Owlet Delivers Strong Q2 2024 Results and Sets New Sales Record on Amazon Prime Day
Owlet, Inc. (NYSE: OWLT), a leader in smart infant monitoring recently, announced financial results for Q2 2024, highlighted by significant revenue growth and improved profitability. The company also achieved record-breaking sales during Amazon Prime Day.
Key Highlights:
- Revenue Growth: Q2 2024 revenue of $20.7 million, up 58% year-over-year.
- Improved Profitability: Net loss narrowed by 73% to $1.1 million, with adjusted EBITDA reaching $0.1 million.
- Milestone Achievements: Obtained CE Medical certification for the UK and Europe, launching Dream Sock across major European markets.
CEO Kurt Workman expressed confidence stating, “While pleased with our advancements across our business, we are not resting and plan to continually lay the regulatory groundwork for additional commercial expansion in both our home US market and abroad. A prime example of this comes on the heels of our groundbreaking FDA clearances in 2023, and during the quarter, we announced medical certification and product introductions in both the UK and EU markets. In short order, we have dramatically expanded our market access at a time when we have resumed our top line growth trajectory. Further, we kicked off Q3 with record-breaking results for Prime Day on both Amazon and OwletCare.com. We see Owlet as being well-positioned for long-term success, and I’m excited to lead our dynamic company into the next phase of its growth.”
The global market for Advanced Baby Monitors is estimated at US$772.2 Million in 2023 and is projected to reach US$1.4 Billion by 2030, growing at a CAGR of 9.1% from 2023 to 2030.
On August 20, holders of Owlet, Inc.’s Series A convertible preferred stock converted 15,721 shares into 2.3 million shares of Class A common stock. This conversion was part of an effort to simplify the company’s capital structure and support compliance with NYSE market capitalization requirements, bringing the OWLT’s market cap to approximately $54 million.
About Owlet, Inc.
Owlet’s digital health infant monitoring platform is transforming the journey of parenting. Owlet, a small-cap healthcare growth equity, offers FDA-authorized medical and consumer pediatric wearables and an integrated HD visual and audio camera that provide real-time data and insights to parents who safeguard health, optimize wellness, and ensure peaceful sleep, for their children.
Since 2012, over 2 million parents worldwide have used Owlet’s platform contributing to one of the largest collections of consumer infant health and sleep data. The Company continues to develop software and digital data solutions to bridge the current healthcare gap between hospital and home and bring new insights to parents and caregivers globally. Owlet believes that every child deserves to live a long, happy, and healthy life.
