Owlet(US:OWLT)2024-08-12 20:23Financial Performance - Q2 2024 revenue was approximately $20.7 million, up approximately 58% year over year from $13.1 million in Q2 2023[2] - Q2 2024 gross margin was approximately 50%, an increase of approximately 1,000 basis points year over year[2] - Q2 2024 net loss improved to approximately ($1.1) million, compared to a net loss of approximately ($8.5) million in Q2 2023, representing an improvement of approximately 85%[2][5] - Adjusted EBITDA for Q2 2024 was approximately $0.1 million, a significant improvement from an adjusted EBITDA loss of approximately ($4.3) million in the same period last year[6] - Total revenues for the three months ended June 30, 2024, were $20.7 million, a 57.5% increase compared to $13.1 million for the same period in 2023[25] - Gross profit for the six months ended June 30, 2024, was $16.8 million, up from $9.4 million in the same period of 2023, representing a 78.7% increase[25] - Operating loss for the three months ended June 30, 2024, improved to $(2.2) million from $(6.7) million in the same period of 2023[25] - Net loss attributable to common stockholders for the six months ended June 30, 2024, was $(0.7) million, compared to $(22.3) million in the same period of 2023[25] - Adjusted EBITDA for the six months ended June 30, 2024, was $(3.0) million, an improvement from $(10.1) million in the same period of 2023[26] - The company reported a net loss per share attributable to common stockholders of $(0.30) for the three months ended June 30, 2024, compared to $(1.19) for the same period in 2023[25] Future Projections - For the second half of 2024, the company estimates net revenue to be in the range of $37 million to $42 million[7] - For FY 2024, the company estimates net revenue to be in the range of $72.5 million to $77.5 million[7] Operating Expenses and Cash Flow - Operating expenses for Q2 2024 were approximately $12.5 million, compared to approximately $11.9 million for the same period in 2023[5] - Net cash used in operating activities for the six months ended June 30, 2024, was $(6.7) million, a significant improvement from $(16.8) million in the same period of 2023[23] - Cash and cash equivalents decreased to $15.4 million as of June 30, 2024, from $16.6 million as of December 31, 2023[21] Assets and Liabilities - Total current assets increased to $42.5 million as of June 30, 2024, compared to $39.9 million as of December 31, 2023[21] - Total liabilities decreased to $66.7 million as of June 30, 2024, down from $73.8 million as of December 31, 2023[21] Market Expansion and Consumer Demand - The company obtained CE Medical certification for the UK and Europe, launching Dream Sock across major European markets[2] - Record-breaking results were achieved during Amazon Prime Day, indicating strong consumer demand[4] - The company plans to continue laying the regulatory groundwork for commercial expansion in both the US and international markets[4]