Oura sells a ring, and then it sells a subscription to the ring. The Finnish-founded company filed to go public in the United States on 3 September, registering with the Securities and Exchange Commission. Its filing shows revenue of $1.21 billion for the nine months to the end of June, up 74% on the same stretch a year earlier.
The profit is the part that changed. Oura made net income of $60.8 million over those nine months, against $1.6 million a year before, and it kept 55 cents of every dollar of sales once the cost of making and shipping the rings was paid, up from 51 cents.
The 23 hours a day the business rests on
A subscription business needs the thing to stay on the finger. Oura says its paying members wore the ring a median of about 23 hours a day in its most recent quarter, which is what lets it collect readings without asking anyone to remember anything. Roughly 85% of paying members are still paying twelve months later, on a definition that counts people up to 28 days behind on the fee. The filing is plain about the arrangement: the hardware sale covers the cost of winning a customer on day one, and the membership is what earns after that.
Set against the wearables market as a whole, Oura is small. It accounted for about 2% of global wearable shipments in the year to June. The market it says it is really addressing is preventative health, which it sizes at more than $90 billion.
The rings coming for it
Rivals have spent the year closing in. Samsung's $399 Galaxy Ring, launched in 2024, was the first from a large technology company. Ultrahuman raised $70 million this week with backing from Qualcomm's venture arm, and its Ring Pro starts shipping in the United States in mid-September. RingConn's Gen 3 arrived in May with vascular strain readings, and the French company Circular says its next ring will let people tap to pay.
Ultrahuman already knows what an Oura patent can do. A United States International Trade Commission ruling in Oura's favour blocked its ring imports in October 2025, and it redesigned the product to get back into the country. Going public means Oura's own numbers get read the same way every quarter, by everyone.
