After filing registration documents with the United States Securities and Exchange Commission, Oura, the Finnish wearables innovator known for its sophisticated smart rings, is now advancing toward a public listing. The company’s updated financial data reveals accelerating revenue growth alongside stronger user engagement, underscoring Oura’s ambition to cement itself as a top contender in the wearables sector.
Rapid Revenue Growth and Expanding Subscriber Numbers
The SEC filing dated Thursday shows that Oura generated $1.2 billion in revenue for the nine months ending June 30 of this year, up from $697 million in the equivalent timeframe last year. Oura’s revenue path has also been detailed: $500 million revenue in 2024, approaching $1 billion in 2025, and expectations to reach close to $2 billion in revenue this year.
In the past year, Oura has reportedly sold 3.6 million smart rings, elevating its base of paid subscribers to approximately 5 million. Through its membership service, Oura gives users access to more detailed health analytics, which bolsters both hardware sales and the company’s steady stream of subscription revenue.
Retention metrics are strong as well—Oura’s SEC papers note that about 85% of subscribers remain active after one year, with a weighted-average 12-month retention rate at 85%.
Pursuing a Multi-Billion Dollar IPO Valuation
As Oura prepares for its public offering, the company is hoping to raise as much as $3 billion. Founded in 2013 and with a global footprint, including offices in San Francisco, the company had filed confidentially for an IPO in May. Expectations for the IPO are high, with Oura aiming for a valuation exceeding $16 billion. Back in October last year, estimates gave Oura a valuation of about $11 billion.
Oura’s smart rings, priced from $350 to $400, monitor an array of physiological data—tracking metrics like metabolism, heart rate, sleep quality, and stress. All of the ring’s insights are accessible through the Oura app, framing the device as part of a comprehensive “always-on health intelligence platform.”
Broader Markets and Ongoing Litigation
Oura details in its SEC materials a desire to widen its reach beyond fitness enthusiasts, focusing on future strategies designed “to support significantly larger populations as we continue to expand access, build clinical evidence, and deepen integrations with health plans, employers, and care providers.”
The SEC filing also highlights Oura’s sizable biometric database, having collected over 50 health and wellness metrics across nearly 42 billion hours of physiological readings. This extensive dataset helps the company drive AI and machine learning initiatives aimed at analyzing biological trends and advancing the personalization and predictive power of its platform.
However, Oura currently confronts a proposed class action lawsuit that alleges it misled consumers regarding sleep tracking precision. According to the complaint, Oura’s devices do not directly record physiological information for sleep stage determination but instead use AI-generated estimates, echoing concerns raised by previous users about the reliability of its sleep analysis. Oura has rejected these accusations and plans to “defend against” the claims through legal channels.
With public listing preparations underway and ongoing momentum in revenue growth, Oura is poised to broaden its market ambitions—banking on a blend of wearable technology, subscription offerings, and AI-driven health insights to sustain its expansion even as it navigates heightened scrutiny over its sleep tracking accuracy.