697.6 million a year earlier. Gross margin was 55% against 51%, with net income of $60.8 million against $1.6 million and Adjusted EBITDA of $106.7 million against $83.5 million.

The S-1 table three lines below that net-income figure is the number most headlines skipped. A $985.0 million deemed dividend to redeemable convertible preferred holders produces a $924.3 million net loss attributable to common stockholders. SiliconANGLE, reporting the same filing, puts the preferred repurchase at $1.09 billion, about 17% of the shares issued from seed through Series C-1.

Membership revenue was $240.5 million, up 121%, at an 89% gross margin. Paid members doubled to 5.0 million. Hardware sales were $974.0 million on 3.1 million rings.

Fiscal 2025 revenue was $907.9 million. Cost of revenue that year included an $84.4 million increase in warranty expense after battery problems in certain Oura Ring 4 cohorts.

No IPO price, share count, or listing date is in the S-1. Bloomberg's talk of a raise of as much as $3 billion is press colour, not a filed term. The risk factors also disclose consumer class-action exposure on advertising and sleep-analysis accuracy claims.

Goldman Sachs is the lead bookrunner, with Morgan Stanley, J.P. Morgan, Allen & Co., and Jefferies as joint leads. Headquarters are in San Francisco after a Delaware incorporation.

An S-1 with a blank price is a different event from Yushu Technology's priced STAR Market debut. A private mark such as Socure's $5.2 billion valuation is a different kind of deal. Other US filings this week, including OpenReserve's OCC charter letter, likewise stop short of a live listing. Public-company cost stories such as Uber's 3,300-job cut are a reminder that one announcement can carry two numbers that do not describe the same thing.

Before pricing narratives stick, read the S-1 buyback and warranty lines yourself: operating profits and the common-stock loss story are not the same number.