Smart ring maker Oura files to go public
Finnish-American smart ring maker Oura began the listing process on Thursday with an S-1 filing with the US Securities and Exchange Commission (SEC). According to financial data included in the filing, the company completed the 2025 fiscal year with revenue of 1.2 billion dollars, an approximate 62 per cent growth on the 740 million dollar figure for 2024. According to TechCrunch, the implied IPO valuation is around 6.8 billion dollars.
The company launched its first smart ring in 2015 and rose to the market-leading position particularly through capabilities in sleep tracking, heart-rate variability (HRV) measurement and cardiovascular wellness metrics. Despite facing major competitors such as Apple Watch, Fitbit and Whoop, it has succeeded in differentiating itself by exploiting the ergonomic advantages of the smart ring form factor.
The financial picture is notable: gross profit margins are close to 72 per cent, EBITDA margins are 18 per cent; however, the company has yet to report a net profit. According to the S-1, a net loss of 197 million dollars is reported for 2025; the management explains this loss as coming from 'aggressive international expansion and R&D investment'.
Chief executive Tom Hale told TechCrunch that 'the IPO is part of our strategy to consolidate the smart ring form factor's role within the global health ecosystem'. Hale outlined the three principal growth areas targeted over the next five years: expansion into the Chinese and Indian markets, integration with health insurers, and use in clinical trials.
The positioning in clinical trials separates Oura from other wearable device companies. The company reported that data was collected with its device in 280 peer-reviewed studies; one of the most notable was a 12,000-participant Covid-19 pre-detection pilot run by the Massachusetts State Department of Health with Oura in 2024. The pilot found that the device achieved 78 per cent accuracy in early detection of asymptomatic cases.
In comparison with competitors, Oura's strategic advantage lies in focusing hardware on a single form factor. While Apple, Samsung and Google's broad product portfolios create user friction, Oura's 'ring and app' clarity produces customer loyalty. Bloomberg analyst Anuj Pandey said in his pre-IPO note that 'the company's customer lifetime value (CLV) has reached 920 dollars; this is double the sector average'.
The IPO valuation has also drawn debate. Some bankers say the implied 6.8 billion dollar valuation is aggressive; based on the current SaaS-like recurring subscription revenue (25 million dollars annually) and 72 per cent gross margin, a reasonable market multiple would put the company at around 5.5 billion dollars. The IPO syndicate led by Goldman Sachs and Morgan Stanley will hold roadshow meetings on Tuesday.
Despite being efficient, the company is also facing serious regulatory scrutiny on privacy. The US Federal Trade Commission (FTC) opened an investigation in February into Oura's data-use policies; particularly under scrutiny is whether female users' menstrual cycle data was shared with advertising partners. The company underlines the 'potentially negative impact' of this investigation in the S-1.
There is also an issue with the European Data Protection Board (EDPB). In May, the German, French and Irish data protection authorities opened a joint investigation into Oura's GDPR compliance. The company stated in its response letter that 'European users' data is held in European data centres and is not shared with third parties'; the regulatory outcome could affect the IPO performance.
The IPO date has not yet been set, but the S-1 is expected to be effective on 30 June 2026. The company plans to trade on the NASDAQ under the symbol 'OURA'. This article is not investment advice; individual share decisions should be evaluated with a financial adviser.