$OWLT

Owlet, Inc.

CIK:0001816708|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 33,865	$ 26,063	$ 56,321	$ 47,618
Total cost of revenue	12,042	12,683	22,259	22,461
Gross profit	21,823	13,380	34,062	25,157
Operating expenses:
General and administrative	9,570	7,019	18,818	14,086
Sales and marketing	5,950	4,315	10,422	8,315
Research and development	4,563	3,729	8,484	6,608
Total operating expenses	20,083	15,063	37,724	29,009
Operating income (loss)	1,740	(1,683)	(3,662)	(3,852)
Other income (expense):
Interest expense, net	(707)	(979)	(1,390)	(1,970)
Common stock warrant liability adjustment	(105)	(34,753)	2,520	(28,066)
Other income (expense), net	671	37	892	49
Loss on debt extinguishment	(2,209)	0	(2,209)	0
Total other income (expense), net	(2,350)	(35,695)	(187)	(29,987)
Loss before income tax provision	(610)	(37,378)	(3,849)	(33,839)
Income tax provision	(10)	(33)	(17)	(45)
Net loss and comprehensive loss	(620)	(37,411)	(3,866)	(33,884)
Accretion on convertible preferred stock	(848)	(848)	(1,696)	(1,696)
Allocation of accretion on convertible preferred stock to redeemable common stock	7	29	18	59
Accretion on redeemable common stock	(9)	(21)	(22)	(42)
Net loss attributable to redeemable common stockholders	(3)	(1,301)	(38)	(1,200)
Net loss attributable to common stockholders	(1,465)	(36,958)	(5,524)	(34,380)
Net loss attributable to common stockholders	$ (1,465)	$ (36,958)	$ (5,524)	$ (34,380)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.05)	$ (2.35)	$ (0.20)	$ (2.21)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.05)	$ (2.35)	$ (0.29)	$ (2.21)
Weighted-average common shares outstanding, basic (in shares)	28,514,423	15,716,376	27,968,200	15,550,751
Weighted-average number of shares outstanding, diluted (in shares)	28,514,423	15,716,376	28,077,338	15,550,751
Hardware
Total revenue	$ 30,645	$ 25,200	$ 50,424	$ 46,355
Total cost of revenue	11,023	12,453	20,367	22,079
Subscription
Total revenue	3,220	863	5,897	1,263
Total cost of revenue	1,019	230	1,892	382
Redeemable Common Stock
Other income (expense):
Allocation of accretion on convertible preferred stock to redeemable common stock	7	29	18	59
Accretion on redeemable common stock	(9)	(21)	(22)	(42)
Allocation of net loss attributable to redeemable common stockholders	5	1,293	42	1,183
Net loss attributable to redeemable common stockholders	$ (3)	$ (1,301)	$ (38)	$ (1,200)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.01)	$ (2.31)	$ (0.12)	$ (2.13)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.01)	$ (2.31)	$ (0.12)	$ (2.13)
Weighted-average common shares outstanding, basic (in shares)	252,500	562,500	307,610	562,500
Weighted-average number of shares outstanding, diluted (in shares)	252,500	562,500	307,610	562,500

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (3,866)	$ (33,884)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	396	228
Stock-based compensation	6,723	3,134
Provision for credit losses	85	(24)
Common stock warrant liability adjustment	(2,520)	28,066
Amortization of debt financing costs	706	1,260
Loss on debt extinguishment	2,209	0
Settlement of cumulative PIK	(327)	0
Write-off of prepaid deposit	0	347
Other adjustments, net	128	283
Changes in assets and liabilities:
Accounts receivable	(10,280)	(12,254)
Prepaid expenses and other assets	(1,394)	(524)
Inventory	(366)	(973)
Accounts payable and accrued and other expenses	2,908	5,890
Lease liabilities	(36)	(65)
Deferred revenue	493	346
Net cash used in operating activities	(5,141)	(8,170)
Cash flows from investing activities
Purchase of property and equipment	(554)	(65)
Purchase of intangible assets	(87)	(28)
Capitalized internal-use software development costs	(715)	(106)
Net cash used in investing activities	(1,356)	(199)
Cash flows from financing activities
Proceeds from short-term borrowings	31,495	32,998
Payments of short-term borrowings	(22,083)	(24,725)
Payments of long-term borrowings	(7,520)	0
Employee taxes paid related to vesting and settlement of stock-based awards	(4,346)	(619)
Proceeds related to the issuance of common stock under stock plans	4,200	627
Debt financing costs paid	(63)	(75)
Issuance costs paid	0	(260)
Warrant exchange transaction costs paid	(41)	0
Proceeds from exercise of common stock warrants	0	1,822
Other, net	392	97
Net cash provided by financing activities	2,034	9,865
Net change in cash, cash equivalents, and restricted cash	(4,463)	1,496
Cash, cash equivalents, and restricted cash at beginning of period	41,011	20,631
Cash, cash equivalents, and restricted cash at end of period	36,548	22,127
Supplemental disclosure of non-cash investing and financing activities:
Cash paid for income taxes	37	45
Cash paid for interest	851	771
Accretion on preferred stock and redeemable common stock	1,718	1,738
Conversion of redeemable common stock to common stock	2,439	0
Accrued bonus liability settled through issuance of common stock	158	0
Debt financing costs included in accounts payable and accrued liabilities	217	0
Purchases of property and equipment included in accounts payable	67	73
Purchases of intangible assets included in accounts payable	32	34
Stock-based compensation for software development	$ 114	$ 27

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 30,948	$ 35,461
Restricted cash	5,600	5,550
Accounts receivable, net of allowance for credit losses of $878 and $723, respectively	33,126	22,931
Inventory	15,655	15,291
Prepaid expenses and other current assets	2,993	2,684
Total current assets	88,322	81,917
Property and equipment, net	826	295
Intangible assets, net	2,016	1,391
Other assets	2,408	2,028
Total assets	93,572	85,631
Current liabilities:
Accounts payable	12,137	11,967
Accrued and other expenses	21,841	19,427
Current portion of deferred revenue	2,798	2,282
Line of credit	17,063	6,932
Current portion of long-term and other debt	0	3,635
Total current liabilities	53,839	44,243
Long-term debt, net	0	2,463
Common stock warrant liabilities	753	3,273
Other long-term liabilities	150	197
Total liabilities	54,742	50,176
Commitments and Contingencies
Mezzanine equity:
Mezzanine equity	15,692	16,413
Stockholders’ equity:
Common stock, $0.0001 par value, 107,142,857 shares authorized as of June 30, 2026 and December 31, 2025; 28,813,466 and 26,945,426 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	334,206	326,244
Accumulated deficit	(311,071)	(307,205)
Total stockholders’ equity	23,138	19,042
Total liabilities, mezzanine equity, and stockholders' equity	93,572	85,631
Series A Convertible Preferred Stock
Mezzanine equity:
Mezzanine equity	8,151	7,151
Series B Convertible Preferred Stock
Mezzanine equity:
Mezzanine equity	5,540	4,844
Redeemable Common Stock
Mezzanine equity:
Mezzanine equity	$ 2,001	$ 4,418