Owlet, Inc.

Listed Company

OWLTWCIK 0001816708OTCNon-AcceleratedSmaller ReportingMeasuring & Controlling Devices, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$105.71M

Net Income

$-39.68M

Total Assets

—

Equity

—

Shares Out

29.00M

Op. Cash Flow

$-10.79M

Business

Owlet, Inc. develops and markets connected infant health monitoring devices and a digital parenting platform that provide real-time health and sleep insights for caregivers. Its product portfolio includes wearable pulse-oximetry monitors (Dream Sock, BabySat, Smart Sock), the Owlet Cam video monitor, the Dream Duo bundle, a subscription service (Owlet360) and accessories. The company operates distinct consumer and medical device offerings and pursues channels spanning direct-to-consumer digital engagement, retail partnerships, and healthcare distribution with insurance reimbursement possibilities. Owlet distributes products across the United States and internationally, including Canada, the European Union, the United Kingdom, Australia and other markets via retailers, partners and medical suppliers.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	106	78	54	69	76
Cost of revenues	52	39	31	46	41
Gross profit	54	39	23	23	35
General and administrative	29	34	27	42	32
Sales and marketing	18	16	14	38	37
Research and development	14	10	10	28	21
Total operating expenses	62	60	51	108	91
Operating loss	−8	−20	−29	−85	−56
Interest expense, net	−3	−2	—	—	—
Common stock warrant liability adjustment	−27	9	—	—	—
Other income (expense), net	−1	75,000	−144,000	79,000	−313,000
Total other income (expense), net	−31	8	−4	5	−16
Loss before income tax provision	−40	−12	−33	−79	−72
Income tax provision	−28,000	−54,000	−10,000	−29,000	−31,000
Net loss and comprehensive loss	−40	−13	−33	−79	−72
Accretion on convertible preferred stock	−3	−5	−5	—	—
Accretion on redeemable common stock	−84,000	−25,000	0	—	—
Net loss attributable to redeemable common stockholders	−1	−245,000	0	—	—
Net loss attributable to common stockholders, basic	−42	−17	−37	−79	—
Net loss attributable to common stockholders, diluted	−42	−17	−37	−79	—
Net loss per share attributable to common stockholders, basic (in dollars per share)	−2.31	−1.57	−4.53	−9.98	−1.13
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	18	11	8	8	63
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	18	11	8	8	63

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	35	20	17	11	95
Restricted cash	6	386,000	0	—	—
Accounts receivable, net of allowance for credit losses of $723 and $653, respectively	23	12	14	16	10
Inventory	15	11	6	19	18
Prepaid expenses and other current assets	3	3	3	6	12
Total current assets	82	46	40	51	136
Property and equipment, net	295,000	102,000	377,000	1	2
Right of use assets, net	69,000	138,000	937,000	2	3
Intangible assets, net	1	975,000	2	2	2
Other assets	2	2	655,000	1	666,000
Total assets	86	50	44	58	140
Accounts payable	12	11	14	30	28
Accrued and other expenses	19	16	15	20	32
Current portion of deferred revenues	2	1	1	1	1
Line of credit	7	6	9	5	0
Current portion of long-term and other debt	4	1	—	—	—
Total current liabilities	44	36	45	67	69
Long-term debt, net	2	4	0	0	8
Common stock warrant liabilities	3	25	28	724,000	7
Other long-term liabilities	197,000	226,000	928,000	251,000	712,000
Total liabilities	50	66	74	69	85
Commitments and contingencies (Note 7)	—	—	—	—	—
Mezzanine equity	16	13	8	0	0
Common Stock, Value, Issued	3,000	2,000	1,000	1,000	11,000
Additional paid-in capital	327	238	218	212	199
Accumulated deficit	−308	−268	−256	−223	−143
Total stockholders equity (deficit)	19	−30	−38	−11	55
Total liabilities, mezzanine equity, and stockholders' equity (deficit)	86	50	44	58	140

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	521,000	452,000	842,000	1	1
Stock-based compensation	9	9	10	13	4
Provision for credit losses	129,000	−193,000	1	3	201,000
Impairment of intangible and other assets	46,000	2	29,000	—	—
Amortization of right of use assets	69,000	929,000	1	1	—
Amortization of debt financing costs	2	1	—	—	—
Accrued warrant exchange transaction costs	41,000	0	—	—	—
(Gain)/loss on extinguishment of debt	0	418,000	0	—	—
(Gain)/loss on forgiveness on interest accrued	0	−508,000	—	—	—
Write-off of prepaid deposit	347,000	0	—	—	—
Other adjustments, net	367,000	414,000	80,000	953,000	725,000
Accounts receivable	−11	2	965,000	−9	−144,000
Prepaid expenses and other assets	−1	−30,000	3	6	−10
Inventory	−5	−4	12	−1	−12
Accounts payable and accrued and other expenses	5	1	−20	−11	32
Lease liabilities	−100,000	−1	0	—	—
Other liabilities	0	−769,000	−1	—	—
Deferred revenue	912,000	240,000	−84,000	—	—
Net cash used in operating activities	−11	−11	−24	−81	−41
Purchase of property and equipment	−273,000	−35,000	−16,000	−636,000	−969,000
Purchase of intangible assets	−114,000	−87,000	−43,000	−929,000	−1
Capitalized internal-use software development costs	−556,000	−639,000	0	—	—
Net cash used in investing activities	−943,000	−761,000	−59,000	−2	−2
Proceeds from issuance of preferred stock and warrants	0	9	28	—	—
Proceeds from issuance of common stock	32	11	0	—	—
Proceeds from short-term borrowings	75	48	29	45	14
Payments of short-term borrowings	−75	−52	−26	−40	−21
Proceeds from long-term borrowings	0	8	500,000	—	—
Payments of long-term borrowings	−488,000	−5	−4	−6	−1
Payments related to debt extinguishment costs	0	−761,000	0	—	—
Employee taxes paid related to the net share settlement of stock-based awards	−2	−1	−397,000	—	—
Proceeds related to the issuance of common stock under stock plans	2	811,000	427,000	—	—
Debt financing costs paid	−174,000	−930,000	—	—	—
Warrant exchange transaction costs paid	−1	0	—	—	—
Proceeds from exercise of common stock warrants	2	0	—	—	—
Other, net	562,000	363,000	239,000	618,000	108,000
Net cash provided by financing activities	32	16	29	−878,000	121
Net change in cash, cash equivalents, and restricted cash	20	4	5	−84	78
Cash paid for income taxes	45,000	30,000	11,000	—	—
Cash paid for interest	2	4	2	—	—
Issuance of common stock in connection with warrant exchange	47	0	—	—	—
Purchases of property and equipment included in accounts payable	34,000	0	—	—	—
Purchases of intangible assets included in accounts payable	102,000	0	—	—	—
Conversion of preferred stock	0	6	350,000	0	47
Accretion on preferred stock and redeemable common stock	3	5	5	—	—
Issuance of common stock warrants to underwriter	0	−382,000	0	—	—
Equity issuance costs included in accounts payable and accrued liabilities	0	286,000	450,000	—	—
Stock-based compensation for software development	97,000	86,000	0	—	—

Filings

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