Financial Performance - Revenues for Q2 2024 reached $20,699,000, a 58% increase from $13,088,000 in Q2 2023[17] - Gross profit for the six months ended June 30, 2024, was $16,799,000, compared to $9,386,000 for the same period in 2023, reflecting a 79% increase[17] - For the six months ended June 30, 2024, Owlet reported a net income of $2,127 thousand, a significant improvement compared to a net loss of $20,334 thousand for the same period in 2023[22] - The net loss attributable to common stockholders for Q2 2024 was $2,682,000, compared to a loss of $9,793,000 in Q2 2023[17] - The company reported a net income of $2,127 thousand for the six months ended June 30, 2024, compared to a net loss of $(22,313) thousand for the same period in 2023[94] - The company recognized a gain of $10.2 million for the six months ended June 30, 2024, compared to a gain of $0.3 million for the same period in the prior year[117] Cash Flow and Liquidity - The company experienced negative cash flows from operations of $6,674 thousand for the six months ended June 30, 2024, compared to $16,757 thousand for the same period in 2023, indicating improved cash management[30] - As of June 30, 2024, Owlet had cash and cash equivalents of $15,363 thousand, down from $24,746 thousand at the end of June 2023[22] - The company reported net cash provided by financing activities of $5.6 million for the six months ended June 30, 2024, down from $30.3 million in the same period of the previous year[147] - For the six months ended June 30, 2024, net cash used in operating activities was $6.7 million, a decrease from $16.8 million in the prior year, primarily due to a lower operating loss of $8.0 million compared to $17.7 million[145] Assets and Liabilities - Total current assets increased to $42,530,000 as of June 30, 2024, up from $39,944,000 at the end of 2023[15] - Current liabilities decreased to $42,150,000 as of June 30, 2024, down from $45,090,000 at the end of 2023[15] - Total liabilities decreased to $66,729,000 as of June 30, 2024, down from $73,799,000 at the end of 2023[15] - The company reported a common stock warrant liability of $24,429,000 as of June 30, 2024, down from $27,781,000 at the end of 2023[15] - As of June 30, 2024, the accumulated deficit of Owlet, Inc. was $253,532 thousand, reflecting ongoing financial challenges[30] Operating Expenses - Total operating expenses for the three months ended June 30, 2024, were $12.5 million, compared to $11.9 million in the same period of 2023[105] - General and administrative expenses for the three months ended June 30, 2024, were $6.3 million, a slight increase of 2.7% from $6.1 million in the same period of 2023[109] - Sales and marketing expenses for the three months ended June 30, 2024, increased by 25.1% to $3.9 million from $3.1 million in the same period of 2023[111] - The company reported an operating loss of $2.2 million for the three months ended June 30, 2024, an improvement from an operating loss of $6.7 million in the same period of 2023[105] Financing Activities - The company raised $9,250 thousand from the issuance of preferred stock and warrants on February 29, 2024, as part of its financing strategy[32] - The company raised aggregate gross proceeds of $30.0 million from a sale of preferred stock and warrants on February 17, 2023[134] - The company entered into amendments with SVB, deferring certain principal payments and extending the maturity of the revolving line of credit to December 31, 2024[135] Regulatory and Compliance - The company received its first medical device marketing authorization with the 510(k) clearance from the FDA for BabySat in June 2023, a prescription use-only pulse oximeter for patients aged over one month and weighing between 6 and 30 pounds[172] - In November 2023, the company obtained de novo classification from the FDA for Dream Sock with Health Notifications, which is now regulated as a medical device[175] - The company is involved in ongoing litigation related to claims of misleading statements regarding the FDA's classification of the Owlet Smart Sock, which could have material adverse effects on its financial condition[171] - The company was notified by NYSE in April 2023 for non-compliance with listing requirements, specifically due to an average global market capitalization and stockholders' equity both being less than $50 million[182] Internal Controls - The company has identified material weaknesses in internal controls over financial reporting, which could lead to misstatements in financial statements[153] - A remediation plan is in place to address identified weaknesses, including hiring additional personnel and implementing new controls[158]

Financial Data and Key Metrics Changes - Owlet achieved $20.7 million in net revenue for Q2 2024, representing a 58% year-over-year increase [22] - Gross billings for Q2 were $26.9 million, up 59% year-over-year [22] - Gross margin for Q2 was approximately 50%, an increase of over 1,000 basis points from the previous year [23] - Adjusted EBITDA for Q2 was $100,000, a significant improvement from an adjusted EBITDA loss of $4.3 million in Q2 2023 [24] Business Line Data and Key Metrics Changes - Sales of Dream Sock products drove revenue growth, reflecting increased consumer demand compared to the same period last year [23] - The launch of the subscription service, Owlet Care, is expected to enhance long-term value for the company [4][7] Market Data and Key Metrics Changes - Owlet's international revenue grew over 275% year-over-year, indicating strong global demand for its products [16] - The company reported a 61% year-over-year increase in units sold and a 68% increase in revenue during the July Amazon Prime event [4] Company Strategy and Development Direction - Owlet is transitioning from a hardware company to a platform for pediatric health, focusing on personalized information for parents [7][9] - The company aims to drive continued adoption of Dream Sock, expand medical and healthcare channels, and enhance its subscription service [11] - Owlet's strategy includes leveraging its large dataset of infant health to provide insights and integrate professional services into its app [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that 2024 will be a turning point for the company, with a focus on sustainable growth and profitability [5][20] - The company anticipates net revenue for the second half of 2024 to be stronger than the first half, estimating between $37 million to $42 million [27] Other Important Information - The company has fully integrated its telehealth partnership with Wheel to facilitate insurance reimbursement [5] - Owlet's management highlighted the importance of addressing parental concerns regarding infant health and safety [6] Q&A Session Summary Question: How is Owlet tracking media exposure and its translation into sales? - Owlet is actively monitoring site traffic and engagement on social media platforms, leveraging a PR agency to expand reach [28] Question: Is Owlet continuing partnerships with nonprofit organizations? - Yes, Owlet continues to collaborate with partners focused on SIDS and other conditions, enhancing awareness among parents [29] Question: What is the expectation for positive adjusted EBITDA moving forward? - The company expects Q3 to be stronger due to holiday season sales, with potential for sequential increases in adjusted EBITDA [30][31] Question: What are the assumptions regarding shipping costs and gross margins? - Shipping costs are expected to impact gross margins, with a focus on managing inventory and shipping methods to mitigate costs [32][33] Question: What is the current return rate as a percentage of gross revenue? - Returns for Q2 were 4.1% of gross billings, significantly below the historical average of around 10% [35] Question: What is the potential for insurance reimbursement for Owlet products? - The company is working on building infrastructure for insurance reimbursement, aiming to position its products as standard home care for infants [38][39] Question: What is the strategy for increasing awareness of the Sock? - Owlet plans to continue achieving key financial milestones and enhance investor awareness through various channels [49][50]

EX - 99.1 Owlet Announces Strong Second Quarter 2024 Results, Achieves Record-Breaking Amazon Prime Day LEHI, Utah--(BUSINESS WIRE)-- Owlet, Inc. ("Owlet" or the "Company") (NYSE:OWLT), the pioneer of smart infant monitoring, today reports financial results for the second quarter ended June 30, 2024. Owlet's Chief Executive Officer and Co-Founder, Kurt Workman, President and Chief Revenue Officer, Jonathan Harris, and Chief Financial Officer, Amanda Twede Crawford, will host a conference call to review the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ____________________________________________________________________________ FORM 10-Q ____________________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ t ...

Owlet, Inc. (NYSE:OWLT) Q1 2024 Earnings Conference Call May 6, 2024 4:30 PM ET Company Participants Mike Cavanaugh - IR Kurt Workman - Co-Founder and CEO Kate Scolnick - CFO Jonathan Harris - President and Chief Revenue Officer Conference Call Participants Charles Rhyee - TD Cowen Operator Good afternoon. Thank you for attending the Owlet First Quarter 2024 Earnings Call. My name is Cameron and I will be your moderator for today. [Operator Instructions] And I would now like to pass the conference over to y ...

Owlet Announces Strong First Quarter 2024 Results LEHI, Utah--(BUSINESS WIRE)-- Owlet, Inc. ("Owlet" or the "Company") (NYSE:OWLT), the pioneer of smart infant monitoring, today reports financial results for the first quarter ended March 31, 2024. Owlet's Chief Executive Officer and Co-Founder, Kurt Workman, President and Chief Revenue Officer, Jonathan Harris, and Chief Financial Officer, Kate Scolnick, will host a conference call to review the Company's results and provide a business update today, May 6, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39516 OWLET, INC. (Exact name of Registrant as specified in its Charter) Delaware 85-1615012 (State or other jurisdiction of incorpor ...

Owlet, Inc. (NYSE:OWLT) Q4 2023 Results Conference Call March 7, 2024 4:30 PM ET Company Participants Mike Cavanaugh - Investor Relations, ICR Westwicke Kurt Workman - Co-Founder, President and Chief Executive Officer Kate Scolnick - Chief Financial Officer Conference Call Participants Charles Rhyee - TD Cowen Operator Hello, everyone. Thank you for attending today's Owlet Fourth Quarter 2023 Earnings Call. My name is Sierra, and I will be your moderator for today. All lines will be muted during the prepare ...

Exhibit 99.1 Owlet Announces Fourth Quarter and Fiscal Year 2023 Results LEHI, Utah--(BUSINESS WIRE)-- Owlet, Inc. ("Owlet" or the "Company") (NYSE:OWLT), the pioneer of smart infant monitoring, today reported financial results for the fourth quarter and fiscal year ended December 31, 2023. Owlet's Chief Executive Officer and Co-Founder, Kurt Workman, and Chief Financial Officer, Kate Scolnick, will host a conference call to review the Company's results and provide a business update today, March 7, 2024, at ...

Owlet, Inc. (NYSE:OWLT) Q3 2023 Earnings Call Transcript November 13, 2023 4:30 PM ET Company Participants Conference Call Participants Operator Good afternoon, ladies and gentlemen. Thank you for joining today's Owlet Q3 Earnings Call. My name is Tia, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. [Operator Instructions] I would now like to pass the conference over to your host, Mik ...