Owlet Inc (OWLT) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Owlet Q1 2026 earnings conference call. (Operator Instructions) I will now hand the conference over to Jay Gentzkow, Investor Relations. Jay, please go ahead.

大家好。感謝各位加入我們，歡迎參加 Owlet 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係部的 Jay Gentzkow。Jay，請開始。

Good afternoon, everyone, and thank you for joining us. Earlier today, Owlet released financial results for the first quarter ended March 31, 2026. I'm pleased to be joined today by Kurt Workman, Owlet's President, CEO and Co-Founder; and Amanda Twede Crawford, Owlet's CFO.

各位下午好，感謝各位加入我們。今天稍早，Owlet 公布了截至 2026 年 3 月 31 日止第一季的財務結果。我很高興今天與會的有 Owlet 總裁、執行長暨共同創辦人 Kurt Workman，以及 Owlet 財務長 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.

在開始之前，請注意，我們在本次電話會議中提及的財報新聞稿與簡報投影片，可於 investors.owletcare.com 的投資人關係網站「活動與簡報」(Events and Presentations) 專區取得。本次電話會議亦同步進行網路直播，連結亦在同一網站。

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. Before we begin today, 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.

本次網路直播及隨附投影片將於會後提供重播，為期 12 個月。今日電話會議內容為 Owlet 之財產。未經我們事先同意，不得複製或轉錄。在今天開始之前，我想請各位參閱簡報第 3 頁的「安全港」(Safe Harbor) 聲明。今日討論將包含以前瞻性陳述為主的內容，係基於公司截至今日之現行觀點與預期。

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.

這些陳述僅為預測，並受若干風險與不確定性影響，可能導致實際結果與該等陳述所明示或暗示者有重大差異。此等風險與不確定性包括但不限於：我們最近向美國證券交易委員會（SEC）提交之文件，以及年報 Form 10-K 的「風險因素」章節（並由公司季報 Form 10-Q 及其他向 SEC 提交之文件所更新）中所述者。

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

請注意，除法律要求外，公司不承擔更新任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

With that, it's my pleasure to turn the call over to Kurt.

接下來，我很高興把電話會議交給 Kurt。

Thanks, Jay. Good afternoon, everyone, and thank you for joining. Before we dive into the business results, I want to address a recent leadership transition and a renewed path forward for Owlet. On behalf of the Board and the entire Owlet team, I'd like to share our deep gratitude for Jonathan Harris.

謝謝你，Jay。各位下午好，感謝各位加入。在我們深入討論業務成果之前，我想先談談近期的領導階層交接，以及 Owlet 重新確立的前進方向。我代表董事會與整個 Owlet 團隊，向 Jonathan Harris 表達由衷的感謝。

Jonathan was instrumental in navigating Owlet's breakthrough growth following FDA clearances. Owlet is in a better position as a result of his contributions, and we wish him well. As Owlet enters this next stage of our growth and evolution, I'm stepping back into the CEO role as announced in April. I'm back to build on the mission I started in a garage 12 years ago with a clear long-term mandate to lead Owlet through this next phase of scale and development in pediatric health.

Jonathan 在 Owlet 取得 FDA 核准後的突破性成長過程中，對公司順利航行發揮了關鍵作用。在他的貢獻之下，Owlet 目前處於更有利的位置，我們也祝福他一切順利。隨著 Owlet 進入下一階段的成長與演進，我將如同 4 月所宣布的，回到執行長職位。我回來是為了延續 12 年前在車庫裡開始的使命，並以清晰的長期授權，帶領 Owlet 在兒科健康領域邁入下一階段的規模化與發展。

While our core mission hasn't changed, we are sharpening our focus on execution and concentrating resources on our highest value opportunities. I want to highlight three strategic priorities where we see the greatest opportunity to improve performance. First, we're prioritizing the Owlet360 subscription and telehealth opportunity more deliberately than we have in the past.

雖然我們的核心使命沒有改變，但我們正更聚焦於執行力，並將資源集中在最高價值的機會上。我想強調三項我們認為最有機會改善績效的策略重點。第一，我們將比過去更有意識地優先推動 Owlet360 訂閱與遠距醫療（telehealth）機會。

With well over 0.5 million parents purchasing a new Owlet device every year, we already have an established user base to support subscription conversion. We believe the structure of the modern parenting journey creates a meaningful opportunity. Among parents, the average family grows to just over two children with siblings typically arriving within a few years of each other. Owlet is uniquely positioned to secure a four-year subscription window.

每年有超過 50 萬名家長購買新的 Owlet 裝置，我們已擁有成熟的使用者基礎，可支撐訂閱轉換。我們相信，現代育兒旅程的結構帶來了具實質意義的機會。在家長族群中，平均每個家庭的子女數略高於兩名，而手足通常在相隔幾年內出生。Owlet 具備獨特優勢，可掌握為期四年的訂閱窗口。

By extending high-value subscription features that span the child's first two years, we aim to increase engagement and retention over time, evolving the customer relationship from a onetime user into a four-year subscriber. This evolution from a hardware-centric sales to a multiyear subscription model fundamentally shifts our growth trajectory, compounding our recurring subscriber base into the millions.

透過延伸涵蓋孩子前兩年的高價值訂閱功能，我們的目標是隨時間提升互動與留存，將客戶關係從一次性使用者，演進為四年期訂閱者。這種從以硬體為中心的銷售模式轉向多年期訂閱模式的演進，將從根本上改變我們的成長軌跡，使我們的經常性訂閱者基礎以複利方式擴大至數百萬。

Owlet is increasingly operating with a subscription-first approach across the business. That means the product road map, marketing and channel partnerships are aligned toward increasing subscription penetration across our entire customer base. We have three key Owlet360 subscription priorities to execute this year.

Owlet 正在全公司範圍內日益採取「訂閱優先」的營運方式。這意味著產品路線圖、行銷與通路合作夥伴關係，皆以提升整體客戶基礎的訂閱滲透率為目標而對齊。今年我們有三項關鍵的 Owlet360 訂閱優先事項需要落地執行。

Number one, launch new features and AI integrations for Dream Sock to enhance the subscription value proposition and support continued increases in our attach rate. Number two, launch compelling new camera subscription features that deliver value to hundreds of thousands of nightly active cam users. The Dream Sight subscription feature set is critical toward extending LTV as many families use their cameras throughout the toddler years.

第一，為 Dream Sock 推出新功能與 AI 整合，以強化訂閱價值主張，並支持我們的綁定率（attach rate）持續提升。第二，推出具吸引力的新相機訂閱功能，為每晚活躍的數十萬名相機使用者帶來價值。Dream Sight 的訂閱功能組合對於延長 LTV（客戶終身價值）至關重要，因為許多家庭在幼兒期仍會持續使用相機。

Number three, expand subscription access to our large and growing customer base outside of the US. Our objective is to establish Owlet360 subscription as a foundational value add for a family's first two years of parenthood. For families with a single child, this can significantly extend LTV.

第三，將訂閱服務擴展至美國以外龐大且持續成長的客戶基礎。我們的目標是將 Owlet360 訂閱打造為家庭在成為父母的前兩年中，一項基礎性的加值服務。對於只有一個孩子的家庭，這可顯著延長 LTV。

For those families that grow to a second child, it can extend the subscription life cycle to multiple years, supporting a longer-term high-margin subscription relationship. This evolution from a hardware-centric sale to a multiyear subscription model has the potential to fundamentally transform our business profile and strengthen Owlet's role as a long-term partner in the parenting journey.

對於成長為第二個孩子的家庭，則可將訂閱生命週期延伸至多年，支持更長期且高毛利的訂閱關係。這種從以硬體為中心的單次銷售轉向多年期訂閱模式的演進，有潛力從根本上改變我們的業務輪廓，並強化 Owlet 作為育兒旅程長期夥伴的角色。

Owlet is building a generational opportunity on AI, anchored by what we believe is the most scaled pediatric health data set in the world. By combining our data moat, FDA-cleared hardware and trusted parent relationships, we believe we can deliver the kind of personalized proactive infant care that has never before been possible in the home and establish Owlet as the defining pediatric health platform of this AI era.

Owlet 正在 AI 上打造一個跨世代的機會，其基礎是我們相信全球規模最大的兒科健康資料集。透過結合我們的資料護城河、取得 FDA 核准的硬體，以及家長對我們的信任關係，我們相信能提供過去在家中從未可能實現的個人化、主動式嬰兒照護，並在這個 AI 時代將 Owlet 建立為具代表性的兒科健康平台。

Turning to our second strategic priority. We are sharpening focus on the high-value opportunities within our existing core markets, where we continue to see meaningful growth potential. In the geographies we're currently in, we still have large underpenetrated markets of just under 20 million children under 24 months of age. With market penetration sitting at just over 11% in the US and low single digits in Europe, we believe there is substantial room for expansion within our existing footprint.

接著談我們的第二項策略重點。我們正更聚焦於既有核心市場中的高價值機會，在這些市場我們仍持續看到可觀的成長潛力。在我們目前所涵蓋的地區，24 個月以下兒童仍有接近 2,000 萬人的龐大、尚未充分滲透的市場。目前美國的市場滲透率略高於 11%，歐洲則為個位數低段，我們相信在既有版圖內仍有相當大的擴張空間。

We continue to see significant runway for growth in the US with penetration rates approaching at or above 20% in key states like Utah, Nebraska, Wyoming and Kentucky. We view these markets as potential benchmarks for what we can accomplish nationwide and in Europe. We believe the business has the potential to scale toward over 1 million new customers annually over time.

我們仍看到美國具顯著的成長跑道，在猶他州、內布拉斯加州、懷俄明州與肯塔基州等關鍵州別，滲透率已接近或達到 20% 以上。我們將這些市場視為我們在全美及歐洲可達成成果的潛在標竿。我們相信，隨時間推進，該業務有潛力擴大至每年新增超過 100 萬名新客戶的規模。

Combined with our efforts to extend LTV, we believe this can support a four-year family subscription life cycle, a recurring subscriber base that can scale meaningfully over time. To capitalize on what we see as a significant opportunity ahead in our core markets, we are consolidating our focus and resources to capture the significant white space available in our current high-value geographies where we have established category leadership.

結合我們延長 LTV（客戶終身價值）的努力，我們相信這可支撐為期四年的家庭訂閱生命週期，並形成可隨時間顯著擴張的經常性訂閱者基礎。為把握我們在核心市場中所見的重大前景機會，我們正整合焦點與資源，以在我們已建立品類領導地位、且目前高價值的地理區域中，捕捉大量可開拓的市場空白。

As part of this targeted approach, we have deferred our planned entries into India, Hong Kong and Singapore for the current year and redirected investments to core markets with higher near-term return potential. This leads into our final strategic priority, a heightened focus on operational efficiency and financial discipline to drive profitable growth.

作為此一聚焦策略的一部分，我們已將本年度原計畫進入印度、香港與新加坡的安排延後，並將投資轉向短期回報潛力更高的核心市場。這也引出我們最後一項策略優先事項：更高度聚焦營運效率與財務紀律，以推動獲利性成長。

While we continue to invest in operating expenses year-over-year, we've optimized our spending plans to support operating at a higher level of efficiency. Our goal is to drive meaningful operating leverage by prioritizing a disciplined strategy, where we align our cost structure to scale efficiently.

儘管我們仍持續逐年增加營運費用投資，我們已優化支出規劃，以支援在更高效率水準下運作。我們的目標是透過優先採取具紀律的策略來驅動顯著的營運槓桿，並使成本結構能夠有效率地隨規模擴張。

Specifically, we're pausing new global clearances and delaying country launches that carry upfront regulatory app development quality and marketing costs. We've eliminated previously planned headcount additions through leveraging internal technology and AI-driven efficiencies, allowing us to grow efficiently with fewer resource constraints. We are deferring lower ROI projects outside of our core 0 to 24-month segment.

具體而言，我們正暫停新的全球清關作業，並延後那些需要前期法規、App 開發、品質與行銷成本的國家上市計畫。我們透過運用內部技術與 AI 驅動的效率提升，取消先前規劃新增的人力編制，使我們能在較少資源限制下有效率地成長。我們也將延後核心 0 至 24 個月客群區隔以外、投資報酬率較低的專案。

This disciplined financial profile prioritizing growing profitability is intended to provide flexibility to reinvest strategically, which we believe will support our long-term growth and strengthen our market position. To fully align with these three priorities and a more focused profitable growth strategy, we are proactively updating our full year 2026 outlook.

此一以提升獲利能力為優先的紀律性財務輪廓，旨在提供策略性再投資的彈性；我們相信這將支持我們的長期成長並強化市場地位。為與上述三項優先事項及更聚焦的獲利性成長策略完全一致，我們正主動更新 2026 全年展望。

For the full year, we are adjusting our revenue guidance to a range of $118 million to $122 million, representing 12% to 15% year-over-year growth compared to our previous guidance of $126 million to $130 million. This revised range accounts for our deliberate decision to exit lower-margin, high-burden revenue streams in noncore geographies and new channels.

就全年而言，我們將營收指引調整至 1.18 億至 1.22 億美元區間，較先前 1.26 億至 1.30 億美元的指引下修；此區間代表年增 12% 至 15%。此一修訂區間反映我們刻意退出非核心地理區域與新通路中低毛利、負擔較高的營收來源之決策。

Additionally, this outlook incorporates a more conservative view on sell-through for the remainder of the year. I will provide more specific color on these category trends in our consumer data in a few moments. By concentrating our resources only on high-impact priorities and eliminating the overhead associated with noncore channels, we've created a much more efficient engine.

此外，此展望亦納入對今年剩餘期間銷售出貨（sell-through）更為保守的看法。稍後我將就我們消費者數據中的這些品類趨勢提供更具體的說明。透過將資源僅集中於高影響力的優先事項，並消除與非核心通路相關的間接費用，我們打造出更高效率的引擎。

Consequently, we are raising full year 2026 adjusted EBITDA to be in the range of $7 million to $9 million or 250% to 350% growth year-over-year compared to our previous guidance of $3 million to $5 million. While this disciplined approach may result in lower near-term revenue, it is a purposeful trade-off designed to improve operating leverage and profitability. We believe this approach will provide greater flexibility to invest in our highest value opportunities and support stronger, more sustainable long-term growth.

因此，我們將 2026 全年調整後 EBITDA 上調至 700 萬至 900 萬美元區間，較先前 300 萬至 500 萬美元的指引提高；相較去年同期為 250% 至 350% 的成長。儘管此一紀律性作法可能導致短期營收較低，但這是為改善營運槓桿與獲利能力而做出的有意取捨。我們相信此作法將提供更大的彈性，以投資於我們最高價值的機會，並支持更強勁、更可持續的長期成長。

I'll now turn to our first quarter business update. I want to give more clarity on where we're gaining momentum and identify specific areas where we need to sharpen our execution. To align with the strategic priorities I just outlined, going forward, we will focus our quarterly updates on the following core growth drivers: First, driving adoption of Dream Sock and Duo in core global markets; and second, expanding the subscription platform with Owlet360 and Owlet OnCall.

接下來我將說明第一季業務更新。我希望更清楚地說明我們在哪些方面正在累積動能，並指出我們需要加強執行的具體領域。為與我剛才概述的策略優先事項一致，未來我們將把每季更新聚焦於以下核心成長驅動因素：第一，在核心全球市場推動 Dream Sock 與 Duo 的採用；第二，透過 Owlet360 與 Owlet OnCall 擴展訂閱平台。

In the US, our Q1 domestic sell-through units for Sock and Duo grew 10.5% year-over-year, led by a 45% increase in Duo and a 3% increase in Dream Sock. One item of note, Owlet was the only brand in the category to grow during a period of general decline. Excluding Owlet, the baby monitoring category was down 19% in dollars versus prior year Q1, while Owlet dollars grew 11%.

在美國，我們第一季國內 Sock 與 Duo 的 sell-through 銷量年增 10.5%，其中 Duo 年增 45%，Dream Sock 年增 3%。值得注意的是，在整體品類普遍下滑期間，Owlet 是該品類中唯一成長的品牌。若排除 Owlet，嬰兒監測品類第一季金額較去年同期下滑 19%，而 Owlet 的金額則成長 11%。

Q1 inherently has low promotional activity following the holidays. We believe customers are delaying purchases in anticipation of key promotional events like Mother's Day and Pride Day, which drive significant volumes at a lower selling price. We started Q2 optimizing marketing and retail placements to accelerate momentum and take share from our competitors.

第一季在假期過後，本質上促銷活動較少。我們認為消費者正延後購買，以等待母親節與 Pride Day 等關鍵促銷檔期；這些檔期通常以較低售價帶動顯著銷量。我們在第二季開始優化行銷與零售陳列，以加速動能並從競爭對手手中取得市占。

These efforts are already yielding results. Quarter-to-date in Q2, sell-through has increased to over 30% for both Duo and Dream Sock versus prior year. This performance validates our strategy and is a positive indicator for the rest of the year. However, we have not yet factored this Q2 performance into our full year outlook, preferring to see additional sell-through data before adjusting our projections.

這些努力已開始產生效果。截至第二季目前為止，Duo 與 Dream Sock 的 sell-through 相較去年同期皆提升至超過 30%。此表現驗證了我們的策略，並對今年剩餘期間釋出正面訊號。然而，我們尚未將第二季的表現納入全年展望；在調整預測之前，我們傾向先觀察更多 sell-through 數據。

Brand health remains exceptional, evidenced by a Dream Sock NPS of 77 and a blended product NPS of 71 to Q1. Also importantly, for our Dream Sight camera, customer service contact volumes have decreased by 74% versus our second-generation camera as Dream Sight is clearly removing friction points with our customers, including solving core setup and connectivity issues.

品牌健康度仍然極佳，第一季 Dream Sock 的 NPS 為 77，整體產品加權後的 NPS 為 71。同樣重要的是，就我們的 Dream Sight 攝影機而言，客服聯繫量相較第二代攝影機下降 74%；Dream Sight 顯然正在消除客戶使用上的摩擦點，包括解決核心的設定與連線問題。

Owlet products are maintaining their position as a registry priority. In Q1, year-over-year registry additions increased 31% for Dream Sock and 44% for Duo. Finally, momentum in our current global markets remains robust. In Q1, international revenue grew 22% year-over-year. Sell-through continues to show strength internationally, ending Q1 with 37% year-over-year growth.

Owlet 產品持續維持其作為彌月/育兒用品清單（registry）優先選擇的地位。第一季，Dream Sock 的 registry 新增數年增 31%，Duo 年增 44%。最後，我們在現有全球市場的動能依然強勁。第一季國際營收年增 22%。國際 sell-through 亦持續展現強勢，第一季結束時年增 37%。

We're excited about the progress we're seeing in our current international markets. For example, the Czech Republic already has nearly 9% of all babies born using an Owlet. Other markets like the UK, Germany, France and Australia are all on a similar trajectory for market penetration as the US on a year-by-year basis. Given that more babies born in Europe than the US, our current growth opportunity in Europe is massive if we focus and continue to execute at a high level.

我們對目前國際市場所見的進展感到振奮。例如，在捷克共和國，已接近 9% 的新生兒使用 Owlet。英國、德國、法國與澳洲等其他市場，在逐年滲透率的軌跡上也與美國相近。鑑於歐洲的新生兒數量多於美國，若我們保持聚焦並持續高水準執行，我們在歐洲的成長機會將極為龐大。

Shifting to our second focus area, expansion of Owlet 360 and Owlet OnCall, our subscription engine is thriving. Having surpassed the one-year mark since launch, we've validated the value proposition of our subscription model, scaling to over 115,000 paying subscribers in Q1.

轉向我們第二個重點領域——擴展 Owlet 360 與 Owlet OnCall——我們的訂閱引擎表現強勁。自推出以來已超過一年，我們已驗證訂閱模式的價值主張，並在第一季擴張至超過 115,000 名付費訂閱者。

As a note, we'll begin reporting subscriber count at quarter end to align with the subscription revenue metric we will begin disclosing in our quarterly filings. The underlying subscriber momentum is translating into durable top line growth as monthly recurring revenue, or MRR, was $1 million at end Q1, highlighting the compounding value of our subscriber base.

補充說明，我們將開始以季末口徑揭露訂閱者數，以與我們將在季度申報文件中開始披露的訂閱營收指標一致。訂閱者動能正轉化為更具持久性的營收成長；第一季末月經常性收入（MRR）為 100 萬美元，凸顯我們訂閱者基礎的複利價值。

Furthermore, subscription achieved a 34% penetration rate for Dream Sock users in the US in the first quarter. This high conversion rate validates our bundled value proposition and demonstrates that parents increasingly view Owlet 360's pediatric health insights as an important extension of Dream Sock.

此外，第一季在美國，訂閱服務在 Dream Sock 使用者中的滲透率達到 34%。這項高轉換率驗證了我們的綑綁式價值主張，並顯示家長愈來愈將 Owlet 360 的兒科健康洞察視為 Dream Sock 的重要延伸。

As discussed, we're prioritizing the launch of camera-specific Owlet 360 features to enhance the subscription value proposition and extend LTV across multiple children. In April, we launched Camera Extended Clips. The Extended Clips feature for Dream Sight enhances the user experience by offering AI-assisted event detection. While Owlet 360 subscribers gain expanded benefits like a 14-day cloud archive and longer 60-second recording.

如前所述，我們正優先推出相機專屬的 Owlet 360 功能，以強化訂閱價值主張，並將 LTV 延伸至多名孩子。4 月，我們推出了 Camera Extended Clips。Dream Sight 的 Extended Clips 功能透過 AI 輔助的事件偵測來提升使用者體驗。而 Owlet 360 訂閱者可獲得更多擴充權益，例如 14 天雲端封存與更長的 60 秒錄影。

In addition, in the coming weeks, we are launching built-in white noise, a Dream Sight subscription feature that transforms the camera into a daily sleep essential, eliminating the need for extra hardware. By integrating the product into nightly sleep routines, we can foster consistent platform engagement and support long-term Owlet 360 subscription retention.

此外，在接下來幾週內，我們將推出內建白噪音（white noise），這是一項 Dream Sight 的訂閱功能，可將相機轉變為每日必備的睡眠用品，免去額外硬體的需求。透過將產品融入每晚的睡眠例行流程，我們能促進平台的持續互動，並支持 Owlet 360 訂閱的長期留存。

Subscription is the cornerstone for our evolution into a data-driven pediatric health platform. The rapid adoption we've seen over the last year validates our decision to prioritize the growth and expansion of our recurring platform features. And finally, ending on Owlet's OnCall telehealth opportunity. We're excited to report that this week, Owlet OnCall telehealth is officially going live in our app for select participants. That means that for the first time, Owlet parents can communicate directly with the pediatrician in our app. We will begin scaling access to more and more users over the coming weeks and months to test and learn.

訂閱是我們演進為數據驅動的兒科健康平台的基石。過去一年我們看到的快速採用，驗證了我們優先推動並擴展可重複性平台功能成長的決策。最後，談到 Owlet 的 OnCall 遠距醫療機會。我們很高興報告，本週 Owlet OnCall 遠距醫療已正式在我們的 App 中對部分參與者上線。這意味著 Owlet 家長首次可以在我們的 App 內直接與兒科醫師溝通。未來幾週與幾個月，我們將開始逐步擴大更多使用者的存取，以進行測試與學習。

As we further integrate our wellness data with professional pediatric access and oversight, we see an opportunity to provide deeper value to parents, potentially reduce health care costs and extend the customer relationship. Our telehealth launch this year is a pivotal step in this evolution, and we expect the insights gained from this initiative to inform our long-term platform expansion and future revenue opportunities.

隨著我們進一步將健康數據與專業兒科的存取與監督整合，我們看見有機會為家長提供更深層的價值、潛在降低醫療成本，並延伸客戶關係。今年的遠距醫療上線是這一演進中的關鍵一步，我們預期從此計畫獲得的洞察將為我們的長期平台擴張與未來營收機會提供指引。

We believe that combining insights from our platform with access to pediatric consultation will provide greater value to parents, simplify access to care and lengthen the customer relationship. And we believe the learnings from this year's telehealth launch will fuel a significant new revenue stream for the business as we move into next year.

我們相信，將平台洞察與兒科諮詢的可及性結合，將為家長帶來更高價值、簡化就醫取得，並延長客戶關係。我們也相信，今年遠距醫療上線所獲得的學習，將在我們邁入明年時為公司帶來一條重要的新營收來源。

I'll now turn the call over to Amanda to go over Q1 financial highlights. Amanda, take it away.

接下來我把電話會議交給 Amanda，請她說明第一季的財務重點。Amanda，交給你。

Thanks, Kurt. Turning to our first quarter 2026 financial performance on slide 11. Unless noted otherwise, I will be comparing first quarter 2026 results to the first quarter of 2025. Q1 total revenue was $22.5 million, up 6.4% year-over-year, coming in above our Q1 guidance range of $20 million to $21 million.

謝謝，Kurt。接著看投影片 11，我們 2026 年第一季的財務表現。除非另有說明，我將把 2026 年第一季的結果與 2025 年第一季進行比較。第一季總營收為 2,250 萬美元，年增 6.4%，高於我們第一季 2,000 萬至 2,100 萬美元的財測區間。

Q1 results reflect a onetime inventory rightsizing at a large retail partner where they reduced their weeks of supply from 8 to 10 weeks to four to six weeks, which negatively impacted sell-in revenue. This partner ended Q1 with approximately five weeks of inventory. The first quarter is consistently our seasonally lowest revenue quarter due to the lack of promotions, so a meaningful amount of revenue quickly dropping out created a short-term headwind.

第一季結果反映了一家大型零售合作夥伴一次性的庫存規模調整：其將供應週數從 8 到 10 週降至 4 到 6 週，對 sell-in（出貨給通路）營收造成負面影響。該合作夥伴在第一季末約有 5 週的庫存。由於缺乏促銷活動，第一季一向是我們季節性營收最低的季度，因此在短時間內有相當一部分營收快速消失，形成短期逆風。

Subscription revenue grew sequentially for another quarter to a record of $2.7 million in Q1. Subscription gross margin also expanded to 67.4% in Q1. Q1 overall gross margin was 54.5%, above our Q1 guidance range of 50% to 52%. Overall, gross margin was up 80 basis points versus prior year, including a 480 basis points impact from the cost of tariffs.

訂閱營收連續又一季季增，第一季創下 270 萬美元的新高。第一季訂閱毛利率也擴大至 67.4%。第一季整體毛利率為 54.5%，高於我們第一季 50% 至 52% 的財測區間。整體而言，毛利率較去年同期提升 80 個基點，其中包含關稅成本帶來的 480 個基點影響。

Total operating expenses for the first quarter were $17.7 million compared to $14 million in the prior period. This increase was primarily driven by higher compensation costs, including stock-based compensation. The rise in personnel expenses reflects full period impact of headcount additions made throughout 2025, supplemented by strategic new hires in the current quarter.

第一季總營業費用為 1,770 萬美元，較前一期間的 1,400 萬美元增加。此增幅主要由較高的薪酬成本所驅動，其中包含以股票為基礎的薪酬。人員費用上升反映了 2025 年期間增聘人力在本期的完整期間影響，並在本季搭配策略性新聘。

Additionally, stock-based compensation increased due to expanded headcount and the timing of long-term incentive plan grants. As a percentage of revenue, Q1 operating expenses were 79% compared to 66% in Q1 2025. As Kurt referenced, we are committed to raising our level of operational efficiency and financial discipline for the balance of this year and beyond.

此外，由於人力規模擴大以及長期激勵計畫（LTI）授予時點的影響，以股票為基礎的薪酬也有所增加。以營收百分比計，第一季營業費用為 79%，而 2025 年第一季為 66%。如 Kurt 所提及，我們承諾在今年剩餘期間及未來持續提升營運效率與財務紀律。

Q1 operating loss was $5.5 million compared to $2.7 million in the same period last year. Net loss in the current quarter was $3.3 million. Q1 adjusted EBITDA was negative $1.5 million at the high end of our Q1 guidance range of negative $2.5 million to $1.5 million. Adjusted EBITDA was down versus prior year, primarily a result of tariff cost impacts.

第一季營業損失為 550 萬美元，去年同期為 270 萬美元。本季淨損為 330 萬美元。第一季調整後 EBITDA 為負 150 萬美元，位於我們第一季財測區間（負 250 萬至負 150 萬美元）的高端。調整後 EBITDA 較去年同期下滑，主要原因是關稅成本的影響。

Turning to our balance sheet. Overall financial health remains strong. Cash and cash equivalents, excluding restricted cash as of quarter end March 31, 2026, were $35.5 million, in line with fourth quarter 2025. We had $3.9 million of undrawn availability on the line of credit at the end of Q1, increasing our total liquidity to $39.4 million as of March 31, 2026. The principal balance on our term loan was $6.3 million at the end of Q1 versus $7 million at the end of Q4.

接著看資產負債表。整體財務健康狀況仍然強勁。截至 2026 年 3 月 31 日季末，扣除受限制現金後的現金及約當現金為 3,550 萬美元，與 2025 年第四季持平。第一季末，我們在信用額度（line of credit）上尚有 390 萬美元未動用額度，使得截至 2026 年 3 月 31 日的總流動性提升至 3,940 萬美元。第一季末定期貸款（term loan）本金餘額為 630 萬美元，而第四季末為 700 萬美元。

Turning to our guidance. Detailing what Kurt outlined for the full year 2026, we expect revenue in the range of $118 million to $122 million, representing growth of 12% to 15% over 2025. Revenue is expected to trend upward in Q2 following our historical seasonal patterns. We project Q3 to have a slight sequential decline versus Q2 before reaching an annual high in Q4.

接著談我們的財測。就 Kurt 對 2026 全年的說明進一步細化，我們預期營收介於 1.18 億至 1.22 億美元，較 2025 年成長 12% 至 15%。依據我們歷史的季節性模式，預期第二季營收將呈上升趨勢。我們預估第三季相較第二季將小幅季減，之後在第四季達到全年高點。

For the full year 2026, we expect gross margins in the range of 50% to 52%. The tariff situation remains dynamic. At this time, we're estimating a 15% tariff rate as a current baseline for the remainder of the year, down from the previous 19% and 20% attributed to Thailand and Vietnam, respectively. We continue to monitor the dynamic trade environment closely.

就 2026 全年而言，我們預期毛利率介於 50% 至 52%。關稅情勢仍在動態變化。目前，我們估計今年剩餘期間以 15% 的關稅稅率作為現行基準，低於先前分別歸因於泰國與越南的 19% 與 20%。我們將持續密切監控瞬息萬變的貿易環境。

And finally, we expect adjusted EBITDA in the range of $7 million to $9 million, representing growth of 250% to 350% over 2025 as we prioritize operational efficiency and profitable growth.

最後，我們預期調整後 EBITDA 將落在 700 萬至 900 萬美元區間，較 2025 年成長 250% 至 350%，因為我們將營運效率與獲利性成長列為優先。

With that, we will now take your questions.

接下來，我們將開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Owen Rickert, Northland Capital.

Owen Rickert，Northland Capital。

Hey, thanks, guys. Thanks for taking my question here. Gross margin expanded pretty healthy year-over-year despite those continued tariff headwinds. I guess, can you just discuss the operational improvements and mix benefits that helped offset those pressures?

嗨，謝謝各位。謝謝讓我在這裡提問。儘管關稅逆風仍在，毛利率年對年擴張得相當不錯。我想請你們談談有哪些營運改善與產品組合的效益，幫助抵消了這些壓力？

Yes. Primarily, what impacted the quarter was a higher relative proportion of subscription revenue, which was at about 67% for the quarter. In addition, we did see favorable product mix in the current year of Sock versus camera in the prior year.

是的。本季主要的影響因素，是訂閱收入的相對占比提高，本季約為 67%。此外，相較於前一年以攝影機為主，今年我們也看到 Sock 相對占比提高的有利產品組合。

And then secondly for me, OpEx did increase a bit year-over-year, largely tied to that G&A line. Just as you sharpen the focus on that operating efficiency, I think that was the third strategic focus. Where do you see the biggest opportunities to improve leverage going forward?

第二個問題，營業費用年對年確實增加了一些，主要與一般及行政（G&A）那一項有關。在你們更聚焦營運效率之際，我記得那是第三個策略重點。往前看，你們認為提升營運槓桿最大的機會在哪裡？

Yes, it's multifaceted when it comes to operating leverage. The first priority is we had in the previous guide, a pretty significant amount of headcount investment across the board. And as we looked at our plans and with how fast AI is changing and transforming, we just determined that we would not be adding as many headcount as initially planned, but we believe that we're going to be able to achieve more with less.

是的，談到營運槓桿是多面向的。第一個優先事項是，在先前的指引中，我們在各方面都規劃了相當可觀的人力投資。但在檢視我們的計畫、並考量 AI 變化與轉型的速度後，我們判斷不會像原先規劃那樣增加那麼多的人力，但我們相信可以用更少的資源達成更多成果。

So those have been removed from the plan. In addition, we are reprioritizing our focus. We have deprioritized entering new geographies, which come with upfront costs in regulatory, quality, engineering, marketing, it's a multidepartmental cost that we've taken out of the plan. And then finally, this year, we're prioritizing zero to 24 months. So really what the core market that we are in and deferring any other projects that are outside of that scope.

因此，這些已從計畫中移除。另外，我們也在重新排序重點。我們已降低進入新地理市場的優先順序，因為那會帶來法規、品質、工程、行銷等前期成本，且是跨多部門的成本，我們已將其自計畫中剔除。最後，今年我們把重點放在 0 到 24 個月。也就是聚焦在我們目前所在的核心市場，並延後任何超出該範圍的其他專案。

And I would just add that by focusing on these higher ROI initiatives that will provide longer -- higher long-term growth, it allows us to actually increase investments in those initiatives while decreasing the overall OpEx throughout the rest of the year.

我再補充一點：透過聚焦在這些 ROI 較高、能帶來更長期成長的計畫，我們其實可以在這些計畫上增加投資，同時在今年其餘時間降低整體營業費用。

And then maybe lastly for me. How are you thinking about monetization for OnCall initially? Is the near-term focus more around engagement and retention within Owlet360? Or do you expect it to become more of a direct revenue contributor sooner rather than later?

最後一個問題。你們一開始會如何思考 OnCall 的變現？短期重點會更偏向在 Owlet360 內提升互動與留存嗎？還是你們預期它會在不久的將來更直接地貢獻營收？

Yes. And it's very similar to kind of how we framed up subscription last year, where we didn't include it in our guide. We were really focused on testing and learning and improving the experience for the customer. That's the same focus for this year for us. This is a transformational opportunity where for the first time, our customers are going to be able to chat with the doctor inside of our app.

是的。這其實很類似我們去年對訂閱的說法，當時我們並未把它納入指引。我們真正聚焦的是測試、學習，並改善客戶體驗。今年我們也是同樣的重點。這是一個轉型性的機會，因為我們的客戶將首次能在我們的 App 內與醫師聊天。

That doctor is going to be able to use the Owlet data to empower parents at home to give care to their children without needing to go into the ER or the pediatrician in some instances. And so we're going to really leverage the opportunity this year to learn and to nail that model. And then we expect it to be a meaningful contributor in future years.

那位醫師將能運用 Owlet 的數據，協助家長在家中照護孩子，在某些情況下不必前往急診或兒科診所。因此，今年我們會充分利用這個機會來學習，並把這個模式打磨到位。接著我們預期它在未來幾年會成為重要的貢獻來源。

Got it. Thanks, guys.

了解。謝謝各位。

(Operator Instructions)

（接線員指示）

Jonna Kim, TD Cowen.

Jonna Kim，TD Cowen。

Thank you for taking my question. I would love to get additional color just around what changed in your latest guidance versus your prior guide on the top line. Would love to get just additional color there. And then what is assumed in your guidance in terms of the ramp in the subscription growth and that color will be helpful.

謝謝讓我提問。我想更了解一下，你們最新指引相較於先前指引，在營收（top line）方面有哪些變化。希望能多給一些說明。另外，你們的指引中對訂閱成長的爬坡（ramp）假設是什麼？這些補充會很有幫助。

And then just lastly, as you think about activating more opportunities in the US, does your marketing strategy change at all? How are you sort of envisioning your marketing strategy for the year?

最後，當你們思考在美國啟動更多機會時，你們的行銷策略會有任何改變嗎？你們如何構想今年的行銷策略？

Yes. Thanks, Jonna. And keep me honest on making sure I answer all three of those questions as I go through this. Feel free to ask a follow-up if I don't cover it all. The 2026 revenue outlook is a reflection of our sharpened focus and strategy toward profitable growth. We've intentionally removed lower-margin, high-burden revenue kind of previously tied to the noncore geographies and some of the new channels, resulting in kind of that lower top line revenue.

是的。謝謝你，Jonna。我回答的過程中也請你幫我確認一下，我有把這三個問題都回答到。如果我沒有涵蓋完整，歡迎追問。2026 年的營收展望反映了我們更聚焦、以獲利性成長為導向的策略。我們刻意移除了毛利較低、負擔較重的營收，這些先前多與非核心地理市場及部分新通路相關，因此使得營收規模（top line）較低。

It also takes a more conservative outlook for the remainder of the year. I think when we look at the new guidance, it also raises our EBITDA outlook to $7 million to $9 million versus the prior year. It's a purposeful trade-off. And really, the goal is to focus on these bigger opportunities. If we can take our subscriber base to the millions, we can get to 1 million new customers per year, and we hold them for two years. This business is transformationally different. And so it's really reflecting of that focus and a little bit more conservative outlook on the remainder of the year.

同時，這也對今年剩餘期間採取更保守的看法。我想當我們看新的指引時，也把 EBITDA 展望提高到 700 萬至 900 萬美元，相較於先前的展望更高。這是一個有意識的取捨。目標是真正聚焦在更大的機會上。如果我們能把訂閱用戶基礎提升到數百萬、每年新增 100 萬名新客戶，並把他們留住兩年，這個事業將會出現轉型性的不同。因此，這反映了我們的聚焦方向，以及對今年剩餘期間稍微更保守的看法。

And yes, any perspective on subscription growth, how you're thinking about that for the year? And then the marketing piece will be helpful. Thank you.

另外，能否分享一下你們對今年訂閱成長的看法？以及行銷的部分也會很有幫助。謝謝。

Yes. Yes. Thanks for following up. Look, when you bring your baby home for the first time, life stops. Like it's -- you're taking time off work. Everything is focused on -- for that first year on this new member of your family. It's the biggest change we go through in spending, in habits, in sleep.

是的。是的。謝謝你追問。你第一次把寶寶帶回家時，生活會按下暫停鍵。像是——你會請假不上班。在第一年，你的所有注意力都會放在這位家庭新成員身上。這是我們在支出、習慣、睡眠方面所經歷的最大改變。

So it's no surprise to us that 360 is resonating. We beat all of our internal goals on 360. The fact that we're already close to 35% of our Dream Sock customer base in the US is incredible, and we know that, that number can go much higher. And it's just not a normal kind of premium consumer app model.

所以 360 會引起共鳴，對我們來說並不意外。我們在 360 上超越了所有內部目標。在美國，我們 Dream Sock 客戶群中已有接近 35% 使用 360，這非常驚人，而且我們知道這個比例還能更高。而且這並不是一般典型的高端消費者 App 模式。

It's a critical health and sleep data set that empowers parents to better care for their children. So who wouldn't want that? The re-guide, we're still very optimistic on 360. It's growing well. We expect it to continue to grow well for the business. And it just makes life better for baby, better for parent. And we think AI is going to unlock massive growth here over the next few years. So we're very bullish on 360. It's why it's one of our primary focus areas for the next few years.

這是一套關鍵的健康與睡眠資料集，能讓父母更好地照顧孩子。所以誰會不想要呢？關於 re-guide，我們對 360 仍然非常樂觀。它成長得很好。我們預期它將持續為業務帶來良好成長。而且它就是讓寶寶的生活更好、讓父母更輕鬆。我們認為 AI 將在未來幾年於此解鎖巨大的成長。所以我們對 360 非常看多。這也是為什麼它會是我們未來幾年的主要聚焦領域之一。

Got it. Thank you.

了解。謝謝。

(Operator Instructions)

（接線員指示）

Ian Arnt, Lake Street Capital Markets.

Ian Arnt，Lake Street Capital Markets。

Hey, guys, filling in for Ben Haynor here. You noted on the last call that you would share some more cohort data going forward. And now that we're kind of just past a year here on the original cohort retention data, I was wondering if you could give us a sense of where annual retention is shaking out and kind of how that compares to your initial assumptions when you launched the service?

嗨，各位，我代替 Ben Haynor 來提問。你們在上次電話會議提到，之後會分享更多分群（cohort）資料。現在我們也差不多剛過原始分群留存資料的一年，我想請問你們能否讓我們了解一下年度留存目前的落點，以及這與你們在推出服務時的初始假設相比如何？

Yes, that's a great question. So we're actually -- we're very optimistic on this. When you think about churn and retention, we've had meaningful improvement sequentially since we launched last year. The increase in value in the subscription, I think, has been a big part of that and also just the value in the device and the performance of the devices is increasing usage and retention has been fantastic.

是的，這是個很好的問題。所以我們其實——我們對此非常樂觀。當你想到流失與留存，自從我們去年推出以來，我們在每一季（逐季）都有顯著改善。我認為訂閱價值的提升是其中很大一部分原因；另外，裝置本身的價值與裝置效能也在提升，帶動使用率，而留存表現非常出色。

We're in -- from a churn perspective, we're in kind of that monthly single-digit range, which has improved sequentially. And having surpassed that one-year mark, I would say that subscriptions exceeded our internal benchmarks. And we're going to drive continued efficiency there. Our goal is that parents use subscription across multiple years across multiple children.

從流失角度來看，我們大概落在每月個位數百分比的區間，而且逐季改善。而在跨過一年這個門檻後，我會說訂閱表現超出我們內部基準。我們也會持續推動那方面的效率提升。我們的目標是讓父母在多個孩子、跨越多年都使用訂閱服務。

So this can become a four-year LTV opportunity. Our whole product road map is designed to continue to reinforce that for the next several years, including telehealth. The highest rate of health care utilization is in the first years of life. Parents can now with contextualized data chat with the pediatrician in our app. That should unlock significant continued engagement past the first year, especially for stock users.

因此這可以成為一個四年的 LTV（客戶終身價值）機會。我們整體的產品路線圖，就是為了在未來幾年持續強化這一點，其中也包括遠距醫療（telehealth）。生命最初幾年是醫療照護使用率最高的時期。父母現在可以透過我們 App 中具情境化的資料，與兒科醫師聊天。這應該能在第一年之後解鎖顯著且持續的互動，特別是對於襪子（sock）使用者。

Cam is another big unlock for us. Parents use cam for multiple years. They anchor it to the wall and it becomes part of that daily routine. So we're launching a bunch of new camera features as well. We expect that this will continue to go down, and we're really pleased with the performance so far.

Cam（攝影機）對我們來說也是另一個重大解鎖點。父母會使用 Cam 好幾年。他們把它固定在牆上，成為日常作息的一部分。所以我們也將推出一系列新的攝影機功能。我們預期這（流失）會持續下降，而我們對目前為止的表現非常滿意。

Okay, that's super helpful. Thank you. And then just one more for me. On the Q4 call, you guys mentioned 4 new hospital partnerships had engaged following the CHKD launch. Could you give us an update on where those stand and the timing of announcements and maybe what the average ramp looks like once hospitals go live in terms of monitors deployed per month?

好的，這非常有幫助。謝謝。然後我還有一個問題。在 Q4 電話會議上，你們提到在 CHKD 上線後，有 4 個新的醫院合作夥伴開始接洽。你們能否更新一下目前進展、公告時程，以及醫院上線後的平均爬坡情況——例如每月部署的監測器數量大概會是什麼樣子？

Yes. I think what I want to share is that BabySat was up meaningfully in Q1 over last year. It was nearly 100% in terms of revenue growth. Still a very small number for the business, but the hospital partnerships are growing. It takes a little bit more time to get into those partnerships. So we're going to let that continue to progress inside of the business. It creates incredible partnerships and brand opportunities.

可以。我想分享的是，BabySat 在 Q1 相較去年有顯著成長。以營收成長來看接近 100%。對整體業務而言仍是很小的數字，但醫院合作夥伴關係正在增加。要進入這些合作關係需要多一點時間。所以我們會讓它在業務內部持續推進。它能創造極佳的合作與品牌機會。

It helps us address the babies with the most vulnerable needs of our population, and we see it as a long-term big opportunity for Owlet. We'll proactively report out on it when it reaches the level of scale that kind of I think, makes sense for earnings calls, but we continue to see good progress in BabySat, and it's just a really important part of making sure we're addressing the entire population of children.

它幫助我們服務到族群中需求最脆弱的嬰兒，而我們將其視為 Owlet 長期且重大的機會。當它達到某種規模、我認為在財報電話會議上報告更合理的程度時，我們會主動對外更新；但我們持續看到 BabySat 有良好進展，而且這對於確保我們能照顧到所有兒童族群而言，是非常重要的一環。

Got it. Thanks, guys.

了解。謝謝，各位。

There are no further questions at this time. We have reached the end of the Q&A session. I will now turn the call back to Kurt for closing remarks.

目前沒有其他問題。我們已到達問答環節的結束。我現在把電話交回 Kurt 作結語。

Yes. Thank you. Thanks again, everyone, for joining us and for the continued support. I just want to state again that Owlet's generational AI opportunity is massive. We have a large, unique pediatric data set, and we're contextualizing that data right now. And that's why we're so focused on the Owlet 360 and telehealth opportunities.

好的。謝謝。再次感謝各位參與，以及持續的支持。我想再次強調，Owlet 的世代式 AI 機會非常龐大。我們擁有大量且獨特的兒科資料集，而我們正在將這些資料進行情境化處理。這也是為什麼我們如此專注於 Owlet 360 與遠距醫療（telehealth）的機會。

They alone represent massive growth potential, and we're excited about our current progress and the long-term opportunity for this platform. Look forward to updating you on this on coming calls. And I've just never been more confident in Owlet's path. I started this company in a garage. I have been with the company for 12 years, and this is the most exciting period for Owlet. So thank you for your continued support as we build the standard of at-home care for babies.

光是這兩項就代表巨大的成長潛力，我們對目前的進展以及這個平台的長期機會感到振奮。期待在接下來的電話會議中向各位更新。而我從未對 Owlet 的發展路徑如此有信心。我是在車庫裡創立這家公司。我在公司已經 12 年，而這是 Owlet 最令人興奮的時期。因此，感謝各位在我們打造嬰兒居家照護標準的過程中持續支持。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。