What are the top wearable tech startups by revenue today?

The ranking of top startups in the wearable technology market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Wearable Technology Market.

Which wearable tech startup makes the most revenue today?

Oura is currently the clear number one wearable tech startup by revenue.

Oura reported $1.2145 billion of revenue for the nine months ended June 2026, up 74% from $697.6 million in the comparable period. That is already more revenue in nine months than any other independent wearable startup has publicly shown for a full year.

WHOOP is the only company close enough to make the top spot interesting. The company said it exited 2025 at a $1.1 billion run rate after bookings grew 103%. That puts WHOOP in roughly the same commercial league, although run rate is less solid evidence than revenue already recognized in financial statements.

Then comes a big gap. boAt generated ₹3,098 crore of consolidated FY2025 revenue, roughly $370 million using a representative exchange rate. Ultrahuman is currently at about a $140 million annual revenue run rate. Noise reported ₹1,048 crore, roughly $125 million, of FY2025 operating revenue. XREAL generated RMB516 million, around $70 million, in 2025.

The wearable startup market is heavily top-loaded: Oura and WHOOP sit around the billion-dollar level, while everyone else is still hundreds of millions of dollars behind.

What should actually count as a wearable tech startup here?

For this wearable tech ranking, we count independent startup or startup-like companies whose core business revolves around technology worn on the body.

That includes Oura, WHOOP, Ultrahuman, XREAL, Noise, boAt, Pulsetto, Sensate, CUDIS, Even Realities and Friend. The products can be rings, watches, bands, glasses, hearables, pendants or other connected devices, as long as wearable hardware sits near the center of the business.

Apple, Meta, Garmin, Samsung, Huawei and Xiaomi matter enormously to the wearable market, but putting them in a startup ranking would distort the answer. Apple's Wearables, Home and Accessories reporting segment alone generates tens of billions of dollars.

There are also awkward cases such as boAt and Noise. Both sell wearable audio, smartwatches and adjacent consumer electronics, so their company revenue is broader than Oura's ring business or XREAL's smart-glasses business. We still include them because wearables are central to what these companies sell, while making that wider scope clear.

Company	Included here?	Main wearable category	Quality of revenue evidence
Oura	Yes	Smart rings	Very strong
WHOOP	Yes	Fitness wearables	Strong, but run rate
boAt	Yes	Hearables and smartwatches	Strong, broader company scope
Ultrahuman	Yes	Smart rings	Strong, but run rate
Noise	Yes	Hearables and smartwatches	Strong, broader company scope
XREAL	Yes	Smart glasses	Very strong
Pulsetto	Yes	Wellness wearable	Company disclosed
Apple	No	Watches, hearables and XR	Established public company
Meta	No	Smart glasses and XR	Established public company
Garmin	No	Fitness wearables	Established public company

How much revenue does Oura make now?

Oura has already become a billion-dollar wearable business, with $1.2145 billion of revenue in its latest nine-month reporting period.

That figure is especially strong because it comes from Oura's SEC registration statement rather than an interview or private-company estimate. Revenue increased 74% from $697.6 million a year earlier.

Hardware still does most of the work. Oura generated roughly $974 million from hardware during the period and another $241 million from memberships. Hardware revenue grew 65%, while membership revenue jumped 121%.

Oura also reached five million paid members by the end of June, double the 2.5 million reported a year earlier. The latest amendment to its filing adds an even fresher data point: Oura now expects to finish fiscal 2026 with about 5.7 million paid members.

The scale has changed quickly. Oura generated $406.8 million of revenue in fiscal 2024 and $907.9 million in fiscal 2025. It has now produced more than $1.2 billion in only nine months.

Is WHOOP really making more than $1 billion?

WHOOP is currently operating at billion-dollar scale, but the company's own number is a $1.1 billion run rate rather than completed annual revenue.

WHOOP disclosed the figure when announcing its latest $575 million funding round. The company said bookings grew 103% during 2025 and that it exited the year at a $1.1 billion run rate. WHOOP also had more than 2.5 million members worldwide and said it was cash-flow positive during the year.

That is strong evidence that WHOOP has become one of the world's largest independent wearable companies. Still, the terminology needs to stay clean. A run rate annualizes the level of business reached around a particular point; it does not mean WHOOP already recognized exactly $1.1 billion during a completed fiscal year.

That gives Oura the stronger number for ranking purposes. WHOOP remains the closest challenger by a wide margin.

Is Oura now clearly bigger than WHOOP?

Oura currently has the stronger claim to being the largest wearable startup because its $1.2145 billion figure is recognized nine-month revenue, while WHOOP's $1.1 billion figure is a run rate.

Customer scale points in the same direction. Oura had five million paid members at the end of its reported period and now expects about 5.7 million by fiscal year-end. WHOOP has disclosed more than 2.5 million members.

The two businesses are different enough that member counts should not be compared too mechanically. WHOOP builds the whole commercial relationship around membership, while Oura combines a large hardware business with a separate recurring subscription.

We do not need to estimate either company's revenue from those customer numbers. Both companies have disclosed financial metrics around the billion-dollar level, and Oura's metric is the cleaner one.

How big is boAt compared with US wearable startups?

boAt is currently one of the largest private wearable-oriented businesses in the world, with ₹3,098 crore of FY2025 consolidated revenue.

That works out to roughly $370 million at a representative exchange rate, leaving boAt far below Oura and WHOOP but well ahead of most other independent wearable companies.

The Indian company is also considerably larger than Ultrahuman or Noise on its latest completed annual revenue. Compared with XREAL, boAt is several times larger.

How much revenue does Ultrahuman make now?

Ultrahuman is currently running at about $140 million in annualized revenue, putting it firmly among the largest independent wearable startups.

CEO Mohit Kumar recently told TechCrunch that Ultrahuman's annual revenue run rate had reached $140 million, roughly 45% higher than a year earlier. The company expects to reach a $200 million run rate by early 2027.

Ultrahuman has also sold around 800,000 rings to date, up from roughly 700,000 earlier in the year. Smart rings have become the main business even though the company originally started around continuous glucose monitoring.

About 12% of Ultrahuman users now pay for PowerPlugs, its optional subscription software. That recurring layer remains much smaller than Oura's membership business, but it gives Ultrahuman another source of revenue beyond the ring itself.

The $140 million figure is a run rate, so we rank it below completed annual revenue of similar size when the difference is close. For understanding Ultrahuman's scale today, though, it is more useful than an older fiscal-year number.

Is Noise still one of the biggest wearable startups?

Noise is still a large wearable startup, but its latest financials show a business that has been shrinking rather than accelerating.

Noise reported ₹1,048 crore of FY2025 operating revenue, around $125 million, down 24% from ₹1,383 crore the year before.

That still puts Noise above most private wearable brands by disclosed annual revenue. Very few startups selling smartwatches, hearables or rings have crossed the equivalent of $100 million.

The direction of travel is now different from Ultrahuman's. Ultrahuman says its run rate is up about 45%, while Noise's completed annual revenue fell by almost a quarter. Noise did return to a small profit, helped partly by a deferred tax adjustment, so the year was not uniformly negative.

For a revenue ranking, the ₹1,048 crore figure keeps Noise near the top. For a current growth ranking, it would sit much lower.

How much money does XREAL make from smart glasses?

XREAL generated RMB516 million of revenue in 2025, roughly $70 million, making it the clearest large independent smart-glasses business we found.

The figure comes from XREAL's Hong Kong IPO application. Revenue rose from RMB390 million in 2023 to RMB394 million in 2024 and then increased 30.8% to RMB516 million in 2025.

XREAL also has a cleaner company scope than several businesses above it. Smart glasses, related accessories and services make up essentially the business we are trying to measure.

More than 70% of 2025 revenue came from outside China. The United States represented 36.9% of total revenue and Japan another 14.6%. XREAL's sales network covered 40 countries and regions.

The company had sold roughly 400,000 smart glasses across 2023–2025. For a market full of shipment claims, demos and funding announcements, XREAL gives us something much more useful: an actual full-year revenue figure.

Which wearable tech startups already make more than $100 million?

Oura, WHOOP, boAt, Ultrahuman and Noise have all crossed the $100 million level using their strongest current revenue or annualized-revenue disclosures.

Oura is far above the line at $1.2145 billion in only nine months. WHOOP exited 2025 at a $1.1 billion run rate. boAt generated about $370 million of FY2025 revenue. Ultrahuman is running at around $140 million annually, while Noise produced roughly $125 million-equivalent of FY2025 operating revenue.

XREAL sits immediately below this group at around $70 million of 2025 revenue.

The drop after XREAL is noticeable. Pulsetto has crossed $40 million. Ozlo has disclosed a roughly $50 million run-rate figure, although the period behind it is less clear. After that, dependable revenue figures become much harder to find.

Rank	Startup	Best current figure	Metric
1	Oura	$1.2145B	Nine-month revenue
2	WHOOP	$1.1B	Exit run rate
3	boAt	₹3,098 crore (~$370M)	FY2025 revenue
4	Ultrahuman	~$140M	Annual revenue run rate
5	Noise	₹1,048 crore (~$125M)	FY2025 operating revenue
6	XREAL	RMB516M (~$70M)	2025 revenue
7	Pulsetto	>$40M	2025 revenue
8	Ozlo Sleep	~$50M	Revenue run rate
9	Sensate	>$5M	Last-12-month revenue
10	CUDIS	>$6M	Cumulative sales revenue

Is Pulsetto actually becoming a large wearable company?

Pulsetto has moved well beyond early-stage hardware sales, with revenue rising from about $9 million in 2024 to more than $40 million in 2025.

The company also says it has passed 300,000 users worldwide. That combination puts Pulsetto among the larger independent wearable businesses below the $100 million tier.

The growth rate stands out even more than the absolute figure. Revenue increased more than fourfold in one year, although it came from a much smaller base than Oura, WHOOP or Ultrahuman.

Pulsetto also sits in a different corner of the wearable market. Its neck-worn device uses non-invasive vagus-nerve stimulation around stress, recovery and sleep instead of tracking steps or displaying notifications.

The $40 million figure is company-disclosed rather than audited public-company revenue, so we give it less weight than XREAL's filing. It is still a direct annual revenue claim, which is stronger than the shipment counts or valuations available for many better-known wearable startups.

Is Ozlo Sleep bigger than Pulsetto?

Ozlo Sleep may currently be operating at a higher revenue run rate than Pulsetto, but Pulsetto gives us the more dependable annual revenue number.

Former Ozlo CEO Rockwell Shah has described the company as reaching a roughly $50 million revenue run rate. The same disclosure referenced more than $20 million of cumulative revenue and around 80,000 units sold.

Pulsetto, by comparison, says it generated more than $40 million during 2025. That is a completed period with a clear annual figure.

We therefore put Pulsetto first despite the smaller headline number. A $50 million run rate with a loosely defined period should not automatically outrank more than $40 million of actual annual revenue.

Ozlo is clearly selling at meaningful scale. We simply have less certainty about exactly where its current annual revenue lands.

Which smart ring startups are actually making serious money?

Oura and Ultrahuman have already proved that smart rings can support large standalone businesses.

Oura leads the entire wearable startup ranking with $1.2145 billion of nine-month revenue. Ultrahuman has reached a $140 million annual revenue run rate and has sold around 800,000 rings.

The distance to the next group is enormous. CUDIS disclosed more than $6 million of cumulative sales after selling more than 20,000 rings, while SOXAI says it has sold more than 50,000 rings since launching in Japan.

RingConn also has meaningful global market share, but there is still no comparably strong public revenue disclosure.

The smart-ring market has two very different realities at once. Oura and Ultrahuman are already substantial companies, while most challengers remain several stages behind financially.

Smart-ring company	Strongest useful commercial evidence	Metric
Oura	$1.2145B	Nine-month revenue
Ultrahuman	~$140M	Annual revenue run rate
CUDIS	>$6M	Cumulative revenue
SOXAI	>50,000 rings	Cumulative units sold
RingConn	Meaningful global shipment share	Shipment share

Are smart glasses startups making real money yet?

Smart glasses are finally producing real startup revenue, led by XREAL at RMB516 million in 2025, but the category still trails smart rings badly.

XREAL is the best financial proof so far because its IPO documents give us several years of actual revenue. The company grew 30.8% in 2025 and had sold roughly 400,000 glasses over the previous three years.

Even Realities is moving quickly too. CEO Will Wang told TechCrunch that the company had sold more than 10,000 pairs of glasses and was profitable, while a new financing round valued the startup at $1 billion.

Other companies such as RayNeo, VITURE, Rokid and INMO are showing meaningful shipment or preorder numbers. Those figures help us see which products are finding customers, but they do not yet let us rank those companies cleanly by revenue.

For now, XREAL remains the strongest independent smart-glasses business we can actually measure financially.

Is Even Realities really worth $1 billion with only 10,000-plus glasses sold?

Even Realities has reached a $1 billion valuation much faster than it has reached XREAL-like sales scale.

The company raised $150 million at that valuation after selling more than 10,000 pairs of glasses. CEO Will Wang also told TechCrunch that Even was profitable.

Its products are expensive enough for 10,000 units to represent a meaningful business. The G2 glasses retail for $599, while prescription lenses and the companion ring can push an order much higher.

We still should not multiply disclosed units by today's retail prices and call the result revenue. Customers buy different configurations, prices change, returns exist and the 10,000 figure spans more than one period.

This is a good example of why valuation tells us surprisingly little about the revenue ranking. Even is already valued at $1 billion without a public revenue figure comparable with XREAL's RMB516 million. Investors are paying for the possibility that the smart-glasses market becomes much larger from here.

Are AI pendants actually making much money?

AI pendants are still tiny next to rings, fitness wearables and smart glasses when we look at disclosed revenue.

Friend is the clearest example. Founder Avi Schiffmann told Fortune that around 3,000 units had been sold, generating roughly $348,000 in revenue at the time.

The gap with established wearable startups is huge. Pulsetto generates tens of millions of dollars. XREAL is around $70 million annually. Ultrahuman is running at $140 million. Oura has crossed $1 billion.

Other AI-wearable startups such as Omi have built communities and shipped thousands of devices, but we have not found strong enough revenue disclosures to place them alongside those larger companies.

The attention around AI pendants is currently running far ahead of their proven commercial scale.

Is Oura becoming a subscription company as well as a hardware company?

Oura's subscription business is now large enough to matter on its own, even though hardware still generates most of the company's revenue.

Membership revenue reached $240.5 million during the latest nine-month period, up 121% from $108.8 million a year earlier. Hardware revenue rose 65% to roughly $974 million.

Subscriptions therefore grew almost twice as fast as hardware.

Oura also doubled its paid membership base to five million, and the company now expects approximately 5.7 million paid members by fiscal year-end. According to its SEC filing, more than 94% of ring activations have historically converted into paid memberships.

The mix has shifted modestly rather than dramatically: membership represented about 20% of nine-month revenue, versus roughly 16% in the comparable period. Still, $240 million of subscription revenue in nine months is already larger than the total annual revenue of almost every wearable startup below the top three.

WHOOP goes even further with the subscription model because membership sits at the center of the product. Ultrahuman is adding recurring software too, with about 12% of users paying for PowerPlugs. Across the largest wearable startups, recurring revenue is becoming much harder to ignore.

Which wearable startups are growing fastest right now?

Pulsetto, WHOOP, Oura and Ultrahuman currently show some of the strongest growth among wearable startups with meaningful revenue disclosures.

Pulsetto grew from roughly $9 million to more than $40 million of annual revenue, more than quadrupling from a small base. WHOOP said 2025 bookings increased 103% and that it exited the year at a $1.1 billion run rate.

Oura's nine-month revenue climbed 74%, from $697.6 million to $1.2145 billion. That increase is especially striking because Oura added more than $500 million of revenue rather than growing from a small startup base.

Ultrahuman's current $140 million run rate is about 45% higher than a year earlier. XREAL grew 30.8% to RMB516 million in 2025.

Noise went the other way, with FY2025 operating revenue falling 24%.

Percentage growth would put Pulsetto near the top, while Oura leads easily on the amount of new revenue added. Those are two very different kinds of growth.

Why are smart rings making more startup revenue than smart glasses?

Smart rings currently have a much stronger startup revenue base because Oura and Ultrahuman have already turned the format into large health businesses.

Oura has more than $1.2 billion of nine-month revenue and five million paid members at the end of its latest reported period. Ultrahuman is around a $140 million run rate.

XREAL, the strongest independent smart-glasses company with disclosed financials, generated roughly $70 million in 2025. Even Realities has passed 10,000 pairs sold, while several other glasses companies still disclose shipments, preorders or market share instead of revenue.

The products also ask different things from consumers. A smart ring can sit on a finger continuously and collect health data without requiring a new visual interface. Smart glasses have to get comfort, optics, battery life, privacy, prescription support and everyday usefulness right at the same time.

These days, the revenue evidence is much further along for rings. Smart glasses have enormous strategic attention around them, but independent startups are still catching up financially.

What kinds of wearable startups make the most money?

Health, fitness and wearable audio currently produce much bigger startup businesses than AI pendants, exoskeletons or most smart-glasses companies.

Oura and WHOOP dominate the health and performance side at around billion-dollar scale. Ultrahuman adds another nine-figure smart-ring company.

boAt and Noise show how large wearable audio can become, especially in India. Their company figures are broader than pure wearable revenue, but both have built businesses above $100 million.

XREAL has made smart glasses a real revenue category for startups, while Pulsetto shows that a more specialized wellness wearable can already cross $40 million.

AI pendants remain tiny on disclosed revenue, and consumer exoskeletons are still better measured through units sold than through company-wide financial disclosures.

Wearable category	Leading startup example	Best disclosed scale
Smart rings	Oura	$1.2145B in nine months
Fitness membership wearables	WHOOP	$1.1B exit run rate
Hearables / wearable audio	boAt	₹3,098 crore FY2025 revenue
Smart glasses	XREAL	RMB516M 2025 revenue
Neuro-wellness wearables	Pulsetto	>$40M 2025 revenue
Sleep wearables	Ozlo Sleep	~$50M run rate
AI pendants	Friend	~$348K disclosed revenue
Consumer exoskeletons	Hypershell	>15,000 units sold

Can we rank wearable startups from units sold when revenue is missing?

Units sold can show that a wearable startup has real customers, but they are too weak to manufacture a revenue number from scratch.

Even Realities has sold more than 10,000 pairs of smart glasses. SOXAI has passed 50,000 smart rings. Hypershell has sold more than 15,000 consumer exoskeletons worldwide. CUDIS had sold more than 20,000 rings when it disclosed more than $6 million of cumulative sales.

Those figures tell us much more than a prototype demo or a funding announcement. They still leave important questions unanswered: the average selling price, discounts, returns, wholesale margins, product mix and the period over which the sales happened.

This is also where several companies that may be larger than our table suggests get stuck. RingConn, RayNeo, VITURE, INMO and other visible wearable brands show genuine shipment or market-share traction, but their public financial evidence is not strong enough for a clean revenue position.

We would rather leave those companies unranked than invent a prettier number by multiplying units by list price.

How concentrated is wearable startup revenue at the top?

Wearable startup revenue is extremely concentrated around Oura and WHOOP.

Oura has already generated more than $1.2 billion in nine months, while WHOOP exited 2025 at a $1.1 billion run rate. The third-largest company in our ranking, boAt, is closer to $370 million in annual revenue.

Then comes another drop to Ultrahuman and Noise at roughly $100–140 million. XREAL is around $70 million, and Pulsetto is above $40 million.

Using the strongest current figures, the top five companies represent roughly $3 billion of annual or annualized commercial scale before we even count the smaller businesses. Oura and WHOOP account for most of that.

This concentration helps explain why the wearable startup world can seem much larger than its revenue base. There are plenty of funded brands, new form factors and product launches, but only a handful of independent companies have reached nine-figure revenue.

What does the wearable tech startup revenue ranking look like now?

Oura currently leads the wearable tech startup ranking, followed by WHOOP, boAt, Ultrahuman and Noise.

The top two are already around billion-dollar scale. boAt sits in a separate middle tier around $370 million, while Ultrahuman and Noise form the $100 million-plus group.

XREAL is the strongest smart-glasses startup we can rank cleanly, with RMB516 million of 2025 revenue. Pulsetto follows with more than $40 million of annual revenue, while Ozlo appears to have reached a similar commercial level on a run-rate basis.

Rank	Wearable tech startup	Best current revenue evidence	How we treat the figure
1	Oura	$1.2145B nine-month revenue	Strongest current evidence
2	WHOOP	$1.1B exit run rate	Huge scale, but annualized
3	boAt	₹3,098 crore FY2025 revenue	Completed revenue, broader company scope
4	Ultrahuman	~$140M annual revenue run rate	Fresh current scale
5	Noise	₹1,048 crore FY2025 operating revenue	Completed revenue, but declining
6	XREAL	RMB516M 2025 revenue	Clean smart-glasses revenue
7	Pulsetto	>$40M 2025 revenue	Direct annual company disclosure
8	Ozlo Sleep	~$50M revenue run rate	Higher headline number, weaker period definition
9	Sensate	>$5M LTM revenue	Direct trailing revenue evidence
10	CUDIS	>$6M cumulative sales revenue	Real sales, but not annual revenue
11	Friend	~$348K revenue	Direct disclosure, still very early

So who are the biggest wearable tech startups by revenue today?

Oura is the biggest wearable tech startup we can support with current revenue evidence, and WHOOP is the only company close to it.

Oura has reported $1.2145 billion of revenue in nine months. WHOOP exited 2025 at a $1.1 billion run rate. boAt follows at roughly $370 million of completed FY2025 revenue.

Ultrahuman is currently around a $140 million annual revenue run rate, Noise generated about $125 million-equivalent in FY2025 operating revenue, and XREAL produced roughly $70 million from smart glasses.

The bigger takeaway is the shape of the market. Smart rings and health-performance wearables have produced the strongest independent companies so far. Wearable audio also supports large businesses. Smart glasses now have genuine commercial traction, led by XREAL, but startup revenue remains much smaller than the attention around the category. AI pendants are earlier still.

Oura's lead is unusually well documented for a private wearable company. As seen above, its latest SEC filing gives us recognized revenue, hardware and membership revenue, member counts and year-over-year growth. That makes Oura the clearest number one in the ranking today rather than simply the company with the biggest estimated number.

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