Subscription revenue rose 121% year‑on‑year to $240.5 million in the nine months to 30 June 2026, profit climbed to $60.8 million and the company is being valued at more than $11 billion as it prepares to list on the Nasdaq, the filing shows.
Financial performance in the latest filing
The Guardian, citing Oura’s S‑1 registration statement filed on 4 September 2026, reported that total revenue for the nine‑month period reached $1.21 billion, a 74% increase from the comparable period a year earlier. Hardware sales still accounted for roughly 80% of that total, but the after‑sales subscription segment is now the growth engine.
Subscription (membership) revenue was $240.5 million, up 121% year‑on‑year, while the subscription user base hit 5 million – exactly double the 2.5 million users recorded in the prior year. Gross margins on the subscription business were 89% in the same period, underscoring the high‑margin nature of the recurring revenue stream.
Profit for the nine months was $60.8 million, a dramatic rise from $1.6 million in the same period a year earlier – a 3,700% increase. The filing notes that Oura made its first profit only in the previous fiscal year, posting $1.6 million, and that the current profit level reflects both the scaling of the subscription model and improved cost efficiencies.
Subscription business as the valuation catalyst
Investors are focusing on the subscription business because it delivers recurring cash flow with a near‑term breakeven point. The filing highlights that the subscription gross margin of 89% is well above the industry average for wearable‑tech accessories, making the segment attractive from a valuation perspective.
With 5 million users paying for ongoing health insights, the company can project a stable revenue base that is less vulnerable to the cyclical nature of hardware sales. The Guardian’s coverage notes that the subscription model’s rapid expansion – a 100% year‑on‑year increase in user count – is a key driver behind the expectation of a valuation exceeding $11 billion.
Nasdaq listing and market expectations
On 4 September 2026 Oura filed its S‑1 registration statement with the U.S. Securities and Exchange Commission, formally announcing its intention to list on the Nasdaq. The filing, reported by The Guardian, states that the company expects a valuation well above $11 billion once the shares begin trading.
The filing does not disclose the exact price range for the offering, but the valuation target is anchored in the subscription revenue growth and the profit surge. Analysts covering health‑tech IPOs have pointed out that a valuation of this magnitude places Oura among the larger debutants in the sector, though the filing itself does not make a direct comparison to peers.
Market participants will watch the pricing of the offering closely, as the final valuation will depend on investor appetite for high‑margin subscription businesses in the wearable‑tech space. The filing does not provide guidance on how the proceeds will be allocated, leaving that question open for future disclosures.
Company background and timeline
Oura was founded in 2013 in Finland and, according to the limited background data in Wikidata, is now headquartered in Portugal. The packet flags the Wikidata information as potentially outdated, noting that the company’s own site or latest filing should be consulted to confirm the chief executive, headcount and exact headquarters location.
The timeline in the filing is straightforward: on 4 September 2026 Oura filed its S‑1 registration statement, releasing the nine‑month financials to the market. The Guardian published a story on the same day summarising the filing and highlighting the subscription growth, the profit jump and the expected valuation.
Beyond the filing, no other source in the packet provides additional commentary on the company’s strategic plans, partnership announcements or product roadmap. The focus of the public information is squarely on the financial metrics that underpin the upcoming Nasdaq debut.
What remains unknown
- The exact price range for the Nasdaq offering has not been disclosed.
- The identity of the chief executive and the current employee headcount are not confirmed in the filing; the packet advises verification against the company’s own disclosures.
- Details on how the $11 billion valuation was derived – whether through a multiple of subscription revenue, earnings or a hybrid approach – are not provided.
- The filing does not specify the use of proceeds, leaving investors to await further guidance on capital allocation.
These gaps are typical for a pre‑listing filing, where the company is required to disclose historical performance but can defer forward‑looking statements until the prospectus is finalised.
Key financial metrics compared with the prior year
| Metric | 2025‑2026 (9 m) | 2024‑2025 (9 m) | YoY Change |
|---|---|---|---|
| Total revenue | $1.21 bn | $0.70 bn | +74% |
| Subscription revenue | $240.5 m | $108.5 m | +121% |
| Subscription users | 5 m | 2.5 m | +100% |
| Profit | $60.8 m | $1.6 m | +3,700% |
Source: The Guardian (citing Oura’s SEC filing).
For investors, the numbers signal a transition from a hardware‑centric business to a hybrid model where recurring subscription revenue dominates earnings quality. The 89% gross margin on subscriptions suggests that each additional user contributes a high proportion of profit, a characteristic that typically commands premium valuations in the public markets.
Should the Nasdaq debut price the shares in line with the $11 billion valuation target, the implied enterprise value would be roughly 18 times the nine‑month subscription revenue, a multiple that reflects both the growth trajectory and the high margin profile.
However, the lack of disclosed pricing and use‑of‑proceeds details means that investors will need to assess the offering on the basis of the disclosed financials and the broader market environment for health‑tech IPOs.
Looking ahead
Oura’s next milestones include finalising the prospectus, setting the offering price and completing the Nasdaq listing. The filing does not indicate a specific listing date, but the filing itself marks the formal start of the process.
Analysts will be watching the subscription user growth curve closely. If the company can sustain the 100% year‑on‑year increase in users, the subscription revenue base could exceed $400 million by the end of the next fiscal year, further reinforcing the valuation case.
Until the prospectus is released, the market will rely on the nine‑month figures disclosed today to gauge Oura’s financial health and growth prospects.