Oura's IPO Filing Puts a Price on the Ring 4 Battery Problem

Oura filed to go public on September 3, 2026. The filing contains an admission its competitors will quote for years. Battery problems in certain groups of Oura Ring 4 pushed warranty costs from $12.6 million in fiscal 2024 to $103.3 million in fiscal 2025. That is an $84.4 million jump. And the filing warns that Oura's habit of replacing rings outside the warranty may not continue. If you own a Ring 4, or are thinking about buying one, this filing is the most useful document ever published about the product.

Here is what it says, what it means for your wrist, and what the alternatives cost now that other brands have caught up.

The short answer

• The battery problem is real, and Oura has admitted it in its own SEC filing. It affects specific groups of Ring 4s, not necessarily every unit.
• Oura replaced affected rings for free, sometimes outside the warranty. But the S-1 says that goodwill may not last.
• The company behind it is doing well: $1.21 billion of revenue in the nine months to June 30, 2026, up 74 percent, with 5 million paying members.
• If your Ring 4 drains fast, document it and contact support. If you are buying new, the Ring 5 at $399 is the current model. And rivals without subscriptions now cost less over time.

What the S-1 actually says

The warranty numbers are the core of it. Oura's warranty costs grew from $12.6 million in fiscal 2024 to $103.3 million in fiscal 2025. The filing says the jump came from battery problems in certain groups of the Oura Ring 4. Oura never said how many rings were affected, or which production runs. It says newer rings come back for warranty service less often than the early ones.

The second detail matters even more for owners. Oura states in the same filing that it has replaced rings outside the warranty period in some cases, and that it cannot promise to keep doing that. There is no recall and no repair program. There is only the normal support channel. Oura's known-issues page, as of September 1, 2026, does not list a Ring 4 battery drain bug at all.

One more thing, for completeness. A proposed class action, Fomin et al. v. Oura Ring, was filed in California in May 2026. It claims the ring's battery can short-circuit and overheat. Those are claims, not proven facts. They are about safety, not the drain problem in the S-1.

Official battery life is 5 to 8 days per charge. That number comes from Oura's own testing, with blood-oxygen sensing turned off, on specific ring sizes. Posts on Reddit and other forums describe sudden drops from about 5 days to 2 or 3, going back to April 2025. That is anecdote, not data. But it lines up with the group pattern in the filing.

The IPO, in context

The filing is not a distress signal. Oura reported $1.21 billion of revenue for the nine months ended June 30, 2026. That is up 74 percent from the year before. About 80 percent comes from hardware and 20 percent from memberships. Oura counts 5 million paying members, and about 85 percent of them stay past a year. It held about 79 percent of global smart ring shipments in the first quarter of 2026. The listing targets the Nasdaq under the ticker OURA. The price comes later, during the roadshow. Press reports of a value above $16 billion trace back to Bloomberg, not to the filing itself.

Here is the uncomfortable part for members. One fifth of revenue arrives as a monthly subscription, $5.99 a month or $69.99 a year. The discounts that sold the Ring 4 only work because that stream keeps flowing. A company answering to public-market shareholders has less room to make membership cheaper, not more.

What it means if you own a Ring 4

1. Document the drain. Screenshot your battery percentage over a day or two. Note your firmware version. That is the evidence a replacement case needs.
2. Contact Oura support early. The record, confirmed in the S-1, includes replacements outside the warranty. The same filing says that policy may change. Sooner is smarter.
3. Update your firmware. Release notes mention battery fixes in several versions. Oura has not tied any single update to the problem. But it costs nothing to try.
4. Know what a replacement gets you. Newer production rings come back for service less often than the early ones.

What it means if you are buying now

The Ring 5 launched on June 4, 2026 at $399. It is the current model and the default Oura choice. A discounted Ring 4 means buying the generation with the admitted battery problem, then paying $69.99 a year on top for full insights.

The subscription-free alternative has grown up. Ultrahuman's Ring Pro came back to the US in March 2026 at $399, and its core numbers need no membership. Samsung's Galaxy Ring is also $399 with no subscription. It works best with Galaxy phones. Both send their data into Apple Health, where Ness reads it alongside your sleep and activity, computes a Recovery score on your phone every morning, and explains what the night cost you. Ness is $12.99 per month or $79.99 per year on the App Store.

FAQ

Is the Oura Ring 4 battery problem fixed? Oura has admitted it in its S-1 but has not named a fix. Newer production shows fewer warranty cases. But there is no confirmed software or hardware repair for affected rings.

Should I buy a discounted Ring 4 in 2026? Usually no. The Ring 5 is $399 with newer sensors, and the battery problem is a Ring 4 issue. A steep discount changes the math a little. The membership cost does not go away.

Does Oura's IPO change my subscription? Not today. Over time, a public Oura has less pressure to cut the $5.99 monthly fee than a private one.

Related reading

• Apple Watch Series 12 vs Whoop 5.0 vs Oura Ring 4
• The Best Screenless Fitness Trackers in 2026
• How to Check Your Recovery Score on Apple Watch (2026 Guide)

Sources

1. Oura Health Oyj. Form S-1 Registration Statement. Filed with the SEC September 3, 2026. https://www.sec.gov/Archives/edgar/data/2133022/000119312526381855/d119865ds1.htm. Battery cohorts, warranty provisions, out-of-warranty replacement policy.
2. Reuters. Smart ring maker Oura files for US IPO. September 3, 2026. https://www.reuters.com/business/smart-ring-maker-oura-files-us-ipo-2026-09-03/. Nasdaq listing and timing.
3. the5krunner. Oura IPO: what the S-1 reveals about revenue. September 4, 2026. https://the5krunner.com. Revenue breakdown, member counts, retention.
4. Android Authority. Oura Ring 4 battery problem detailed in IPO filing. September 2026. https://www.androidauthority.com/oura-ring-4-battery-problem-3708162/. Summary of the warranty disclosures.
5. Oura Support. Oura Membership pricing and Ring 4 battery life. Accessed September 11, 2026. https://support.ouraring.com. $5.99/month pricing and 5-8 day battery claims.
6. WIRED. Ultrahuman's US comeback starts with the Ring Pro. March 25, 2026. https://www.wired.com/story/ultrahumans-us-comeback-starts-now-with-the-new-ring-pro. Ring Pro pricing and no-subscription positioning.

This is not medical advice. Health and recovery scores from rings and watches are tools, not medical tests. If you have symptoms or a health condition, see a doctor.