Owlet(US:OWLT)2025-03-04 21:07Revenue and Growth - Q4 2024 revenue was $20.5 million, a 37% increase compared to Q4 2023 when excluding the revenue impact from the prior year Amazon distribution partner transition[6] - FY 2024 revenue reached $78.1 million, representing a 45% increase from FY 2023[6] - Revenues for the year ended December 31, 2024, were $78.1 million, a significant increase of 44.7% compared to $54.0 million in 2023[38] Gross Margin and Profitability - Q4 2024 gross margin improved to 53.5%, up 650 basis points from Q4 2023[6] - FY 2024 gross margin was 50.4%, an increase of 850 basis points compared to FY 2023[12] - Gross profit for the year ended December 31, 2024, was $39.3 million, up from $22.6 million in 2023, reflecting an increase of 74.5%[38] EBITDA and Operational Efficiency - Q4 2024 adjusted EBITDA was $0.5 million, improving by $1.2 million compared to Q4 2023[8] - The company aims to achieve adjusted EBITDA profitability for FY 2025[17] - Operating loss for the year ended December 31, 2024, improved to $(20.2) million from $(28.6) million in 2023, a reduction of 29.8%[38] - Net cash used in operating activities decreased to $(11.7) million in 2024 from $(23.5) million in 2023, indicating improved operational efficiency[36] Net Loss and Financial Position - FY 2024 net loss was $(12.5) million, significantly reduced from $(32.9) million in FY 2023[13] - The company reported a net loss attributable to common stockholders of $(17.2) million for the year ended December 31, 2024, an improvement from $(37.5) million in 2023[38] - Non-GAAP adjusted net income (loss) for the year ended December 31, 2024, was $(4.0) million, compared to $(20.3) million in 2023, showing a significant improvement[40] Assets and Liabilities - Total assets increased to $49.5 million as of December 31, 2024, up from $44.1 million in 2023, representing a growth of 8.9%[35] - Total current liabilities decreased to $36.8 million in 2024 from $45.1 million in 2023, a reduction of 18.3%[35] Cash Position - Cash and cash equivalents increased to $20.2 million as of December 31, 2024, compared to $16.6 million in 2023, an increase of 21.7%[35] Future Outlook - The company expects FY 2025 revenue to be in the range of $88 million to $92 million[17] - Owlet continues to focus on scaling its core business and expanding its market share in pediatric health[4] - Owlet360, a new subscription service, was launched to provide personalized insights to parents[4] Shareholder Information - The weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders increased to 10,951,270 in 2024 from 8,276,481 in 2023[40]