{"id":21553,"date":"2026-09-08T03:36:09","date_gmt":"2026-09-07T18:36:09","guid":{"rendered":"https:\/\/tomorrowaccess.com\/?page_id=21553"},"modified":"2026-10-27T14:28:29","modified_gmt":"2026-10-27T05:28:29","slug":"oura-2026","status":"publish","type":"page","link":"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/oura-2026","title":{"rendered":"Profitable. And $89.53 a Share in the Red."},"content":{"rendered":"<style>@import url('https:\/\/fonts.googleapis.com\/css2?family=Newsreader:ital,opsz,wght@0,6..72,400;0,6..72,500;0,6..72,600;1,6..72,400&display=swap');html,body {max-width: 100vw !important;overflow-x: hidden !important;}main,main > .entry-content,main > .wp-block-post-content,main > .wp-block-post-content.is-layout-constrained,main > .wp-block-post-content.is-layout-constrained > *,main .wp-block-group,main .wp-block-post-content {max-width: 100% !important;padding-left: 0 !important;padding-right: 0 !important;margin-left: 0 !important;margin-right: 0 !important;}main#wp--skip-link--target {padding: 0 !important;margin-top: 0 !important;max-width: 100% !important;}.s1-figure-inline {display: block;width: 100%;max-width: 100%;margin: 60px 0;padding: 0;box-sizing: border-box;}.s1-figure-inline picture {display: block;width: 100%;}.s1-figure-inline img {display: block;width: 100%;max-width: 100%;height: auto;margin: 0;}@media (max-width: 720px) {.s1-hero-grid {grid-template-columns: 1fr !important;}.s1-hero-grid > div {border-right: none !important;border-bottom: 1px solid #e6e6e6 !important;padding: 24px 12px !important;}.s1-hero-grid > div:last-child {border-bottom: none !important;}.s1-hero-grid > div > div:first-child {font-size: 32px !important;white-space: normal !important;}.s1-body-table,.s1-body-table tbody,.s1-body-table tr,.s1-body-table td,.s1-body-table th {display: block !important;width: 100% !important;max-width: 100% !important;box-sizing: border-box !important;}.s1-body-table thead {display: none !important;}.s1-body-table tr {margin-bottom: 16px !important;padding: 8px 0 !important;border-top: 1px solid #1a1a1a !important;}.s1-body-table tr:last-child {border-bottom: 1px solid #1a1a1a !important;}.s1-body-table td {text-align: left !important;padding: 6px 8px !important;}.s1-body-table td::before {content: attr(data-label) \": \";font-weight: 700 !important;color: #000 !important;}.s1-body-table td:first-child::before,.s1-body-table td[data-label=\"\"]::before {display: none !important;}.s1-light-shadow {flex-direction: column !important;}.s1-light-shadow > div {border-left: 1px solid #1a1a1a !important;border-top: 0 !important;}.s1-light-shadow > div:first-child {border-top: 1px solid #1a1a1a !important;}h1 {font-size: clamp(26px, 7vw, 34px) !important;}h2 {font-size: clamp(22px, 5.5vw, 28px) !important;}.s1-article-cta-headline {font-size: 24px !important; line-height: 1.4 !important;}}@media (max-width: 480px) {.s1-article-cta-headline {font-size: 20px !important;}}<\/style>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty; font-size: 16px; -webkit-font-smoothing: antialiased; background: #fafafa; width: 100%;\">\n<div style=\"max-width: 1000px; margin: 0 auto; padding: 80px 20px 0; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n  <a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"text-decoration: none; color: inherit; display: block;\"><\/p>\n<div style=\"text-align: left; margin-bottom: 40px;\">\n<div style=\"width: 100%; height: 5px; background: #1a1a1a;\"><\/div>\n<div style=\"margin-top: 26px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 600; color: #1a1a1a; letter-spacing: 0.01em; line-height: 1; margin-bottom: 14px;\">S-1 <span style=\"color: #daa241;\">Journal<\/span><\/div>\n<div style=\"display: flex; align-items: center; flex-wrap: wrap; gap: 14px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; margin-bottom: 26px;\">\n        <span style=\"font-size: 11px; letter-spacing: 0.18em; color: #1a1a1a; font-weight: 700; text-transform: uppercase;\">The 10 Questions<\/span><br \/>\n        <span style=\"font-size: 11px; color: #ccc;\">|<\/span><br \/>\n        <span style=\"font-size: 12px; letter-spacing: 0.02em; color: #666; font-weight: 400;\">Every S-1, decoded through the same 10 questions.<\/span>\n      <\/div>\n<div style=\"width: 100%; height: 1px; background: #daa241;\"><\/div>\n<\/p><\/div>\n<p>  <\/a>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<div style=\"margin: 0 0 32px 0;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 30px; font-weight: 600; letter-spacing: 0; color: #daa241; margin: 0; line-height: 1.2;\">Oura<\/p>\n<\/div>\n<h1 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(32px, 6vw, 46px); font-weight: 600; line-height: 1.2; letter-spacing: -0.01em; color: #000; margin: 0 0 40px 0; text-wrap: pretty;\">Profitable.<br \/>And $89.53 a Share in the Red.<\/h1>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.03em; color: #888; margin: 0 0 60px 0; border-bottom: 1px solid #e6e6e6; padding-bottom: 16px;\">Source: <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2133022\/000119312526381855\/d119865ds1.htm\" target=\"_blank\" rel=\"noopener\" style=\"color: #daa241; text-decoration: underline; text-underline-offset: 3px; text-decoration-thickness: 1px;\">Oura Inc. S-1 (filed 2026-09-03) \u2197<\/a><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On September 3, 2026, Oura Inc. filed an <span style=\"white-space:nowrap;\">S-1<\/span> with the SEC. It sells a smart ring worn on the finger that measures sleep and heart rate. It has 5.0 million Paid Members. Revenue for the latest nine months, through June 30, 2026, was <span style=\"white-space:nowrap;\">$1,214.5<\/span> million, up <span style=\"white-space:nowrap;\">74%<\/span> year over year. Net income was positive too, at <span style=\"white-space:nowrap;\">$60.8<\/span> million.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the same nine months, the company spent <span style=\"white-space:nowrap;\">$1,172.9<\/span> million buying back its own stock. <strong style=\"font-weight: 700; color: #000;\">That is <span style=\"white-space:nowrap;\">96.6%<\/span> of revenue<\/strong>. It also drew <span style=\"white-space:nowrap;\">$375.0<\/span> million from its bank facility, which the management&rsquo;s discussion section says it used primarily to fund those repurchases and for other general corporate purposes.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-hero-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 50px 0; display: grid; grid-template-columns: repeat(3, 1fr); gap: 0; text-align: center; align-items: start;\">\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">$1,214.5M<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">REVENUE \/ 9M<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">nine months to June 30, 2026<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">$1,172.9M<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">BUYBACKS \/ 9M<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">the same nine months<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">-$89.53<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">LOSS PER SHARE<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">attributable to common<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 60px 0 1.5em 0;\">When a company pays more for preferred stock than the amount carried on its books, accounting treats the excess as a dividend to the preferred holders. Here that excess was <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$985.0<\/span> million<\/strong>. Subtract it from the <span style=\"white-space:nowrap;\">$60.8<\/span> million of net income and the result attributable to common stockholders flips to a loss of <span style=\"white-space:nowrap;\">$924.3<\/span> million. Per share, that is <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$89.53<\/span> in the red<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company does not hide any of this. In the capital allocation section of the prospectus it writes that it manages the business to <strong style=\"font-weight: 700; color: #000;\">compound <span style=\"white-space:nowrap;\">long-term<\/span> value per share<\/strong>, and it presents as an achievement that over two years the price per share of its most recently issued preferred rose <span style=\"white-space:nowrap;\">260%<\/span> while its implied enterprise value rose <span style=\"white-space:nowrap;\">215%<\/span>. Five million people wearing a ring, and a company buying its own shares back. Both are in the same document.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.4em 0;\">Ten questions. We lay out only what the S-1 says.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 1<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is this company, really?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (Our Mission &amp; Founding, p.1 onward), Business (The Oura Platform, p.122 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In one line: a ring that measures the body almost around the clock.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What Oura sells is a titanium band. The latest Oura Ring 5 is 6.09 mm wide and 2.28 mm thick. No screen, no notifications. Sensors on the inside shine light through the finger and read the movement of blood. Those signals go to a phone app and become <strong style=\"font-weight: 700; color: #000;\">more than 50 metrics<\/strong> across sleep, activity, stress, heart, metabolic and women&rsquo;s health.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The design philosophy fits in one line: because it has no screen, you never take it off. In the most recent quarter, Paid Members wore the ring for <strong style=\"font-weight: 700; color: #000;\">a median of approximately 23 hours a day<\/strong>. Unlike a watch, it does not need to come off at night to charge.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">Our mission is to empower people to live healthier, longer.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">OURA S-1 (SEP 2026) \/ OUR MISSION &amp; FOUNDING<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Why the finger? The prospectus is direct about it. The finger is densely vascularized, and the optical signal it yields can be <strong style=\"font-weight: 700; color: #000;\">up to 100 times stronger than the wrist<\/strong>. A stronger signal is, in the end, accuracy.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And the company puts numbers on that accuracy: approximately <span style=\"white-space:nowrap;\">99%<\/span> for heart rate, <span style=\"white-space:nowrap;\">98%<\/span> for heart rate variability, <span style=\"white-space:nowrap;\">96%<\/span> for ovulation tracking, and <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">96%<\/span> for sleep<\/strong>. <strong style=\"font-weight: 700; color: #000;\">Approximately <span style=\"white-space:nowrap;\">87%<\/span><\/strong> of members say accuracy was a key reason behind their purchase decision.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Further back in the same document, though, there is a note that a class action was filed in August 2026 alleging that this advertising is false. The distance between those two passages is the subject of Question 9.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What accumulates is expressed not as metrics but as volume: approximately <strong style=\"font-weight: 700; color: #000;\">41.8 billion hours<\/strong> of biometric data. That is what more than a decade of people keeping a ring on almost around the clock, across 56 markets, adds up to.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">No screen, so it never comes off. It never comes off, so the data accumulates.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 2<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What does it compete on?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Our Competitive Strengths, p.147 onward), Business (Competition, p.162 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company rests its case on three pillars.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The competition is not small. The prospectus names three kinds. <span style=\"white-space:nowrap;\">General-purpose<\/span> smartwatches from Apple, Google (including Fitbit) and Samsung. <span style=\"white-space:nowrap;\">Fitness-oriented<\/span> wearables, mostly <span style=\"white-space:nowrap;\">wrist-based<\/span>, such as Coros, Garmin and Whoop. And software companies that deliver <span style=\"white-space:nowrap;\">device-agnostic<\/span> insights. Many of these competitors, the filing says, have substantial resources, diversified product portfolios, established supply chains and distribution channels, and strong global brand recognition.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Three reasons are offered for why Oura can still win.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">It moved the measurement from the wrist to the finger<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The first is the signal strength from Question 1. The finger carries denser vasculature than the wrist, so the optical reading is stronger. At night, when the body is still, the variance is smaller. The company frames this as being able to catch small departures from a personal baseline earlier.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There is also a burden the watch form factor carries that the ring does not. With no notifications and no screen, nothing gives you a reason to take it off, in a meeting or in bed. The prospectus calls this <span style=\"white-space:nowrap;\">near-constant<\/span> wear <strong style=\"font-weight: 700; color: #000;\">a unique data moat<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">1,140 patents, and 50 PhDs on staff<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The second is the intellectual property around the shape, and the organization behind it. As of June 30, 2026 the company held <strong style=\"font-weight: 700; color: #000;\">more than 1,140 patents<\/strong> and patent applications, spanning hardware design, sensing, and the capture and analysis of longitudinal biometric data.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><span style=\"white-space:nowrap;\">In-house<\/span> it has <strong style=\"font-weight: 700; color: #000;\">more than 50 PhDs and five MDs<\/strong>, and works with more than a dozen academic partners. It has collaborated with the National University of Singapore since 2019; over seven years that partnership has produced 23 research studies, more than 5,250 participants within Singapore and 20 scientific publications. The opening of a joint lab was finalized in October 2025 and publicly announced in January 2026.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">More data means the next feature ships sooner<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The third is the loop that turns the first two. The prospectus lays it out as six stages forming a circle: attract and retain members, deeper longitudinal data, more powerful AI models, faster hardware and feature development, more member engagement, better health outcomes. And then back to the start.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The strength of that loop shows up in a number. The share of monthly users who open the app on a given day &mdash; daily actives over monthly actives &mdash; was <strong style=\"font-weight: 700; color: #000;\">approximately <span style=\"white-space:nowrap;\">65%<\/span><\/strong>. Members open the app more than 3.5 times a day on average. For a health product, that is a high frequency.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">One of the competitors is also a plaintiff<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Having set out the three pillars, the prospectus adds one more fact. On December 12, 2025, two Samsung entities filed a complaint with the U.S. International Trade Commission. They allege infringement of four patents. The relief sought could include restrictions on the importation of <strong style=\"font-weight: 700; color: #000;\">certain Oura Ring products<\/strong>, the filing says.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Competition and litigation are running at the same time, with the same counterparty. Question 9 takes it further.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A ring you never remove collects data, and the data calls the next feature.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 3<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How big is the market?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Our Market Opportunity, p.144 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The market is presented in two tiers.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The first tier is where the company fights today. According to the research firm IDC, global shipments of wearable devices over the trailing twelve months totalled <strong style=\"font-weight: 700; color: #000;\">approximately 212 million units<\/strong>. Oura sold <strong style=\"font-weight: 700; color: #000;\">3.6 million rings<\/strong> in the same period, which is <strong style=\"font-weight: 700; color: #000;\">approximately <span style=\"white-space:nowrap;\">2%<\/span> of the world market<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The second tier sits outside it. Fitness trackers, health and wellness coaching apps, contraception and fertility apps, digital therapeutics, and connected biosensors for glucose and blood pressure. Add those five categories together and the total <strong style=\"font-weight: 700; color: #000;\">exceeds <span style=\"white-space:nowrap;\">$90<\/span> billion<\/strong> in 2026, the filing says, citing estimates from Statista. The company treats that as its serviceable addressable market.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The footnote breaks it down: fitness trackers <span style=\"white-space:nowrap;\">$44.9<\/span> billion, coaching apps <span style=\"white-space:nowrap;\">$22.3<\/span> billion, digital therapeutics <span style=\"white-space:nowrap;\">$8.4<\/span> billion, connected biosensors <span style=\"white-space:nowrap;\">$13.1<\/span> billion, contraception and fertility apps <span style=\"white-space:nowrap;\">$2.6<\/span> billion. It notes that some categories assume future marketing authorizations.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Beyond that sits preventative healthcare itself. <strong style=\"font-weight: 700; color: #000;\">Approximately 612 million people<\/strong> worldwide with cardiovascular disease, 936 million with sleep apnea, 110 million with infertility, 3 billion living overweight or with obesity. The highest costs, the company writes, are often the ones that could have been prevented.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The numbers are grand; the surface actually being sold to is narrower. Over the latest nine months, <strong style=\"font-weight: 700; color: #000;\">less than <span style=\"white-space:nowrap;\">20%<\/span> of hardware revenue<\/strong> was generated outside the United States. This is a company holding <span style=\"white-space:nowrap;\">2%<\/span> of a world market, and holding most of it in one country.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Two percent of the world. And most of that two percent is the United States.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 4<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who actually uses it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (Our Members, p.6 onward), Business (Partner Ecosystem, p.125 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The membership does not look like the average wearable customer.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There were 5.0 million Paid Members at the end of June 2026. The composition tells you a great deal about the company.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Membership as of June 30, 2026:<\/p>\n<style>@media (max-width: 720px) {.s1-stat-grid {grid-template-columns: repeat(2, 1fr) !important; gap: 24px 0 !important;}}<\/style>\n<div style=\"max-width: 720px; margin: 60px auto; padding: 0 20px;\">\n<div class=\"s1-stat-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 40px 0; display: grid; gap: 0; text-align: center; grid-template-columns: repeat(4, 1fr);\">\n<div style=\"padding: 0 8px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(24px, 4.0vw, 32px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">72%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">WOMEN<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">of members<\/div>\n<\/div>\n<div style=\"padding: 0 8px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(24px, 4.0vw, 32px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">31%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">GEN Z &amp; UNDER<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">aged 29 and under<\/div>\n<\/div>\n<div style=\"padding: 0 8px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(24px, 4.0vw, 32px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">37%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">UNDER $100K<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">household income<\/div>\n<\/div>\n<div style=\"padding: 0 8px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(24px, 4.0vw, 32px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">15%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">HEALTHCARE WORKERS<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">of U.S. members<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Women are <span style=\"white-space:nowrap;\">72%<\/span>. And since fiscal 2024 female members have compounded at <strong style=\"font-weight: 700; color: #000;\">approximately <span style=\"white-space:nowrap;\">143%<\/span> a year<\/strong> against approximately <span style=\"white-space:nowrap;\">94%<\/span> for male members &mdash; the women are growing faster. The explanation offered is a path that runs across life stages: cycle tracking, conception, pregnancy, menopause.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The other striking figure is how many members are managing something. In the 2026 membership survey, <strong style=\"font-weight: 700; color: #000;\">more than half reported at least one chronic condition<\/strong>. Of those, <span style=\"white-space:nowrap;\">80%<\/span> said they refer to their Oura data when making decisions about it. Fifteen percent of U.S. members work in healthcare.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Among new buyers, <span style=\"white-space:nowrap;\">33%<\/span> report that Oura is their first wearable, <span style=\"white-space:nowrap;\">29%<\/span> that they replaced an existing one, and <span style=\"white-space:nowrap;\">37%<\/span> that they wear another device alongside it. The company argues it is not only taking share but enlarging the category.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The shelf space leans on a few large retailers<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On how it gets bought: over the latest nine months, <strong style=\"font-weight: 700; color: #000;\">approximately <span style=\"white-space:nowrap;\">49%<\/span> of hardware revenue was generated through the retail channel<\/strong>. The filing describes the model as <span style=\"white-space:nowrap;\">direct-to-consumer<\/span> combined with a wholesale channel that takes in both retail and enterprise partners. The named partners are Amazon, Best Buy, Costco, Harrods and Target. The product sits in approximately 8,400 retail doors worldwide.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the risk factors there is one quiet line. While we have agreements with our largest retail partners, it says, these agreements <strong style=\"font-weight: 700; color: #000;\">generally do not require them to purchase any minimum<\/strong> or other meaningful amount of Oura Ring from us. The partners that carry nearly half of revenue are under no obligation to buy anything tomorrow.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What the company has not given away is the direct relationship. Whichever shelf the ring is bought from, the membership is activated with Oura, so the full economics of the subscription stay <span style=\"white-space:nowrap;\">in-house<\/span>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The ring becomes an instrument of insurance and of care<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The other face of the business is its institutional partnerships. The prospectus lays out seven of them with photographs. Three are not <span style=\"white-space:nowrap;\">consumer-device<\/span> stories at all.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Three partnerships that show a different way of selling<\/h3>\n<style>@media (max-width: 720px) {.s1-cards-grid {grid-template-columns: 1fr !important; grid-template-rows: none !important; row-gap: 20px !important;}.s1-card {display: block !important;}}<\/style>\n<div class=\"s1-cards-grid\" style=\"margin: 40px 0; display: grid; gap: 20px;grid-template-columns: repeat(3, 1fr); grid-template-rows: auto auto auto; row-gap: 0;\">\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box; display: grid; grid-template-rows: subgrid; grid-row: span 3;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">John Hancock<br \/>&mdash; life insurance<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Since<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">May 2023<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">What it is<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">The first smart ring<br \/>launched with the<br \/>John Hancock<br \/>Vitality Program<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">What a member gets<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">A discounted ring,<br \/>points for sleep and<br \/>mindfulness, and<br \/>premium savings<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">&ldquo;Incentives are earned,<br \/>not surveilled&rdquo; &mdash; the<br \/>insurer never sees a<br \/>member&rsquo;s individual<br \/>health data. Oura converts<br \/>the signals into<br \/>points and status.<\/div>\n<\/div>\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box; display: grid; grid-template-rows: subgrid; grid-row: span 3;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">Essence Healthcare<br \/>&mdash; Medicare Advantage<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Since<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">October 2024<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">What it is<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Ring and membership<br \/>offered to eligible<br \/>members at no<br \/>additional cost<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Adoption in 2025<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Over <span style=\"white-space:nowrap;\">25%<\/span> for<br \/>eligible plans<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Measured difference<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Sleep Score +<span style=\"white-space:nowrap;\">3.6%<\/span><br \/>(vs +<span style=\"white-space:nowrap;\">1.0%<\/span>), <span style=\"white-space:nowrap;\">low-intensity<\/span><br \/>activity +<span style=\"white-space:nowrap;\">17.2%<\/span><br \/>(vs +<span style=\"white-space:nowrap;\">0.5%<\/span>)<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">Based on 1,400 Essence<br \/>members and 800 control<br \/>subjects, January 20 to<br \/>May 1, 2025.<\/div>\n<\/div>\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box; display: grid; grid-template-rows: subgrid; grid-row: span 3;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">Natural Cycles<br \/>&mdash; contraception<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Since<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">August 2022<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">What it is<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Feeds temperature<br \/>automatically to an<br \/><span style=\"white-space:nowrap;\">FDA-cleared<\/span> birth<br \/>control app<br \/>(a Class II device)<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\"><\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\"><\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Used with Oura Ring<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\"><strong style=\"font-weight: 700; color: #000;\">More than 450,000<\/strong> women<br \/>(June 30, 2026)<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">It removes the oral<br \/>thermometer from<br \/>the morning routine.<\/div>\n<\/div>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What the three have in common is that Oura is used not as a standalone consumer product but as a component inside somebody else&rsquo;s service. How each one involves the ring differs. The life insurer has members buy it at a discount and gives premium savings as members advance their Vitality Status, the Medicare Advantage operator provides it to eligible members at no additional cost, and the contraception app uses it as a temperature input. <strong style=\"font-weight: 700; color: #000;\">Only in the middle case<\/strong> does the prospectus say the ring comes at no additional cost.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The remaining four partnerships are distribution and research. Best Buy carries the ring in more than 1,000 stores across the U.S. and Canada (<span style=\"white-space:nowrap;\">70%<\/span> of the U.S. population lives within 10 miles of one). In the U.K., John Lewis stocks it in all 34 stores and, the retailer has reported, one in two rings sold there is an Oura Ring. Dexcom connects its <span style=\"white-space:nowrap;\">over-the-counter<\/span> glucose biosensor Stelo. And the National University of Singapore is the research counterparty.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Counterparty<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Since<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">What it means for Oura<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Counterparty\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Amazon \/ Best Buy \/ Costco \/ Harrods \/ Target<\/td>\n<td data-label=\"Since\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Best Buy April 2023; others not stated<\/td>\n<td data-label=\"What it means for Oura\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Carry about half of hardware revenue. Generally no minimum purchase<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Counterparty\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">John Hancock (life insurance)<\/td>\n<td data-label=\"Since\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">May 2023<\/td>\n<td data-label=\"What it means for Oura\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Premium savings in exchange for sustained behavior<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Counterparty\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Essence Healthcare (Medicare Advantage)<\/td>\n<td data-label=\"Since\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">October 2024<\/td>\n<td data-label=\"What it means for Oura\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Provided to eligible Medicare Advantage members at no additional cost. Over <span style=\"white-space:nowrap;\">25%<\/span> member adoption in 2025 for eligible plans<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Counterparty\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Natural Cycles (contraception app)<\/td>\n<td data-label=\"Since\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">August 2022<\/td>\n<td data-label=\"What it means for Oura\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Becomes an input device for a medical device. <strong style=\"font-weight: 700; color: #000;\">More than 450,000<\/strong> women use both<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Counterparty\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Dexcom (Stelo glucose biosensor)<\/td>\n<td data-label=\"Since\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">November 2024<\/td>\n<td data-label=\"What it means for Oura\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Puts glucose next to sleep and meals<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"Counterparty\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">U.S. Department of Defense<\/td>\n<td data-label=\"Since\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">(not stated)<\/td>\n<td data-label=\"What it means for Oura\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">An enterprise customer, and a source of cybersecurity obligations<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The buyer is not always the wearer. Insurers and a government are customers too.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 5<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How does it make money?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">MD&amp;A (Core Principles of Our Financial Model, p.90 onward), Business (The Oura Platform, p.122 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Two floors: sell the ring, then collect every month.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The ground floor is the ring. Oura Ring 5 launched on June 4, 2026 at manufacturer&rsquo;s suggested retail prices starting at <span style=\"white-space:nowrap;\">$399<\/span> and rising to <span style=\"white-space:nowrap;\">$499.<\/span> Hardware was approximately <span style=\"white-space:nowrap;\">80%<\/span> of revenue over the latest nine months.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The second floor is the membership. In the United States it is <span style=\"white-space:nowrap;\">$5.99<\/span> per month or <span style=\"white-space:nowrap;\">$69.99<\/span> per year. It was approximately <span style=\"white-space:nowrap;\">20%<\/span> of revenue over the same nine months, at a gross margin of <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">89%<\/span><\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The conversion rate to that second floor is the <span style=\"white-space:nowrap;\">load-bearing<\/span> part of the design. Historically, <strong style=\"font-weight: 700; color: #000;\">over <span style=\"white-space:nowrap;\">94%<\/span> of ring activations convert to Paid Members<\/strong>. A <span style=\"white-space:nowrap;\">30-day<\/span> trial shows the full platform first. Approximately <span style=\"white-space:nowrap;\">63%<\/span> of new members start on an annual plan.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">So the count of rings sold and the count of Paid Members grow at almost the same speed. Paid Members went from 1.5 million at the end of December 2024 to 5.0 million at the end of June 2026, with growth above <span style=\"white-space:nowrap;\">100%<\/span> year over year for seven consecutive quarters.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Revenue per ring is falling<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Not everything is going up. Revenue per unit was <span style=\"white-space:nowrap;\">$332<\/span> in fiscal 2024, <span style=\"white-space:nowrap;\">$326<\/span> in fiscal 2025 and <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$311<\/span><\/strong> over the latest nine months. The company attributes the decline to channel mix, generation mix, partnership structures, and discounts and sales incentives.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">List prices have gone the other way. Ring 3 started at <span style=\"white-space:nowrap;\">$299<\/span> to <span style=\"white-space:nowrap;\">$549,<\/span> Ring 4 at <span style=\"white-space:nowrap;\">$349<\/span> to <span style=\"white-space:nowrap;\">$499,<\/span> Ring 5 at <span style=\"white-space:nowrap;\">$399<\/span> to <span style=\"white-space:nowrap;\">$499.<\/span> The list price rises and the realized amount falls. The gap is what a larger wholesale share costs.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Repeat purchases, a pillar still small<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">One more number is growing. Repeat purchases &mdash; a new activation by someone who already owns an Oura Ring &mdash; were <span style=\"white-space:nowrap;\">5%<\/span> of rings sold in fiscal 2024, <span style=\"white-space:nowrap;\">9%<\/span> in fiscal 2025 and <span style=\"white-space:nowrap;\">11%<\/span> over the latest nine months. The fiscal 2023 group of members has purchased over <span style=\"white-space:nowrap;\">30%<\/span> more rings since first activation.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And the filing states plainly that there is currently <strong style=\"font-weight: 700; color: #000;\">no formal <span style=\"white-space:nowrap;\">trade-in<\/span> or repeat purchaser discount program<\/strong>. The repeat buying is happening without a discount.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The screens next to medication<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What is inside the app is part of the revenue story too. The screenshots reproduced in the prospectus show a feature that reads nutrition from a photograph of a meal, the waveform from a Dexcom glucose biosensor, an offer to run more than 50 blood biomarkers for <span style=\"white-space:nowrap;\">$99,<\/span> and a screen for logging <span style=\"white-space:nowrap;\">GLP-1<\/span> doses. Another screen holds a field for the medications a member is taking.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A line is drawn from the drug side as well. The prospectus names LillyDirect, Eli Lilly and Company&rsquo;s digital health platform, as a connected care partner. On the amount, the notes say the company entered into <strong style=\"font-weight: 700; color: #000;\">a <span style=\"white-space:nowrap;\">$50.0<\/span> million SAFE with an accredited investor<\/strong> in June 2026. In a separate section the filing says that in July 2026 it issued a SAFE instrument to Eli Lilly and Company; that passage carries no amount. It converts into common stock immediately prior to the completion of the offering.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\"><\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2024<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2025<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Latest 9M<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Revenue (total)<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$406.8M<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$907.9M<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$1,214.5M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">of which hardware<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">81%<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">83%<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">80%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">of which membership<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">19%<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">17%<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">20%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Rings Sold<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">1.0 million<\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">2.3 million<\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">3.1 million<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Paid Members (period end)<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">1.3 million<\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">2.9 million<\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">5.0 million<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Revenue per unit<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$332<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$326<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$311<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The list price goes up. What actually comes in per ring goes down.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 6<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Are the numbers healthy?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">MD&amp;A (Results of Operations, p.97 onward), MD&amp;A (Liquidity and Capital Resources, p.109 onward) and the notes (F-1 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Four things do not sit right. They are unpicked in order.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The surface is clean. Revenue went from <span style=\"white-space:nowrap;\">$406.8<\/span> million in fiscal 2024 to more than <span style=\"white-space:nowrap;\">$1.2<\/span> billion over the latest nine months. Gross margin over the latest nine months rose to <span style=\"white-space:nowrap;\">55%<\/span> from <span style=\"white-space:nowrap;\">51%<\/span> in the same period a year earlier. Operations brought in <span style=\"white-space:nowrap;\">$328.0<\/span> million of cash over nine months.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Oddity 1: net income for fiscal 2025 was <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$12,000<\/span><\/strong><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><span style=\"white-space:nowrap;\">Pre-tax<\/span> income for the year to September 2025 was <span style=\"white-space:nowrap;\">$23.57<\/span> million. Subtract <span style=\"white-space:nowrap;\">$23.56<\/span> million of income tax and what remains is <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$12,000<\/span><\/strong>. A year with more than <span style=\"white-space:nowrap;\">$900<\/span> million of revenue ended with a final profit of twelve thousand dollars.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The effective tax rate was <span style=\"white-space:nowrap;\">99.9%<\/span>. The reason is in the same section: the valuation allowance for deferred tax assets. In plain terms, tax assets that could have been set against future profits were written down as unusable for now.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The notes weigh both sides: the negative evidence is the company&rsquo;s cumulative history of worldwide losses, including over the past three years, the positive evidence is management&rsquo;s projections of future taxable income, and greater weight was given to the negative. This was the year a company that had only just turned profitable reappraised its tax assets on the strength of its past losses.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Oddity 2: revenue grew <span style=\"white-space:nowrap;\">74%<\/span> and the margin got thinner<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The measure the company offers as its underlying performance, Adjusted EBITDA, was <span style=\"white-space:nowrap;\">$106.7<\/span> million over the latest nine months, up from <span style=\"white-space:nowrap;\">$83.5<\/span> million a year earlier.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">As a share of revenue, though, it <strong style=\"font-weight: 700; color: #000;\">fell from <span style=\"white-space:nowrap;\">12%<\/span> to <span style=\"white-space:nowrap;\">9%<\/span><\/strong>. Revenue grew <span style=\"white-space:nowrap;\">74%<\/span> and the margin lost three points.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus gives no reason for that fall in the margin itself. Lay the numbers side by side and gross margin actually improved, from <span style=\"white-space:nowrap;\">51%<\/span> to <span style=\"white-space:nowrap;\">55%<\/span>. The difference is in operating expenses, which grew from <span style=\"white-space:nowrap;\">$295.8<\/span> million to <span style=\"white-space:nowrap;\">$591.0<\/span> million, or <span style=\"white-space:nowrap;\">100%<\/span>, while revenue grew <span style=\"white-space:nowrap;\">74%<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On gross margin there is one thing the company volunteers. Gross margins in the latest nine months and the <span style=\"white-space:nowrap;\">year-earlier<\/span> period were affected by elevated warranty reserves related to <strong style=\"font-weight: 700; color: #000;\">battery performance issues affecting certain cohorts of Oura Ring 4 devices<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Cut by fiscal year and the margin runs the other way: <span style=\"white-space:nowrap;\">65%<\/span> in fiscal 2024 down to <span style=\"white-space:nowrap;\">52%<\/span> in fiscal 2025, a drop of 13 points. The same company&rsquo;s margin rises or falls depending on the window you choose.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Oddity 3: a profitable company drew <span style=\"white-space:nowrap;\">$375.0<\/span> million from a bank<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Over the latest nine months, <span style=\"white-space:nowrap;\">$741.8<\/span> million of cash left through financing activities. A year earlier the figure was <span style=\"white-space:nowrap;\">$44.5<\/span> million. It grew more than <span style=\"white-space:nowrap;\">sixteen-fold<\/span> in a year.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the same period the company drew <span style=\"white-space:nowrap;\">$375.0<\/span> million under its revolving credit facility. The facility itself was widened twice in six months, from <span style=\"white-space:nowrap;\">$250.0<\/span> million to <span style=\"white-space:nowrap;\">$500.0<\/span> million on January 23, 2026 and to <span style=\"white-space:nowrap;\">$525.0<\/span> million on June 4.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The use is disclosed. The borrowings were used primarily to fund repurchases of our common and redeemable convertible preferred stock <strong style=\"font-weight: 700; color: #000;\">and for other general corporate purposes<\/strong>. A profitable company, with cash coming in from operations, borrowed in order to buy its own shares.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Oddity 4: profitable, and <span style=\"white-space:nowrap;\">$89.53<\/span> a share in the red<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Then, on the last line of the income statement, the number turns over. Net income is <span style=\"white-space:nowrap;\">$60.8<\/span> million, positive. Below it, <span style=\"white-space:nowrap;\">$985.0<\/span> million is deducted as a deemed dividend to holders of redeemable convertible preferred stock, and the result attributable to common stockholders becomes a loss of <span style=\"white-space:nowrap;\">$924.3<\/span> million. Per share, <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$89.53<\/span> in the red<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The reveal &mdash; the price paid, against the price on the books<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The mechanism is simple. When the company buys back preferred stock and pays more than the amount carried on its books, the excess is treated as something handed to the preferred holders beyond their due. Accounting calls that a dividend and deducts it from what belongs to the common.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Over the latest nine months the company repurchased 27,933,119 preferred shares for <span style=\"white-space:nowrap;\">$1,091.9<\/span> million (that schedule excludes <span style=\"white-space:nowrap;\">$1.4<\/span> million of Finnish capital transfer taxes paid on behalf of the sellers). The carrying value derecognized was <span style=\"white-space:nowrap;\">$108.3<\/span> million. Of the <span style=\"white-space:nowrap;\">$985.0<\/span> million excess, <span style=\"white-space:nowrap;\">$979.5<\/span> million was recorded as an increase in accumulated deficit.<\/p>\n<figure class=\"s1-figure-inline\" style=\"margin: 60px 0; padding: 0; max-width: 100%;\"><figcaption style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 19px; font-weight: 700; line-height: 1.5; color: #1a1a1a; margin: 0 0 6px 0; overflow-wrap: break-word;\">$61 million of profit becomes a $924 million loss on the common stockholders&rsquo; ledger.<\/figcaption><figcaption style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; color: #888; letter-spacing: 0.04em; margin: 0 0 20px 0;\">The nine months from October 2025 to June 2026<\/figcaption><picture><source media=\"(max-width: 720px)\" srcset=\"https:\/\/tomorrowaccess.com\/wp-content\/uploads\/2026\/09\/oura-en-figure-q6-deemed-dividend-en-mobile-1.png\"><img decoding=\"async\" src=\"https:\/\/tomorrowaccess.com\/wp-content\/uploads\/2026\/09\/oura-en-figure-q6-deemed-dividend-en-pc-1.png\" alt=\"Waterfall chart showing Oura net income of $60.8 million, less a deemed dividend to preferred holders of $985.0 million, arriving at a $924.3 million loss attributable to common stockholders\" style=\"display: block; width: 100%; max-width: 100%; height: auto; margin: 0;\" loading=\"lazy\">\n<\/picture>\n<\/figure>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The cash genuinely left. Common stock repurchases account for a further <span style=\"white-space:nowrap;\">$79.5<\/span> million. And the financing section of the cash flow statement carries a single line for repurchases of common and redeemable convertible preferred stock: <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$1,172.9<\/span> million<\/strong> &mdash; <span style=\"white-space:nowrap;\">96.6%<\/span> of the <span style=\"white-space:nowrap;\">$1,214.5<\/span> million of revenue in the same nine months.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\"><\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2024<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2025<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Latest 9M<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Revenue<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$406.8M<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$907.9M<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$1,214.5M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Income from operations<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$13.4M<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$45.3M<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$71.2M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Net income<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$3.6M<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$0.012M<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$60.8M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Deemed dividend to preferred<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$12.2M<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$186.1M<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$985.0M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Attributable to common stockholders<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$8.6M<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$186.1M<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$924.3M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Per share<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$0.59<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$17.07<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$89.53<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">Weighted-average<\/span> shares<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">14,398,386<\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">10,901,942<\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">10,323,194<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Cash from operations<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$28.2M<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$121.7M<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$328.0M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Cash from financing<\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$41.7M<\/span><\/td>\n<td data-label=\"FY2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$653.9M<\/span><\/td>\n<td data-label=\"Latest 9M\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$741.8M<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The cash really did leave. What shrank was the number of shares.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 7<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who runs it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Management (p.176 onward) and Executive and Director Compensation (p.184 onward), Business (Legal Proceedings, p.173 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Not one founder is named anywhere in this prospectus.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Twelve people are listed by name and age as executive officers, directors and director nominees. Not one biography describes anybody as a founder of Oura. The words founder and <span style=\"white-space:nowrap;\">co-founder<\/span> do appear, repeatedly &mdash; but every one of them belongs to some other company: Lateralus Holdings, Utomic, Wolt. Counting the &ldquo;Founding Partner&rdquo; of Lifeline Ventures changes nothing.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There is exactly one place in this document of more than 300 pages where the people of the founding era appear. Just after the financial statements end and before the back cover sits a photograph, taken outdoors, of a dozen or so people. The words beneath it are <strong style=\"font-weight: 700; color: #000;\">&ldquo;The Oura Team, 2015&rdquo;<\/strong>. Not a single name.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The people in charge come from consumer software<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Chief Executive Officer Thomas Hale, 57, took the job in March 2022. His track runs Adobe, Linden Lab, the vacation rental marketplace HomeAway, and the survey company SurveyMonkey, later Momentive AI. Consumer software, not healthcare.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Chief Financial Officer Sean Brecker, 51, was CEO and then CFO of the meditation app Headspace. The app screens reproduced in the prospectus carry meditation content provided by that same Headspace.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Chief Operating Officer Michael Chapp, 48, has been there since 2019 and served as <strong style=\"font-weight: 700; color: #000;\">interim CEO from December 2021 to April 2022<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Chairman David Shuman, 57, joined the board in 2016, became chairman in September 2025, and became Executive Chairman in the same month the <span style=\"white-space:nowrap;\">S-1<\/span> was filed. He began at Goldman Sachs in investment banking and spent more than a decade after that as a public markets investor.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">A company with 1,140 patents paid <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$1,829<\/span><\/strong> for an invention<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">One row of the compensation table is worth reading twice. For the fiscal year to September 2025, the bonus column for Chief Operating Officer Michael Chapp reads <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$1,829<\/span><\/strong>. The footnote explains: a <span style=\"white-space:nowrap;\">one-time<\/span> cash invention bonus for his contribution to one of our patents.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The same company, as Question 2 set out, holds more than 1,140 patents and applications. This is not a <span style=\"white-space:nowrap;\">per-patent<\/span> rate; it is the record of what was paid for this one.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the same table, Chief Executive Officer Thomas Hale&rsquo;s salary for that year was <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$550,000<\/span><\/strong>, and his total with the performance bonus was <span style=\"white-space:nowrap;\">$1,045,952.<\/span> The Stock Awards column of that table is blank for both the CEO and the CFO.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The former CEO is suing the company, the CFO and directors<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The name of former chief executive Harpreet Singh Rai appears twice in Legal Proceedings.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The first action was filed on November 7, 2025, over equity compensation in connection with his departure in December 2021. The second was filed on May 29, 2026 in the U.S. District Court for the District of Delaware. The defendants are <strong style=\"font-weight: 700; color: #000;\">the company, its chief financial officer, and certain of its directors<\/strong>. At issue is an equity repurchase agreement Mr. Rai entered into in September 2024.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The claims alleged are heavy: equitable fraud, state and federal securities fraud, breach of fiduciary duty and aiding and abetting thereof, and negligent misrepresentation. He is seeking <strong style=\"font-weight: 700; color: #000;\">rescission and restitution<\/strong>, among other relief. The company says each of these actions is without merit and that it intends to defend against them vigorously.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">One line for orientation: that suit concerns a repurchase in September 2024, and the buybacks in Questions 6 and 8 happened a year later.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Three more suits over promised equity<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The same section carries three more actions from people who say they were promised stock for advisory or marketing work. One of the plaintiffs is Peter Attia. He filed in July 2023, and a jury trial is stated to be currently scheduled for August 31, 2026.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There is also a flow of money worth noting. A subsidiary lent the chief financial officer, Sean Brecker, <span style=\"white-space:nowrap;\">$2.5<\/span> million in December 2025 and <span style=\"white-space:nowrap;\">$500,000<\/span> each in March and April 2026. The board had authorized up to <span style=\"white-space:nowrap;\">$5.0<\/span> million. All three notes were repaid in full on July 8, 2026 &mdash; two months before the filing.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In a document with no founder&rsquo;s name, only the former CEO appears &mdash; as a plaintiff.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 8<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who controls it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Description of Capital Stock (p.209 onward) and Principal and Selling Stockholders (p.203 onward), MD&amp;A (Capital Allocation, p.111 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There is no voting trick here. What moves instead is the share count.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Start with the surprise. On completion of the offering, Oura will have <strong style=\"font-weight: 700; color: #000;\">a single class of stock<\/strong>. One share, one vote. This is not the <span style=\"white-space:nowrap;\">dual-class<\/span> structure in which founders hold ten or twenty votes a share. The preferred series outstanding today all convert into common stock immediately before the listing. No reason is given, but as Question 7 showed, there is no founder to concentrate votes in.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What goes in instead is structural. Under the amended charter that takes effect at the completion of the offering, the board will be divided into three classes with staggered <span style=\"white-space:nowrap;\">three-year<\/span> terms; it cannot be replaced in a single year. The board will also be able to designate and issue new series of preferred stock without stockholder approval.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Four holders above <span style=\"white-space:nowrap;\">5%<\/span><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Four names are given as holders of more than <span style=\"white-space:nowrap;\">5%<\/span>: funds and accounts advised or managed by subsidiaries of FMR LLC, the <span style=\"white-space:nowrap;\">consumer-focused<\/span> venture firm Forerunner Ventures, Bedford Ridge Investment Company I LP, and Finland&rsquo;s Lifeline Ventures.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">How much each of them holds, though, is <strong style=\"font-weight: 700; color: #000;\">blank throughout<\/strong>. In this first <span style=\"white-space:nowrap;\">S-1<\/span> neither the number of shares to be sold nor the offering price has been set. The share counts and the percentages will be filled in when the amendment carrying the price arrives.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The prices paid on the way back form a staircase<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here is the substance. Line up what the company paid to buy back its own stock over the past two years and it forms a staircase.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the year to September 2025, common stock was repurchased at prices ranging from <span style=\"white-space:nowrap;\">$9.77<\/span> to <span style=\"white-space:nowrap;\">$17.98<\/span> a share. Over the latest nine months, preferred and common together, the range is <span style=\"white-space:nowrap;\">$17.71<\/span> to <span style=\"white-space:nowrap;\">$56.12<\/span> (common alone, <span style=\"white-space:nowrap;\">$25.81<\/span> to <span style=\"white-space:nowrap;\">$56.12<\/span>). Compare the tops alone and it is more than a threefold rise in a year.<\/p>\n<figure class=\"s1-figure-inline\" style=\"margin: 60px 0; padding: 0; max-width: 100%;\"><figcaption style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 19px; font-weight: 700; line-height: 1.5; color: #1a1a1a; margin: 0 0 6px 0; overflow-wrap: break-word;\">Top to top, what the company paid for its own shares more than tripled in a year.<\/figcaption><figcaption style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; color: #888; letter-spacing: 0.04em; margin: 0 0 20px 0;\">Repurchase prices per share, against the price of newly issued stock<\/figcaption><picture><source media=\"(max-width: 720px)\" srcset=\"https:\/\/tomorrowaccess.com\/wp-content\/uploads\/2026\/09\/oura-en-figure-q8-buyback-ladder-en-mobile-1.png\"><img decoding=\"async\" src=\"https:\/\/tomorrowaccess.com\/wp-content\/uploads\/2026\/09\/oura-en-figure-q8-buyback-ladder-en-pc-1.png\" alt=\"Bar chart of Oura repurchase prices per share, $9.77 to $17.98 in fiscal 2025 and $17.71 to $56.12 over the latest nine months, with a reference line at the $53.57 Series E issue price of September 2025\" style=\"display: block; width: 100%; max-width: 100%; height: auto; margin: 0;\" loading=\"lazy\">\n<\/picture>\n<\/figure>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The first step of that staircase is <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$17.71<\/span> a share<\/strong>. In September 2025 the company entered into a forward purchase arrangement with two investment banks to buy 5,438,236 preferred shares back from preferred stockholders. It settled physically on January 9, 2026 for <span style=\"white-space:nowrap;\">$96.4<\/span> million.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">In the same month, new shares were sold at <span style=\"white-space:nowrap;\">$53.57<\/span><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In that same September 2025, the company did something else. It sold Series E preferred stock to funds affiliated with FMR at <span style=\"white-space:nowrap;\">$53.57<\/span> a share, raising approximately <span style=\"white-space:nowrap;\">$629.6<\/span> million. The Series E round that month raised approximately <span style=\"white-space:nowrap;\">$908<\/span> million in total, most of it from those <span style=\"white-space:nowrap;\">FMR-affiliated<\/span> funds.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">So in one month it sold new stock at <span style=\"white-space:nowrap;\">$53.57<\/span> on one side and arranged to buy existing stock back at <span style=\"white-space:nowrap;\">$17.71<\/span> on the other. The shares being bought were Series C and <span style=\"white-space:nowrap;\">C-1<\/span>, a different series from the Series E being sold. The prospectus records the two transactions in separate sections, in separate contexts, and offers no explanation of the gap in price.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The largest single step came four months later. On February 19, 2026 the company repurchased 13,295,528 preferred shares as part of a tender offer at <span style=\"white-space:nowrap;\">$40.18<\/span> a share, for a total payment of <span style=\"white-space:nowrap;\">$534.2<\/span> million. The 1,617,721 Series B shares bought from Forerunner Ventures for <span style=\"white-space:nowrap;\">$65.0<\/span> million, excluding estimated withholdings &mdash; the firm where director Eurie Kim is a partner &mdash; were bought at that same <span style=\"white-space:nowrap;\">$40.18.<\/span><\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The share count used for <span style=\"white-space:nowrap;\">per-share<\/span> math fell nearly <span style=\"white-space:nowrap;\">30%<\/span> in two years<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Repurchased shares are retired. The <span style=\"white-space:nowrap;\">weighted-average<\/span> share count used in <span style=\"white-space:nowrap;\">per-share<\/span> calculations accordingly fell from 14,398,386 in fiscal 2024 to 10,901,942 in fiscal 2025 to 10,323,194 over the latest nine months. Down nearly <span style=\"white-space:nowrap;\">30%<\/span> in two years.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company says it is doing this on purpose. The capital allocation section opens with it.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">We manage the business to compound <span style=\"white-space:nowrap;\">long-term<\/span> value per share through profitable growth, disciplined capital allocation, prudent <span style=\"white-space:nowrap;\">balance-sheet<\/span> management, and careful attention to dilution.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">OURA S-1 (SEP 2026) \/ MD&amp;A, CAPITAL ALLOCATION<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And it presents the result. Over two years the price per share of the most recently issued preferred rose from <span style=\"white-space:nowrap;\">$14.87<\/span> to <span style=\"white-space:nowrap;\">$53.57,<\/span> up <span style=\"white-space:nowrap;\">260%<\/span>, while implied enterprise value went from <span style=\"white-space:nowrap;\">$3.065<\/span> billion to <span style=\"white-space:nowrap;\">$9.656<\/span> billion, up <span style=\"white-space:nowrap;\">215%<\/span>. <strong style=\"font-weight: 700; color: #000;\">The price per share grew faster than the price of the whole company<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Some of the chairman&rsquo;s shares are pledged against his own borrowings<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Two further things sit in the footnotes to the ownership table.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The first concerns Executive Chairman David Shuman&rsquo;s holdings. Two holding companies hold them through family trusts for him and his immediate family, and a number of those shares are <strong style=\"font-weight: 700; color: #000;\">pledged as collateral to secure certain personal indebtedness<\/strong> of Mr. Shuman. The number is blank.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The second is in the back half of the same footnote. An entity whose sole member is a Shuman family trust holds a special limited partnership interest entitling it to <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">50%<\/span> of the carried interest and management fees<\/strong> otherwise allocable to the general partner of Bedford Ridge Investment Company I LP. The footnote adds that Mr. Shuman does not have voting or investment power over any shares held by Bedford Ridge Investment Company I LP.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">When<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">What was bought<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Price per share<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"When\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Fiscal year to September 2025<\/td>\n<td data-label=\"What was bought\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Common stock<\/td>\n<td data-label=\"Price per share\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$9.77<\/span> \/ <span style=\"white-space:nowrap;\">$10.26<\/span> \/ <span style=\"white-space:nowrap;\">$16.70<\/span> \/ <span style=\"white-space:nowrap;\">$16.90<\/span> \/ <span style=\"white-space:nowrap;\">$17.71<\/span> \/ <span style=\"white-space:nowrap;\">$17.98<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"When\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Arranged September 2025, settled January 9, 2026<\/td>\n<td data-label=\"What was bought\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Preferred, via two investment banks<\/td>\n<td data-label=\"Price per share\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$17.71<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"When\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">February 19, 2026<\/td>\n<td data-label=\"What was bought\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Preferred, tender offer<\/td>\n<td data-label=\"Price per share\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$40.18<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"When\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">February 2026<\/td>\n<td data-label=\"What was bought\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Series B from Forerunner Ventures<\/td>\n<td data-label=\"Price per share\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$40.18<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"When\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Latest nine months (excluding the forward above)<\/td>\n<td data-label=\"What was bought\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Preferred and common, various<\/td>\n<td data-label=\"Price per share\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$25.81<\/span> to <span style=\"white-space:nowrap;\">$56.12<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"When\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">(for reference) September 2025<\/td>\n<td data-label=\"What was bought\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Series E issued to <span style=\"white-space:nowrap;\">FMR-affiliated<\/span> funds<\/td>\n<td data-label=\"Price per share\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$53.57<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Not votes. Value is concentrated by shrinking the number of shares.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 9<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is it afraid of?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Risk Factors (p.21 onward), Business (Legal Proceedings, p.173 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Seven of the things the company writes down as worries.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">1. The claim of <span style=\"white-space:nowrap;\">96%<\/span> accuracy is alleged to be false advertising<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This piece reads this as the heaviest passage in the document. On page 2 the company writes that sleep accuracy is approximately <span style=\"white-space:nowrap;\">96%<\/span>. On page 57 of the same document it writes this.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">For example, in August 2026, a class action was filed against us alleging that we <strong style=\"font-weight: 700; color: #000;\">falsely advertise the accuracy of our <span style=\"white-space:nowrap;\">sleep-tracking<\/span> technology<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">OURA S-1 (SEP 2026) \/ RISK FACTORS<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company goes on to say that allegations of this nature could undermine member and consumer trust in the accuracy of our metrics. Accuracy, as Question 1 set out, is what <span style=\"white-space:nowrap;\">87%<\/span> of buyers cite as a key reason for buying. It is the product.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">For context, the filing notes that the FTC&rsquo;s claim substantiation doctrine requires advertisers to have a reasonable basis for objective product claims at the time they are made, and that health and performance claims are generally held to a higher substantiation standard.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">2. Samsung is seeking to block imports<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On December 12, 2025 two Samsung entities filed with the ITC. They allege infringement of four patents, including patents relating to software and <strong style=\"font-weight: 700; color: #000;\">printed circuit board design<\/strong>. The relief sought could include restrictions on the importation of certain Oura Ring products.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Oura owns no factories; all manufacturing is done by third parties. And its supply chain is geographically concentrated in Northern Europe and Asia, the filing says. What an import restriction would mean is not hard to picture.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Separately, Omni MedSci filed in the Eastern District of Texas on December 20, 2025, seeking <strong style=\"font-weight: 700; color: #000;\">approximately <span style=\"white-space:nowrap;\">$120<\/span> million<\/strong> in damages. The company says it believes each of these claims is without merit and intends to defend against them vigorously.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">3. The Department of Defense expects new contracts to comply by the end of October<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The U.S. Department of Defense is on the customer list. That makes the company contractually required to protect controlled unclassified information and to comply with NIST SP <span style=\"white-space:nowrap;\">800-171<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On top of that sits CMMC, a newer certification regime. The DoD expects that nearly all new contracts will be required to <strong style=\"font-weight: 700; color: #000;\">comply with the CMMC by October 31, 2026<\/strong>, the prospectus says. And the company&rsquo;s own position is that it is in the process of evaluating its readiness and preparing for the requirements.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">4. The partners carrying half of revenue owe it no orders<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">As Question 4 set out, over the latest nine months, approximately <span style=\"white-space:nowrap;\">49%<\/span> of hardware revenue moves through the retail channel. The counterparties are a small number of large retailers including Amazon, Best Buy and Target, and the agreements generally do not require any minimum purchase. The company adds that it expects this reliance to increase.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">5. No factories, and some parts have a single source<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">We do not own or operate manufacturing facilities. Most components are <span style=\"white-space:nowrap;\">dual-sourced<\/span>, but for some the company <strong style=\"font-weight: 700; color: #000;\">relies on a single source<\/strong>. Tariffs and trade tensions are listed as a separate risk.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">6. Where the <span style=\"white-space:nowrap;\">medical-device<\/span> line falls differs by country<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Certain products and features are sold on the premise that they are general wellness products outside the FDA&rsquo;s medical device regime. The Fertile Window feature, though, is already regulated as a medical device in certain jurisdictions.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In Europe the Fertile Window feature is already registered as a <span style=\"white-space:nowrap;\">self-certified<\/span> Class I medical device software under the EU MDR. Even so, the line is hard to read. There is a <span style=\"white-space:nowrap;\">carve-out<\/span> for software intended for lifestyle and <span style=\"white-space:nowrap;\">well-being<\/span> purposes, but where the line falls is determined case by case by the national competent authority in each member state. A different determination would bring conformity assessment and <span style=\"white-space:nowrap;\">post-market<\/span> surveillance obligations with it.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">7. The company writes that some holders are not bound by the <span style=\"white-space:nowrap;\">lock-up<\/span><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The last one is a disclosure about the mechanics of going public.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company notes that it has a large number of stockholders who acquired their interests over an extended period of time and under a number of different agreements. Then it writes that it believes holders of beneficial interests who are not record holders and are not bound by market standoff or <span style=\"white-space:nowrap;\">lock-up<\/span> agreements <strong style=\"font-weight: 700; color: #000;\">could enter into transactions<\/strong> with respect to those interests.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And it adds that any such transaction, or the market&rsquo;s perception that one may occur, could cause its stock price to decline. The length of the <span style=\"white-space:nowrap;\">lock-up<\/span> itself is left blank in this first <span style=\"white-space:nowrap;\">S-1<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Accuracy, patents, a deadline, the shelf, the parts, the rules &mdash; and the selling.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 10<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What becomes of the money it raises?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Use of Proceeds (p.80 onward) and Capitalization (p.82 onward), Underwriting (p.228 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 1.6; color: #888; letter-spacing: 0.01em; margin: 0 0 1.5em 0; padding: 16px 20px; background: #f5f5f5; border-left: 3px solid #888;\">Note: This analysis draws only on the facts in the S-1. The final IPO price, the listing date, post-listing share performance and trading demand are not in the filing and fall outside its scope.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On what the money is for, the company writes that it has not decided.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This <span style=\"white-space:nowrap;\">S-1<\/span> is a first filing. The number of shares, the price range and the proceeds are all blank. The use of proceeds section is written all the same, and this is the sentence in it.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">&ldquo;No specific plan for any significant portion&rdquo;<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The words are: as of the date of this prospectus, we have <strong style=\"font-weight: 700; color: #000;\">no specific plan for any significant portion of the net proceeds<\/strong>. It goes on to say the money will go to general corporate purposes, including technology development, working capital, operating expenses and capital expenditures, and closes with: we will have <strong style=\"font-weight: 700; color: #000;\">broad discretion over the uses of the net proceeds<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Exactly one use is identified by amount &mdash; the withholding and remittance the company owes on restricted stock units that vest at the offering. That amount, too, is blank. One further use is named: a portion of the proceeds may go to acquiring or investing in complementary products, technologies or businesses, though the filing adds that there are no agreements or commitments for any material acquisitions or investments at this time.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">One thing is missing here. The borrowings from Question 6: of the <span style=\"white-space:nowrap;\">$375.0<\/span> million drawn to fund buybacks, <span style=\"white-space:nowrap;\">$25.0<\/span> million was repaid on August 13, 2026, leaving <span style=\"white-space:nowrap;\">$350.0<\/span> million outstanding under the facility. Repaying it is not among the stated uses. The listing itself, on the other hand, widens the facility: the June amendment makes an additional <span style=\"white-space:nowrap;\">$245.0<\/span> million of commitments available on completion of the offering and satisfaction of certain conditions.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Shares sold by the company, and shares sold by holders<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Both newly issued shares and shares held by existing stockholders are being offered. The company will not receive a dollar from the latter.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The underwriters&rsquo; option to purchase additional shares is also <strong style=\"font-weight: 700; color: #000;\">on the selling stockholders&rsquo; holdings<\/strong>, not on new stock from the company. If exercised, it moves more existing holders into cash.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Eighteen underwriters, and one of them<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Eighteen underwriters are printed on the cover. Goldman Sachs leads, followed by <span style=\"white-space:nowrap;\">Morgan Stanley<\/span>, J.P. Morgan, Allen &amp; Company and Jefferies, with Robinhood Securities at the end of the list. Releases from the <span style=\"white-space:nowrap;\">lock-up<\/span>, incidentally, are decided by one firm: Goldman Sachs, as representative of the underwriters.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Elsewhere in the same document, among the director nominees, is <strong style=\"font-weight: 700; color: #000;\">Jason Warnick<\/strong>. He was chief financial officer of Robinhood Markets from 2018 to 2026 and its strategic advisor in 2026. He is expected to join Oura&rsquo;s board after the offering.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There is also a directed share program reserving stock at the offering price for employees and for individuals and entities identified by management. The percentage is blank.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">An interlude &mdash; what is this offering raising money for?<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The ordinary listing is for accelerating a business with the money raised. In Oura&rsquo;s case operations brought in <span style=\"white-space:nowrap;\">$328.0<\/span> million of cash over nine months, and the use of proceeds section carries no specific plan.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus gives three purposes: to increase capitalization and financial flexibility, to create a public market for the common stock, and to enable access to the public equity markets <strong style=\"font-weight: 700; color: #000;\">for us and our stockholders<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Stockholders are in that third one. Over the latest nine months alone this company bought back <span style=\"white-space:nowrap;\">$1,172.9<\/span> million of its own stock, funded by an investment from <span style=\"white-space:nowrap;\">FMR-affiliated<\/span> funds and by bank borrowings. In this offering, new shares from the company and existing holders&rsquo; shares are sold together. One reading is that the place where holders turn stock into cash is moving from a private buyback to a public market.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\"><\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\"><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Listing venue<\/td>\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Nasdaq Global Select Market (ticker: OURA)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Shares offered \/ price range<\/td>\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Not set (blank in the first <span style=\"white-space:nowrap;\">S-1<\/span>)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Who is selling<\/td>\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Both the company and existing stockholders<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Option to purchase additional shares<\/td>\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">From the selling stockholders. 30 days<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Stated use of proceeds<\/td>\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">General corporate purposes. No specific plan for a significant portion<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Underwriters<\/td>\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Eighteen. Goldman Sachs leads; Robinhood Securities is last<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">Lock-up<\/span><\/td>\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Length blank. Releases decided by Goldman Sachs<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Revolving facility balance<\/td>\n<td data-label=\"\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$350.0<\/span> million. Repayment is not among the stated uses<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Why it is raising is written down. What it will spend on is not, yet.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.25em; font-weight: 700; color: #daa241; margin: 120px 0 12px 0; text-transform: uppercase;\">In closing<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 20px 0;\">Beyond the ten questions<\/h2>\n<div style=\"width: 140px; height: 4px; background: #daa241; margin: 0 0 40px 0;\"><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What Oura sells is not only a ring. Five million people keep one on almost around the clock, 41.8 billion hours of data accumulate, and the data produces the next feature. <span style=\"white-space:nowrap;\">Seventy-two<\/span> percent of members are women, more than half report a chronic condition, and <span style=\"white-space:nowrap;\">15%<\/span> of the U.S. members work in healthcare. A life insurer has members buy it at a discount and gives premium savings as members advance their Vitality Status, a Medicare Advantage plan offers it to eligible members as a benefit at no additional cost, a contraception app uses it as its input device. A machine worn on the finger has been quietly becoming a component of institutions.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">But the other half of the same document is about stock. Against <span style=\"white-space:nowrap;\">$1,214.5<\/span> million of revenue over the latest nine months, <span style=\"white-space:nowrap;\">$1,172.9<\/span> million went to buying the company&rsquo;s own shares back. That is <span style=\"white-space:nowrap;\">96.6%<\/span> of revenue. It also drew <span style=\"white-space:nowrap;\">$375.0<\/span> million from a bank, and the <span style=\"white-space:nowrap;\">$350.0<\/span> million still outstanding under that facility is not among the uses listed for the money this offering will raise. Accounting treats the buybacks as a <span style=\"white-space:nowrap;\">$985.0<\/span> million deemed dividend to the preferred, and <span style=\"white-space:nowrap;\">$60.8<\/span> million of profit flips, on the common stockholders&rsquo; ledger, into a loss of <span style=\"white-space:nowrap;\">$924.3<\/span> million.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And not one founder is named. The only trace is a photograph with a dozen or so unnamed people and the line &ldquo;The Oura Team, 2015&rdquo;. What appears instead is a former chief executive suing the company, its chief financial officer and certain directors for securities fraud. At issue is a stock repurchase agreement he entered into in September 2024. The counting and the counted. This company is offering both to the market, in one volume.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-light-shadow\" style=\"display: flex; align-items: stretch;\">\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #c4922e; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.7); font-weight: 700; margin: 0 0 4px 0;\">LIGHT<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">Light<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;5.0 million Paid Members; <span style=\"white-space:nowrap;\">twelve-month<\/span> retention approximately <span style=\"white-space:nowrap;\">85%<\/span><\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Revenue of <span style=\"white-space:nowrap;\">$1,214.5<\/span> million over nine months, up <span style=\"white-space:nowrap;\">74%<\/span>, and net income positive<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Median wear time approximately 23 hours a day; <span style=\"white-space:nowrap;\">daily-to-monthly<\/span> actives approximately <span style=\"white-space:nowrap;\">65%<\/span><\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;More than 1,140 patents and applications; <span style=\"white-space:nowrap;\">50-plus<\/span> PhDs and five MDs <span style=\"white-space:nowrap;\">in-house<\/span><\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0;\">&bull;&nbsp;Insurers, a Medicare Advantage plan and a contraception app build it into their own products<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; border-left: 0; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #1a1a1a; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.5); font-weight: 700; margin: 0 0 4px 0;\">SHADOW<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">Shadow<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;<span style=\"white-space:nowrap;\">Nine-month<\/span> buybacks of <span style=\"white-space:nowrap;\">$1,172.9<\/span> million &mdash; <span style=\"white-space:nowrap;\">96.6%<\/span> of the <span style=\"white-space:nowrap;\">$1,214.5<\/span> million of revenue in the same period<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Attributable to common stockholders: negative, at <span style=\"white-space:nowrap;\">$89.53<\/span> a share<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;A class action alleging the <span style=\"white-space:nowrap;\">96%<\/span> sleep accuracy claim is false advertising<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Samsung has filed at the ITC seeking relief that could restrict imports<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0;\">&bull;&nbsp;No founder is named, and the former CEO is suing for securities fraud<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0;\">The prospectus says its mission is to empower people to live healthier, longer. The market expects a company that has taken the entrance to preventative health. The accounting says the result attributable to common stockholders is <span style=\"white-space:nowrap;\">$89.53<\/span> a share in the red. At the intersection of those three, Oura is selling stock. The price has yet to be set.<\/p>\n<\/div>\n<div style=\"background: #000000; padding: 80px 40px; text-align: center; margin-top: 80px;\">\n<div class=\"s1-article-cta-headline\" style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 400; color: #fafafa; line-height: 1.5; text-wrap: pretty;\">A great company, or a mediocre one?<br \/>That judgment is now in your hands.<\/div>\n<div style=\"width: 240px; height: 4px; background: #daa241; margin: 30px auto 0;\"><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 40px auto 0; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n<p style=\"font-size: 12px; line-height: 1.7; color: #888; letter-spacing: 0.02em; margin: 0;\">Source: All facts are drawn from Oura Inc.&#8217;s S-1 (accession 0001193125-26-381855, filed 2026-09-03).<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 16px auto; padding: 0 20px;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; font-weight: 700; color: #daa241; text-decoration: none; letter-spacing: 0.02em;\">\u2190 Back to S-1 Journal<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>S-1 Journal The 10 Questions | Every S-1, decoded through the same 10 questions. 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