Owlet Inc (OWLT) 2025 Q4 法說會逐字稿

Good afternoon. Thank you for attending the Owlet Q4 and full year 2025 earnings conference call. My name is Matt, and I'll be the moderator for today's call. (Operator Instructions)

午安.感謝您參加 Owlet 2025 年第四季及全年業績電話會議。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. Jay, please go ahead.

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。傑伊，請繼續。

Good afternoon, everyone, and thank you for joining us. Earlier today, Owlet released financial results for the fourth quarter and full year ended December 31, 2025. I'm pleased to be joined today by Jonathan Harris, Owlet's President and CEO; and Amanda Twede Crawford, our CFO.

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 12 月 31 日的第四季度和全年財務業績。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。

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.

在本次電話會議開始之前，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「活動與簡報」欄位下找到。本次電話會議也將透過網路直播，直播連結同樣位於該網站。

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 頁上的「安全港」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.

那麼，我很高興把電話交給喬納森。

Thanks, Jay. Good afternoon, everyone, and thank you for joining. I'm excited to recap the significant progress we've been making as 2025 was the strongest year in Owlet's history, and we are positioned for continued outperformance in 2026.

謝謝你，傑伊。各位下午好，感謝各位的參與。我很高興地回顧我們取得的重大進展，2025 年是 Owlet 歷史上表現最強勁的一年，我們已做好準備，在 2026 年繼續取得優異成績。

I'll begin on slide number 5. 2025 was truly a monumental and transformative year for Owlet, marked by significant growth and expanding our leadership and scale in pediatric health monitoring. The team achieved many milestones and accomplishments, and I'd like to highlight 3 of the most critical.

我將從第 5 張投影片開始。 2025 年對 Owlet 來說真是意義非凡、變革性的一年，這一年我們取得了顯著的成長，並在兒科健康監測領域擴大了領導地位和規模。團隊取得了許多里程碑式的成就，我想重點介紹其中 3 項最關鍵的成就。

First, the launch of our Owlet360 subscription service in January of last year proved to be a resounding success, fundamentally reshaping our relationship with our customers and our long-term business strategy. We're proud to announce that we have crossed 110,000 paying subscribers to begin March, a testament to the value and peace of mind our connected services provide to families. And we've recently launched our international subscription offering, opening new high-margin revenue streams and extending our ecosystem benefits across borders.

首先，我們在去年 1 月推出的 Owlet360 訂閱服務取得了巨大的成功，從根本上重塑了我們與客戶的關係以及我們的長期業務策略。我們很自豪地宣布，截至 3 月初，我們的付費用戶已突破 11 萬，這證明了我們的互聯服務為家庭帶來的價值和安心。我們最近推出了國際訂閱服務，開啟了新的高利潤收入來源，並將我們的生態系統優勢擴展到了世界各地。

The introduction of Owlet360 marked a major milestone in our evolution into a comprehensive pediatric data platform. By leveraging Owlet's massive data set of pediatric health, we're better able to deliver more advanced and personalized health and wellness information for our families. We're excited about the foundation we laid in 2025 for subscription and to capitalize on that momentum in 2026.

Owlet360 的推出標誌著我們在發展成為綜合兒科數據平台的過程中邁出了重要一步。透過利用 Owlet 龐大的兒科健康數據集，我們能夠更好地為我們的家庭提供更先進、更個人化的健康和保健資訊。我們對 2025 年為訂閱模式奠定的基礎感到興奮，並期待在 2026 年充分利用這一勢頭。

Second, we launched our new Dream Sight camera in September last year, our next-generation video monitor. Dream Sight levels up our camera platform with greater reliability and security and future forward technologies, including onboard AI capabilities, all at a price point that makes sense. When paired with Dream Sock, it delivers a holistic view of a child's wellness that no other offering can match.

其次，我們在去年九月推出了新款 Dream Sight 攝影機，這是我們的下一代視訊監視器。Dream Sight 透過更高的可靠性、安全性和麵向未來的技術（包括內建 AI 功能）提升了我們的相機平台，而且價格合理。與 Dream Sock 搭配使用，它能提供其他任何產品都無法比擬的兒童健康整體觀。

We view the introduction of Dream Sight as an important strategic catalyst to expand our LTV as cameras remain in use past three years of age. We've seen outstanding momentum since Dream Sight launch, and we're thrilled to begin rolling out our new camera-specific subscription features in the coming quarters, yet another opportunity to increase subscriber growth.

我們認為 Dream Sight 的推出是擴大我們 LTV 的重要戰略催化劑，因為攝影機的使用年限超過三年。自從 Dream Sight 發布以來，我們取得了顯著的成長勢頭，我們很高興在接下來的幾個季度開始推出新的相機專屬訂閱功能，這將是增加訂閱用戶數量的另一個機會。

Third, in 2025, we achieved record annual revenue, gross margin and adjusted EBITDA, showcasing new heights of financial performance and operational efficiency despite the new tariffs. Last October, we simplified our capital structure via warrant exchange, followed by a successful offering to strengthen our balance sheet, support a path to cash flow independence and provide flexibility for opportunistic growth investment.

第三，儘管面臨新的關稅，我們在 2025 年仍實現了創紀錄的年度收入、毛利率和調整後 EBITDA，展現了財務表現和營運效率的新高度。去年十月，我們透過認股權證交換簡化了資本結構，隨後成功發行股票，以加強資產負債表，支持實現現金流獨立，並為機會性成長投資提供靈活性。

Owlet's financial and operational health is stronger than ever, positioning us to well execute on our pediatric health growth opportunity and deliver long-term stakeholder value. Owlet's journey to date has been extraordinary, marked by innovation, strategic expansion and a relentless focus on our mission, reaching every baby.

Owlet 的財務和營運狀況比以往任何時候都更加穩健，這使我們能夠很好地掌握兒科健康領域的成長機遇，並為利害關係人創造長期價值。Owlet 迄今為止的發展歷程非同尋常，以創新、策略擴張和對使命的不懈追求為標誌，致力於服務每個嬰兒。

Our strategy is anchored in partnering with families during some of the most challenging but rewarding times in the parents journey. We are looking at a demographic of new parents, Gen Z and young millennials, where 60% of the women already own and rely on a connected wearable device. For them, biometric data isn't a novelty. It's a baseline expectation.

我們的策略核心是與家庭攜手合作，共同度過為人父母過程中最具挑戰性但也最有意義的時刻。我們關注的是新晉父母、Z世代和年輕千禧世代的群體，其中60%的女性已經擁有並依賴連網穿戴裝置。對他們來說，生物辨識數據並不是什麼新鮮事。這是基本預期。

Owlet is perfectly positioned to capture this audience by bridging the gap between the wearable tech they already use for themselves and the predictive care they want for their babies. Owlet is now a leading family wellness technology beyond just a monitor for parent calm. We use our product suite and massive pediatric data set to digitally translate safety, health, wellness and development patterns. This allows parents to make proactive, informed decisions and establishes a true biometric baseline for babies from night one. With the rise of AI and advanced monitoring, Owlet's data and ability to deliver actionable insights will become increasingly valuable as children grow.

Owlet 憑藉其卓越的性能，完美地滿足了這一受眾的需求，彌合了他們自身使用的可穿戴技術與他們希望為嬰兒提供的預測性護理之間的差距。Owlet如今已不只是一款讓父母安心的監護權，更是一款領先的家庭健康科技產品。我們利用我們的產品套件和龐大的兒科資料集，以數位化方式轉化安全、健康、福祉和發育模式。這使得父母能夠做出積極主動、明智的決定，並從嬰兒出生第一晚起就建立真正的生物特徵基線。隨著人工智慧和先進監控技術的興起，隨著兒童的成長，Owlet 的數據及其提供可操作見解的能力將變得越來越有價值。

From that larger vision, let' s zone into our fourth quarter 2025 performance on slide 6. Owlet delivered another strong quarter to cap a record year. We achieved revenue of $26.6 million in Q4 2025, increasing 29.6% versus Q4 2024. Revenue strength was driven by broad-based growth across the Dream product suite and Owlet360 subscription.

從這個更宏大的願景出發，讓我們聚焦在第 6 張投影片中 2025 年第四季的業績表現。Owlet 又迎來了一個強勁的季度，為其創紀錄的一年畫上了圓滿的句號。我們在 2025 年第四季實現了 2,660 萬美元的收入，比 2024 年第四季成長了 29.6%。Dream 產品套件和 Owlet360 訂閱服務的全面成長推動了營收的強勁成長。

Q4 revenue concluded a record year for Owlet with total revenue of $105.7 million for 2025, 35.4% growth over 2024. Fourth quarter 2025 gross margins were 47.6%, including a 510 basis point impact from the cost of tariffs. Despite the tariff overhang, full year 2025 gross margins were also a record at 50.6%.

第四季營收為 Owlet 創紀錄的一年畫上了圓滿的句號，2025 年總營收達到 1.057 億美元，比 2024 年增長 35.4%。2025 年第四季毛利率為 47.6%，其中包括關稅成本帶來的 510 個基點的影響。儘管存在關稅壓力，但 2025 年全年毛利率也創下 50.6% 的紀錄。

Adjusted EBITDA was $0.1 million in Q4 compared to $0.5 million in the fourth quarter 2024. Tariff costs were the primary impact versus prior year's adjusted EBITDA. For full year 2025, adjusted EBITDA was another record for Owlet at $2 million, a $3.8 million improvement over 2024.

第四季調整後 EBITDA 為 0.1 百萬美元，而 2024 年第四季為 0.5 百萬美元。與上年調整後的 EBITDA 相比，關稅成本是主要影響因素。2025 年全年，Owlet 的調整後 EBITDA 再次創下紀錄，達到 200 萬美元，比 2024 年增加了 380 萬美元。

The strength of our results in the fourth quarter and records across all key metrics for the full year 2025 underscore our confidence in strong performance and growth into 2026. Owlet is very well positioned as a company as we take last year's momentum and aim even higher in 2026.

我們在第四季度取得的強勁業績以及 2025 年全年所有關鍵指標的破紀錄表現，凸顯了我們對 2026 年強勁業績和成長的信心。Owlet 公司目前處於非常有利的地位，我們將延續去年的發展勢頭，並在 2026 年設定更高的目標。

Turning to our strategic growth areas. Our strategy remains consistent from last year, and we have refreshed our priorities to reflect what is most critical in 2026. First, drive global adoption of Dream Sock. Second, expand the Owlet360 subscription platform. Third, continue to grow the health care channels. Finally, launch the Owlet onCall Telehealth Platform.

接下來談談我們的策略成長領域。我們的策略與去年保持一致，並更新了我們的優先事項，以反映 2026 年最關鍵的事項。首先，推動Dream Sock在全球的普及。第二，拓展 Owlet360 訂閱平台。第三，繼續拓展醫療保健管道。最後，推出 Owlet onCall 遠距醫療平台。

Beginning with our core business in the US, Dream Sock demand continues to be strong. Dream Sock and Duo demonstrated strong domestic year-over-year sell-through at 9% and 53%, respectively, driven by another strong holiday selling period. We observed an expected shift in sales of individual Dream Socks to the Duo package, which we're pleased to see as Duo represents an expanded LTV opportunity and increase for subscription, giving parents a holistic view of a child's wellness that no other offering can match.

從我們在美國的核心業務來看，Dream Sock 的需求依然強勁。受另一個強勁的假期銷售季的推動，Dream Sock 和 Duo 在國內市場分別實現了 9% 和 53% 的同比強勁銷售。我們觀察到，單一 Dream Socks 的銷售出現了預期的轉變，轉向了 Duo 套裝。我們很高興看到這種情況，因為 Duo 代表著更大的 LTV 機會和訂閱增長，讓家長能夠全面了解孩子的健康狀況，這是其他任何產品都無法比擬的。

Strong customer satisfaction supports this growth as Dream Sock's NPS score to end Q4 was 77 and overall blended product NPS of 72. Registry trends continue to demonstrate Dream Sock is a priority for parents. Q4 showed a 23% increase in year-over-year Dream Sock additions across the registries we track, including Amazon, Babylist and Target.

強勁的客戶滿意度支撐了這一成長，Dream Sock 第四季末的 NPS 得分為 77，整體混合產品 NPS 為 72。註冊趨勢持續表明，Dream Sock 是父母的首選。第四季度，在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 23%。

We also continue to gain market share at scale. According to Circana consumer Research and our own data, Owlet expanded our share of total dollars spent on baby monitors to 41% in Q4 2025, up 24% versus Q4 2024 and another record high for market share since we started tracking Circana data. The data also shows our overall category is growing with consumer spending on baby monitors in 2025 with the highest it's been in the last five years.

我們也持續大規模地擴大市場份額。根據 Circana 消費者研究和我們自己的數據，Owlet 在 2025 年第四季度嬰兒監視器總支出份額擴大到 41%，比 2024 年第四季度增長了 24%，這是我們開始追蹤 Circana 數據以來市場份額的又一個歷史新高。數據顯示，到 2025 年，嬰兒監視器的消費者支出將達到近五年來的最高水平，我們的整體品類也將隨之成長。

Shifting to international. Q4 international revenue reached $3.9 million, closing a record year of $19.2 million, up 27% versus 2024. While Q4 revenue declined year-over-year, this was primarily due to transitioning Amazon UK to a direct import model. This operational shift moved the revenue recognition point from the collection to delivery, pushing a significant portion of UK sell-in revenue, our largest international market, from Q4 into Q1 2026. International sell-through remains strong with the UK up 58%, France up 41% and the Nordics up 80% versus Q4 2024.

轉向國際化。第四季國際營收達到 390 萬美元，全年營收創下 1,920 萬美元的紀錄，比 2024 年成長 27%。雖然第四季營收年減，但這主要是由於亞馬遜英國公司轉型為直接進口模式所致。這項營運調整將收入確認點從收款點轉移到了交付點，導致英國（我們最大的國際市場）銷售收入的很大一部分從第四季度推遲到了 2026 年第一季。國際銷售依然強勁，英國成長 58%，法國成長 41%，北歐成長 80%（與 2024 年第四季相比）。

In Q4, we secured regulatory clearance for Dream Sock sales in India, a major step forward in our planned commercial launch in the first half of 2026. This market is massive with over 23 million annual births. The top 1% alone rivals the size of the United States or European opportunities. We are also pleased to announce that we have received regulatory approval for Dream Sock distribution in Israel, another exciting new sales channel. This gives us another layer of international growth as we plan to launch in the back half of 2026.

第四季度，我們獲得了 Dream Sock 在印度的銷售監管許可，這是我們計劃在 2026 年上半年進行商業推廣的重要一步。這個市場規模龐大，每年新生兒數量超過2,300萬人。僅頂尖 1% 的人群所擁有的機會就足以媲美美國或歐洲的規模。我們也很高興地宣布，我們已獲得監管部門批准在以色列分銷 Dream Sock 產品，這是另一個令人興奮的新銷售管道。這為我們帶來了另一層國際成長，因為我們計劃在 2026 年下半年推出。

Dream Sock is a universal product, now sold in 31 countries with 7 regulatory clearances. In 2026, with both India and Israel expected to be on board, we are focused on scaling our current geographies and consistently opening up new regulatory approved global sales channels as we ensure availability of Dream Sock to every corner of the globe.

Dream Sock 是一款通用產品，目前已在 31 個國家/地區銷售，並獲得 7 項監管許可。預計到 2026 年，印度和以色列都將加入，我們將專注於擴大現有業務範圍，並不斷開闢新的、獲得監管部門批准的全球銷售管道，以確保 Dream Sock 能夠銷往全球每個角落。

Turning to Owlet360. We continue to drive meaningful progress expanding the value of our subscription platform, which contributed to our fourth consecutive quarter of sequential growth across paying subscribers, MRR, attach rate and retention rate. January 28 marked our first full year since subscription launch and the reception from parents and the performance of the offering has exceeded our expectations.

轉向 Owlet360。我們持續推進訂閱平台價值的提升，並取得了實質進展，這促成了我們付費用戶、每月經常性收入、附加率和留存率連續第四個季度實現環比增長。1 月 28 日是我們訂閱服務推出一周年紀念日，家長們的反應以及該服務的表現都超出了我們的預期。

We're proud to report over 110,000 total paying subscribers to begin March. In Q4, we successfully launched Owlet360 in our first international markets, UK, Ireland, Australia, New Zealand and South Africa. And we plan to continue rolling out subscription capabilities to the balance of our regulatory cleared countries in the coming quarters.

我們很高興地宣布，截至三月初，付費用戶總數已超過 11 萬。第四季度，我們成功在首批國際市場（英國、愛爾蘭、澳洲、紐西蘭和南非）推出了 Owlet360。我們計劃在接下來的幾個季度繼續向其他已獲得監管批准的國家推出訂閱功能。

As discussed last quarter, nearly all of our subscriber growth since launch has come from a focus around Dream Sock, and we see a significant opportunity to drive increased subscription adoption by layering differentiated camera-based features onto our latest AI-enabled camera platform, Dream Sight and Duo, to drive subscriber growth while extending customer LTV.

正如上個季度所討論的，自產品推出以來，我們幾乎所有的用戶成長都來自對 Dream Sock 的關注。我們看到了一個重大的機會，可以透過在我們最新的 AI 賦能相機平台 Dream Sight 和 Duo 上疊加差異化的基於相機的功能來推動訂閱用戶成長，同時延長客戶終身價值。

For example, combining our proprietary biometric data from the Sock with computer vision from the camera to deliver increasingly personalized and proactive experiences for caregivers in upcoming feature releases. We are focusing intensely on integrating AI across all of our platforms, viewing it as a long-term investment to strengthen our competitive edge and better support parents.

例如，我們將把來自 Sock 的專有生物識別數據與來自攝影機的電腦視覺相結合，在即將推出的功能版本中為護理人員提供越來越個性化和主動的體驗。我們正全力以赴地將人工智慧整合到我們所有的平台中，將其視為一項長期投資，以增強我們的競爭優勢並更好地支持家長。

Our strategic partnership with webAI will accelerate the development of secure, specialized intelligence using our unique pediatric health data set. This enterprise-grade AI infrastructure aims to unlock value for personalized experience and better insights, which we believe will become increasingly differentiated as our data grows. We're excited about the future as we combine AI with our valuable pediatric data built on the foundation of Owlet360.

我們與 webAI 的策略合作夥伴關係將加速利用我們獨特的兒科健康數據集開發安全、專業的智慧技術。這種企業級人工智慧基礎設施旨在釋放價值，實現個人化體驗和更深入的洞察，我們相信隨著資料量的增長，這些體驗和洞察將變得越來越具有差異化。我們對未來充滿期待，因為我們將人工智慧與我們基於 Owlet360 平台構建的寶貴兒科數據相結合。

Turning to our third strategic growth area. We continue to make solid progress in growing Owlet's health care channels. In Q4, we sent our first Owlet monitors home from Children's Hospital of The King's Daughters officially launching this collaboration. Building on the success and foundation we established with CHKD, in the last few months, we have engaged 4 new hospital partnerships.

接下來，我們來談談第三個策略成長領域。我們在拓展 Owlet 的醫療保健管道方面持續取得穩步進展。第四季度，我們向國王女兒兒童醫院寄出了第一批 Owlet 監視器，正式啟動了這項合作。在過去幾個月裡，我們憑藉與 CHKD 建立的成功和基礎，又與 4 家新的醫院建立了合作關係。

Our work in establishing the consignment functionality and RPM integration with CHKD laid the groundwork to announce these next hospital collaborations soon. We're at various stages of integration and expect to share more information in the near term.

我們在建立寄售功能和與 CHKD 的 RPM 整合方面的工作，為即將宣布這些下一批醫院合作奠定了基礎。我們目前處於不同的整合階段，預計近期將分享更多資訊。

We also continue to make important progress expanding our coverage network. We ended the year with 37 states on Medicaid reimbursement, up from 6 to end last year, and we now have 258 commercial insurance carriers, up from 105 from last year, now supporting over 90% of commercial US births.

我們在擴大網路覆蓋範圍方面也持續取得重要進展。到年底，已有 37 個州納入了醫療補助報銷範圍，而去年年底只有 6 個州；目前已有 258 家商業保險公司，比去年的 105 家有所增加，這些保險公司現在為超過 90% 的美國商業生育提供支持。

And finally, our last strategic growth area, Owlet OnCall Telehealth. We believe the pediatric telehealth opportunity is a game changer. As we've detailed in the past, there are over $30 billion in pediatric health care costs every single year just in the US and over 90% of those visits are treat in release. By leveraging real-time infant data from Dream Sock and Owlet360 to provide more personalized actionable remote care, we believe we can make a meaningful impact, improving overall childhealth outcomes and reducing costs for families.

最後，我們最後一個策略成長領域是 Owlet OnCall 遠距醫療。我們相信，兒科遠距醫療的出現將帶來改變。正如我們過去詳細報導的那樣，僅在美國，每年兒科醫療保健費用就超過 300 億美元，其中 90% 以上的就診都是在出院後進行治療。透過利用 Dream Sock 和 Owlet360 的即時嬰兒數據，提供更個人化、可操作的遠端護理，我們相信能夠產生有意義的影響，改善兒童整體健康狀況，並降低家庭成本。

We will launch the Owlet OnCall telehealth platform utilizing Dream Sock and Owlet360 to capitalize on this opportunity. This will enable parents to share health vitals, pulse rate, heart rate, oxygen saturation and the 30-day history from Dream Sock during a telehealth visit. This capability is expected to significantly enhance care quality and patient outcomes as traditional telehealth often relies on inadequate visual diagnosis without this crucial data.

我們將利用 Dream Sock 和 Owlet360 推出 Owlet OnCall 遠距醫療平台，以抓住這項機會。這將使家長能夠在遠距醫療就診期間分享來自 Dream Sock 的健康生命徵象、脈搏、心率、血氧飽和度和 30 天歷史記錄。這項功能有望顯著提高護理品質和患者療效，因為傳統的遠距醫療往往依賴缺乏這些關鍵數據的不充分的視覺診斷。

The first half of 2026 is the time to test, learn and expand on Owlet OnCall. We are still in the piloting stages for our telehealth offering as we want to get the experience right before a full launch scheduled later in the year in advance of the winter flu season.

2026 年上半年是測驗、學習和擴展 Owlet OnCall 的時期。我們的遠距醫療服務目前仍處於試點階段，因為我們希望在冬季流感季到來之前，在今年稍後全面推出之前，確保用戶體驗到位。

To wrap up, I want to thank and congratulate the Owlet team for a record 2025. I also want to thank our customers and investors for your confidence. The differentiation in our product platform and the leadership and expertise in pediatric health monitoring are a strong foundation to build from as we look to the future. We are laser-focused on sustaining our momentum and continuing to execute at a high level across our strategic growth areas. I'm confident this strategy will translate into long-term durable growth and value creation.

最後，我要感謝並祝賀 Owlet 團隊在 2025 年創下紀錄。我還要感謝我們的客戶和投資者的信任。我們在產品平台方面的差異化優勢，以及在兒科健康監測領域的領先地位和專業知識，為我們展望未來奠定了堅實的基礎。我們正全力以赴保持發展勢頭，並在各個策略成長領域繼續保持高水準的執行力。我相信這項策略將轉化為長期可持續的成長和價值創造。

Now I'll hand it over to Amanda to go over the financial highlights and our outlook for 2026.

現在我將把發言權交給阿曼達，讓她介紹一下財務亮點和我們對 2026 年的展望。

Thanks, Jonathan, and thank you to everyone for joining. I also want to thank our employees for another successful quarter and for the terrific execution that delivered our record 2025 performance. I'll begin on slide 12. Unless noted otherwise, I will be comparing fourth quarter 2025 to the fourth quarter of 2024. Financial results are preliminary prior to our 10-K filing.

謝謝喬納森，也謝謝大家的參與。我還要感謝我們的員工，感謝他們又一個季度取得的成功，以及他們出色的執行力，正是他們的努力才使我們在 2025 年取得了創紀錄的業績。我將從第12張投影片開始。除非另有說明，否則我將把 2025 年第四季與 2024 年第四季進行比較。財務表現為初步結果，尚未提交 10-K 表格。

The fourth quarter was another strong quarter as the momentum continued for Owlet. Q4 revenue was $26.6 million, up 29.6% year-over-year. Revenue strength was driven by broad-based growth across the Dream product suite and Owlet360 subscription. Full year 2025 revenue was a record at $105.7 million, up 35.4% versus 2024, at the high end of our guidance range.

第四季Owlet業績依然強勁，持續維持成長動能。第四季營收為2,660萬美元，較去年同期成長29.6%。Dream 產品套件和 Owlet360 訂閱服務的全面成長推動了營收的強勁成長。2025 年全年營收達到創紀錄的 1.057 億美元，比 2024 年成長 35.4%，處於我們預期範圍的高端。

Q4 gross margin was 47.6%, including a 510 basis point impact from the cost of tariffs. Full year 2025 gross margin was a record at 50.6%, exceeding the high end of our guidance. Tariff costs impacted our gross margin by 270 basis points for the full year 2025.

第四季毛利率為 47.6%，其中包括關稅成本帶來的 510 個基點的影響。2025 年全年毛利率達到創紀錄的 50.6%，超過了我們預期的上限。關稅成本使我們2025年全年的毛利率下降了270個基點。

Moving to the next slide. We have continued to maintain discipline with our operating expenses as we grow the business. Total operating expenses in the fourth quarter were $17.5 million versus $18.4 million in 2024, improving by $0.9 million. As a percentage of revenue, Q4 operating expenses were 66% compared to 90% in Q4 2024 as we continue to drive strong operating leverage. This has led to consistently strong operating efficiency as we manage investing operating expenses behind revenue growth. Our LTV to customer acquisition cost ratio of 4.4% remains low and is poised to improve as we layer on recurring revenues from subscription.

進入下一張投影片。隨著業務的成長，我們始終嚴格控制營運費用。第四季總營運支出為 1,750 萬美元，而 2024 年為 1,840 萬美元，減少了 90 萬美元。第四季營運費用佔營收的百分比為 66%，而 2024 年第四季為 90%，因為我們繼續推動強勁的營運槓桿。由於我們透過控制營運支出，將資金投入收入成長中，從而實現了持續強勁的營運效率。我們的 LTV 與客戶獲取成本比率為 4.4%，仍然很低，隨著訂閱帶來的經常性收入的增加，這一比率有望進一步改善。

From a revenue per full-time employee perspective, we're running a lean and efficient team at $1 million per average FTE. Q4 operating loss was $4.9 million compared to $7.4 million in the same period last year, improving $2.5 million. Net loss in the quarter was $9.2 million versus $9.1 million in the same period last year. Q4 adjusted EBITDA was $0.1 million compared to $0.5 million in Q4 2024. Tariff costs were the primary impact versus prior year. Full year 2025 adjusted EBITDA was a record for Owlet at $2 million and at the high end of our guidance expectations. 2025 adjusted EBITDA improved $3.8 million compared to 2024.

從每位全職員工的收入來看，我們經營著一支精簡有效率的團隊，平均每位全職員工的收入為 100 萬美元。第四季營業虧損為 490 萬美元，而去年同期為 740 萬美元，減少了 250 萬美元。本季淨虧損為 920 萬美元，去年同期淨虧損為 910 萬美元。第四季調整後 EBITDA 為 10 萬美元，而 2024 年第四季為 50 萬美元。與前一年相比，關稅成本是主要影響因素。Owlet 2025 財政年度調整後 EBITDA 達到 200 萬美元，創歷史新高，也處於我們預期範圍的高端。與 2024 年相比，2025 年調整後 EBITDA 增加了 380 萬美元。

Turning to our balance sheet. Cash and cash equivalents, excluding restricted cash as of quarter end December 31, 2025, were $35.5 million, up from $23.8 million in the third quarter 2025. With a portion of the proceeds from the equity offering in October, we paid down $12 million on our line of credit, decreasing to $7 million at the end of Q4.

接下來來看看我們的資產負債表。截至 2025 年 12 月 31 日季末，現金及現金等價物（不包括受限現金）為 3,550 萬美元，高於 2025 年第三季的 2,380 萬美元。我們利用 10 月份股權發行所得的部分收益，償還了 1,200 萬美元的信貸額度，到第四季末，信貸額度減少至 700 萬美元。

We had $10 million of undrawn availability on the line of credit at the end of Q4, increasing our total liquidity to $45.5 million as of December 31, 2025. The principal balance on our term loan was $7 million at the end of Q4 versus $7.5 million at the end of Q3. We began repayment on the term loan in November 2025, and we expect it to be paid off by January 2028.

截至第四季末，我們的信貸額度還有 1,000 萬美元的未提取可用額度，截至 2025 年 12 月 31 日，我們的總流動資金增加到 4,550 萬美元。截至第四季末，我們的定期貸款本金餘額為 700 萬美元，而第三季末為 750 萬美元。我們於 2025 年 11 月開始償還定期貸款，預計將於 2028 年 1 月還清。

Shifting to our financial outlook on slide 16. Following the most successful year in Owlet's history, our 2026 outlook is built on the scale and strength we established in 2025 and centered on continued execution on our strategic areas for growth. For the first quarter of 2026, we expect revenue in the range of $20 million to $21 million, gross margins of 50% to 52% and adjusted EBITDA of negative $2.5 million to negative $1.5 million.

接下來，我們將討論第 16 頁的財務展望。在 Owlet 歷史上最成功的一年之後，我們對 2026 年的展望建立在我們 2025 年建立的規模和實力之上，並以繼續執行我們的戰略成長領域為中心。我們預計 2026 年第一季的營收將在 2,000 萬美元至 2,100 萬美元之間，毛利率為 50% 至 52%，調整後的 EBITDA 為負 250 萬美元至負 150 萬美元。

Reminder that the seasonality of the business positions the first quarter as consistently our lowest revenue contribution quarter. And also of note, when comparing Q1 '26 revenue to prior year Q1 '25, revenue was especially strong due to a heavy RSV and flu season. We also began investing post offering in Q4 and now in Q1 in additional R&D resources to drive software and services for our Owlet360 subscription and OnCall Telehealth.

提醒大家，由於業務的季節性因素，第一季通常是我們收入貢獻最低的季度。另外值得注意的是，與去年同期（2025 年）第一季相比，2026 年第一季的營收表現尤為強勁，主要得益於 RSV 和流感疫情的嚴重爆發。我們在第四季度上市後開始投資，現在在第一季又投入了額外的研發資源，以推動我們的 Owlet360 訂閱和 OnCall Telehealth 的軟體和服務的發展。

And for our full year 2026 outlook, we are expecting another record year of growth. For 2026, we expect revenue in the range of $126 million to $130 million, representing growth of 19% to 23% over 2025. Similar to prior years, we're expecting revenue contribution to be roughly 40% in the first half of 2026 and 60% in the back half as we observe our typical seasonality and as subscription revenue sequentially becomes a larger portion of revenue throughout 2026.

對於2026年全年展望，我們預計將迎來創紀錄的成長年。我們預計 2026 年的營收將在 1.26 億美元至 1.3 億美元之間，比 2025 年成長 19% 至 23%。與往年類似，我們預計 2026 年上半年收入貢獻約為 40%，下半年約為 60%，因為我們觀察到典型的季節性變化，並且訂閱收入在 2026 年全年所佔比例將逐步增大。

For full year 2026, we expect gross margins in the range of 49% to 52% and adjusted EBITDA in the range of $3 million to $5 million, representing growth of 50% to 150% over 2025. There remains uncertainty surrounding the volatile tariff situation and the war in the Middle East. As a result, our 2026 guidance includes tariff cost impacts consistent with Q4 2025 at 510 basis points to our margin per quarter.

我們預計 2026 年全年毛利率將在 49% 至 52% 之間，調整後 EBITDA 將在 300 萬美元至 500 萬美元之間，比 2025 年增長 50% 至 150%。動盪的關稅情勢和中東戰爭仍帶來許多不確定性。因此，我們 2026 年的業績指引包括關稅成本的影響，與 2025 年第四季一致，每季將對我們的利潤率造成 510 個基點的影響。

With that, operator, can you please open up the call for questions?

接線員，那麼請開啟提問環節好嗎？

(Operator Instructions)

（操作說明）

Andrew Brackmann, William Blair.

安德魯·布拉克曼，威廉·布萊爾。

Maybe we could start here on guidance. As I sort of look at the full year, it looks like you bracketed the Street sort of on key metrics. But for Q1, in particular, I think revenue was a bit below where the Street was. But also just as I look at sort of the percentage of the full year revenue expectation versus what we've seen in prior years, I think it's a little bit lower.

或許我們可以從提供指導開始。從全年來看，你似乎在關鍵指標上與華爾街的預期基本上吻合。但就第一季而言，我認為營收略低於華爾街的預期。但當我查看全年收入預期百分比與往年相比時，我認為它略低一些。

So can you maybe just talk about why that is this year? And I guess, more importantly, can you just talk about your line of sight to that second half ramp that's sort of implied here?

那麼，您能否談談為什麼今年會是這樣呢？更重要的是，您能否談談您視線所及的後半段斜坡的情況，這裡隱含著這個斜坡？

Yes, that's a fair question, Andrew. And I wanted to provide some context for the Q1 guide. First, inherently, we've got seasonality in the business with Q1, which is historically the lightest revenue contributor. When we're looking at the year-over-year comparison, we're lapping an exceptionally strong Q1, which was driven by a heavy RSV and flu season.

是的，安德魯，你問得好。我想為 Q1 指南提供一些背景資訊。首先，從本質上講，我們的業務存在季節性因素，第一季歷來是收入貢獻最小的季度。從年比數據來看，我們忽略了第一季異常強勁的業績，這主要是由於呼吸道合胞病毒和流感疫情嚴重所致。

The other thing to look at is the current macro environment. We did observe some softness in consumer spending through the Q4 holiday period, whether it was influenced by the government shutdown or broader macroeconomic pressures, we have seen retailers respond by tightening their weeks of supply, which is reflected in the Q1 guide.

另一個需要考慮的因素是目前的宏觀環境。我們觀察到第四季度假日期間消費者支出有所疲軟，無論是受政府停擺還是更廣泛的宏觀經濟壓力影響，我們都看到零售商透過縮短供貨週期來應對，這反映在第一季度的業績指引中。

Just to be clear, though, we are the leader in the category. The timing of when the revenue is going to hit within the quarters is coming up lighter in Q1. But fundamentally, we are in a strong competitive position, and this confidence is baked into the full year guide, which reflects the strong long-term demand that we're expecting.

不過要先明確的是，我們是該領域的領導者。第一季營收到帳的時間相對較少。但從根本上講，我們處於強大的競爭地位，這種信心已體現在全年業績指引中，該指引反映了我們預期中的強勁長期需求。

Okay. I appreciate all that color. And then, Jonathan, you talked about launching some generative AI insights here in the coming months. Can you maybe just talk a little bit more about that, give a little bit of color on what those offerings might look like? And then as you sort of think about increasing the stickiness to 360, how do those sort of play into that?

好的。我喜歡這些色彩。然後，喬納森，你提到將在未來幾個月推出一些生成式人工智慧洞察。能否再詳細談談這方面，稍微描述一下這些產品和服務可能會是什麼樣子？那麼，當你考慮將黏性提高到 360 度時，這些因素會如何影響黏性呢？

Yes. We see a massive opportunity to leverage AI to support and drive our evolution from a hardware company into a leading pediatric data platform. We see it a couple of different ways. We see product intelligence. We're evolving from a simple hardware monitoring to real-time personalized AI sleep coaching. AI Sleep Insight will convert static data into actionable daily plans for parents.

是的。我們看到了利用人工智慧支援和推動我們從硬體公司轉型為領先的兒科數據平台的巨大機會。我們對此有兩種不同的看法。我們看到了產品智能。我們正在從簡單的硬體監控發展到即時個人化人工智慧睡眠指導。AI睡眠洞察會將靜態數據轉化為可供父母執行的日常計劃。

We believe that this is also going to drive high-value subscription features in our audio and our vision, really driving the whole ecosystem across both the Sock and Dream Sight, our camera. Additionally, we're really driving and focused on AI-assisted engineering workflows to reduce turnaround times and across all functions of the business to streamline regulatory submissions to automate financial data entry to drive measurable productivity gains.

我們相信，這也將推動我們在音訊和視覺領域推出高價值的訂閱功能，真正推動 Sock 和 Dream Sight（我們的攝影機）的整個生態系統的發展。此外，我們正在大力推動人工智慧輔助工程工作流程，以縮短週轉時間，並在業務的各個職能部門中簡化監管申報流程，實現財務資料輸入自動化，從而提高生產力。

And then we're in the early phases of our web AI partnership where we're really going to work on real-time actionable on the edge AI functionality that, again, is going to help parents with real-time data to help on their parenting journey.

然後，我們正處於網路人工智慧合作的早期階段，我們將真正致力於開發即時可操作的邊緣人工智慧功能，這將再次為父母提供即時數據，幫助他們更好地育兒。

Jonna Kim, TD Cowen.

Jonna Kim，TD Cowen。

As it relates to the international expansion, when should we start to see some of the sell-in revenue for new markets there? And would love to hear any early learnings from the international subscription that you rolled out, how that progress has been and any early learnings there?

就國際擴張而言，我們何時才能開始看到在新市場的銷售收入？我很想了解你們推出的國際訂閱服務有哪些初步經驗，進展如何，以及有哪些初步經驗可以分享？

And then just lastly, in terms of your guidance for the year, what is baked in, in terms of your expectation on the low end and high end? Just would like to get additional color on the expectations that you have embedded in your guide.

最後，關於您對今年的業績展望，您對業績的低階和高端分別有哪些預期？我想進一步了解您在指南中提出的期望。

Great. I'll take the first half of that. So we expect further international expansion revenue to begin the first half of this year with rollout in the first half of these new markets. So we're very excited about that. We continue to see very strong sell-through success across our European markets and continue to grow.

偉大的。我要前半部。因此，我們預計今年上半年將隨著這些新市場的上半年推出，進一步的國際擴張收入將開始成長。我們對此感到非常興奮。我們在歐洲市場的銷售業績持續強勁成長，並且仍在不斷發展壯大。

And we're still very, very early on our international subscription, but we are excited to drive that. Right now, it's only English-speaking countries, and we look to expand further European languages in the first half of this year as well. So very excited to see more subscription drive on a global basis.

我們的國際訂閱業務還處於非常非常早期的階段，但我們對推動這項業務充滿熱情。目前，我們的服務僅限於英語國家，我們計劃在今年上半年擴展到其他歐洲語言。非常高興看到全球範圍內的訂閱用戶成長勢頭更加強勁。

All right. And then just regarding your question on what is baked into the low end and the high end. As far as revenue goes in our guidance, we have not baked in any like material contribution from our new countries or the telehealth opportunity. So we see that as upside in the guide. The high end versus the low end will depend on our hardware growth as well as the contribution from subscription. So within that range, the higher end would imply stronger growth in both of those areas.

好的。然後，就你提出的關於低端和高端產品分別包含哪些內容的問題而言。就我們的收入預期而言，我們尚未將新國家或遠距醫療機會帶來的類似實質貢獻計入其中。所以我們認為這是該指南的一個利好因素。高端產品與低階產品之間的差距將取決於我們的硬體成長以及訂閱收入的貢獻。因此，在這個範圍內，較高的數值意味著這兩個領域都將有更強勁的成長。

And then just from a cost of goods perspective, we said that in the remarks, but we are including tariffs that are consistent with what we saw in Q4. As everyone knows, the tariff situation remains volatile and is changing day-to-day. So depending on where those ultimately land, there can be a little bit of upside in the cost of goods as well.

然後，從商品成本的角度來看，我們在評論中也提到了這一點，但我們計入的關稅與我們在第四季度看到的情況一致。眾所周知，關稅情況依然動盪，而且每天都在變化。因此，根據這些價格最終的落點，商品價格也可能略有上漲。

Owen Rickert, Northland Capital Markets.

歐文‧里克特，北地資本市場。

It looks like that OnCall Telehealth offering is launching in the back half of the year. I guess can you just walk us through the go-to-market strategy there? And more specifically, is this being positioned as a stand-alone paid tier? Is it a premium add-on to Owlet360? I it bundled into existing subscription plans? I guess, can you just give us more color on that offering?

看來OnCall遠距醫療服務將在今年下半年推出。我想請您為我們詳細介紹一下貴公司的市場推廣策略？更具體地說，這是作為一項獨立的付費服務推出的嗎？它是 Owlet360 的高階附加元件嗎？它是否已捆綁到現有訂閱計劃中？我想問一下，能否詳細介紹一下這項服務？

Yes. I got that, Owen. Good to see you or hear you. So we began internally piloting a friends and family just recently, and we're continuing to grow that. So we're really flushing that out based on that real-world experience. And this will be an additional upsell, cross-sell, if you will, to Owlet360. It will be a separate platform.

是的。我明白了，歐文。很高興見到你或聽到你的消息。所以，我們最近開始在內部試行親友優惠，並且持續擴大規模。所以我們正在根據實際經驗來完善它。這將是對 Owlet360 的額外追加銷售或交叉銷售。這將是一個獨立的平台。

So we're really working on getting the experience right before launching in the second half of '26 and well ahead of the cold and flu season. So we're really excited and continue to build, and we're going to have this rolling out ahead of the second half of '26.

因此，我們正在努力完善使用者體驗，以便在 2026 年下半年正式上線，並且趕在流感季到來之前完成。所以我們非常興奮，並將繼續努力，我們將在 2026 年下半年之前推出這項服務。

Got it. And then second one for me. You surpassed 110,000 paying Owlet360 subscribers. How is the stickiness looking there monthly churn, how has that trended over the past few quarters?

知道了。然後是我的第二個。Owlet360 的付費用戶已超過 11 萬人。每月客戶流失率如何？過去幾季趨勢如何？

Could you repeat the question? You were breaking up a little bit. Sorry.

您能再說一次問題嗎？你們當時有點情緒低落。對不起。

Yes, no problem. I was just asking about how it rates looking on Owlet360 monthly subscribers and maybe how that's trended over the past few quarters.

好的，沒問題。我只是想問 Owlet360 的月度訂閱用戶數量如何，以及過去幾季的成長趨勢。

Yes. We continue to see Owlet360 grow. We'll be sharing more data on Owlet360 on our upcoming calls because we just hit our one-year anniversary. But what we can share is the metrics are trending in all the right directions. We've had four consecutive quarter of sequential growth across paying subscribers, MRR attach rate and retention rate. We've also been tracking a cohort analysis that's showing retention continues to improve at a consistent basis.

是的。我們看到 Owlet360 持續成長。我們將在接下來幾通電話會議上分享更多關於 Owlet360 的數據，因為我們剛剛迎來了成立一周年紀念日。但我們可以透露的是，各項指標都朝著正確的方向發展。我們在付費用戶數、每月經常性收入附加率和留存率方面已經連續四個季度實現了環比增長。我們也一直在追蹤一項隊列分析，該分析顯示用戶留存率持續穩定提高。

And this is also helping us identify a time period where there's opportunity to target rolling out specific features to improve retention even further. Great example of that is just adding the additional features that we're looking to launch on Dream Sight and really bring in both the Sock and the camera subscription and that holistic view for the parent.

這也有助於我們確定一個合適的時機，有針對性地推出特定功能，以進一步提高用戶留存率。一個很好的例子就是，我們正在為 Dream Sight 添加一些附加功能，真正將 Sock 和相機訂閱服務整合起來，為家長提供全面的視圖。

Ian Arndt, Lake Street Capital Markets.

伊恩·阿恩特，湖街資本市場。

I'm on here for Ben. And I was just wondering how do you guys view international revenue longer term? There's statistics show that there's more babies born outside of the developed world, obviously. And just wondering where you guys kind of see international sales ending up as a percentage of revenue several years down the road --

我來這裡是為了本。我想問各位如何看待國際收入的長期前景？統計顯示，已開發國家以外的嬰兒出生數量較多，這是顯而易見的。我想知道你們覺得幾年後國際銷售額佔總收入的比例最終會是多少。--

No, go ahead, sorry.

不，請便，不好意思。

I was just going to add, if you had any thoughts on if there's a meaningful difference with the -- with adding subscription internationally or kind of what your thoughts are on that as well?

我正想補充一點，您覺得在國際範圍內添加訂閱功能是否會有實質的差異？或者您對此有什麼看法？

Yes. We continue to see this as a great opportunity. We have roughly 11% penetration in the US, meaning 11 out of 100 babies are actually wearing an Owlet sock. So we see that opportunity where in Europe, for example, we're closer to 3%. So if you just look at Europe, there's a tremendous amount of growth opportunity there. As we've mentioned before, there's 23 million babies born a year in India alone. So even if we look at the top strata, the top 1%, just that top 1% is as large a market opportunity as both the United States and Europe.

是的。我們仍然認為這是一個絕佳的機會。我們在美國的產品滲透率約為 11%，這意味著每 100 個嬰兒中就有 11 個穿著 Owlet 嬰兒襪。所以我們看到了這樣的機會，例如在歐洲，我們的比例接近 3%。所以，如果你只看歐洲，你會發現那裡蘊藏著巨大的成長機會。正如我們之前提到的，光是在印度，每年就有 2,300 萬嬰兒出生。所以即使我們只看頂層人群，也就是前 1% 的人群，僅是這前 1% 的人群就擁有與美國和歐洲一樣大的市場機會。

So we see that as a really strong opportunity, and they are English-speaking by and large, over there. So we're really excited to roll out more international subscription in various languages and provide the amazing success that we've seen on Owlet360 in the English-speaking countries and continue to expand and grow that.

所以我們認為這是一個非常好的機會，而且那裡的大多數人都會講英語。因此，我們非常高興能夠推出更多不同語言的國際訂閱服務，並延續 Owlet360 在英語國家的巨大成功，繼續擴大和發展這項服務。

So we're going to continue to work on expanding and growing our adoption, both here in the US, in Europe and opening up new markets where we see strong opportunity and then layering on our subscription platform on top of that to drive a really nice high-margin reoccurring revenue stream.

因此，我們將繼續努力擴大和提升我們的用戶群體，無論是在美國、歐洲，還是在我們看到強勁發展潛力的新市場，然後在此基礎上疊加我們的訂閱平台，以推動真正可觀的高利潤經常性收入流。

Okay. That's great. And then one more if you could comment on if there have been any additional follow-through from the FDA safety communication that went out last year?

好的。那太棒了。最後一個問題，您能否就去年FDA發布的安全通告之後是否有任何後續行動發表評論？

Another good question. Yes, we have not heard anything further from that communication that went out in September of 2025. But there is quite a bit of turmoil going on within the FDA, but we have a really strong relationship with them, and we're continuing to dive in.

又是一個好問題。是的，自 2025 年 9 月發出那份通知以來，我們一直沒有收到任何後續消息。但FDA內部確實存在一些動盪，但我們與他們保持著非常牢固的關係，我們將繼續深入參與其中。

Our market share continues to grow in the US where that is most applicable. And we're over 41% of all dollars fit in the entire baby monitor category and feel really strong about our position with or without the FDA, and we're going to continue to drive, and that would be a really nice additional tailwind if and when the FDA actually do something.

我們的市場份額在美國持續成長，因為這是最適用的市場。我們佔據了整個嬰兒監視器類別超過 41% 的市場份額，無論 FDA 是否採取行動，我們都對自己的地位充滿信心，我們將繼續努力，如果 FDA 真的採取行動，那將是一個非常好的額外助力。

Currently no further questions registered. (Operator Instructions)

目前暫無其他問題。（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 closing 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，讓他做最後的總結演講。

Thank you, operator, and thanks again to everyone for joining us and for your continued support. After a record-breaking year, our team is not taking the foot off the gas. We're entering 2026 ready to build on our performance and our massive long-term opportunity. Owlet is evolving into a comprehensive pediatric sleep, health and wellness platform. We are focused on executing this vision, which positions us as much more than just a baby monitor brand.

謝謝接線員，再次感謝大家的參與與持續支持。在創紀錄的一年之後，我們的團隊並沒有放鬆警戒。我們已做好準備，迎接 2026 年，在現有業績的基礎上，抓住巨大的長期發展機會。Owlet 正在發展成為一個全面的兒科睡眠、健康和保健平台。我們致力於實現這一願景，這使我們不僅僅是一個嬰兒監視器品牌。

Owlet is a sophisticated data platform designed to establish the gold standard for accurate infant biometric baselines from the very first night. Ultimately, Owlet is uniquely positioned to redefine modern parenting and become the essential wellness technology for families worldwide. Thank you again, and talk to you next quarter.

Owlet 是一個先進的數據平台，旨在從嬰兒出生後的第一個晚上開始，建立準確的嬰兒生物特徵基線的黃金標準。最終，Owlet 憑藉其獨特的優勢，有望重新定義現代育兒方式，成為全球家庭必不可少的健康科技產品。再次感謝，我們下個季度再聊。

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。