Oura’s $924m loss is the price of buying back its own shares

Oura posted a $924.3 million net loss for the nine months ended 30 June 2026, largely due to a $985 million dividend from redeemable convertible preferred-share buybacks above book value. It spent $1.173 billion on common and preferred repurchases, financing $375 million via its revolving credit facility. Revenue rose 74% to $1.215 billion, with membership revenue up 121% and hardware sales up 65%, while paid members grew to 5 million.