Owlet(US:OWLT)2024-05-06 20:07Financial Performance - Q1 2024 revenue was approximately $14.8 million, representing a 37% increase year over year from approximately $10.7 million in Q1 2023[5] - Net income for Q1 2024 was approximately $3.3 million, compared to a net loss of approximately $11.9 million in Q1 2023[9] - Revenues for Q1 2024 increased to $14.8 million, up 38.7% from $10.7 million in Q1 2023[31] - Net income attributable to common stockholders was $1.3 million in Q1 2024, a significant improvement from a loss of $12.5 million in Q1 2023[31] Margins and Earnings - Gross margin for Q1 2024 was approximately 44.4%, an increase of 570 basis points year over year[7] - Gross profit for Q1 2024 was $6.5 million, compared to $4.2 million in Q1 2023, reflecting a gross margin improvement[31] - Basic earnings per share for Q1 2024 was $0.15, compared to a basic net loss per share of ($1.54) in Q1 2023[11] - Adjusted net loss per share attributable to common stockholders improved to $(0.39) in Q1 2024 from $(1.10) in Q1 2023[32] Operating Expenses - Operating expenses for Q1 2024 were approximately $12.3 million, down from approximately $15.1 million in Q1 2023[8] - Total operating expenses reduced to $12.3 million in Q1 2024, down from $15.1 million in Q1 2023[31] Cash Flow and Financing - Net cash used in operating activities decreased to $(3.3) million in Q1 2024 from $(9.4) million in Q1 2023[29] - Financing activities provided $5.2 million in Q1 2024, compared to $22.9 million in Q1 2023[29] Adjusted Metrics - Adjusted EBITDA loss for Q1 2024 was approximately $3.1 million, improving by approximately 46% year over year[10] - EBITDA for Q1 2024 was $3.5 million, a turnaround from $(8.8) million in Q1 2023[32] - Operating loss narrowed to $5.7 million in Q1 2024 from $11.0 million in Q1 2023[31] Consumer Demand and Market Presence - Consumer sell-through demand for Dream Sock and Dream Duo products increased by 60% year over year following FDA clearance[4] - The company has monitored over 2 million infants on its platform, enhancing its digital data capabilities[5] Assets and Liabilities - Total current assets as of March 31, 2024, were approximately $40.0 million, slightly up from $39.9 million as of December 31, 2023[28] - Total liabilities decreased to approximately $65.6 million as of March 31, 2024, down from $73.8 million at the end of 2023[28] Share Information - Weighted average shares used in computing net income per share increased to 8,740,059 in Q1 2024 from 8,110,387 in Q1 2023[32]