Owlet Inc (OWLT) 2025 Q1 法說會逐字稿

Good afternoon. Thank you all for attending the Owlet Q1 2025 earnings conference call.

午安.感謝大家參加 Owlet 2025 年第一季財報電話會議。

My name is [Brika]. I will be your moderator for today. (Operator Instructions)

我的名字是[布里卡]。我將擔任今天的主持人。（操作員指示）

I would now like to pass the conference over to your host, Jay Gentzkow, Investor Relations. Thank you. You may proceed, Jay.

現在我想將會議交給主持人、投資者關係部門 Jay Gentzkow。謝謝。你可以繼續，傑伊。

Good afternoon, everyone. Thank you for joining us.

大家下午好。感謝您加入我們。

Earlier today, Owlet released financial results for the first quarter ended March 31, 2025.

今天早些時候，Owlet 發布了截至 2025 年 3 月 31 日的第一季財務業績。

I'm pleased to be joined, today, by Kurt Workman, Owlet's CEO and Co-Founder; President, Jonathan Harris; and CFO, Amanda Tweed Crawford.

今天，我很高興能與 Owlet 執行長兼聯合創始人 Kurt Workman、總裁 Jonathan Harris 和財務長 Amanda Tweed Crawford 一起參加會議。

Before we begin, please note that our financial results, press release, and presentation slides referred to on this call are available under the Events and Presentations section of our Investor Relations website at investors.owletcare.com.

在我們開始之前，請注意，本次電話會議中提到的財務表現、新聞稿和簡報投影片可在我們投資者關係網站 investors.owletcare.com 的「活動和簡報」部分找到。

This call is also being webcast live, with a link at the same website. The webcast and accompanying slides will be available for replay for 12 months, following this call.

這次電話會議也進行了網路直播，連結在同一網站上。本次電話會議結束後，網路直播和隨附投影片將可供重播 12 個月。

The content of today's call is the property of Owlet. It cannot be reproduced or transcribed, without our prior consent.

今天通話的內容屬於 Owlet 的財產。未經我們事先同意，不得複製或轉錄。

Before we begin, I'd like to refer you to our Safe Harbor disclaimer on slide 3 of the presentation.

在我們開始之前，我想請您參閱簡報第 3 張投影片上的安全港免責聲明。

Today's discussion will contain forward-looking statements, based on the company's current views and expectations, as of today's date. These statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to differ, materially, from those expressed or implied by such statements.

今天的討論將包含前瞻性陳述，這些陳述基於公司截至今天為止的當前觀點和預期。這些陳述僅是預測，受某些風險和不確定性的影響，可能導致實際結果與這些陳述所表達或暗示的結果有重大差異。

These risks and uncertainties include, but are not limited to, those described in our most recent filings with the SEC and in the Risk Factors section of our annual report on Form 10-K.

這些風險和不確定性包括但不限於我們最近向美國證券交易委員會提交的文件和 10-K 表格年度報告的風險因素部分中所述的風險和不確定性。

Please note that the company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

請注意，除非法律要求，否則本公司不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

With that, it's my pleasure to turn the call over to our CEO, Kurt Workman. Kurt?

我很高興將電話轉給我們的執行長 Kurt Workman。庫爾特？

Thanks, Jay. Welcome, everyone, to Owlet's first-quarter 2025 financial results call.

謝謝，傑伊。歡迎大家參加 Owlet 2025 年第一季財務業績電話會議。

As you saw from our earnings release, we had a fantastic start to 2025, with strong results we announced today, reflecting the ongoing momentum we are driving as a business.

正如您從我們的收益報告中看到的那樣，我們在 2025 年取得了良好的開端，今天我們宣布了強勁的業績，反映了我們作為一家企業所推動的持續發展勢頭。

We exceeded our expectations for first-quarter 2025 results by executing on our growth strategies and leveraging our position as the only FDA and CE-cleared infant health monitors on the market. As a result, we continue to capture market share, as parents increasingly choose Owlet to improve overall infant health, sleep and safety, driving 43% year-over-year growth and our fourth consecutive quarter of breakeven or better adjusted EBITDA.

我們透過執行成長策略並利用我們作為市場上唯一獲得 FDA 和 CE 認證的嬰兒健康監測器的地位，超出了對 2025 年第一季業績的預期。因此，我們繼續佔領市場份額，因為越來越多的父母選擇 Owlet 來改善嬰兒的整體健康、睡眠和安全，推動了 43% 的同比增長，並連續第四個季度實現盈虧平衡或更好的調整後 EBITDA。

We also just signed a new distribution partnership with Children's Hospital of the King's Daughters, one of the premier hospitals on the East Coast. As part of the collaboration, for the first time ever, babies are now able to leave the hospital with a BabySat or Dream Sock.

我們也剛與東海岸首屈一指的醫院之一國王女兒兒童醫院簽署了新的分銷合作協議。作為合作的一部分，嬰兒現在有史以來第一次可以帶著 BabySat 或 Dream Sock 離開醫院。

Finally, another takeaway from the quarter was the exciting momentum for Owlet360 subscription. The early results and feedback continue to trend very positively, as we differentiate ourselves from a hardware company to a comprehensive pediatric health platform.

最後，本季的另一個收穫是 Owlet360 訂閱量呈現令人興奮的成長動能。隨著我們從硬體公司轉型為一個綜合性的兒科健康平台，早期結果和回饋繼續呈現非常積極的趨勢。

Q1 was an outstanding quarter, setting a foundation for growth in 2025. And, despite a more dynamic macro backdrop, we're seeing very positive trends for our business.

第一季表現出色，為 2025 年的成長奠定了基礎。儘管宏觀背景更加動態，但我們的業務趨勢仍然非常積極。

Before we detail the strong first-quarter results, I'd like to highlight just one of many Owlet stories that really underscores why our team is so passionate about our mission:

在我們詳細介紹第一季的強勁業績之前，我想先強調一下 Owlet 的眾多故事之一，這些故事真正凸顯了為什麼我們的團隊對我們的使命如此充滿熱情：

My husband and I originally purchased our Dream Sock for peace of mind. What we didn't know is how much this device would actually help us. One night, at 1:00 AM, we received a notification that my son's heart rate was 250 to 280 beats per minute. But he didn't seem to be in distress. We took him to the ER, which resulted in an inconclusive cardiac work-up. We continued to monitor independently, with our Dream Sock at home, which allowed us to pick up two additional episodes of high heart rate. After another ER visit and hospital admission, we received a diagnosis of SVT. We never would have picked up on this without our Dream Sock, as my son never seemed to be in distress. With home monitoring, we were able to seek medical care quickly and are now managing with daily medication. We are so grateful to have had this technology.

我和我先生最初購買 Dream Sock 是為了安心。我們不知道這個設備實際上能為我們帶來多大的幫助。一天晚上 1 點，我們收到通知說我兒子的心率為每分鐘 250 到 280 次。但他看起來並不痛苦。我們帶他去了急診室，但心臟檢查結果並不確定。我們繼續在家中使用 Dream Sock 進行獨立監測，這讓我們又發現了兩次心率過高的情況。經過另一次急診就診和住院治療後，我們得到了 SVT 的診斷。如果沒有夢想襪子，我們永遠不會意識到這一點，因為我的兒子似乎從來沒有遇到過麻煩。透過家庭監控，我們能夠迅速尋求醫療救治，現在可以透過日常藥物治療。我們非常感激擁有這項技術。

We received countless testimonials from parents and caregivers about the impact Owlet has made on their infants' lives and livelihoods. It's core to our mission, here, at Owlet and makes me incredibly proud of what we're delivering to the world.

我們收到了無數來自父母和照顧者的感言，他們講述了 Owlet 對他們嬰兒的生活和生計的影響。這是我們 Owlet 使命的核心，我為我們向世界提供的產品感到無比自豪。

Now, recapping Q1 results on slide 6. We kicked off the year with a very strong quarter, exceeding expectations across all key metrics.

現在，在第 6 張投影片上回顧第一季的業績。我們以非常強勁的季度業績開啟了新的一年，所有關鍵指標都超乎預期。

Revenue was $21.1 million in the first quarter of 2025, up 43% versus first quarter 2024. The top-line strength drove gross margins of 53.7%, an improvement of 930 basis points compared to prior year and our eighth consecutive quarter of year-over-year gross margin expansion.

2025 年第一季營收為 2,110 萬美元，較 2024 年第一季成長 43%。強勁的營收推動毛利率達到 53.7%，較上年同期提高 930 個基點，這也是我們連續第八個季度實現毛利率年增。

Revenue growth and margin strength supported breakeven adjusted EBITDA, a $3.1 million improvement year over year, helping us outperform our expectations. This was our fourth consecutive quarter of breakeven or better adjusted EBITDA, even with Q1 traditionally being our seasonally lowest revenue contribution quarter, as we look to expand adjusted EBITDA profitability, going forward.

營收成長和利潤率強勁支撐了盈虧平衡調整後的 EBITDA，較上年同期成長了 310 萬美元，幫助我們超越了預期。這是我們連續第四個季度實現盈虧平衡或更好的調整後 EBITDA，儘管第一季傳統上是我們季節性收入貢獻最低的季度，但我們希望未來能夠擴大調整後 EBITDA 盈利能力。

It was a very strong quarter of execution. And, as a result, we're raising 2025 revenue guidance to account for first-quarter outperformance and our outlook for the balance of the year.

這是一個執行力非常強勁的季度。因此，我們上調了 2025 年的營收預期，以反映第一季的優異表現以及我們對今年剩餘時間的展望。

While the tariff situation and macro visibility remain limited, creating some uncertainty, we are incredibly well positioned to drive continued strong financial performance throughout 2025 and beyond.

儘管關稅情況和宏觀可見性仍然有限，造成了一些不確定性，但我們已做好充分準備，能夠在 2025 年及以後繼續保持強勁的財務業績。

Amanda will go into more details about our guidance.

阿曼達將更詳細地介紹我們的指導。

In summary, Owlet continues to fire on all cylinders. We are seeing strong performance in our core Dream Sock and Dream Duo products.

總而言之，Owlet 繼續全力以赴。我們的核心產品 Dream Sock 和 Dream Duo 表現強勁。

In addition, we are layering in three additional growth verticals of international expansion, Owlet360 subscription, and healthcare channels that are changing the profile of the business and will propel durable, profitable growth in this next phase of Owlet's evolution.

此外，我們還在增加三個成長垂直領域，即國際擴張、Owlet360 訂閱和醫療保健管道，這些領域正在改變業務狀況，並將推動 Owlet 在下一階段的發展中實現持久、盈利的成長。

I'd now like to pass the call to Jonathan to walk through recent progress against our strategic focus areas.

現在，我想請喬納森介紹我們在策略重點領域的最新進展。

Thanks, Kurt.

謝謝，庫爾特。

I'm thrilled with the execution of our team on delivering an amazing first quarter. Before an update on our strategic focus areas, I'll quickly touch on the tariff situation and our strategic positioning.

我對我們團隊在第一季度取得的出色表現感到非常高興。在更新我們的策略重點領域之前，我將快速談談關稅狀況和我們的策略定位。

Upfront, I'm incredibly proud of Owlet's team's ability to anticipate and evaluate the risks in our supply chain prior to the most recent tariff decisions and move decisively such that, where the tariff framework stands today, we don't see material risk to our business.

首先，我為 Owlet 團隊能夠在最近的關稅決定之前預測和評估我們供應鏈中的風險並果斷採取行動的能力感到無比自豪，以至於在目前的關稅框架下，我們認為我們的業務不會面臨重大風險。

In the last two quarters, we've taken steps to transition manufacturing of our cameras from China to Vietnam. As a result, today, we have minimal China manufacturing exposure, aside from some accessories, which we are presently evaluating alternative sourcing options. Thailand is our largest manufacturing source, as they supply our Dream Sock and Dream Duo products.

在過去兩個季度中，我們已採取措施將相機製造從中國轉移到越南。因此，目前，除了一些配件外，我們在中國製造的接觸很少，我們目前正在評估其他採購方案。泰國是我們最大的製造來源地，因為他們供應我們的 Dream Sock 和 Dream Duo 產品。

As a result, assuming the current tariff rates, we are assessing the 10% additional tariff costs that are being applied to both Thailand and Vietnam. Historically, there have been exemptions for tariffs on medical devices for which we qualified. While that is not the case as we speak today, we continue to evaluate numerous ways to reduce our tariff impacts.

因此，假設目前的關稅稅率，我們正在評估對泰國和越南徵收的 10% 額外關稅成本。從歷史上看，符合我們資格的醫療器材都享有關稅豁免。儘管今天的情況並非如此，但我們仍在繼續評估多種減少關稅影響的方法。

I'd also add that the majority of camera monitoring products in this category have meaningful exposure to China, which we do not. As a result, given our positioning, we view the current situation as an opportunity to actually gain share in the infant health monitoring market.

我還要補充一點，該類別中的大多數攝影機監控產品都與中國有著密切的聯繫，而我們卻沒有。因此，鑑於我們的定位，我們將當前情況視為在嬰兒健康監測市場中真正獲得份額的機會。

The tariff situation is very fluid. And, like all companies, we're adapting and assessing in real time.

關稅情況非常不穩定。而且，與所有公司一樣，我們也在即時適應和評估。

Now, turning to our strategic focus areas.

現在，轉向我們的策略重點領域。

We made excellent progress in the first quarter on driving continued global adoption of Dream Sock, transitioning Owlet into a service through the Owlet360 subscription, supporting parents from infancy into their toddler years, and increasing customer lifetime value, and expanding healthcare channels to offer an insurance reimbursed monitor.

我們在第一季取得了優異的進展，推動了 Dream Sock 在全球範圍內的持續普及，透過 Owlet360 訂閱將 Owlet 轉變為一項服務，為從嬰兒期到幼兒期的父母提供支持，提高了客戶終身價值，並擴展了醫療保健管道以提供保險報銷的監測服務。

We had another quarter of exceptional performance from our Dream Sock business. The US momentum remains high, with a strong quarter of domestic Dream Sock sell-through growth of 40% compared to Q1 2024. The strong sell-through growth is a testament to the adoption and awareness we are driving for Dream Sock, as well as a severe cold season that saw the highest hospitalization rate since 2011 and continued strength from Amazon.

我們的 Dream Sock 業務又一個季度表現出色。美國市場動能依然強勁，與 2024 年第一季相比，美國國內 Dream Sock 銷量成長強勁，達 40%。強勁的銷售成長證明了我們對 Dream Sock 的採用和認知度，也證明了自 2011 年以來住院率最高的嚴寒季節和亞馬遜的持續強勁表現。

Additionally, a leading indicator of how our core business is trending: baby registries. First quarter showed a 63% year-over-year increase in Dream Sock, as parents continue to prioritize Owlet for their nursery.

此外，我們的核心業務趨勢的一個領先指標是：嬰兒登記。第一季度，Dream Sock 銷量年增 63%，因為家長們繼續優先為他們的育兒室購買 Owlet。

We also expanded our market share position in the quarter. Based on consumer research firm Circana and our own data, Owlet, again, increased our share of total dollars spent on baby monitors.

本季我們也擴大了市場佔有率。根據消費者研究公司 Circana 和我們自己的數據，Owlet 再次增加了嬰兒監視器總支出中的份額。

Finally, brand health remains in a strong position with Dream Sock's NPS being at [73] to end the first quarter. Customer satisfaction is further supported by our return rates remaining at levels lower than historical averages.

最後，品牌健康狀況依然強勁，第一季末 Dream Sock 的 NPS 為 [73]。我們的退貨率始終低於歷史平均水平，進一步提高了客戶滿意度。

Internationally, Dream Sock adoption remains robust. In the first quarter of 2025, international revenue growth was up 104% year over year. France and Germany demonstrated particular strength, including sell-through up of 95% and 72%, respectively.

在國際上，Dream Sock 的普及度依然強勁。2025年第一季度，國際營收年增104%。法國和德國表現尤為強勁，銷售量分別成長了 95% 和 72%。

Looking ahead, we see plenty of opportunity to drive adoption through our current global sales channels, as well as add new countries over time, supporting this additional growth vector in our business. Furthermore, we're excited about rolling out Owlet360, internationally, later this year.

展望未來，我們看到了大量機會，可以透過我們目前的全球銷售管道推動採用，並隨著時間的推移增加新的國家，從而支持我們業務的這一額外增長載體。此外，我們很高興今年稍後在國際上推出 Owlet360。

Turning to Owlet360. Our new subscription service continues to be a standout since its official launch on January 28. We've continued a strong growth trajectory, with over 48,000 paying subscribers and growing. And we are seeing steady growth in attach rates, as more and more parents are taking advantage of this additional tool to unlock an elevated level of infant care at home.

轉向 Owlet360。我們的新訂閱服務自 1 月 28 日正式推出以來一直備受矚目。我們繼續保持強勁的成長勢頭，付費用戶超過 48,000 名，並且還在不斷增長。我們看到附加率正在穩步增長，因為越來越多的父母正在利用這項附加工具來提高家庭嬰兒護理的水平。

Post January's launch, we began marketing to drive awareness and adoption of subscription, including building in-app prompts, e-mail, and SMS flows to educate current users on the benefits of subscribing to Owlet360, as well as an updated website and product pages to highlight the value of the service. We're really beginning to see the impact from these marketing strategies, which we expect to drive ongoing positive adoption trends.

自一月推出以來，我們就開始進行行銷，以提高人們對訂閱的認識和採用，包括建立應用程式內提示、電子郵件和簡訊流程，以讓現有用戶了解訂閱 Owlet360 的好處，以及更新網站和產品頁面以突出該服務的價值。我們確實開始看到這些行銷策略的影響，我們預計這些策略將推動持續積極的採用趨勢。

Additionally, the customer feedback we're receiving from Owlet360 has supported why we were so excited to launch this new service. Parents are reporting improved peace of mind, better parenting confidence with the ability to compare their baby's health metric trends against our pediatric health database. And we've also received testimonials that the value of Owlet360 has enabled parents to avoid an unnecessary healthcare visit, a key goal of the service.

此外，我們從 Owlet360 收到的客戶回饋也支持了我們如此興奮推出這項新服務的原因。父母表示，透過將嬰兒的健康指標趨勢與我們的兒科健康資料庫進行比較，他們的內心更加平靜，育兒信心也更強。我們也收到了證明，Owlet360 的價值在於它讓父母避免了不必要的醫療就診，這是該服務的關鍵目標。

It's really exciting to see the value of our pediatric data set unlocked for parents through Owlet360. With new features, international roll-out, and the telehealth opportunity still on the horizon, the future is bright as Owlet360 subscription evolves the profile of the business into a comprehensive pediatric data platform.

看到我們的兒科資料集的價值透過 Owlet360 為父母解鎖，我們感到非常興奮。隨著新功能、國際推廣和遠距醫療機會的出現，隨著 Owlet360 訂閱將業務形象發展為綜合兒科數據平台，未來一片光明。

In our final strategic growth area, we continue to gain traction in our healthcare channels, with BabySat. We are excited to announce a new strategic partnership with the Children's Hospital of the King's Daughter of Virginia.

在我們的最後一個策略成長領域，我們透過 BabySat 繼續在醫療保健管道中獲得吸引力。我們很高興地宣布與維吉尼亞國王女兒兒童醫院建立新的策略合作夥伴關係。

For the first time ever, babies are now able to leave the hospital with an Owlet infant health monitor. This landmark initiative will serve as a critical reference point for BabySat's value and continued scaling.

有史以來第一次，嬰兒們可以帶著 Owlet 嬰兒健康監測器離開醫院。這項具有里程碑意義的舉措將成為 BabySat 的價值和持續擴展的關鍵參考點。

In addition, in the first quarter, we launched a BabySat Android app to accompany our existing iOS app, driving further health equity for infants and their caregivers.

此外，在第一季度，我們推出了 BabySat Android 應用程式來配合我們現有的 iOS 應用程序，進一步推動嬰兒及其照顧者的健康公平。

We also soft launched [Owlet Connect], a platform for integrating Owlet's pediatric health data into clinical workflows and remote monitoring programs.

我們也軟啟動了[Owlet Connect]，這是一個將Owlet的兒科健康數據整合到臨床工作流程和遠端監控程序中的平台。

Finally, we continue to make progress in our partnership with AdaptHealth. As of today, AdaptHealth includes Medicaid reimbursement in 12 states supporting BabySat products.

最後，我們與 AdaptHealth 的合作持續取得進展。截至今天，AdaptHealth 已在 12 個州為 BabySat 產品提供醫療補助報銷。

Scaling into the healthcare market continues to take time. But there is a clear need for a wireless and wearable at-home solution for high-risk babies.

擴大醫療保健市場仍需要時間。但對於高風險嬰兒來說，顯然需要一種無線、可穿戴的家用解決方案。

As evidenced by the breakthrough with King's Daughters Hospital, we continue to receive strong feedback, from medical professionals, that BabySat's FDA-cleared solution fulfills a unique value proposition previously unavailable to the market.

正如國王女兒醫院的突破所證明的那樣，我們不斷收到來自醫療專業人士的強烈反饋，即 BabySat 獲得 FDA 批准的解決方案實現了市場上以前無法獲得的獨特價值主張。

To conclude, Owlet is making meaningful and consistent progress across all our strategic focus growth areas. Despite an uncertain macro backdrop, we are hitting every checkpoint to maximize the opportunity for Owlet. And we're incredibly well positioned for long-term success.

總而言之，Owlet 在我們所有的策略重點成長領域都取得了有意義且持續的進展。儘管宏觀背景不確定，我們仍在努力抓住每一個機會，為 Owlet 創造最大機會。我們已為長期成功做好了充分準備。

I'll now pass the call to Amanda to discuss our Q1 results in more detail, as well as our updated 2025 outlook. Amanda?

我現在將電話轉給阿曼達，讓她更詳細地討論我們的第一季業績以及我們更新後的 2025 年展望。阿曼達？

Thank you, Jonathan. Good afternoon, everyone.

謝謝你，喬納森。大家下午好。

I'll begin on slide 9. Unless noted otherwise, I will be comparing our first-quarter 2025 results to the first quarter of 2024.

我將從第 9 張投影片開始。除非另有說明，我將把 2025 年第一季的業績與 2024 年第一季的業績進行比較。

Q1 was another strong quarter, as we kicked off 2025 exceeding expectations across all key metrics. Owlet continues to execute at a very high level.

第一季又是一個強勁的季度，我們在 2025 年伊始就超越了所有關鍵指標的預期。Owlet 繼續以非常高的水平執行。

Revenue in the first quarter was $21.1 million, a year-over-year increase of 43.1%. Revenue growth outperformed expectations, driven primarily by very strong sales of Dream Sock and Dream Duo.

第一季營收為2,110萬美元，較去年同期成長43.1%。營收成長超出預期，主要得益於 Dream Sock 和 Dream Duo 的強勁銷售。

We also believe a heavy flu season was a contributing factor in the stronger-than-expected Q1 sales.

我們也認為，嚴重的流感季節也是第一季銷售強於預期的因素。

Gross margin in the first quarter was 53.7%, an increase of 930 basis points year over year. This was our highest gross margin since going public and our eighth consecutive quarter of year-over-year gross margin expansion. The significant gross margin improvement reflects strong volume growth, favorable product mix towards Dream Sock and Dream Duo, a reduction in return rates, and improved fixed cost absorption.

第一季毛利率為53.7%，較去年同期成長930個基點。這是我們上市以來的最高毛利率，也是我們連續第八個季度實現毛利率年增。毛利率的大幅提高反映了強勁的銷售成長、Dream Sock 和 Dream Duo 的有利產品組合、退貨率的降低以及固定成本吸收的改善。

Entering Q1, our leading position in the baby monitoring category provided us with leverage to negotiate improved terms with our vendor partners, contributing to year-over-year margin expansion.

進入第一季度，我們在嬰兒監護領域的領先地位為我們提供了與供應商合作夥伴協商改善條款的優勢，從而促進了利潤率的同比擴大。

Total operating expenses in the first quarter were $14 million, including stock-based compensation of $1.7 million and one-time litigation settlement costs of $0.9 million related to the shareholder derivative suit we detailed in Q4. This represents an increase of $1.7 million versus the same period last year.

第一季的總營運費用為 1,400 萬美元，其中包括 170 萬美元的股票薪酬和與我們在第四季度詳述的股東派生訴訟相關的 90 萬美元的一次性訴訟和解費用。與去年同期相比，這一數字增加了 170 萬美元。

Operating loss in the first quarter was $2.7 million compared to a loss of $5.7 million in the same period last year.

第一季營業虧損為 270 萬美元，而去年同期的虧損為 570 萬美元。

Net income in the first quarter was positive $3 million versus $3.3 million in the same period last year, including a $6.7 million gain on warrant mark-to-market.

第一季淨收入為正 300 萬美元，而去年同期為 330 萬美元，其中包括 670 萬美元的認股權證市價收益。

Q1 adjusted EBITDA was $0.0 million, an improvement of $3.1 million compared to the same period last year. Top-line growth, in combination with focus on operating efficiency, drove the increase, our fourth consecutive quarter of breakeven or better adjusted EBITDA.

第一季調整後的 EBITDA 為 0.0 百萬美元，較去年同期成長 310 萬美元。營業收入的成長，加上對營運效率的關注，推動了我們的成長，這是我們連續第四個季度實現盈虧平衡或更好的調整後 EBITDA。

Turning to our balance sheet. Cash and cash equivalents, as of quarter end March 31, 2025, were $16.3 million versus $20.2 million at the end of the fourth quarter 2024.

轉向我們的資產負債表。截至 2025 年 3 月 31 日季末的現金及現金等價物為 1,630 萬美元，而 2024 年第四季末為 2,020 萬美元。

At the end of Q1, we had drawn $8.5 million on our line of credit and $7.5 million was outstanding on the term loan.

在第一季末，我們的信用額度已提取 850 萬美元，定期貸款未償還金額為 750 萬美元。

Now, turning to an update on our financial outlook. We are updating our 2025 full-year guidance to reflect the continued momentum of the business, including the very strong start to the year in Q1, as well to incorporate recent changes in tariff policies.

現在，我們來談談我們的財務前景的最新情況。我們正在更新 2025 年全年指引，以反映業務的持續發展勢頭，包括第一季強勁的開局，以及納入近期關稅政策的變化。

We are navigating through a macro backdrop that creates some uncertainty; specifically, tariff policies that have potential to change. Given the fluidity of the situation, our updated 2025 guidance includes our best assessment of these factors, based on the data we have available to us today, as well as a consumer macro environment that remains consistent to the start of 2025.

我們正在經歷一個充滿不確定性的宏觀背景；具體來說，關稅政策有可能改變。鑑於情勢的不確定性，我們更新後的 2025 年指引包含我們對這些因素的最佳評估，該評估基於我們目前掌握的數據，以及與 2025 年初保持一致的消費者宏觀環境。

It was a very strong start to the year for Owlet. And, as a result of our Q1 outperformance and outlook for the balance of 2025, we are raising our revenue guidance. For full-year 2025, we now expect revenue in the range of $91 million to $95 million or 17% to 22% year-over-year growth.

對於 Owlet 來說，這是一個非常強大的新年開端。而且，由於我們第一季的優異表現以及對 2025 年餘下的展望，我們提高了營收預期。對於 2025 年全年，我們預計營收將在 9,100 萬美元至 9,500 萬美元之間，或年增 17% 至 22%。

As Jonathan detailed, the Owlet team has done an excellent job navigating the dynamic tariff situation. We have eliminated material exposure to tariffs in China. However, we have included the current assessed impact from newly implemented 10% tariffs on imports from Thailand and Vietnam in our updated outlook. As a result, we have revised full-year 2025 gross margin expectations to a range of 46% to 50%.

正如喬納森所詳述的，Owlet 團隊在應對動態關稅情況方面做得非常出色。我們已經消除了中國關稅帶來的重大風險。不過，我們在更新後的展望中納入了對泰國和越南進口產品新實施的 10% 關稅的當前評估影響。因此，我們將 2025 年全年毛利率預期修正為 46% 至 50% 之間。

Our strong revenue forecast and the improved vendor terms we previously outlined positioned us for positive gross margin trends before the implementation of the new tariffs, which have since affected our gross margin expectations.

我們強勁的收入預測和我們先前概述的改善的供應商條款使我們在新關稅實施之前獲得了積極的毛利率趨勢，而新關稅實施之後影響了我們的毛利率預期。

And, finally, our adjusted EBITDA guidance remains unchanged, as stronger revenue expectations were offset by the impact of tariff costs. We continue to strive for full-year 2025 adjusted EBITDA profitability.

最後，我們的調整後 EBITDA 指引保持不變，因為更強的收入預期被關稅成本的影響所抵銷。我們將繼續努力實現 2025 年全年調整後 EBITDA 獲利。

With that, we will now take your questions.

現在我們將回答大家的提問。

(Operator Instructions)

（操作員指示）

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Hi. This is Lucas, on for Charles. Thanks for taking the questions. Congrats on the quarter.

你好。這是盧卡斯，代替查爾斯。感謝您回答這些問題。恭喜本季取得佳績。

I want to ask about you guys' partnership with the Children's Hospital of The King's Daughters. One, can you give us some better understanding of how this partnership works, in terms of parents being shown the Dream Sock and Duo, just how that works on the ground?

我想問一下你們與國王女兒兒童醫院的合作關係。首先，您能否讓我們更了解這種合作關係是如何運作的，例如向父母展示 Dream Sock 和 Duo，以及這種合作關係在實際中是如何運作的？

And then, two, since this partnership, have you, guys, seen any or, at least, reached out to other hospitals and sought to create other partnerships?

第二，自從建立這種合作關係以來，你們有沒有看過其他醫院，或至少聯絡過其他醫院，並尋求其他合作關係？

Yeah. Great question.

是的。好問題。

We're really excited about this partnership. For the first time ever, babies are now able to leave the hospital with an Owlet infant health monitor. So this collaboration involves implementing a consignment program in the NICU for discharges, integrating the Owlet data into the remote patient monitoring workflows, as well.

我們對這次合作感到非常興奮。有史以來第一次，嬰兒們可以帶著 Owlet 嬰兒健康監測器離開醫院。因此，此次合作涉及在 NICU 實施出院寄售計劃，並將 Owlet 數據整合到遠端病患監控工作流程中。

So this is super exciting. And this is the first that Adapt has helped us partner with. We have many more in the queue, as well.

這真是令人興奮。這是 Adapt 首次幫助我們合作。我們還有很多其他的人在排隊。

Great. And then, maybe, I want to ask about the Owlet360 offering and the strong uptake that you're seeing. I understand that most of the revenue contribution or, at least, the outperformance came in Dream Sock and Duo but, obviously, some stronger-than-our-estimates uptake of subscribers.

偉大的。然後，也許我想問一下 Owlet360 產品以及您所看到的強勁成長勢頭。我知道大部分收入貢獻，或者至少是優異的表現來自 Dream Sock 和 Duo，但顯然，一些訂閱用戶的成長超出了我們的預期。

So what's resonating well there? You did give some customer feedback, earlier. How should we be thinking about the contribution from this product, moving forward?

那麼什麼能引起人們的共鳴呢？您之前確實給了一些客戶回饋。我們該如何看待該產品未來的貢獻？

Yeah. The feedback from parents has been overwhelmingly positive. Just in terms of the product experience, they now have access to insights around their baby's health, their sleep.

是的。家長們的回饋非常正面。僅就產品體驗而言，他們現在可以了解嬰兒的健康和睡眠狀況。

We're capturing key moments with the camera. And so, parents love having access to that.

我們用相機捕捉關鍵時刻。因此，父母們都很喜歡這種做法。

We went from 25,000 subscribers that we shared last quarter to over 50,000 subscribers in just a couple of months. So the adoption has been incredible. And we're going to continue to drive it.

短短幾個月內，我們的訂閱用戶數量就從上個季度的 25,000 人增加到了 50,000 多人。因此，採用的效果令人難以置信。我們將繼續推動這項進程。

In terms of contribution to the quarter, we're still filling up that subscriber base. We just changed the price to $9.99.

就本季的貢獻而言，我們仍在填補該用戶群。我們剛剛將價格改為 9.99 美元。

So that will continue to be an awesome contributor, especially as that funnel fills up and we have an even larger cohort of subscribers. So it will make meaningful contribution towards the end of this year, we're hoping.

因此，這將繼續成為一個出色的貢獻者，特別是當該管道填滿並且我們擁有更大的訂閱者群體時。因此，我們希望它能在今年年底做出有意義的貢獻。

Okay. Thanks.

好的。謝謝。

And then, last question, for Amanda: obviously, you raised the guidance to reflect 1Q strength, how should we think about the revenue cadence throughout the year? Should we think about it generally being the same, maybe, off of a higher 1Q base?

然後，最後一個問題，針對阿曼達：顯然，您提高了指導以反映第一季的實力，我們應該如何看待全年的收入節奏？我們是否應該認為它總體上是相同的，也許是基於更高的 1Q 基礎？

Yeah. Any color there would be great.

是的。任何顏色都很棒。

Yeah. We're expecting, from a quarterly basis, to see sequential growth each quarter, with Q4 being the biggest quarter for the year, which is due to the holiday promotional season.

是的。從季度來看，我們預計每季都會持續成長，其中第四季是今年成長最快的季度，這得益於假日促銷季。

Okay. Appreciate it. I'll leave it there. Thanks, again. Congrats on the quarter.

好的。非常感謝。我就把它留在那裡。再次感謝。恭喜本季取得佳績。

Thank you. Thanks for joining.

謝謝。感謝您的加入。

(Operator Instructions)

（操作員指示）

Owen Rickert, Northland Capital.

歐文‧里克特（Owen Rickert），Northland Capital。

Hey, guys. Congrats on a pretty stellar quarter here.

嘿，大家好。恭喜您本季取得了出色的成績。

Quickly, can you provide us with some color on your overall marketing strategy for 2025? And what levers are you pulling on here? What should we be keeping our eye on, going forward?

您能否快速向我們介紹一下您 2025 年的整體行銷策略？您在這裡使用了什麼手段？未來我們該關注什麼？

Yeah. Great question.

是的。好問題。

We're really continuing to drive on our FDA and CE medical clearances. That's really resonating with parents of having that peace of mind and the clearance from the FDA.

我們確實在繼續努力獲得 FDA 和 CE 醫療許可。這確實引起了家長們的共鳴，因為他們可以安心，並獲得 FDA 的批准。

But, ongoing, we're continuing to work on our every baby communication of really bringing those baby and parent stories forward, which ties in extremely well to Owlet360 subscription in really bringing a breadth of services and insights to parents.

但是，我們將繼續致力於每一次與嬰兒的溝通，真正地將嬰兒和父母的故事傳達出去，這與 Owlet360 訂閱緊密相關，真正為父母帶來廣泛的服務和見解。

So what's working today continues to work and we're building that momentum. And we're seeing very strong response.

因此，今天有效的方法將繼續發揮作用，我們正在增強這種勢頭。我們看到了非常強烈的反響。

The baby registries just gives us a great idea of what is happening in the marketplace and the interest of new parents in wanting to bring an outlet into their nursery. And we're seeing over 50% growth quarter on quarter.

嬰兒登記冊讓我們很好地了解了市場上正在發生的事情以及新父母想要為他們的育兒室開闢出路的興趣。我們看到季度環比增長超過 50%。

So the messaging is working. We're continuing to lean in and drive on that.

因此，訊息傳遞功能正在發揮作用。我們將繼續努力並推動這一目標。

Great. And, secondly, per the call on the PR, it doesn't really sound like you're seeing any shift in consumer behavior, just given some of the ongoing macro difficulties.

偉大的。其次，根據公關電話會議的說法，考慮到一些持續存在的宏觀困難，你似乎並沒有看到消費者行為有任何轉變。

But is there anything that you're seeing there? Are your typical customers just more insulated to these macro headwinds?

但是你在那裡看到了什麼嗎？您的典型客戶是否能更好地抵禦這些宏觀不利因素的影響？

Yeah. That's a great question.

是的。這是一個很好的問題。

Again, we're keeping a close eye on it. And baby registry gives us our best insight.

再次強調，我們正密切關注此事。嬰兒登記冊為我們提供了最好的見解。

But, as of right now, we're driving and continuing to have robust sell-through and continued success.

但截至目前，我們正在推動並繼續實現強勁的銷售和持續的成功。

We'll see where it goes. But we're cautiously optimistic on the year.

我們將拭目以待。但我們對今年的前景持謹慎樂觀的態度。

Perfect. Thanks for answering my questions. Congratulations on the quarter.

完美的。感謝您回答我的問題。恭喜本季。

Thank you.

謝謝。

Ben Haynor, Lake Street Capital Markets.

Ben Haynor，Lake Street Capital Markets。

Good afternoon, guys. Thanks for taking the questions. Congrats on the quarter. It's fantastic.

大家下午好。感謝您回答這些問題。恭喜本季取得佳績。太棒了。

First off, for me, just on the Owlet360 subscription offering, getting to 50,000-ish customers already. What marketing or pop-ups or awareness-raising has occurred within the app? Is there still things that you can dial up there? How would you characterize, maybe, how aggressive you've been with making people aware of it?

首先，對我來說，光是 Owlet360 訂閱服務就已經擁有了 50,000 名左右的客戶。應用程式內發生了哪些行銷或彈出視窗或提高知名度的事情？那裡還有可以撥號的東西嗎？您如何描述您在讓人們意識到這一點方面所採取的積極措施？

Yeah. Absolutely. We do have in-app messaging.

是的。絕對地。我們確實有應用程式內訊息功能。

Every new parent that comes on to the Owlet platform downloads the app. So we have access, immediately, to the parents through in-app messaging.

每個進入 Owlet 平台的新家長都會下載該應用程式。因此，我們可以透過應用程式內訊息立即聯繫到家長。

But we have other marketing tools, as well, such as e-mail and SMS that we're leveraging.

但我們也利用其他行銷工具，例如電子郵件和簡訊。

And then, we're going to continue to drive our messaging through our advertising through social, sharing stories; and, really, just continuing to drive that drumbeat onto the awareness.

然後，我們將繼續透過社群廣告、分享故事來傳遞我們的訊息；實際上，我們只是繼續將這種鼓點推向人們的意識。

Excellent. And then, just big picture, how -- I know another firm, with which you compete, has kept a lot of these kids on and parents on the platform until they're several years old.

出色的。然後，從總體上看，我知道另一家與你們競爭的公司如何讓許多孩子和父母留在這個平台上，直到他們幾歲。

Do you, guys, have a cut-off of where you think that or how late in the child's development that can potentially go, without the --

你們覺得，孩子發育到多晚，如果沒有--

Yeah. Today, currencies are [SOC]. We're FDA cleared for up to 18 months.

是的。如今，貨幣[社會責任]。我們已獲得 FDA 批准，有效期長達 18 個月。

But we do see that they use the camera for four years or more.

但我們確實看到他們使用相機已有四年或更長時間。

So really building out the feature set and subscription around camera to continue to go as the child progresses from the crib into the bed and beyond, we see a really strong opportunity to continue to drive that relationship that we've built with the parents, from the day they bring their child home from the hospital.

因此，隨著孩子從嬰兒床到床上甚至更遠的地方逐漸成長，圍繞相機建立功能集和訂閱服務將持續下去，我們看到了一個真正強大的機會，可以繼續推動我們與父母建立的關係，從他們把孩子從醫院帶回家的那一天起。

Okay. Great. And then, lastly for me -- and I apologize if you've already covered this -- just thinking through competitively, it would seem that many of the products that show up in the same category and baby registries likely would be impacted by tariffs.

好的。偉大的。最後，對我來說——如果您已經談到這一點，我深表歉意——僅從競爭的角度考慮，似乎同一類別和嬰兒登記冊中的許多產品都可能受到關稅的影響。

Do you see any tailwind from your competitors potentially getting hit by the tariffs?

您是否認為您的競爭對手可能會因關稅而受到衝擊？

Yeah. Yes, we do. Yeah. Many of the camera manufacturers, in particular, are manufactured in China, which, right now, have very, very high tariffs.

是的。是的，我們有。是的。許多相機製造商都在中國生產，而中國的關稅目前非常高。

So we actually believe that if these 10% tariffs stick -- which, we hope they don't go up -- we actually see this as a potential opportunity to capture additional market share.

因此，我們確實相信，如果這些 10% 的關稅持續下去——我們希望它們不會上漲——我們實際上認為這是一個獲得更多市場份額的潛在機會。

We're going to lean in with our partners and really try to push and increase our market share in the infant monitor market.

我們將與合作夥伴攜手，努力推動和增加我們在嬰兒監視器市場的市場份額。

Fantastic. Excellent. Well, that's all I have, folks. Thanks for taking the questions.

極好的。出色的。好了，各位，這就是我所知道的全部了。感謝您回答這些問題。

Thank you very much.

非常感謝。

Thank you.

謝謝。

I can confirm that does conclude the Q&A session.

我可以確認問答環節確實結束了。

I'd like to hand it back to Kurt Workman, the CEO and Co-Founder, for some final closing comments.

我想將其交還給執行長兼聯合創始人 Kurt Workman，請他發表一些最後的總結性評論。

Yeah. Thank you.

是的。謝謝。

I appreciate it. Thank you all for your support of Owlet, today.

我很感激。感謝大家今天對 Owlet 的支持。

I'm really thrilled with the results in Q1, which sets us up well to deliver continued growth through 2025.

我對第一季的業績感到非常興奮，這為我們在 2025 年實現持續成長奠定了良好的基礎。

I'm confident in our ability to navigate the evolving market dynamics that we have. We're very well positioned to capture additional share in the category, execute on our growth opportunity, expand profitability, and create long-term value for all stakeholders.

我對我們駕馭不斷變化的市場動態的能力充滿信心。我們完全有能力在該類別中佔據更多份額，抓住成長機遇，擴大獲利能力，並為所有利害關係人創造長期價值。

Owlet is well on its way to transitioning from a consumer hardware company to a comprehensive pediatric health platform through Owlet360, through the medical device approvals that we've gotten, and the healthcare channels that we're opening up.

Owlet 正在透過 Owlet360、透過我們已獲得的醫療設備批准以及我們正在開放的醫療保健管道，從消費硬體公司轉型為綜合兒科健康平台。

We are going to be the platform for pediatrics, making a meaningful difference in the lives of parents and their children.

我們將成為兒科平台，為父母及其子女的生活帶來有意義的改變。

I'm just excited to continue to update you on this journey. So thank you so much.

我很高興能繼續向您通報這趟旅程的最新進展。非常感謝。

Thank you, all, for joining the Owlet Q1 2025 earnings conference call.

感謝大家參加 Owlet 2025 年第一季財報電話會議。

I can confirm today's call has concluded.

我可以確認今天的電話會議已經結束。

Thank you all for your participation.

謝謝大家的參與。

You may now disconnect.

您現在可以斷開連線。