Oura files public S-1 as revenue climbs 74% and board adds Netflix, Robinhood veterans
Oura Health filed a public S-1 registration statement with the US Securities and Exchange Commission on 3 September 2026. The filing replaces the May confidential IPO filing with audited numbers. The document confirms a Nasdaq listing under the ticker OURA. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Company and Jefferies lead the offering. A further dozen banks are named, including BofA Securities, Barclays and Robinhood Securities.
The numbers now on record
Revenue reached $1.21 billion for the nine months to 30 June 2026, up 74% from $697.6 million a year earlier. Full fiscal 2025 revenue was $907.9 million, up 123% from $406.8 million in fiscal 2024.
Net income for the nine months was $60.8 million, against $1.6 million a year earlier. Net loss attributable to common stockholders was $924.3 million for the same period. The loss reflects a $985.0 million deemed dividend paid to holders of redeemable convertible preferred stock, an accounting entry tied to Oura’s pre-IPO capital structure. Gross margin rose to 55%, from 51%. Adjusted EBITDA reached $106.7 million, up from $83.5 million.
Paid members reached 5.0 million as of 30 June 2026, up from 2.5 million a year earlier. The company sold 3.6 million rings over the trailing twelve months, roughly 2% of global wearable shipments according to IDC. Weighted-average twelve-month paid member retention stands at approximately 85%. The daily-to-monthly active user ratio is approximately 65%.
A women’s-health platform in the numbers
Approximately 72% of Oura’s members are women. Female membership has grown at a compound annual rate of roughly 143% since fiscal 2024, against 94% for male members. More than half of all members report at least one chronic health condition, and 80% of those say they use Oura data to inform decisions about it. Fifteen percent of Oura’s US members work in healthcare.
A three-way IPO queue
Oura is not filing alone. Strava confidentially filed for a US IPO in January. The company is targeting a $3 billion valuation off 50% revenue growth. WHOOP, valued at $10.1 billion after a $575 million Series G, has signalled its own listing through a 600-person hiring drive.
Oura is now the first of the three to convert a confidential filing into a public S-1. It is also the first to put a number on the deemed-dividend accounting a preferred-stock-funded wearable company carries into a listing. Strava and WHOOP’s own S-1s, when they arrive, will show whether that structure is typical of the category or specific to Oura.
Board expansion ahead of listing
Oura added four independent directors on 2 September, one day before the S-1 filing. They are Jason Warnick, Robinhood’s chief financial officer through its own IPO and for seven years after; Leslie Kilgore, former Netflix chief marketing officer; Miki Kuusi, former Wolt chief executive; and David Sze. They join existing directors Timo Ahopelto, Dennis Durkin, chief executive Tom Hale, Wen Hsieh, Eurie Kim and chairman David Shuman.
Bloomberg has reported the offering could raise as much as $3 billion for the company and its backers, at a valuation above $16 billion. The S-1 leaves the price range blank. That is standard practice ahead of a roadshow.
Separately, the filing discloses a Simple Agreement for Future Equity held by Eli Lilly, which converts to common stock at listing. Oura already partners with Eli Lilly’s LillyDirect platform on connected care.
What the filing adds to the patent and litigation picture
Oura’s earlier ITC campaign against Ultrahuman, RingConn, Samsung, Zepp Health, Reebok and Noise appears in the S-1 as a formal risk factor. The filing lists patent litigation, as both plaintiff and defendant, among the risks facing the business, alongside more than 1,140 patents and patent applications as of 30 June 2026. That patent estate followed Oura’s acquisition of Doublepoint, the Helsinki gesture-recognition company folded into the platform ahead of the listing.
The filing also names the sleep-stage accuracy class action as an active risk factor. It cites real or perceived inaccuracies in the underlying data among the risks to the business. Oura’s own disclosed accuracy figures, approximately 99% for heart rate and 96% for sleep, are the same figures at the centre of that suit.
The Blood Pressure Signals feature inside Oura’s Health Radar dashboard tracks 30-day trends in nighttime PPG data. It does not take a direct cuff measurement. The S-1 lists it as a live investigational study. More than 350,000 participants were enrolled as of 30 June 2026.
Quick answers
What is Oura's Nasdaq ticker?
Oura has applied to list on the Nasdaq Global Select Market under the symbol OURA.
How much revenue did Oura report in its IPO filing?
Oura reported $1.21 billion in revenue for the nine months ended 30 June 2026, up 74% year-on-year.
Why did Oura report a $924 million loss despite growing revenue?
The loss reflects a $985 million deemed dividend to holders of preferred stock, an accounting entry tied to the pre-IPO capital structure, not an operating loss.
Last Updated on 4 September 2026 by the5krunner
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