OURA IS GOING PUBLIC. The smart-ring maker just filed its S-1 and plans to list on Nasdaq under $OURA. The filing gives the first detailed look at how fast the business has grown: For the 9 months ended June 30: • Revenue: $1.21B, +74% YoY • Net income: $60.8M vs. $1.6M a year ago • Adjusted EBITDA: $106.7M • Gross margin: 55% vs. 51% • Operating cash flow: $328M vs. $135M • Rings sold: 3.1M, +75% YoY • Paid members: 5.0M, up from 2.5M The interesting part is the subscription business. Oura generated $240.5M in membership revenue, up 121% YoY, with an 89% gross margin. Paid membership costs $5.99/month or $69.99/year in the U.S., and roughly 63% of new members chose an annual plan. 12-month paid member retention sits around 85%. Oura is still primarily a hardware company today. Around 80% of revenue comes from hardware and 20% from memberships. Hardware generated $974M in the first 9 months of FY26, with average revenue per ring of $311. Retail is also becoming a major distribution channel. Roughly 49% of hardware revenue now comes through retail, with Oura sold through Amazon, Best Buy, Costco, Target and others. There is still a large U.S. concentration, with less than 20% of hardware revenue currently coming from outside the U.S. Oura launched Ring 5 in June, priced from $399 to $499, and now serves 5M paid members across 56 markets. One thing to watch: Oura disclosed that certain Ring 4 units experienced battery issues that increased warranty claims and costs. As of June 30, Oura had $371.8M in cash and $380.1M in debt. It generated $328M in operating cash flow over the first nine months of FY26. The IPO price range, share count and expected valuation have not yet been disclosed. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Company and Jefferies are among the lead underwriters. This is increasingly looking less like a pure wearable hardware story and more like a hardware + recurring health subscription business, although hardware still accounts for the vast majority of revenue today.