The smart ring maker says it’s on track to more than double its annual revenue to $1 billion in 2025. Oura is also reportedly eyeing a mega-financing round that would value it at a staggering $11 billion
It took Oura 11 years to sell its first 2.5 million rings and around one year to sell the next 2.5 million.
The smart ring maker says it has sold more than 5.5 million devices since 2015, with over half of those purchased in the past year. The company reported revenue of more than $500 million in 2024, more than double the prior year and says it is on track to double again in 2025, reaching $1 billion in annual revenue.
Oura also announced a $250 million revolving credit facility with JPMorgan Chase, Goldman Sachs, Bank of America, Barclays, Citi and Wells Fargo. The added liquidity will cover working capital needs and growth initiatives, the company said.
The wearable maker’s growth streak comes as the company is reportedly closing in on a new financing round that could raise close to $875 million and value the business at around $11 billion, according to Bloomberg. The funding, expected to wrap this month, would give the wearable maker additional resources to boost production, accelerate product development and expand internationally.
“This milestone is a testament to the incredible demand for our product, reflecting the value we deliver to Oura members and the team’s dedication to relentless innovation, effective marketing and thoughtful expansion through retail and commercial partnerships,” Oura CEO Tom Hale said.
But Oura’s growth isn’t happening in a vacuum; it’s tied to the broader surge in smart ring adoption.
According to recent data from Circana, smart rings now account for 75% of fitness tracker revenue, up from 46% a year ago, with consumers under 34 nearly twice as likely as average to own one. U.S. retail sales of fitness trackers are up 88% year-to-date compared to 2024, driven largely by Gen Z and younger Millennials choosing rings over wrist-worn devices.
In August, Oura rolled out a redesigned Pregnancy Insights tool and launched its first perimenopause feature, part of a wider push into women’s health. The company has also expanded into metabolic health and continuous glucose monitoring.
The smart ring maker is also expanding beyond consumer sales. Oura is investing in a new manufacturing facility in Fort Worth, Texas, to serve its largest enterprise customer, the United States Department of Defense. The site is expected to open in 2026.
While Oura is scaling hardware sales past 5.5 million units and projecting $1 billion in revenue, one of its top smart-ring rivals, Ultrahuman, has carved out a different milestone: profitability. The Bangalore, India-based company reported $8.2 million in net profit on $64 million in operating revenue, up 5.4 times year-over-year from $12 million in fiscal 2024.
“We’re focused on the long-term potential of making continuous health monitoring universally accessible,” Ultrahuman founder and CEO Mohit Kumar said, adding that “wearables can go far beyond wellness insights to deliver medical-grade value, all while building a lean, profitable business.”
Oura and Ultrahuman have been involved in multiple legal disputes over intellectual property related to their smart rings, which both track health metrics including steps, sleep and stress.
