Product1 distinct publisher3 min readPublished
The September 3 filing shows $1.21 billion of revenue in nine months and 3.6 million rings sold, while the rivals promising tap-to-pay and on-device software have mostly not put a price on shipping hardware.
The Product Desk · Product desk
Compiled by The Product DeskSomething wrong?How this is made
TechCrunch states the original pitch for a ring plainly: tracking that felt less intrusive than a smartwatch or a phone, because you could step away from a screen and still be measured [11]. Most of what is now being announced against Oura pulls the other way. Pebble Halo puts a screen on the finger, currently only in India [9]. Dreame promises a touchpad [10]. Circular's Ring 3 pair, due early next year, carries an NFC chip for contactless payments plus on-finger vibrations for silent alarms and health alerts [16], and the Pro model adds FDA-cleared ECG for AFib detection along with blood pressure trend and glucose tracking [17].
Sort that list by what a buyer can hand to a finance team. RingConn's Gen 3 has been on sale since May at $349 [19]. Samsung's Galaxy Ring, the first from a major tech company, arrived in 2024 at $399 [20]. Mid-September is when Ultrahuman's $479 Ring Pro starts US shipments [12]. Circular has published no price at all [18]. Rivals announced NFC chips and on-device software first, while Oura shipped a slimmer, lighter Ring 5 [5].
The filing numbers describe a business the feature race barely touches. Revenue of $1.21 billion across nine months is about $134 million a month, or roughly $1.61 billion annualized [2]. Divide that same revenue by 3.6 million rings and you get about $336 per ring, which understates the real figure because the revenue window is nine months and the unit window is twelve [3]. More useful: around 5 million paid members against 3.6 million rings sold in the past year, so at least 1.4 million paying people are wearing hardware they bought before that [1]. TechCrunch's account of the filing gives units and member counts but no split between hardware and membership revenue [22], so the mix stays unknown.
The thing that actually removed a competitor from a market here was legal. The International Trade Commission ruled for Oura in October 2025 and Ultrahuman could not import new inventory into the US [13]. Ultrahuman's answer was a redesigned form factor built to get around the patent [14], with reworked heart-rate sensing and a dual-core processor for more on-device work [15], shipping roughly eleven months after the ruling [5]. Qualcomm's venture arm is now backing part of a $70 million round for the company that redesigned its way out, aimed at rings that run software directly on the device [8].
For the person picking one ring for a cohort and answering for the choice later, two tests do most of the work. It has to be priced and shipping, because an announced NFC chip cannot be deployed to anyone [18]. And it has to replace something the wearer already does with a device on their body several times a week: tap-to-pay clears that bar, a screen on the finger mostly reinstates the thing rings were bought to avoid [11]. The shipped ring at the known price is the buyable option now, and next year's payment rings stay unbuyable until they have a price and ship date. The tradeoff is real: if Circular delivers on schedule, you will be a generation behind on the only announced feature that changes what a wearer does daily.
Ranked by verification strength, evidence, and original report placement.
Oura officially filed to go public on September 3.
The Finnish company's revenue nearly doubled to $1.21 billion for the nine months ended June 30.
Oura said it sold 3.6 million rings over the past year.
Oura's move to go public follows the recent launch of the Oura Ring 5, its slimmest and lightest ring yet.
French company Circular announced this week that its upcoming ring will allow users to tap to pay with the ring.
Distinct publishers with included, body-backed reporting in this cluster.
1 article · September 5, 2026
Follow any of these and your For You feed starts watching them — no settings page required.
product
Oura wants $16bn for a $399 ring and a subscription line nobody has seen2 distinct publishers
product
Ultrahuman ships its ring-as-computer pitch as a software update before the silicon arrives1 distinct publisher
invest
Oura's $3B IPO asks $16B for a business where four fifths of revenue is still hardware1 distinct publisher
product
Circular puts an FDA-cleared ECG and tap-to-pay on the same finger1 distinct publisher
Evidence-backed comparisons of source perspectives and observed adoption signals. Read the methodology
Which Builder, Operator, and Investor concerns the observed source mix emphasized—not a truth score.
Evidence, demonstrated adoption, hype gap, incentives, and confidence are assessed independently, each on its own current evidence. How these are measured.
One outlet, all figures second-hand
Revenue, units and member counts all reach us through TechCrunch's summary of Oura's own filing; the filing text is never quoted and no second publication restates the numbers. The challenger details are vendor announcements passed along, and the two feature claims a buyer would care about most, Circular's FDA-cleared ECG and RingConn's calibrated vascular readings, arrive without documentation.
Oura counted in millions, rivals mostly in press releases
Oura is the only party here putting shipped volume on the record: 3.6 million rings in a year and roughly 5 million people paying. Behind it, RingConn's Gen 3 has been buyable since May at $349 and Samsung's Galaxy Ring since 2024 at $399, while Ultrahuman's redesigned Ring Pro only starts U.S. shipments in mid-September. Circular's Ring 3 and Dreame's ring are announcements with neither a price nor a firm date.
Crown-taking talk, unpriced hardware
The framing has rivals closing in, but the closing is being done with features nobody can buy yet: tap-to-pay on a ring with no price, on-device AI and games at the funding-announcement stage, a screen sold only in India. Against that, the incumbent's side of the ledger is the one place with audited-style numbers and shipped volume, and even Oura's overstated side is modest, since the piece never claims profitability.
Every number is somebody's announcement
Oura's figures exist because it is selling shares, which is the strongest possible reason to present nine months of near-doubled revenue without a revenue mix. Ultrahuman's raise and Circular's payments claim were both put out the same week, timed against the listing. TechCrunch is the assembler rather than a party, but it is working entirely from material the parties chose to release.
Internally consistent, externally unchecked
The arithmetic holds and the vendor specifications are specific enough to be falsified later, which is why this sits above the middle. It stays there because one outlet carries everything, and because the most quotable derived number, roughly $336 a ring, is knowingly low: nine months of revenue against twelve months of units, mixing hardware with subscriptions.