Owlet Inc (OWLT) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's Owlet Q2 '25 earnings conference call. My name is Tamia, and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to your host, Jay Gentzkow, Investor Relations. You may proceed.

午安.感謝您參加今天的 Owlet 2025 年第二季財報電話會議。我叫 Tamia，我將擔任今天電話會議的主持人。（操作員指示）現在，我想將會議交給主持人、投資者關係部門 Jay Gentzkow。您可以繼續。

Good afternoon, everyone, and thank you for joining us. Earlier today, Owlet released financial results for the second quarter ended June 30, 2025. I'm pleased to be joined today by Kurt Workman, Owlet's CEO and Co-Founder; President, Jonathan Harris; and CFO, Amanda Twede Crawford. 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. This call is also being webcast live with a link at the same website.

大家下午好，感謝大家的參與。今天早些時候，Owlet 發布了截至 2025 年 6 月 30 日的第二季財務業績。我很高興今天能與 Owlet 執行長兼聯合創始人 Kurt Workman、總裁 Jonathan Harris 和財務長 Amanda Twede Crawford 一起參加會議。在開始之前，請注意，本次電話會議中提及的財務業績、新聞稿和簡報均可在我們投資者關係網站 investors.owletcare.com 的「活動和簡報」部分找到。本次電話會議也可透過同一網站的連結進行網路直播。

The webcast and accompanying slides will be available for replay for 12 months following this call. The content of today's call is the property of Owlet. It cannot be reproduced or transcribed without our prior consent. Before we begin, I'd like to refer you to our safe harbor disclaimer on slide 3 of the presentation. Today's discussion will contain forward-looking statements based on the company's current views and expectations as of today's date.

本次電話會議結束後的 12 個月內，網路直播和隨附投影片均可重播。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。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。今天的討論將包含基於公司截至今天的觀點和預期的前瞻性陳述。

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. 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 as updated in the company's quarterly reports on Form 10-Q and other filings with the SEC. 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. With that, it's my pleasure to turn the call over to Kurt.

這些陳述僅是預測，並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。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中所述的風險和不確定性，以及公司在 10-Q 表季度報告中和向美國證券交易委員會提交的其他文件中更新的 10-K 表年度報告的風險因素部分所述的風險和不確定性。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。說完這些，我很高興將電話轉給庫爾特。

Thank you very much, Jay. Hello, everyone, and thank you for joining our second quarter 2025 financial results call today. I'm proud to report Q2 was another exceptional quarter for Owlet. Revenue exceeded our expectations at $26.1 million in the quarter, growing 26% year-over-year, contributing to our largest first half revenue performance in company history. Strong topline growth led to gross margins expanding year-over-year for a ninth consecutive quarter, and we recorded our fifth consecutive quarter of adjusted EBITDA profitability.

非常感謝，傑伊。大家好，感謝您今天參加我們的 2025 年第二季財務業績電話會議。我很自豪地報告，第二季對 Owlet 來說又是一個非凡的季度。本季營收超出我們的預期，達到 2,610 萬美元，年增 26%，創造了公司歷史上最高的上半年營收業績。強勁的營收成長使毛利率連續第九個季度同比增長，並且我們連續第五個季度實現調整後 EBITDA 盈利。

We've continued to make great progress throughout the first half of 2025 and are focused on driving further gains through our strategic focus areas for growth. We're confident in our continued momentum into the back half of the year and therefore, are again raising full year guidance. Underpinning our performance was, again, the unmatched dedication of the Owlet team and our passionate community. We are building on Owlet's transformation as a comprehensive pediatric health platform, and we believe we are just scratching the surface of Owlet's potential. I'm extremely proud of our execution to deliver on this opportunity and our mission.

我們在 2025 年上半年繼續取得了巨大進步，並致力於透過我們的策略重點成長領域推動進一步的成長。我們對下半年的持續發展動能充滿信心，因此再次上調了全年業績預期。我們績效的支撐再次來自 Owlet 團隊和我們熱情社區無與倫比的奉獻精神。我們正在將 Owlet 轉型為一個全面的兒科健康平台，我們相信我們才剛剛觸及 Owlet 潛力的表面。我為我們抓住這一機會、完成我們的使命的表現感到非常自豪。

Before we jump into the second quarter results, I want to take a moment to highlight an exciting and important leadership update. As of October 1, I'll be transitioning out of the CEO role and into a new position as Executive Chairman of the Board. This move will allow me to focus more deeply on the things I'm most passionate about, expanding access to Owlet's mission and helping guide the company's long-term strategy as we continue to grow. Starting October 1, Jonathan will become the new CEO of Owlet. This is a meaningful moment for Owlet and one I'm incredibly excited about.

在我們了解第二季度業績之前，我想花點時間強調令人興奮且重要的領導更新。自 10 月 1 日起，我將不再擔任首席執行官，轉而擔任董事會執行主席。這項舉措將使我能夠更深入地關注我最熱衷的事情，擴大對 Owlet 使命的了解，並在我們不斷發展的過程中幫助指導公司的長期策略。從 10 月 1 日起，喬納森將成為 Owlet 的新執行長。對 Owlet 來說，這是一個意義非凡的時刻，我對此感到無比興奮。

I founded Owlet over 12 years ago with a simple but powerful belief that every baby deserves access to medical-grade health monitors at home. Since then, we've created and led this category, launching the first Smart Sock in 2016 and establishing it as the gold standard with the first and only FDA-cleared health monitor available to parents in the US and abroad. Now we're closer than ever to making that vision a reality. In my new role, in addition to overseeing the long-term strategy and Board governance, I'll be focused on driving broader access to our technology through affordability, insurance coverage and building on the clinical evidence needed to make health monitors part of the standard of care for families everywhere.

12 年前，我創立了 Owlet，秉持著一個簡單而堅定的信念：每個嬰兒都應該在家中使用醫療級健康監測器。從那時起，我們創造並引領了這個類別，於 2016 年推出了第一款智慧襪子，並將其確立為黃金標準，成為美國和國外父母可以使用的第一款也是唯一一款獲得 FDA 批准的健康監測器。現在我們比以往任何時候都更接近實現這個願景。在我的新職位上，除了監督長期策略和董事會治理之外，我還將致力於透過可負擔性、保險覆蓋和建立必要的臨床證據來推動更廣泛地使用我們的技術，使健康監測器成為世界各地家庭護理標準的一部分。

This change allows me to focus my time and energy on where I believe I can make the biggest impact for parents and for the company. We've built incredible momentum, and I truly believe this next chapter will accelerate it even further. Owlet could not have a better CEO going forward.

這項改變讓我能夠將我的時間和精力集中在我認為能為父母和公司帶來最大影響的地方。我們已經建立了令人難以置信的勢頭，我堅信下一章將進一步加速這一進程。Owlet 的未來不可能有比他更好的 CEO 了。

Jonathan is an extremely accomplished executive with a proven ability to consistently deliver value to a full range of stakeholders. Jonathan's leadership and commitment to Owlet's mission has already made an incredible impact on the company over the last two years, with him leading our global go-to-market directly following FDA and CE Mark clearances, spearheading international growth and distribution, standing up our Owlet360 subscription offering and driving a more focused streamlined organization.

喬納森是一位非常有成就的主管，具有為所有利害關係人持續創造價值的能力。喬納森的領導力和對 Owlet 使命的承諾在過去兩年中已經對公司產生了不可思議的影響，他領導我們在獲得 FDA 和 CE 標誌批准後直接進入全球市場，帶頭實現國際增長和分銷，支持我們的 Owlet360 訂閱服務並推動更加專注的精簡組織。

It's without question that the momentum and performance we've delivered in recent quarters are a direct result of Jonathan's impact on the business and his valuable leadership. Jonathan has been pivotal in the transformation of Owlet as a comprehensive pediatric health platform, and he is ideally suited to lead as Owlet's CEO through this next phase of growth. I'm grateful to our Board for their support in this planned transition and excited to assume the Executive Chairman role and continue to actively support and collaborate with Jonathan as well. It's been a pleasure and a privilege to be the CEO of Owlet. With that, I'll pass it on to Owlet's new CEO, Jonathan Harris.

毫無疑問，我們最近幾季取得的勢頭和業績直接歸功於喬納森對業務的影響及其寶貴的領導能力。喬納森在 Owlet 轉型為綜合兒科健康平台的過程中發揮了關鍵作用，他非常適合擔任 Owlet 的首席執行官，帶領公司度過下一階段的成長。我感謝董事會對這項計劃過渡的支持，並很高興擔任執行主席一職，並繼續積極支持和與喬納森合作。能夠擔任 Owlet 的執行長是我的榮幸。我將把這個消息傳遞給 Owlet 的新任執行長 Jonathan Harris。

Thanks, Kurt. I could not be more thrilled at this opportunity to lead Owlet in this next chapter. On behalf of Owlet's Board and all of the Owleez, we'd like to thank Kurt for his passion and dedication to this company. Simply put, there would not be an Owlet without him. He has been the driving force in our mission to bring safety and peace of mind to new parents, and we are fortunate that he will continue to play a critical role as Executive Chairman.

謝謝，庫爾特。我非常高興有機會帶領 Owlet 開啟新的篇章。我謹代表 Owlet 董事會和所有 Owleez 成員感謝 Kurt 對公司的熱情和奉獻。簡而言之，沒有他就不會有小貓頭鷹。他一直是我們為新父母帶來安全和安心的使命的推動力，我們很幸運他將繼續作為執行主席發揮關鍵作用。

We are at an exciting time with the significant opportunity to deliver on the amazing potential of this business to be the leading pediatric health platform in the world, and I'm honored to help drive this mission forward as Owlet's CEO. Thank you. Okay. Now on to the financial results from the second quarter. Looking at slide 5, it was another outstanding quarter for Owlet, exceeding our expectations across all metrics.

我們正處於一個激動人心的時刻，擁有重大機會來發揮這項業務的驚人潛力，成為世界領先的兒科健康平台，我很榮幸能夠以 Owlet 首席執行官的身份幫助推動這一使命。謝謝。好的。現在來看看第二季的財務表現。從投影片 5 來看，這是 Owlet 又一個出色的季度，所有指標都超出了我們的預期。

Revenue was $26.1 million in Q2, up 25.9% compared to the second quarter 2024. Gross margins expanded 180 basis points to 51.3%, representing our ninth consecutive quarter of year-over-year gross margin expansion. Gross margins included the impact from tariffs in Q2, which Amanda will go into in more detail. Adjusted EBITDA was $0.3 million, our fifth consecutive quarter of adjusted EBITDA profitability. Finally, we are raising our full year 2025 guidance to reflect both our outperformance in the second quarter and the confidence in our outlook.

第二季營收為 2,610 萬美元，較 2024 年第二季成長 25.9%。毛利率擴大 180 個基點至 51.3%，這是我們連續第九個季度實現毛利率年增。毛利率包括第二季關稅的影響，Amanda 將對此進行更詳細的介紹。調整後的 EBITDA 為 30 萬美元，這是我們連續第五個季度實現調整後的 EBITDA 獲利。最後，我們上調了 2025 年全年業績預期，以反映我們第二季的優異表現以及對前景的信心。

Amanda will provide more detail on our updated guidance. We are excited to maintain the momentum of our business into the back half of the year. Turning to our strategic focus areas for growth. We continue to make really strong progress on driving continued global adoption of Dream Sock, transitioning Owlet into a service through the Owlet360 subscription, supporting parents from infancy into the toddler years and increasing our customer lifetime value and expanding health care channels to offer an insurance reimbursed monitor. Starting with our core business, Dream Sock, both domestic and international adoption continues to be very exciting.

阿曼達將提供有關我們更新指南的更多詳細資訊。我們很高興能夠在今年下半年維持業務成長動能。轉向我們的成長策略重點領域。我們繼續在推動 Dream Sock 在全球範圍內的持續採用方面取得真正強勁的進展，透過 Owlet360 訂閱將 Owlet 轉變為一項服務，為從嬰兒期到幼儿期的父母提供支持，提高我們的客戶終身價值，並擴展醫療保健管道以提供保險報銷的監測服務。從我們的核心業務 Dream Sock 開始，國內和國際的採用都繼續令人興奮。

In the US, Dream Sock demand remains strong. Q2 saw another quarter of domestic sell-through growth of 37% versus Q2 2024. Sell-through strength was driven by ongoing demand for Dream Sock as well as solid execution by the sales and marketing teams. We also continue to see positive trends in our registry data, a valuable leading indicator for our core business. Q2 showed a 54% year-over-year increase in total Dream Sock additions to the registries we track, which includes Amazon, Babylist and Target.

在美國，Dream Sock 的需求依然強勁。與 2024 年第二季相比，第二季國內銷售量再次成長 37%。銷售強勁的動力來自於對 Dream Sock 的持續需求以及銷售和行銷團隊的出色執行。我們的註冊數據也持續呈現正面趨勢，這是我們核心業務的一個寶貴的領先指標。第二季度，我們追蹤的註冊平台（包括亞馬遜、Babylist 和 Target）中 Dream Sock 的新增數量年增了 54%。

We also continue to maintain our market leadership in the baby monitor category. In the quarter, Owlet again increased our share of total dollars spent on baby monitors versus prior year, based on consumer research firms, Circana and our own data. In addition, the data is showing our overall category is growing within the 12-month trailing time period, supporting the consumer spending on baby monitors is the highest it's been in 5 years. We also continue to be a company with innovation at our core as we continue to invest to maintain our lead in the pediatric health space. Brand health also remains in a very good position with Dream Sock s NPS over 73 to end the second quarter.

我們也繼續保持在嬰兒監視器領域的市場領先地位。根據消費者研究公司 Circana 和我們自己的數據，本季度，Owlet 在嬰兒監視器總支出中所佔的份額與去年同期相比再次增加。此外，數據顯示，我們的整體類別在過去 12 個月內呈現成長趨勢，支持消費者在嬰兒監視器上的支出達到 5 年來的最高水準。我們也將繼續成為一家以創新為核心的公司，並持續投資以保持在兒科健康領域的領先地位。品牌健康狀況也保持良好，截至第二季末，Dream Sock 的 NPS 超過 73。

Owlet also had our most successful Amazon event in company history at the Prime Day in July. The record sales of both our Dream Sock and Duo products with total sell-through units up 72% versus prior year, resulted in Owlet ranking as the number one seller in the baby monitor and baby safety categories. And finally, Owlet was recently recognized with two awards for innovation in baby care. Dream Sock took home Baby Monitor Product of the Year in the 2025 Baby Innovation Awards. Secondly, we earned top honors at the 2025 Mother&Baby Awards, winning Silver for Best Baby Monitor and Bronze for overall Innovation of the Year with Mother&Baby naming it a game-changing device.

Owlet 也在 7 月的 Prime Day 上舉辦了該公司歷史上最成功的亞馬遜活動。我們的 Dream Sock 和 Duo 產品的銷量均創歷史新高，總銷量比去年同期增長了 72%，這使得 Owlet 成為嬰兒監視器和嬰兒安全類別中銷量第一的產品。最後，Owlet 最近因嬰兒護理領域的創新而獲得兩項獎項。Dream Sock 在 2025 年嬰兒創新獎中榮獲年度嬰兒監視器產品獎。其次，我們在 2025 年 Mother&Baby Awards 中榮獲最高榮譽，榮獲最佳嬰兒監視器銀獎和年度整體創新銅獎，Mother&Baby 稱其為改變遊戲規則的設備。

We're proud to be recognized as an innovation leader in our efforts to advance health and safety in the pediatric industry. Turning to international. We continue to execute on our addressable global market opportunities. In Q2 2025, international revenue was $1.8 million versus $4.8 million in Q2 2024. It is important to note that revenue was down compared to last year given the timing shift of open orders to Q3.

我們很榮幸被公認為致力於促進兒科產業健康和安全的創新領導者。轉向國際。我們將繼續抓住可尋址的全球市場機會。2025 年第二季度，國際營收為 180 萬美元，而 2024 年第二季為 480 萬美元。值得注意的是，由於未結訂單的時間轉移到第三季度，收入與去年相比有所下降。

However, with Q2 sell-through up 33% year-over-year, we're confident in the continued growth in the international business through the back half of the year. In the quarter, Owlet U.K. had a record Amazon Prime Day, showing sell-through units up 144% compared to prior year, and Owlet achieved the number one seller in the baby monitor category. France and Germany were again global standouts with sell-through up over 200% and up over 100% year-over-year, respectively. Shifting to Owlet360 subscription.

然而，由於第二季的銷售額年增了 33%，我們對今年下半年國際業務的持續成長充滿信心。本季度，Owlet U.K. 創下了亞馬遜 Prime Day 的銷售記錄，銷量較上年同期增長了 144%，並且 Owlet 成為嬰兒監視器類別的銷量第一。法國和德國再次成為全球佼佼者，銷售額分別比去年同期成長了 200% 以上和 100% 以上。轉向 Owlet360 訂閱。

We are now full six months since launch. In Q2, we made meaningful progress expanding the value of our subscription offering while driving continued growth. Total paying subscribers recently surpassed 66,000 with strong second quarter growth across monthly reoccurring revenue, attach rate, retention rate and consumer satisfaction compared to the first quarter. The strong trends and overall feedback have really been outstanding. Improving and enhancing subscription also continues.

自推出以來，現在已經整整六個月了。在第二季度，我們在擴大訂閱服務價值的同時推動持續成長，並取得了重大進展。付費用戶總數最近超過了 66,000 人，與第一季相比，第二季的月經常性收入、附加率、保留率和消費者滿意度均實現了強勁增長。強勁的趨勢和整體反饋確實非常出色。訂閱服務的改進和增強仍在繼續。

In Q2, we launched Sleep Position, one of our most requested features, which gives caregivers visibility into how much time their baby spends on their back, side or tummy. This insight directly supports safer sleep practices and peace of mind. We also invested in scalable growth infrastructure, building out in-app and e-mail marketing automation tools to continue driving adoption. Looking ahead to the second half of the year, our focus is on bringing even more value to subscribers through deeper insights and expanded capabilities. We are planning to launch historical data trends, which allow caregivers to track progress and spot patterns over time.

在第二季度，我們推出了睡眠姿勢，這是我們最受歡迎的功能之一，它可以讓照護者了解他們的寶寶仰臥、側臥或俯臥的時間。這種見解直接支持更安全的睡眠習慣和內心的平靜。我們還投資了可擴展的成長基礎設施，建立了應用程式內和電子郵件行銷自動化工具，以繼續推動採用。展望下半年，我們的重點是透過更深入的洞察和擴展的功能為用戶帶來更多價值。我們計劃推出歷史數據趨勢，讓護理人員能夠追蹤進度並發現一段時間內的模式。

By the end of the year, we will also begin piloting AI-generated sleep insights built from Owlet's proprietary pediatric data set, offering caregivers personalized data-backed guidance that only Owlet can provide. We're now targeting a fourth quarter telehealth pilot launch to better align with our broader ecosystem of caregiver partners. This timing also gives us the opportunity to deliver a more connected and valuable experience for our users.

今年底，我們也將開始試行基於 Owlet 專有兒科資料集所建構的 AI 睡眠洞察，為護理人員提供只有 Owlet 才能提供的個人化資料支援指導。我們現在的目標是在第四季度啟動遠距醫療試點，以便更好地與我們更廣泛的護理人員合作夥伴生態系統保持一致。這個時機也使我們有機會為用戶提供更互聯和有價值的體驗。

These innovations will continue to strengthen our relationship with caregivers, enhance the daily utility of our platform and drive long-term subscriber growth as Owlet360 enables our evolution from a consumer device company to a comprehensive pediatric health platform, while unlocking the value of what we believe is the largest and most scaled database of pediatric health data in the world. Finally, we're excited about the opportunity to roll out Owlet360 internationally, and we're in a strong position from a software development perspective.

這些創新將繼續加強我們與護理人員的關係，提高我們平台的日常實用性，並推動長期用戶成長，因為 Owlet360 使我們從一家消費設備公司發展成為一個綜合性的兒科健康平台，同時釋放我們認為是世界上最大、規模最大的兒科健康數據庫的價值。最後，我們很高興有機會在國際上推出 Owlet360，從軟體開發的角度來看，我們處於有利地位。

However, this year, we are prioritizing our Dream Sock and camera feature set as well as the telehealth pilot, and we'll be rolling out Owlet360 internationally next year. Finishing up on our third strategic area of focus, we continue to progress our mission to expand medical and health care channels to offer insurance reimbursed monitor. In the quarter, we continued development of a key component of our health care strategy, Owlet Connect, our enterprise data integration platform and service. Through Owlet Connect, for the first time ever, Owlet families will be able to share their baby's health data via BabySat with health care providers in real time. Owlet Connect is critical to our holistic health care solution as it enables integration of Owlet's unique pediatric data into clinical workflows, electronic health records and research databases.

然而，今年，我們優先考慮我們的 Dream Sock 和相機功能集以及遠距醫療試點，並且明年我們將在國際上推出 Owlet360。在完成我們的第三個策略重點領域後，我們將繼續推進我們的使命，擴大醫療保健管道，提供保險報銷監測。本季度，我們繼續開發醫療保健策略的關鍵組成部分—企業資料整合平台和服務 Owlet Connect。透過 Owlet Connect，Owlet 家族將首次能夠透過 BabySat 與醫療保健提供者即時分享寶寶的健康數據。Owlet Connect 對於我們的整體醫療保健解決方案至關重要，因為它能夠將 Owlet 獨特的兒科數據整合到臨床工作流程、電子健康記錄和研究資料庫中。

Our new alliance with Children's Hospital of the King's Daughters or CHKD is progressing as planned. This includes beginning to integrate with CHKD via Owlet Connect to expand the servable baby population with BabySat. There is still a lot of progress to make in the health care side of the business, given the size of the opportunity with each of these steps from development of Owlet Connect to partnering with our first children's hospital are important milestones to unlocking BabySat's long-term opportunity in health care. Now I'd like to turn the call over to Amanda to discuss Q2 results and our updated 2025 outlook.

我們與國王女兒兒童醫院 (CHKD) 的新聯盟正在按計劃進行。這包括開始透過 Owlet Connect 與 CHKD 整合，以擴大 BabySat 可服務的嬰兒數量。鑑於從開發 Owlet Connect 到與我們的第一家兒童醫院合作的每一步都蘊藏著巨大的機遇，公司在醫療保健領域的業務仍有許多進展有待取得。這些對於 BabySat 在醫療保健領域開啟長期機會至關重要的里程碑。現在我想將電話轉給阿曼達，討論第二季的業績和我們更新的 2025 年展望。

Thanks, Jonathan, and good afternoon, everyone. I'll begin on Slide 10. Unless noted otherwise, I will be comparing second quarter 2025 results to the second quarter of 2024. We delivered another strong quarter in Q2, exceeding expectations across all key metrics. Revenue in the second quarter was $26.1 million, an increase of 25.9% compared to prior year.

謝謝，喬納森，大家下午好。我將從第 10 張投影片開始。除非另有說明，我將把 2025 年第二季的結果與 2024 年第二季的結果進行比較。我們在第二季度再次表現強勁，所有關鍵指標均超出預期。第二季營收為2,610萬美元，較上年同期成長25.9%。

Revenue strength was primarily driven by stronger-than-expected sales of Dream Sock and Dream Duo. Gross margin in the second quarter was 51.3%, an increase of 180 basis points versus prior year, our ninth consecutive quarter of year-over-year gross margin expansion. Gross margin improvement primarily reflects strong product mix, improved fixed cost absorption, lower direct product and fulfillment costs, partially offset by the tariff impacts. The tariff situation remains fluid, and we are adapting and evaluating in real time. In the second quarter, gross margins were impacted by the 10% tariffs assessed in Thailand and Vietnam.

營收成長主要得益於 Dream Sock 和 Dream Duo 的銷售量強於預期。第二季毛利率為 51.3%，較上年同期成長 180 個基點，這是我們連續第九個季度實現毛利率年增。毛利率的增加主要反映了強勁的產品組合、固定成本吸收的改善、直接產品和履行成本的降低，但部分被關稅的影響所抵消。關稅情況仍在不斷變化，我們正在即時調整和評估。第二季度，毛利率受到泰國和越南徵收的10%關稅的影響。

With Vietnam tariffs now confirmed to increase to 20% and Thailand to 19%, we are modeling these impacts into the forecast. Total operating expenses in the second quarter were $15.3 million versus $12.5 million in the same period last year. As a percentage of revenue, Q2 operating expenses were 58.7% compared to 60.4% in Q2 2024 as we continue to drive strong operating leverage as we scale the business. Operating loss in the second quarter was $1.9 million compared to $2.2 million in the same period last year. Net loss in the second quarter was $37.6 million versus $1.1 million in the same period last year.

目前，越南關稅已確認將上調至 20%，泰國關稅將上調至 19%，我們正在將這些影響納入預測中。第二季總營運費用為 1,530 萬美元，而去年同期為 1,250 萬美元。作為營收的百分比，第二季的營運費用為 58.7%，而 2024 年第二季為 60.4%，因為我們在擴大業務規模的同時繼續保持強勁的營運槓桿。第二季營業虧損為 190 萬美元，而去年同期的營業虧損為 220 萬美元。第二季淨虧損為 3,760 萬美元，去年同期淨虧損為 110 萬美元。

The increase was primarily driven by a $34.8 million noncash mark-to-market adjustment related to our common stock warrant liability. Excluding this adjustment, our net loss would have been $2.8 million. We announced earlier today that we've come to an agreement with various holders of our Series A and Series B warrants to exchange their warrants for shares of common stock, which will result in the elimination of over 90% of the Series A warrants and all of the Series B warrants. We're very pleased to simplify our capital structure and eliminate the uncertainty the warrants have presented for current and prospective investors. The exchange will be subject to stockholder approval at our upcoming annual meeting and other customary closing conditions.

這一增長主要歸因於與我們的普通股認股權證負債相關的 3,480 萬美元非現金以市價調整。除去這項調整，我們的淨虧損將達到 280 萬美元。我們今天稍早宣布，我們已與 A 系列和 B 系列認股權證的各位持有人達成協議，將他們的認股權證換成普通股，這將導致超過 90% 的 A 系列認股權證和所有 B 系列認股權證被取消。我們非常高興簡化我們的資本結構並消除認股權證給現有和潛在投資者帶來的不確定性。此次交換將需要獲得我們即將召開的年度股東大會的批准以及其他慣例成交條件。

I'd refer those on this call interested in further information to refer to our Form 8-K and press release, both issued earlier today. Q2 adjusted EBITDA was $0.3 million, an improvement of $0.2 million compared to the same period last year. Strong revenue growth despite tariff costs drove the increase, our fifth consecutive quarter of adjusted EBITDA profitability. Cash and cash equivalents as of quarter end June 30 were $21.8 million versus $16.3 million at the end of the first quarter 2025. In the quarter, we drew down on our line of credit, increasing to $14.9 million at the end of Q2 versus $8.5 million at the end of Q1, the primary driver of our cash balance increase.

我建議那些對更多資訊感興趣的與會者參考我們今天早些時候發布的 8-K 表格和新聞稿。第二季調整後的 EBITDA 為 30 萬美元，較去年同期成長 20 萬美元。儘管存在關稅成本，但強勁的收入成長推動了成長，這是我們連續第五個季度實現調整後 EBITDA 獲利。截至 6 月 30 日季末的現金和現金等價物為 2,180 萬美元，而 2025 年第一季末為 1,630 萬美元。在本季度，我們動用了信用額度，從第一季末的 850 萬美元增加到第二季末的 1,490 萬美元，這是我們現金餘額增加的主要驅動力。

Turning to our financial outlook. We are updating our 2025 guidance to reflect our strong first half 2025 performance and confidence in expectations for the balance of the year as well as incorporating recent tariff cost increases. As was our message in the last quarter's guidance update, the fluidity of the macro backdrop creates some uncertainty, specifically tariff policies that have potential to change. As a result, today's updated 2025 guidance includes our best estimate based on the data we have available to us today. Owlet continues to execute at a high level.

談談我們的財務前景。我們正在更新 2025 年的指引，以反映我們 2025 年上半年的強勁表現和對今年剩餘時間預期的信心，並納入最近的關稅成本上漲。正如我們在上一季的指導更新中所傳達的訊息，宏觀背景的流動性帶來了一些不確定性，特別是可能發生變化的關稅政策。因此，今天更新的 2025 年指引包含了我們根據目前掌握的數據所做的最佳估計。Owlet 持續維持高水準執行。

And as a result of our first half 2025 revenue strength and outlook for the second half of the year, we are raising our revenue guidance. For full year 2025, we now expect revenue in the range of $97 million to $100 million, representing 24% to 28% growth year-over-year. Turning to our gross margin guidance. We are reflecting the new increased tariff expectations of 20% on imports from Vietnam and 19% on imports from Thailand in the product cost of goods sold for our updated outlook. As a result, we are reaffirming our 2025 gross margin guidance range of 46% to 50%.

由於我們 2025 年上半年的營收強勁以及下半年的展望，我們提高了營收預期。對於 2025 年全年，我們預計營收將在 9,700 萬美元至 1 億美元之間，年增 24% 至 28%。談到我們的毛利率指引。我們在更新後的展望中將對越南進口產品徵收 20% 的新增關稅預期和對泰國進口產品徵收 19% 的新增關稅預期反映在產品銷售成本中。因此，我們重申 2025 年毛利率指引範圍為 46% 至 50%。

We expect our raised revenue guidance will be offset by the increased tariff costs. And finally, with Q2 adjusted EBITDA outperforming expectations and given our confidence in our outlook, we now fully expect to be adjusted EBITDA profitable for full year 2025. With that, we will now take your questions.

我們預計，上調的收入預期將被增加的關稅成本所抵銷。最後，由於第二季調整後的 EBITDA 超出預期，並且我們對前景充滿信心，我們現在完全預計 2025 年全年調整後的 EBITDA 將實現盈利。現在，我們將回答您的問題。

(Operator Instructions)

（操作員指示）

Charles Rhyee, TD Cowen.

查爾斯·瑞伊 (Charles Rhyee)，考恩 (Cowen) TD。

Congrats on the quarter here. And also, obviously, Jon and Kurt, congrats on the new roles. A lot of hard work done here, so congrats. Maybe if I could start on -- Amanda, on the guidance here. Just trying to understand a little bit if you could help maybe quantify roughly what you think the tariff cost will be to cost of goods sold in particular?

恭喜本季取得佳績。當然，也要祝賀喬恩和庫爾特獲得新角色。這裡完成了很多艱苦的工作，所以值得祝賀。也許如果我可以開始——阿曼達，在這裡指導。我只是想稍微了解一下，您是否可以幫助大致量化一下您認為關稅成本佔銷售成本的比例？

And I guess with 51% gross margins here in the second quarter, guiding 46% to 50%, maybe you can give us a sense on what that implies for the back half. I guess it would imply something more in the mid-40s. Is that the right way to think of it?

我想，第二季的毛利率為 51%，預計為 46% 至 50%，您能否告訴我們這對下半年意味著什麼。我猜這在 40 年代中期意味著更多的事情。這樣想對嗎？

Yes. So when it comes to tariffs this quarter, the impact was less significant than we're expecting in Q3 and Q4 just because the tariffs were temporarily set at 10% and then increased to 19% for Thailand and 20% for Vietnam on August 1. So during Q2, we saw about a $500,000 impact to gross profit. When we push that forward looking ahead to Q4, we're expecting about a 5% impact on gross margin. And then Q3 will be a blend between the two quarters just because we'll continue to have the 10% rate, which is in our inventory right now. And then as the (inaudible) we'll see a little bit of an increase in Q3 as well.

是的。因此，就本季的關稅而言，其影響不如我們預期的第三季和第四季那麼大，因為關稅暫時定為 10%，然後在 8 月 1 日對泰國提高到 19%，對越南提高到 20%。因此，在第二季度，我們看到毛利受到了約 50 萬美元的影響。當我們展望第四季時，我們預計毛利率將受到約 5% 的影響。第三季將是兩個季度的混合，因為我們將繼續保持10%的利率，這是我們目前的庫存。然後，隨著（聽不清楚），我們也會看到第三季略有成長。

Okay. That makes sense. And just remind me, like how many days of inventory are you typically carrying?

好的。這很有道理。再提醒我一下，您通常要存多少天的庫存？

We target about six weeks.

我們的目標是大約六週。

Okay. And then maybe Kurt or Jonathan, maybe a progress on the health care side with DME vendors. And just if there's a -- if you can give us an estimate on how much maybe health care revenue contributed in the quarter?

好的。然後也許是 Kurt 或 Jonathan，也許會與 DME 供應商在醫療保健方面取得進展。如果有的話—您能否估計本季醫療保健收入的貢獻是多少？

Yes. Health care continues to be a slow progress for us. So we're continuing to drive on that. The revenue was inconsequential, but we have expanded. Adapt is currently accepting Medicaid plans in 29 states, so we are seeing an increase in our adoption of reimbursement.

是的。對我們來說，醫療保健仍然進展緩慢。因此我們將繼續努力。雖然收入不多，但我們已經擴大了。Adapt 目前正在 29 個州接受醫療補助計劃，因此我們看到報銷的採用率增加。

And we are making great progress on CHKD with the integration into Owlet Connect. So I think once that's fully up and stood up, I think we're going to continue to see additional hospitals, health care systems join onboard and continue to grow. So it's a slow process, but we're continuing to gain momentum.

隨著 CHKD 與 Owlet Connect 的整合，我們在 CHKD 方面取得了巨大進展。所以我認為，一旦它完全建立起來，我們將繼續看到更多的醫院和醫療保健系統加入並繼續發展。所以這是一個緩慢的過程，但我們正在繼續獲得動力。

Great. And maybe one last question for me then. The warrant exchange, I saw the announcement that just -- that it has been -- that you announced this. What does that turn into for common shares if they're all exchanged?

偉大的。那也許我還有最後一個問題。認股權證交換，我看到了剛才的公告——已經——你們宣布了這一點。如果所有普通股都進行交換，那會變成什麼樣子？

We'll get back to you on that, Charles.

我們會就此事回覆您，查爾斯。

Ben Haynor, Lake Street Capital Markets.

Ben Haynor，Lake Street Capital Markets。

Thanks for taking my question. Can you hear me okay?

感謝您回答我的問題。你聽見我說話嗎？

Yes, we can hear you. Can you hear us?

是的，我們能聽到你的聲音。你聽得到我們說話嗎？

Okay. Great. Yes, I can hear you fine. Sorry about that. Just wanted to touch on telehealth, and I apologize, I'm jumping between a couple of calls here. Any update to the plans there? Is that something that you expect to roll out similarly to the subscription offering where initially offer it to a subset of folks on the platform and then they expand it later? And have you set pricing or any other details there?

好的。偉大的。是的，我能聽清楚。很抱歉。我只是想談談遠距醫療，抱歉，我剛才在接幾通電話。那邊的計畫有什麼更新嗎？您是否希望推出類似訂閱服務的產品，也就是最初向平台上的一部分使用者提供該產品，然後再進行擴充？您是否已設定價格或其他詳細資訊？

Yes. So we're super excited about the opportunity to roll in the telehealth. It's still under development. Integration is taking a little bit longer than expected. So we will roll it out by the end of this year, and we have not set or structured pricing on that at this time.

是的。因此，我們對開展遠距醫療的機會感到非常興奮。它仍在開發中。整合所花的時間比預期的要長一些。因此，我們將在今年年底推出該產品，目前我們尚未確定或建立其定價。

Okay. Fair enough. And then any more color on the interest level from other children's hospitals or other entities after seeing CHKD?

好的。很公平。那麼，其他兒童醫院或其他實體在看到 CHKD 後的興趣程度還有什麼其他資訊嗎？

Yes. The dialogue with our hospitals has really picked up since that announcement, and we're lining them up. Nobody wants to be first, but they sure don't want to be last. So we're really standing up to our Owlet Connect. Once we get CHKD set up with that, then we're going to begin rolling out to other hospital groups.

是的。自從宣布這一消息以來，我們與醫院的對話確實有所增加，我們正在安排他們。沒有人想成為第一，但他們肯定不想成為最後一個。所以我們確實支援我們的 Owlet Connect。一旦我們為 CHKD 建立了該功能，我們就會開始向其他醫院集團推廣。

But we are already in conversations with a few as we speak.

但就在我們講話的同時，我們已經與一些人進行了交談。

Okay. Got it. And then I think lastly for me, just following up on the prior question on BabySat and you re now in 29 states. Are you seeing any trends that are similar to what you've seen as you get adoption to a certain level in a given geography amongst these Medicaid populations? Or is it too early for that?

好的。知道了。最後，我想，對我來說，只是跟進之前關於 BabySat 的問題，現在你們已經在 29 個州開展業務了。當這些醫療補助族群在特定地區的採用率達到一定水準時，您是否看到了與您之前看到的類似的趨勢？或者現在還太早？

Yes. I'd say it's still too early for that. We're building momentum, but it's a slower process than the consumer side.

是的。我想說現在還太早。我們正在累積力量，但這個過程比消費者方面慢。

Fair enough. Congrats on the quarter and the guidance and the new roles, Jonathan and Kurt.

很公平。恭喜喬納森和庫爾特在本季度取得的成績、取得的指導以及獲得的新職位。

(Operator Instructions) Owen Rickert, Northland Capital Markets.

（操作員指示）Owen Rickert，Northland Capital Markets。

Congrats on a great quarter. Just can you dive a bit deeper into this Owlet Connect offering? Maybe just provide us with a little bit more color there. What are you excited about with this one?

恭喜本季取得優異成績。能否更深入了解 Owlet Connect 產品？也許只是為我們提供多一點色彩。您對此有何興奮之處？

Yes. Great question. We're excited because this is going to provide real-time monitoring back from our babies that are discharged from the hospital, from the NICUs into their homes. This will give real-time information back to the neonatologists through the Connect. So this is not changing the workflow on the neonatologist side.

是的。好問題。我們非常興奮，因為這將為嬰兒出院、從新生兒加護病房回到家中提供即時監控。這將透過 Connect 將即時資訊回饋給新生兒科醫生。所以這不會改變新生兒科醫師方面的工作流程。

But for the first time ever, babies at home will be able to share information with their doctors back at their offices or back at the hospital in real time. So we're super excited about this opportunity. It's taking a little bit longer to get the full integration, but we believe once this is live, this will be groundbreaking technology for discharges and children at home.

但這是有史以​​來第一次，家中的嬰兒將能夠與辦公室或醫院的醫生即時分享資訊。所以我們對這個機會感到非常興奮。雖然需要更長的時間才能實現全面整合，但我們相信，一旦上線，這將成為出院和在家兒童的突破性技術。

Alex Fuhrman, Lucid Capital Markets.

Alex Fuhrman，Lucid Capital Markets。

I wanted to ask about the Owlet360 subscription offering. That's pretty big growth from last quarter, getting to 66,000 subscribers. Can you talk a little bit about what you've learned over the past couple of months? It looks like you've changed the price a couple of times as you've tested things like that. Has there been any sensitivity to price? And what as you're onboarding as you've been selling new devices, what attach rate have you gotten on the subscription to activators of the new devices?

我想問有關 Owlet360 訂閱服務的問題。與上一季相比，成長幅度相當大，訂閱用戶數量達到 66,000 人。您能談談過去幾個月您學到了什麼嗎？看起來您在測試類似的東西時已經更改過幾次價格。對價格有任何敏感度嗎？隨著您銷售新設備，您對新設備啟動者的訂閱附加率是多少？

All right. Thanks for the question, and thanks for calling in. We've seen really strong progress on subscription. We're seeing everything that we want to see. Growth in total paying subscribers, the MRR attach rate, retention rate and overall satisfaction and feedback.

好的。感謝您的提問，也感謝您的來電。我們看到訂閱業務取得了顯著進展。我們看到了我們想看到的一切。總付費用戶數、MRR 附加率、保留率以及整體滿意度和回饋的成長。

We're not ready to share those specific metrics yet, as this is still emerging. But currently, we've got 66,000 paying subscribers. They are at different pricing levels as some were in an introductory period versus the more recent pricing structures. But something we are seeing since we've increased the price, the conversion rate was slightly less, but not to the extent that it was worth having the higher price, if that makes sense. So we're seeing really good, strong momentum given our current price point.

我們還沒有準備好分享這些具體指標，因為它們仍在不斷出現。但目前，我們已經有 66,000 名付費用戶。它們處於不同的定價水平，因為有些處於介紹期，而有些則處於較新的定價結構。但自從我們提高價格以來，我們看到轉換率略有下降，但還沒有達到值得提高價格的程度，如果這說得通的話。因此，考慮到我們目前的價格點，我們看到了非常好的、強勁的勢頭。

So we do expect to scale throughout the year. It's still early, but we are excited for the long-term impact that we expect subscription to have on the business just from a financial standpoint, but as well as we are in our transition to become a pediatric health platform.

因此，我們確實希望全年能夠擴大規模。現在還為時過早，但我們對訂閱服務將對業務產生的長期影響感到興奮，這不僅體現在財務角度，也體現在我們正在轉型為兒科健康平台。

Boris Peaker, Titan Partners.

鮑里斯·皮克，泰坦合夥公司。

Great. I do want to add my congratulations to the great quarter. Just a few questions here. Maybe on the hospital side of things, what is the actual process or at least from the contract that you've signed already, what is the process of bringing another hospital on board? Do they -- is there some an internal committee that needs to make a decision? Do they do a little pilot trial? Or just help us understand how that works and what that can imply about future hospital contracts.

偉大的。我確實想對這個偉大的季度表示祝賀。這裡只有幾個問題。也許從醫院方面來說，實際流程是怎樣的，或者至少從您已經簽署的合約來看，引入另一家醫院的流程是怎樣的？他們——是否有一些內部委員會需要做出決定？他們會進行一些小規模的試點嗎？或者只是幫助我們了解其運作方式以及對未來醫院合約的影響。

Yes. Great question, Boris. So yes, it definitely comes through the committee working through that. And then it's getting the integration through our Owlet Connect integrated into whatever their remote patient monitoring platform that they're using. So there is an integration cycle.

是的。問得好，鮑里斯。是的，這肯定是透過委員會的努力實現的。然後透過我們的 Owlet Connect 將其整合到他們正在使用的遠端病人監控平台中。因此存在一個整合週期。

And then it's also partnered through one of our DME partners to make sure that they're supplying the BabySats into the hospital itself. So two components. One is the hardware itself. And then the second is the integration into the service on the backside. So it's a little bit of a process.

然後，它還與我們的 DME 合作夥伴合作，以確保他們向醫院本身供應 BabySats。所以有兩個組件。一是硬體本身。第二是與後端服務的整合。所以這是一個小過程。

And as you know, hospital contracts can take a while to negotiate.

如您所知，醫院合約的談判可能需要一段時間。

Got it. And maybe just a question on tariffs. Assuming that these higher tariffs remain, is there a strategy to bring manufacturing to the US, or maybe to another country with a lower tariff? Or is the strategy to just continue paying them as that's the most optimal path forward?

知道了。也許只是一個關於關稅的問題。假設這些較高的關稅仍然存在，是否有策略將製造業轉移到美國，或轉移到另一個關稅較低的國家？或者策略就是繼續向他們付款，因為這是最理想的道路？

Yes. We are looking into other options for other manufacturing sites. At this point in our journey, we are hitting up against capacity and had planned expansion anyway. So this is a really good opportunity for us to diversify our sourcing and look at other possible locations. So it's something that we're actively looking into and seeking to minimize the overall impact of the tariffs.

是的。我們正在尋找其他生產基地的其他選項。在我們旅程的這個階段，我們正面臨產能問題，並且無論如何都計劃擴展。因此，這對我們來說是一個非常好的機會，可以使我們實現採購多樣化，並尋找其他可能的地點。因此，我們正在積極研究這個問題，並努力將關稅的整體影響降至最低。

There are currently no other questions.

目前沒有其他問題。

Just wanted to address the question that Charles had just regarding the exchange agreement with the warrants. So we are exchanging about $7.2 million of Series A and $1.8 million of Series B for an aggregate amount of 5,429 newly issued shares. So that is disclosed in our press release and 8-K. So I just wanted to make sure that we answered that question.

只是想回答查爾斯剛才提出的有關認股權證交換協議的問題。因此，我們將以約 720 萬美元的 A 輪融資和 180 萬美元的 B 輪融資換取總計 5,429 股新發行股票。這在我們的新聞稿和 8-K 中披露。所以我只是想確保我們回答了這個問題。

(Operator Instructions) No more questions have queued at this time. I'll now turn it back over to Jonathan Harris for closing remarks.

（操作員指示）此時沒有其他問題排隊。現在我將把發言權交還給喬納森·哈里斯，請他作最後發言。

Thank you for joining us today. We're incredibly proud of the progress we've made this quarter from our strong financial performance to the continued expansion of our global footprint. Our commitment to empowering parents with the information they need to care for their babies remains at the heart of everything we do. We believe that our FDA-cleared products, combined with our strategic partnerships and growing subscription service, position us for sustained growth and profitability. We are confident in our vision for the future and look forward to updating you on our progress.

感謝您今天加入我們。我們對本季的進展感到無比自豪，從強勁的財務表現到全球業務的持續擴張。我們致力於為父母提供照顧嬰兒所需的信息，這始終是我們所做的一切的核心。我們相信，我們獲得 FDA 批准的產品，加上我們的策略合作夥伴關係和不斷增長的訂閱服務，將使我們能夠實現持續成長和獲利。我們對未來的願景充滿信心，並期待向您報告我們的進展。

Thank you again for your time and continued support.

再次感謝您的時間和持續的支持。

This concludes today's conference call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。