Owlet Inc (OWLT) 2025 Q3 法說會逐字稿

Perfect. Good afternoon. Thank you for attending the Owlet Q3 '25 earnings conference call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions)

完美的。午安.感謝您參加 Owlet 2025 年第三季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作說明）

I'd now like to pass the conference over to our host, Jay Gentzkow, Investor Relations.

現在我將把會議交給我們的主持人，投資者關係部門的傑伊·根茨科。

Jay, please go ahead.

傑伊，請繼續。

Good afternoon, everyone, and thank you for joining us. Earlier today, Owlet released financial results for the third quarter ended September 30, 2025. I'm pleased to be joined today by Jonathan Harris, Owlet's President and CEO; and Amanda Twede Crawford, our CFO. Before we begin, please note that our financial results press release and presentation slides referred to on this call are available under the Events & Presentations section of our Investor Relations website at investors.owletcare.com.

各位下午好，感謝各位的參與。今天早些時候，Owlet 發布了截至 2025 年 9 月 30 日的第三季財務業績。今天我很高興能與 Owlet 的總裁兼執行長 Jonathan Harris 以及我們的財務長 Amanda Twede Crawford 一起出席。在會議開始之前，請注意，本次電話會議中提到的財務業績新聞稿和簡報可在我們投資者關係網站 investors.owletcare.com 的「活動與簡報」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. The content of today's call is the property of Owlet. It cannot be reproduced or transcribed without our prior consent.

本次電話會議也將透過同一網站上的連結進行網路直播。本次電話會議的網路直播及相關投影片將在會議結束後12個月內可供重播。本次通話內容歸 Owlet 所有。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. 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.

在開始之前，我想請您參閱簡報第 3 頁的免責聲明。今天的討論將包含基於公司截至今日的觀點和預期而作出的前瞻性陳述。這些陳述僅為預測，存在一定的風險和不確定性，可能導致實際結果與此類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 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.

這些風險和不確定性包括但不限於我們在最近向美國證券交易委員會提交的文件以及我們在 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，這些風險和不確定性已在公司 10-Q 表格季度報告和向美國證券交易委員會提交的其他文件中進行了更新。請注意，除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。

With that, it's my pleasure to turn the call over to Jonathan Harris, Owlet's President and CEO.

接下來，我很高興將電話交給 Owlet 的總裁兼執行長喬納森哈里斯。

Thanks, Jay, and good afternoon, everyone. Thank you for joining Owlet's third-quarter 2025 financial results call. As you saw from our results, Q3 was another exceptional quarter, the best in Owlet history across key metrics. We are firing on all cylinders as a business. Let's get right to the financial highlights and updates.

謝謝傑伊，大家下午好。感謝您參加 Owlet 2025 年第三季財務業績電話會議。正如您從我們的業績中看到的那樣，第三季度又是一個表現卓越的季度，在關鍵指標方面均創下了 Owlet 的歷史最佳紀錄。我們公司目前各項業務都在高速運轉。讓我們直接進入財務亮點和最新進展部分。

I'll start with the third quarter results at the top of slide 5. We drove broad-based growth in Q3, setting company records across the business. Q3 revenue was a record for Owlet at $32 million, increasing 45% versus Q3 2024. Revenue outperformance was driven by the launch of our new Dream Sight camera and ongoing momentum in the core business. Q3 gross profit of $16.2 million was a record, resulting in Q3 gross margins of 50.6% as top line strength was able to offset tariff impacts.

我將從幻燈片 5 頂部的第三季業績開始。第三季我們實現了全面成長，公司各業務領域均創下紀錄。Owlet 第三季營收創歷史新高，達 3,200 萬美元，比 2024 年第三季成長 45%。營收超預期成長主要得益於我們新推出的 Dream Sight 相機以及核心業務的持續發展動能。第三季毛利達到創紀錄的 1,620 萬美元，毛利率達到 50.6%，營收強勁成長抵消了關稅的影響。

Q3 adjusted EBITDA of $1.6 million was also a record for Owlet and our sixth consecutive quarter of adjusted EBITDA profitability. And we're proud to announce Q3 operating income of $1.2 million, our first quarterly operating profit in company history.

第三季調整後 EBITDA 為 160 萬美元，也創下了 Owlet 的紀錄，並且是我們連續第六個季度實現調整後 EBITDA 盈利。我們很自豪地宣布，第三季營業收入為 120 萬美元，這是該公司歷史上首次實現季度營業盈利。

Before highlighting some key developments in our strategic growth areas, I would like to comment on the FDA's recent safety communication on September 16 regarding unauthorized infant monitors as a critical moment of market clarification and how this can translate into a strong validation of Owlet's strategy. The FDA's warning clearly cautions consumers and caregivers against over-the-counter infant monitors that have not been reviewed for safety and effectiveness and make unsubstantiated claims. This action creates a firm demarcation in the market. On one side, unreviewed unauthorized devices the FDA is actively cautioning against.

在重點介紹我們戰略成長領域的一些關鍵進展之前，我想就 FDA 於 9 月 16 日發布的關於未經授權的嬰兒監護權的安全通告發表一些看法，認為這是市場澄清的關鍵時刻，並且這可以轉化為對 Owlet 戰略的有力驗證。美國食品藥物管理局的警告明確告誡消費者和照護人員，不要購買未經安全性和有效性審查且做出未經證實聲明的非處方嬰兒監護人。此舉在市場上劃定了明確的界線。一方面，FDA正在積極警告人們不要使用未經審查和授權的醫療器材。

On the other side, Owlet's Dream Sock. We are proud to stand alone as the first FDA-cleared over-the-counter infant monitoring device and the only one on the market today. This clearance confirms the Dream Sock has met the FDA's rigorous standards for safety and accuracy in providing live pulse rate and oxygen saturation readings.

另一邊是小貓頭鷹的夢幻襪子。我們很自豪能成為首個獲得 FDA 批准的非處方嬰兒監護設備，也是目前市場上唯一的此類設備。這項認證證實，Dream Sock 已達到 FDA 對安全性和準確性的嚴格標準，能夠提供即時脈搏率和血氧飽和度讀數。

For both parents and our retail healthcare partners, this regulatory clarity can help to increase the value proposition of our regulated products, reinforces our market leadership, and creates a significant competitive advantage. We are strategically positioned to capitalize on this heightened consumer awareness to drive market share gains and greater brand trust as we move into the crucial holiday and Q4 period. The progress in the third quarter on all key fronts has been outstanding as we continue to stack wins across the business, both financially and operationally. I'm incredibly proud of this team as we leverage our leadership in the category and ongoing momentum to deliver key results.

對於家長和我們的零售醫療保健合作夥伴而言，這種監管的明確性有助於提高我們受監管產品的價值主張，鞏固我們的市場領導地位，並創造顯著的競爭優勢。我們已做好充分的策略準備，利用消費者意識的提高，在進入關鍵的假期季節和第四季度之際，推動市場份額的成長和品牌信任度的提升。第三季度，我們在所有關鍵領域都取得了顯著進展，在財務和營運方面，我們繼續在業務的各個方面取得勝利。我為這支團隊感到無比自豪，我們利用在該領域的領先地位和持續的發展勢頭，取得了關鍵性的成果。

Now turning to our strategic focus areas for growth: we've continued to make outstanding progress on driving continued global adoption of Dream Sock; two, transitioning Owlet into a service through the Owlet360 subscription, supporting parents from infancy into the toddler years and increasing customer lifetime value; and lastly, expanding health care channels to offer an insurance reimbursed monitor.

現在轉向我們的策略重點成長領域：第一，我們在推動 Dream Sock 在全球範圍內持續普及方面取得了顯著進展；第二，透過 Owlet360 訂閱將 Owlet 轉型為一項服務，為從嬰兒期到幼兒期的父母提供支持，並提高客戶終身價值；最後，拓展醫療保健管道，提供保險報銷的監護儀。

Kicking off with our core business, Dream Sock continues to drive adoption, demonstrating what we believe is the most differentiated product in the nursery ecosystem. Dream Sock demand remains robust in the U.S. In Q3, domestic sell-through grew 42% versus prior year. The strong performance was driven by ongoing adoption for Dream Sock as well as a record-setting Amazon Prime Day in July, where total sell-through units were up 72% versus prior year.

從我們的核心業務開始，Dream Sock 不斷推動產品普及，這表明我們認為它是育嬰生態系統中最具差異化的產品。Dream Sock 在美國的需求依然強勁。第三季度，國內銷售額比上年同期成長了 42%。Dream Sock 的強勁表​​現得益於其持續普及以及 7 月創紀錄的亞馬遜 Prime Day，當日總銷量比上年增長了 72%。

Another valuable leading indicator on the momentum of our core business is registry data. Across the registries we track, including Amazon, Babylist and Target, total Dream Sock additions remained strong with 30% year-over-year growth in Q3. We also continue to solidify our position as the market-leading pediatric health brand. According to Circana customer research and our own data, Owlet increased our share of total dollars spent on baby monitors to 40% in the third quarter of 2025, a record high for market share since we started tracking Circana data.

另一個衡量我們核心業務發展勢頭的重要領先指標是註冊資料。在我們追蹤的註冊平台（包括亞馬遜、Babylist 和 Target）中，Dream Sock 的總新增量在第三季保持強勁成長，較去年同期成長 30%。我們將繼續鞏固我們作為市場領先的兒科健康品牌的地位。根據 Circana 客戶研究和我們自己的數據，Owlet 在 2025 年第三季嬰兒監視器總支出份額增加到 40%，這是自我們開始追蹤 Circana 數據以來市場份額的最高紀錄。

Brand health also remains in a very good position with Dream Sock's recent NPS at 77 at the end of the third quarter and overall blended product NPS at 71. With the differentiation our FDA clearance provides and in light of FDA's recent warning statement, we're confident with our position in the market and ability to drive further share gains.

品牌健康狀況也依然非常良好，Dream Sock 在第三季末的 NPS 為 77，整體混合產品 NPS 為 71。憑藉 FDA 批准帶來的差異化優勢，以及 FDA 最近的警告聲明，我們對自身在市場中的地位和進一步擴大市場份額的能力充滿信心。

In September, we launched the new Dream Sight camera, our third-generation video baby monitor. Dream Sight represents an important next step in the category for Owlet with this new camera offering the latest and advanced technologies while also delivering greater reliability, deeper security, and a price point that makes sense. Importantly, Dream Sight is future-ready, including onboard AI capabilities to support our rollout of camera-specific subscription features and future build-outs. Paired with Dream Sock, it can create a connected monitoring experience that gives parents a holistic view of the health and wellness of their children. We're thrilled at the feedback we've received since launch and are excited about Dream Sight's potential in the category and as a key part of our platform.

9 月，我們推出了新款 Dream Sight 攝影機，這是我們的第三代視訊嬰兒監視器。Dream Sight 代表了 Owlet 在該類別中的重要一步，這款新相機採用了最新、最先進的技術，同時也提供了更高的可靠性、更強的安全性和合理的價格。重要的是，Dream Sight 已做好面向未來的準備，包括內建 AI 功能，以支援我們推出針對特定相機的訂閱功能和未來的擴充功能。與 Dream Sock 搭配使用，可以創造一個互聯的監測體驗，讓父母全面了解孩子的健康狀況。自從產品發布以來，我們收到了許多回饋，對此我們感到非常興奮，並對 Dream Sight 在該類別中的潛力以及它作為我們平台的重要組成部分感到興奮。

Turning to international, Dream Sock momentum is surging globally as we drive growth in our current geographies and open up new global sales channels. In the third quarter of 2025, international revenue growth was up 171% year over year. International strength in the quarter was in part driven by the September 9 launch of our new Dream Sight video monitor and the associated timing of our load-in to our distributors as well as ongoing momentum globally.

展望國際市場，隨著我們在現有地區推動成長並開闢新的全球銷售管道，Dream Sock 的發展勢頭正在全球範圍內迅速增長。2025年第三季度，國際營收年增171%。本季國際市場的強勁表現部分得益於 9 月 9 日我們推出的全新 Dream Sight 視訊監視器，以及我們向經銷商供貨的相應時間安排，以及全球市場的持續成長動能。

As we recently announced, the Central Drug Standard Control Organization approved Dream Sock for distribution in India, opening up a new global sales channel starting in early 2026. This marks an important milestone as Owlet becomes one of the few infant health technology companies to meet India's stringent medical device requirements. In addition to our two FDA clearances, we now have six international regulatory clearances for Dream Sock, including Europe, United Kingdom, Australia, New Zealand, South Africa, and now India as we look to capture adoption globally and continue to drive the substantial international opportunity.

正如我們最近宣布的那樣，中央藥品標準控制組織已批准 Dream Sock 在印度分銷，這將從 2026 年初開始開闢新的全球銷售管道。這標誌著一個重要的里程碑，Owlet 成為少數幾家滿足印度嚴格醫療器材要求的嬰幼兒健康科技公司之一。除了我們已獲得的兩項 FDA 批准外，Dream Sock 目前還獲得了六項國際監管批准，包括歐洲、英國、澳洲、紐西蘭、南非，現在又獲得了印度的批准，我們希望在全球範圍內獲得採用，並繼續推動巨大的國際機會。

Shifting to Owlet360 subscription. Total paying subscribers has continued to grow, recently surpassing 85,000. The strong trends and overall feedback have been outstanding with another quarter of sequential growth in monthly reoccurring revenue, attach rate, and improved retention.

改用 Owlet360 訂閱服務。付費用戶總數持續成長，最近已超過 85,000 人。強勁的發展趨勢和整體回饋都非常出色，每月經常性收入、附加率和客戶留存率均連續第二季實現成長。

What's particularly exciting is that we're still just getting started. Owlet360 only launched at the end of January and has so far been available exclusively in the US. With more than 650,000 active Owlet device users globally, we see tremendous runway ahead to expand our subscriber base. We're beginning to roll out subscriptions in the first international markets in Q4, starting with the UK, Ireland, Australia, New Zealand, and South Africa with plans to expand our subscription offering to all existing and new markets in 2026.

最令人興奮的是，我們才剛起步。Owlet360 於 1 月底才正式發布，目前僅在美國販售。目前全球已有超過 65 萬名 Owlet 設備活躍用戶，我們看到了擴大用戶群的巨大潛力。我們將於第四季開始在首批國際市場推出訂閱服務，首先是英國、愛爾蘭、澳洲、紐西蘭和南非，並計劃在 2026 年將訂閱服務擴展到所有現有市場和新市場。

Subscription attach rate for Dream Sock passed 25% as of the end of the third quarter as the value of our subscription offering to parents continues to grow. We also see major growth opportunity for the new Dream Sight camera. To date, our subscription adoption has primarily come from Dream Sock users, but the new Dream Sight and Dream Duo opens an entirely new segment of opportunity. In 2026, we plan to introduce camera-based subscription features that take advantage of the new cameras, advanced capabilities and onboard AI chipset, combining the best of our biometric data from the Sock with computer vision technology from the camera to create a uniquely integrated experience that no one else in the market can deliver.

截至第三季末，Dream Sock 的訂閱附加率已超過 25%，因為我們為家長提供的訂閱服務的價值持續成長。我們也看到了新款 Dream Sight 相機的巨大成長潛力。到目前為止，我們的訂閱用戶主要來自 Dream Sock 用戶，但新的 Dream Sight 和 Dream Duo 開闢了一個全新的機會領域。2026 年，我們計劃推出基於攝影機的訂閱功能，利用新型攝影機、先進功能和內建 AI 晶片組，將 Sock 的生物識別數據與攝影機的電腦視覺技術相結合，打造市場上其他任何產品都無法提供的獨特整合體驗。

Parents' biggest challenges continue to center around sleep patterns and routines. They lose an average of three hours of sleep each night and 61% report feeling exhausted. Our upcoming Dream Sight subscription features are designed specifically to help parents better understand and improve their baby sleep through actionable insights, intelligent guidance, and a smart nursery ecosystem that sees, senses, and responds, taking the guesswork out of parenting.

父母面臨的最大挑戰仍集中在睡眠模式和作息規律。他們平均每晚睡眠時間減少三小時，61%的人表示他們感到精疲力竭。我們即將推出的 Dream Sight 訂閱功能旨在透過可操作的見解、智慧指導和能夠觀察、感知和回應的智慧育嬰室生態系統，幫助父母更好地了解和改善嬰兒睡眠，從而讓育兒不再靠猜測。

Looking ahead, we're also investing in next-generation AI experiences built on Owlet's proprietary pediatric data set. In early 2026, we plan to pilot a new generative AI insights feature that will provide parents with personalized sleep coaching and tips tailored to their baby's unique patterns. This is just the beginning. We'll continue to experiment with and integrate AI capabilities to deliver even more meaningful support for parents and caregivers throughout their journey.

展望未來，我們也將投資於基於 Owlet 專有兒科資料集所建構的下一代人工智慧體驗。2026 年初，我們計劃試行一項新的生成式人工智慧洞察功能，該功能將為父母提供個人化的睡眠指導和建議，這些指導和建議是根據他們寶寶獨特的睡眠模式量身定制的。這只是個開始。我們將繼續嘗試並整合人工智慧功能，以便在父母和照顧者的整個過程中為他們提供更有意義的支援。

Also, we began piloting our telehealth platform, which we are calling Owlet OnCall. We're still early here and want to get the experience right before we launch in 2026, and are excited about this opportunity to begin testing a more personalized, actionable remote care and begin to commercialize and scale this opportunity next year. The momentum we're seeing from Owlet360 subscription continues to be exciting as this serves as the cornerstone of our transition to a pediatric health platform with data and digital service enabled by our hardware.

此外，我們開始試運行我們的遠距醫療平台，我們將其命名為 Owlet OnCall。我們目前還處於早期階段，希望在 2026 年正式推出之前把體驗做好，並且很高興有機會開始測試更個性化、更具實用性的遠端護理，並在明年開始將這一機會商業化和擴大規模。Owlet360 訂閱業務的發展勢頭令人振奮，因為它是我們向兒科健康平台轉型的重要基石，該平台透過我們的硬體提供數據和數位服務。

And finally, turning to our third strategic growth area. We've continued to make steady progress expanding the medical and health care channels to provide insurance reimbursed monitoring for infants who need it the most. We officially launched our new consignment agreement with the Children's Hospital of the King's Daughters or CHKD on November 7, enabling certain babies to be sit at home with BabySat to monitor their oxygen levels and/or heart rate. This is an important milestone for our health care opportunity as this is a first for Owlet, providers prescribing Owlet devices in the hospital, patients being able to obtain insurance prior authorization, prior to hospital discharge and taking home our medical-grade infant monitoring devices.

最後，我們來談談第三個策略成長領域。我們持續穩定地推動醫療保健管道的拓展，為最需要的嬰兒提供保險報銷的監測服務。11月7日，我們正式與國王女兒兒童醫院（CHKD）簽署了新的寄售協議，使某些嬰兒能夠在家中使用BabySat監測其血氧飽和度和/或心率。對於我們的醫療保健事業而言，這是一個重要的里程碑，因為這是 Owlet 的首次嘗試，醫療機構首次在醫院開立 Owlet 設備處方，患者首次能夠在出院前獲得保險預先授權，並將我們醫療級的嬰兒監護設備帶回家。

We are also rounding out our RPM integration with OwletConnect as we finalize infrastructure integration with Rhapsody Health, our digital health platform partner. OwletConnect will also go live this week with our first customer and we'll be able to very quickly connect to future hospitals with RPM programs.

我們正在完善與 OwletConnect 的 RPM 集成，同時也在最終確定與我們的數位健康平台合作夥伴 Rhapsody Health 的基礎設施整合。OwletConnect 也將於本周正式上線，迎來我們的首位客戶，我們將能夠非常迅速地與未來開展遠距病患監護 (RPM) 計畫的醫院建立聯繫。

We continue to have more and more conversations with potential additional hospital partnerships similar to CHKD. The official launch and successful implementation of OwletConnect are important milestones, and we look forward to updating you on that progress in the coming quarters as this has become an important strategy towards unlocking the large health care opportunity for BabySat. It's an exciting time to be part of Owlet as we're executing across our strategic growth areas, and that progress is translating into strong results.

我們正與越來越多像 CHKD 一樣的潛在醫院合作夥伴進行對話。OwletConnect 的正式發布和成功實施是重要的里程碑，我們期待在接下來的幾季中向您報告進度，因為這已成為 BabySat 開拓巨大醫療保健機會的重要策略。現在加入 Owlet 是一個令人興奮的時刻，因為我們正在各個策略成長領域積極推進，而這些進展正在轉化為強勁的成果。

Now I'd like to turn the call over to Amanda to discuss those results for Q3 and provide an update on our 2025 outlook.

現在我想把電話交給阿曼達，讓她討論第三季的業績，並介紹一下我們 2025 年的展望。

Thanks, Jonathan, and good afternoon, everyone. I'll begin on slide 9. Unless noted otherwise, I will be comparing third-quarter 2025 results to the third-quarter of 2024. Q3 was another very strong quarter, setting records across the business. As Jonathan referenced, the best in Owlet history.

謝謝你，喬納森，大家下午好。我將從第9張投影片開始。除非另有說明，否則我將把 2025 年第三季的業績與 2024 年第三季的業績進行比較。第三季業績依然強勁，各項業務均創下紀錄。正如喬納森所說，這是 Owlet 歷史上最好的。

Third quarter 2025 revenue was $32 million, an increase of 44.6% compared to prior year. Revenue strength was driven by the launch of our next-generation camera, Dream Sight, with load-in from our domestic and international retail partners as well as ongoing momentum in Dream Sock and Owlet360 subscription.

2025 年第三季營收為 3,200 萬美元，較上年同期成長 44.6%。營收成長主要得益於我們推出的新一代相機 Dream Sight，以及國內外零售合作夥伴的積極推廣，同時 Dream Sock 和 Owlet360 訂閱業務也保持了強勁的成長勢頭。

Q3 gross profit of $16.2 million was a record for the business, resulting in Q3 gross margin of 50.6% as top line strength was able to offset tariff impacts. Reminder that in Q3, tariff cost impacts included a blend of the previously announced 10% tariffs on Thailand and Vietnam and newly increased tariffs of 19% and 20% on Thailand and Vietnam, respectively. In Q3, tariff costs negatively impacted our gross margin by 280 basis points.

第三季毛利達到 1,620 萬美元，創公司歷史新高，第三季毛利率達到 50.6%，營收強勁成長抵銷了關稅的影響。提醒大家，第三季關稅成本影響包括先前宣布對泰國和越南徵收 10% 的關稅，以及新近分別對泰國和越南提高的 19% 和 20% 的關稅。第三季度，關稅成本對我們的毛利率產生了280個基點的負面影響。

Total operating expenses in the third quarter were $15 million versus $16.4 million in the same period last year. It is important to note two specific items that impact year-over-year comparability. First, this quarter includes a $1.2 million insurance recovery related to the shareholder litigation we discussed in Q4 2024. Second, the prior year quarter included a $1.9 million noncash impairment charge associated with our internally developed software. As a percentage of revenue, Q3 operating expenses were 47% compared to 74% in Q3 2024 as we continue to drive strong operating leverage as we scale the business.

第三季總營運支出為 1,500 萬美元，而去年同期為 1,640 萬美元。需要注意的是，有兩個具體因素會影響年比數據的可比較性。首先，本季包括與我們在 2024 年第四季討論的股東訴訟相關的 120 萬美元保險賠償。其次，上一季包含與我們內部開發的軟體相關的 190 萬美元非現金減損費用。第三季營運費用佔營收的 47%，而 2024 年第三季則為 74%，因為我們在擴大業務規模的同時，繼續推動強勁的營運槓桿。

Q3 operating income was a record for Owlet at $1.2 million, the first quarter of positive operating profit in company history. Net income was also positive in the third quarter at $4.1 million versus $5.6 million net loss in the same period last year. Q3 net income includes a positive $4.3 million common stock warrant liability adjustment.

Owlet 第三季營業收入創下 120 萬美元的紀錄，這是該公司歷史上第一個實現正營業利潤的季度。第三季淨利也轉正，達到 410 萬美元，去年同期淨虧損為 560 萬美元。第三季淨利包含 430 萬美元的普通股認股權證負債調整。

Q3 adjusted EBITDA was $1.6 million, another quarterly record for the business, improving $1 million compared to the same period last year. Strong revenue growth despite tariff costs drove the increase, our sixth consecutive quarter of adjusted EBITDA profitability. Cash and cash equivalents as of quarter end September 30, 2025, were $23.8 million versus $21.8 million at the end of second-quarter 2025.

第三季調整後 EBITDA 為 160 萬美元，再次創下公司季紀錄，比去年同期成長 100 萬美元。儘管關稅成本增加，但強勁的收入成長推動了利潤成長，這是我們連續第六個季度實現調整後 EBITDA 獲利。截至 2025 年 9 月 30 日季末，現金及現金等價物為 2,380 萬美元，而 2025 年第二季末為 2,180 萬美元。

In the quarter, we drew down on our line of credit, increasing to $18.6 million at the end of Q3 versus $14.9 million at the end of Q2. The principal balance on our term loan was $7.5 million at the end of Q3 and Q2. Repayment of the term loan begins in November, and we expect it to be paid off by January 2028.

本季度，我們動用了信貸額度，第三季末增至 1,860 萬美元，而第二季末為 1,490 萬美元。截至第三季末和第二季末，我們的定期貸款本金餘額為 750 萬美元。定期貸款的償還從 11 月開始，我們預計將於 2028 年 1 月還清。

In October, we completed two important critical capital markets milestones to strengthen our business and support Owlet's long-term growth opportunity. First, we completed the warrant exchange announced on our second quarter earnings call. We received shareholder approval at our Annual Meeting on October 8, and the transaction was completed on October 10 with over 96% of Series A warrants and all of the Series B warrants converting into 5.4 million in shares of our common stock. We're pleased to be able to complete the exchange and be able to simplify our capital structure and improve the attractiveness of our stock for current and potential investors.

10 月份，我們完成了兩個重要的關鍵資本市場里程碑，以加強我們的業務並支持 Owlet 的長期成長機會。首先，我們完成了在第二季財報電話會議上宣布的認股權證交換。我們在 10 月 8 日的年度股東大會上獲得了股東批准，該交易於 10 月 10 日完成，超過 96% 的 A 系列認股權證和所有 B 系列認股權證轉換為 540 萬股普通股。我們很高興能夠完成此次換股，簡化我們的資本結構，提高我們股票對現有和潛在投資者的吸引力。

In addition, we successfully completed a follow-on equity offering on October 23, raising net proceeds of approximately $32 million. After giving effect of the warrant exchange and equity offering, as of November 10, 2025, we had approximately 27.6 million shares of common stock outstanding.

此外，我們於 10 月 23 日成功完成了後續股權發行，籌集了約 3,200 萬美元的淨收益。在計入認股權證交換及股權發行後，截至 2025 年 11 月 10 日，我們約有 2,760 萬股普通股流通在外。

The strategic raise bolsters our balance sheet, furthers a bridge to cash flow independence and provides financial flexibility to opportunistically invest for growth. We have some near-term R&D investments that we will begin prioritizing in this current fourth quarter as well as into 2026. But to be clear, despite the capital raise, we intend to maintain the financial discipline we have instilled over the past few years and aim for long-term, consistent profitable growth.

此次策略性融資增強了我們的資產負債表，進一步實現了現金流獨立，並為我們提供了財務靈活性，以便抓住機會進行成長投資。我們將在本季以及 2026 年開始優先推動一些近期研發投資項目。但需要明確的是，儘管籌集了資金，我們仍打算維持過去幾年建立的財務紀律，並力求長期、持續的獲利成長。

Now turning to an update on our financial outlook. Given our performance in the third quarter and expectations for the fourth quarter, we are updating our 2025 guidance. For the full-year 2025, we are raising revenue expectations to the range of $103 million to $106 million or 32% to 36% growth year over year. The momentum of the business remains strong despite a macro backdrop that includes uncertainty around the consumer environment, government shutdown after effects, and tariff policies that could impact our important Q4 holiday sales period.

現在來看看我們最新的財務展望。鑑於我們第三季的業績以及對第四季的預期，我們正在更新 2025 年的業績指引。對於 2025 年全年，我們將營收預期上調至 1.03 億美元至 1.06 億美元，年增 32% 至 36%。儘管宏觀經濟環境存在不確定性，政府停擺的後續影響以及關稅政策可能會影響我們重要的第四季度假日銷售期，但業務發展勢頭依然強勁。

We are narrowing our 2025 expectation range for gross margin to 48% to 50%. This updated guidance includes Q4 as the first full quarter of increased tariff cost impacts of 20% on imports from Vietnam and 19% on imports from Thailand or approximately 500 basis points to our margin in the quarter. And finally, for the full-year 2025, we expect adjusted EBITDA to be in the range of $1.25 million to $2 million, representing a $3.1 million to $3.8 million improvement versus 2024 and our first full year of adjusted EBITDA profitability.

我們將 2025 年毛利率預期範圍縮小至 48% 至 50%。此次更新後的業績指引將第四季度納入其中，因為第四季度是越南進口關稅成本增加 20% 和泰國進口關稅成本增加 19% 的第一個完整季度，這將使我們該季度的利潤率下降約 500 個基點。最後，我們預計 2025 年全年調整後 EBITDA 將在 125 萬美元至 200 萬美元之間，比 2024 年提高 310 萬美元至 380 萬美元，這將是我們第一個全年調整後 EBITDA 盈利的年份。

As we look ahead to 2026, we're expecting ongoing momentum as we drive further growth in our core business, subscription platform, and the health care opportunity. We look forward to discussing 2026 expectations in more detail on our fourth quarter earnings call.

展望 2026 年，我們預計隨著核心業務、訂閱平台和醫療保健領域的進一步成長，我們將保持持續的成長動能。我們期待在第四季財報電話會議上更詳細地討論2026年的預期。

With that, we will now take your questions.

接下來，我們將回答各位的問題。

(Operator Instructions) Charles Rhyee, TD Cowen.

（操作說明）Charles Rhyee，TD Cowen。

Hi. This is Lucas on for Charles, thanks for taking the question and congrats on the quarter. I want to ask about your guys' opportunity to partner with health systems. I would love to hear some incremental color on the early experience that you guys have had with the Children's Hospital of the King's Daughters in Virginia. I guess just how the partnership has gone so far? And then obviously, I understand it's early days, but would be curious to see if you've seen other health systems reach out seeking to form similar partnerships.

你好。這裡是盧卡斯，替查爾斯提問，感謝你回答問題，恭喜你本季有好成績。我想了解貴公司與醫療系統合作的機會。我很想了解你們在維吉尼亞州國王女兒兒童醫院的早期經歷。我想了解一下目前為止合作進度如何？當然，我知道現在還處於早期階段，但我很想知道您是否看到其他醫療系統主動聯繫您，尋求建立類似的合作關係。

Yeah. Thank you very much. Great question. As you know, we're super early with the CHKD partnership, and we just went live with our integration with them on the RPM.

是的。非常感謝。問得好。如您所知，我們與 CHKD 的合作還處於非常早期的階段，我們剛剛在 RPM 上正式上線了與他們合作的整合。

So far, the integration is very successful. They're happy. We're happy. And we are leveraging the CHKD relationship and partnership as a pilot for other healthcare systems who are already in conversations with both us and looking at the CHKD integration. So we don't have anything to share today, but look for something very soon, and we're very opportunistic on this as we get down the road.

目前來看，整合非常成功。他們很高興。我們很高興。我們正在利用與 CHKD 的關係和夥伴關係，為其他已經與我們進行對話並考慮整合 CHKD 的醫療保健系統提供試點。所以今天我們沒有什麼可以分享的，但很快就會有消息，我們會抓住機會，逐步推進此事。

Okay. Appreciate that. And then just a follow-up. I want to ask about international growth, obviously, strong 171% growth in 3Q, as well as adding new regulatory clearance in India. So I would expect this momentum to continue.

好的。謝謝。然後還有一個後續問題。我想問一下國際成長情況，顯然，第三季實現了強勁的 171% 的成長，此外，還在印度獲得了新的監管許可。因此，我預計這種勢頭將會持續下去。

But can you just help us understand which countries are you seeing the most growth in right now? And I guess, as we think out to 2026, what markets should we think about continuing to drive the growth in adoption in international markets?

您能否幫我們了解一下，目前哪些國家的成長最為顯著？我想，展望 2026 年，我們應該考慮哪些市場才能繼續推動國際市場採用率的成長？

Yeah. Overall, international performed very well this quarter. This is one of the things that we hinted at on our Q2 earnings call. If you recall, Q2 was a lighter quarter for international. And the reason for that is that we just launched our third-generation Dream Sight and Dream Duo product with the sell-in to our distributors occurring during Q3.

是的。整體而言，國際業務本季表現非常出色。這是我們在第二季財報電話會議上暗示過的事情之一。如果你還記得的話，第二季國際業務相對清淡。原因是我們在第三季推出了第三代 Dream Sight 和 Dream Duo 產品，並開始向經銷商銷售。

So that's why we saw the Q2 softness. It's really a catch-up year-to-date. But overall, really pleased with the performance internationally. We still have continued momentum.

所以這就是我們看到第二季經濟疲軟的原因。今年以來，確實需要進行一番追趕。但總體而言，我對球隊在國際賽場上的表現非常滿意。我們依然保持著強勁的發展勢頭。

We're seeing sell-through growing in all of our European countries. It's going well. We've also been announcing new clearances, which will give us further opportunity for global expansion.

我們看到，我們在歐洲所有國家的銷售額都在成長。一切順利。我們也宣布了一系列新的專利許可，這將為我們進一步拓展全球市場提供機會。

Owen Rickert, Northland Capital Markets.

歐文‧里克特，北地資本市場。

Congrats on a great quarter. I guess quickly, can you elaborate on how the Rhapsody partnership changes the value proposition of BabySat or your broader clinical platform for these hospitals or potential hospital partners? And then more specifically on that, how does it streamline implementation or improve clinician engagement compared to before the integration?

恭喜你本季表現出色。我想快速地問一下，您能否詳細說明一下與 Rhapsody 的合作如何改變 BabySat 或您更廣泛的臨床平台對這些醫院或潛在醫院合作夥伴的價值主張？更具體地說，與整合之前相比，它如何簡化實施流程或提高臨床醫生的參與度？

Yeah. Hey, thank you, Owen. Good to hear your voice again. Yeah, we're super excited about the Rhapsody integration. This is the RPM integration. This is the engine that drives, which we're calling Owlet Connect.

是的。嘿，謝謝你，歐文。很高興再次聽到你的聲音。是的，我們對 Rhapsody 的整合感到非常興奮。這是RPM整合。這就是驅動引擎，我們稱之為 Owlet Connect。

And by driving this, this is giving neonatologists and hospitals real-time access to the Dream Sock -- I'm sorry, the BabySat data as the babies are discharged from the NICU in their home. So the neonatologists can log in through their platforms, leveraging the Rhapsody and the OwletConnect to get real-time data. So what's really great about this integration is we've built the structure and now we can very quickly plug this into other hospital systems. So we believe that this is going to give us the opportunity to scale and add new hospital networks and new platforms at a much more rapid pace.

透過驅動這項技術，新生兒科醫生和醫院可以即時取得 Dream Sock（抱歉，是 BabySat）的數據，以便在嬰兒從新生兒加護病房出院回家時進行監測。因此，新生兒科醫生可以透過他們的平台登錄，利用 Rhapsody 和 OwletConnect 獲取即時數據。這次整合的真正優勢在於，我們已經建立好了架構，現在我們可以非常迅速地將其連接到其他醫院系統。因此我們相信，這將使我們有機會以更快的速度擴大規模，並增加新的醫院網路和新平台。

Got it. Super helpful. And then secondly for me, in terms of Owlet360, how are those subscriber retention rates trending? And maybe are there any specific features or new features to call out that might be driving some higher engagement or improved LTVs?

知道了。非常有用。其次，就 Owlet360 而言，其用戶留存率的趨勢如何？是否有一些特定的功能或新功能值得一提，它們可能推動了更高的用戶參與度或更高的客戶終身價值？

Yeah. Another great question. We're not sharing any of our subscriber churn numbers today, but we are seeing subscribers stay on our platform for quite a while. As you'll recall, we launched this at the end of January, so we don't have full year results yet. But we are seeing strong engagement from our Owlet360 customers.

是的。又是一個很好的問題。我們今天不公佈任何用戶流失數據，但我們看到用戶在我們的平台上停留的時間相當長。您應該還記得，我們​​是在一月底推出這項服務的，所以我們還沒有全年的業績報告。但我們看到 Owlet360 的客戶參與度很高。

We are -- we can actually already tell many of the families who are using Oura Ring because we're getting a lot of the same feature sets that Oura is delivering on their platform, and they're asking for that same feature set for their babies on Owlet360. So super excited about that.

我們——實際上我們已經可以告訴許多正在使用 Oura Ring 的家庭，因為我們獲得了 Oura 在其平台上提供的許多相同功能，而他們也要求 Owlet360 為他們的寶寶提供相同的功能。我對此感到非常興奮。

And as you'll recall, Owlet360 today is primarily based on Sock features. So look forward to a lot more camera features, especially with the new launch of Dream Sight which is a next-generation platform and has AI capabilities built right in. So we see a lot more camera and Duo features coming to the market as we begin to grow and expand.

您應該還記得，Owlet360 目前主要基於 Sock 功能。所以，敬請期待更多相機功能，特別是隨著新一代平台 Dream Sight 的推出，該平台內建了人工智慧功能。隨著我們的發展壯大，我們將看到更多相機和 Duo 功能進入市場。

And as you'll recall, we have as many camera users on our platform every night as Sock. So we really believe that we can scale and grow this opportunity.

您應該還記得，我們​​平台每晚的攝影機用戶數量與 Sock 的數量一樣多。因此，我們堅信我們可以擴大和發展這一機會。

There are currently no further questions registered. (Operator Instructions)

目前沒有其他問題登記。（操作說明）

There are no additional questions waiting at this time. So I'll pass the call back to Jonathan Harris for any concluding remarks.

目前沒有其他問題待問。那麼，我將把電話轉回給喬納森·哈里斯，請他做總結發言。

Sorry about that. So as we head into the final months of 2025, I'm incredibly proud of our progress our team has made in strengthening Owlet's foundation and delivering meaningful innovation for every family. This quarter's results demonstrate both resilience and focus, proof that our strategy to expand our products globally and enhance our hero product ecosystem is working.

抱歉。因此，在即將進入 2025 年最後幾個月之際，我為我們的團隊在加強 Owlet 的基礎並為每個家庭帶來有意義的創新方面所取得的進展感到無比自豪。本季的業績展現了我們的韌性和專注力，證明我們拓展產品全球市場、增強明星產品生態系統的策略正在發揮作用。

As we look ahead, we're entering a pivotal phase, scaling our impact, broadening our reach, deepening consumer investor trust, and driving sustainable growth through smarter technology and operational excellence. Our mission remains clear: to become the wellness ally for parents by empowering them with peace of mind and valuable health and sleep data. We're excited about what lies ahead as we continue building on this momentum and broaden our relationship with Owlet families across the globe. Again, thank you, and let's soar.

展望未來，我們將進入一個關鍵階段，擴大我們的影響力，拓展我們的覆蓋範圍，加深消費者投資者的信任，並透過更智慧的技術和卓越的營運推動永續成長。我們的使命依然明確：透過提供安心保障和有價值的健康與睡眠數據，成為父母的健康夥伴。我們對未來的發展充滿期待，我們將繼續保持這一勢頭，並擴大與全球 Owlet 家庭的關係。再次感謝，讓我們展翅高飛吧！

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。