Oura Files for Nasdaq IPO, Revealing 74% Revenue Growth and 5 Million Subscribers

ŌURA Inc., the health technology company behind the Oura Ring, has publicly filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering. The company has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol OURA.

Financial Highlights

The S-1 filing reveals a period of significant expansion for the San Francisco-based firm. Oura's financial performance underscores its growing market traction, with key metrics for the nine months ended June 30, 2026, including:

• Total Revenue: Reached $1.21 billion, a 74% increase from $697.6 million in the same period a year prior.
• Net Income: Grew to $60.77 million, a substantial jump from $1.57 million in the prior-year period.
• Adjusted EBITDA: Increased to $106.65 million, indicating improved operating leverage.
• Paid Members: The company's subscriber base doubled year-over-year to 5.0 million as of June 30, 2026.

Business Model and Growth

Oura's growth is driven by its hardware-plus-subscription model. Hardware sales of its smart ring accounted for the majority of revenue at $973.98 million during the nine-month period. However, the company's subscription-based Membership revenue more than doubled to $240.53 million, a key metric for investors focused on recurring revenue streams.

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The filing also noted that the company sold 3.1 million Oura Rings during the nine-month period, up from 1.8 million in the comparable period a year ago. The proceeds from the offering are slated for general corporate purposes, including technology development, working capital, and capital expenditures.

Offering Details

The number of shares to be offered and the proposed price range have not yet been determined, according to the filing. A powerful syndicate of banks is leading the offering, with Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies acting as joint lead book-running managers.

Ahead of its public market debut, the company completed a reorganization on March 31, 2026, changing its parent entity's domicile from Finland to Delaware. Investors will now await further details on the offering's valuation as Oura prepares to transition to a publicly traded company.