Owlet Inc (OWLT) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Owlet Q2 2026 earnings conference call. (Operator Instructions)

大家好。感謝各位加入，歡迎參加 Owlet 2026 年第二季財報電話會議。(接線員指示)

I will now hand the conference over to Jay Gentzkow, Investor Relations. Jay, please go ahead.

我現在把會議交給投資人關係的 Jay Gentzkow。Jay，請開始。

Good afternoon, everyone, and thank you for joining us. Earlier today, Owlet released financial results for the second quarter ended June 30, 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。今天稍早，Owlet 已公布截至 2026 年 6 月 30 日止第二季的財務結果。今天很高興與我一同出席的有 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. 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.

在開始之前，請注意，本次電話會議所提及的財務結果新聞稿與簡報投影片，可於我們投資人關係網站 investors.owletcare.com 的「Events and Presentations」區域取得。本次電話會議亦將於同一網站提供連結進行即時網路直播。網路直播與隨附投影片將於本次會議後提供 12 個月的重播。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。

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，我想請各位參閱簡報第 3 頁的「安全港」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有觀點與預期。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。

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，以及我們 Form 10-K 年報之「風險因素」章節（並由公司 Form 10-Q 季報及其他向 SEC 提交之文件更新）所述內容。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 hand it off to Kurt.

接下來，我很高興把時間交給 Kurt。

Thanks, Jay, and good afternoon, everyone. Thank you for joining us. Before we get to our record Q2 results, I want to step back and discuss where we are taking this business, the platform we're building to support the parenting journey and the opportunity we see over the coming years. Every day, Owlet is evolving more and more into a data and services platform for the earliest years of a child's life.

謝謝你，Jay，各位下午好。感謝各位加入。在我們談到創紀錄的第二季成果之前，我想先退一步，談談我們要把這項業務帶往何處、我們正在打造用以支持育兒旅程的平台，以及我們在未來幾年所看到的機會。每天，Owlet 都在持續演進，愈來愈成為涵蓋孩子生命最初幾年的資料與服務平台。

Our products capture meaningful and unique information about a baby's sleep and health, turning that data into insights, guidance and peace of mind for parents. Our vision is to bring together the best of what parents use today into a single Owlet experience, sleep, health monitoring, camera and telehealth for a fraction of what separate apps and devices cost today.

我們的產品能擷取關於寶寶睡眠與健康的有意義且獨特的資訊，並將這些資料轉化為洞察、指引與讓父母安心的體驗。我們的願景是把父母今天使用的最佳工具整合到單一的 Owlet 體驗中——睡眠、健康監測、攝影機與遠距醫療——而成本僅為目前分別使用多個 App 與裝置的一小部分。

Over time, we want all of our customers to get the best of what Owlet's platform has to offer because engaging with Owlet increasingly means engaging with the service, not just the device. That leads to how we're thinking about the opportunity, and I want to keep our objectives simple.

隨著時間推進，我們希望所有客戶都能獲得 Owlet 平台所提供的最佳價值，因為與 Owlet 的互動愈來愈代表與服務互動，而不只是與裝置互動。這也引出我們如何看待這個機會，而我希望把目標保持簡單。

First, firmly position Owlet as a data and services platform through subscription. Second, win roughly 1 million new customers per year; and third, keep those families with us for at least two years. Put those together, and it points towards a recurring base over time of over 1 million subscribers. This is the evolution from a onetime hardware-centric sale into a durable multiyear subscription relationship, and it's what the entire company is now organized around.

第一，透過訂閱，穩固地將 Owlet 定位為資料與服務平台。第二，每年新增約 100 萬名新客戶；第三，讓這些家庭至少與我們維持兩年的關係。把這三點結合起來，長期而言將指向超過 100 萬名訂閱者的經常性基礎。這代表從一次性的硬體導向銷售，演進為可持續、多年期的訂閱關係，而公司整體如今也以此為核心來組織運作。

Let me give some more color to each. First, firmly position Owlet as a data and services platform through subscription. Subscription is how we're positioning Owlet from a device families buy into a platform they rely on. We've clearly validated the subscription opportunity since launch early last year. Today, over 30% of new US customers subscribed to Owlet 360 in the first year. This is an ideal category for a multiyear relationship since the intensity of parenting lasts for years, not just months.

我再為每一點補充一些細節。第一，透過訂閱，穩固地將 Owlet 定位為資料與服務平台。訂閱是我們將 Owlet 從「家庭購買的一個裝置」定位為「家庭所依賴的平台」的方式。自去年初推出以來，我們已清楚驗證訂閱機會。目前，在美國的新客戶中，超過 30% 於第一年訂閱了 Owlet 360。這是一個非常適合建立多年期關係的類別，因為育兒的投入強度是以年計，而非僅僅幾個月。

Our goal is to make subscription the obvious choice. So we're expanding where parents can enroll, moving beyond in-app sign-up and toward the point of sale and testing offers and bundles that make enrolling in subscription at purchase a no-brainer. Another lever in subscription value proposition is inside Owlet 360 itself. Every new feature we add to sleep insights, camera intelligence and telehealth enables us to partner with families for longer and is designed to extend our lifetime value.

我們的目標是讓訂閱成為顯而易見的選擇。因此，我們正在擴大父母可註冊的管道，從 App 內註冊延伸到銷售端點，並測試各種優惠與組合方案，讓在購買時就加入訂閱變得毫不費力、理所當然。訂閱價值主張的另一個槓桿在 Owlet 360 本身。我們在睡眠洞察、攝影機智慧與遠距醫療上新增的每一項功能，都讓我們能與家庭合作更久，並旨在延長我們的終身價值。

Second, win roughly 1 million new customers per year. This year alone, Owlet will sell to 600,000 to 700,000 new customers. Owlet's competitive moat gives us a dominant and secure position in our category. We're the first and only FDA-cleared baby monitor on the market. We're consistently the market leader in dollars spent in the category, and we've built a brand that parents deeply trust in a pediatric health and wellness market that's still early.

第二，每年新增約 100 萬名新客戶。僅今年一年，Owlet 就將銷售給 60 萬到 70 萬名新客戶。Owlet 的競爭護城河讓我們在此類別中擁有主導且穩固的地位。我們是市場上第一且唯一獲 FDA 核准（cleared）的嬰兒監視器。我們在該類別的支出金額（dollars spent）上持續為市場領導者，並在仍處於早期的兒科健康與福祉市場中，建立了父母深度信任的品牌。

Given the size of our funnel, the consideration for Owlet is already massive. Each year, we see roughly 4 million unique visitors to owletcare.com and over 1 million baby registry additions. The opportunity isn't to invent demand, it's to convert more of the demand that already exists into new customers. Millions of parents are already considering Owlet, and our job is to move more of them from consideration to purchase.

考量到我們漏斗的規模，市場對 Owlet 的考慮度已經非常龐大。每年，我們約有 400 萬名不重複訪客造訪 owletcare.com，且有超過 100 萬次被加入嬰兒禮品清單（baby registry）。機會不在於創造需求，而在於把既有需求中更大比例轉化為新客戶。數以百萬計的父母已在考慮 Owlet，而我們的工作是讓更多人從「考慮」走向「購買」。

Subscription is what makes this possible because the subscriber's lifetime value is designed to extend well beyond the initial sale, we're creating offerings that increase overall value, save families money upfront and still grows the economics of each customer over time. That is a winning funnel to drive conversion and LTV simultaneously. And finally, keeping families with us for at least two years.

訂閱讓這一切成為可能，因為訂閱者的終身價值被設計為可遠超初次銷售；我們正在打造能提升整體價值、讓家庭在前期省錢，同時仍能隨時間推進提升每位客戶經濟效益的方案。這是一個能同時推動轉換率與 LTV 的致勝漏斗。最後，是讓家庭至少與我們維持兩年。

Today, the average subscriber length of use is about one year. Our goal is to continue to make Owlet more valuable the longer a family uses it, carrying them past the newborn window when safety is top of mind into years one and two when sleep, health and wellness take focus. Owlet 360 subscription is the vehicle, a digital translator that turns real-time data from our products into insights for parents. Many already use the camera well beyond 24 months, so delivering the best of Owlet to every family naturally extends lifetime value.

目前，訂閱者的平均使用期間約為一年。我們的目標是持續讓 Owlet 在家庭使用時間愈長時愈有價值，帶領他們跨越以安全為首要考量的新生兒階段，進入第一年與第二年更聚焦於睡眠、健康與福祉的階段。Owlet 360 訂閱就是載體——一個數位翻譯器，將我們產品的即時資料轉化為父母可用的洞察。許多人早已在 24 個月之後仍持續使用攝影機，因此把 Owlet 的最佳體驗帶給每個家庭，自然能延長終身價值。

Underneath it all is what we believe is the largest pediatric health data set in the world. That foundation enables us to build increasingly personalized experiences across sleep, health and wellness using AI to turn data into meaningful insights and guidance throughout the parenting journey. That's a very hard thing to walk away from. Our long-term objective is to build toward a recurring base of more than 1 million subscribers by expanding our customer base, increasing subscription adoption and extending subscriber relationships.

支撐這一切的，是我們相信全球最大的兒科健康資料集。這個基礎使我們能運用 AI，在睡眠、健康與福祉各面向打造愈來愈個人化的體驗，將資料轉化為在整段育兒旅程中具意義的洞察與指引。這是一件非常難以割捨的事。我們的長期目標，是透過擴大客戶基礎、提高訂閱採用率並延長訂閱關係，逐步建立超過 100 萬名訂閱者的經常性基礎。

Now turning to the second quarter update on slide 7, where we set records on many metrics, a record-breaking total revenue for the second quarter of $33.9 million, which represents a 29.9% increase year-over-year. In the second quarter, Owlet received approximately $4 million in tariff refunds following the US Supreme Court's February decision invalidating tariffs imposed under the IEEPA. Of that $4 million, we recognized a onetime $3.5 million benefit to COGS and a onetime $3.75 million benefit to adjusted EBITDA, with the remaining balance going to inventory.

現在轉到第 7 張投影片的第二季更新，我們在多項指標上創下紀錄：第二季總營收達 3,390 萬美元，創歷史新高，年增 29.9%。第二季，Owlet 在美國最高法院於 2 月裁定依據 IEEPA 徵收的關稅無效後，收到約 400 萬美元的關稅退稅。在這 400 萬美元中，我們一次性認列 350 萬美元作為銷貨成本（COGS）的利益，以及一次性認列 375 萬美元作為調整後 EBITDA 的利益，其餘餘額則計入存貨。

Q2 gross margin, excluding the tariff refund was 54%, expanding 270 basis points versus Q2 2025. Including the tariff refund, gross margins were 64.4% in Q2. Adjusting EBITDA, excluding the onetime tariff refund, was also a record for Owlet, $2.9 million, a $2.4 million increase compared to prior year. Including tariff refunds, adjusted EBITDA was $6.7 million.

第二季毛利率（不含關稅退稅）為 54%，較 2025 年第二季擴張 270 個基點。若包含關稅退稅，第二季毛利率為 64.4%。調整後 EBITDA（不含一次性關稅退稅）同樣創 Owlet 紀錄，為 290 萬美元，較去年同期增加 240 萬美元。若包含關稅退稅，調整後 EBITDA 為 670 萬美元。

Owlet 360 subscription continues to thrive. We ended Q2 with 130,000 paying subscribers, generating $3.2 million in revenue, up $2.4 million year-over-year. Subscription MRR increased sequentially, surpassing $1.1 million to end Q2 and penetration rate for Dream Sock in the US increased to 36%. I'm really proud of the team's execution in Q2 and excited about our category leadership, which continues to deepen.

Owlet 360 訂閱持續蓬勃發展。我們在第二季末擁有 13 萬名付費訂閱者，帶來 320 萬美元營收，年增 240 萬美元。訂閱月經常性收入（MRR）較前一季增加，突破 110 萬美元並以此結束第二季；Dream Sock 在美國的滲透率提升至 36%。我為團隊在第二季的執行力感到非常自豪，也對我們持續深化的品類領導地位感到振奮。

I want to address that with the recent development in our category that highlights our competitive differentiation. As you remember, in September of last year, the FDA issued a safety communication warning consumers against using over-the-counter infant monitors, making unsubstantiated claims without having been reviewed for safety and effectiveness.

我想就我們品類近期的發展做出說明，這也凸顯了我們的競爭差異化。如各位所記得，去年 9 月 FDA 發布安全通報，警告消費者不要使用未經安全性與有效性審查、卻提出缺乏佐證之宣稱的非處方嬰兒監測器。

In early June, we received a letter from Amazon, and we're confident other companies in the baby monitor category did as well. The letter notified sellers of baby monitoring products that measure and monitor vital signs that any such product lacking FDA clearance would be deactivated on Amazon's platform effective August 10, 2026, which was yesterday.

6 月初，我們收到 Amazon 的一封信，我們也相信嬰兒監測器品類中的其他公司同樣收到了。該信通知販售可量測並監測生命徵象之嬰兒監測產品的賣家：任何未取得 FDA 核准（clearance）的此類產品，將自 2026 年 8 月 10 日（也就是昨天）起在 Amazon 平台上被停用。

For Owlet, no additional action was required. Dream Sock has been and continues to be FDA cleared and Amazon already had our clearance documentation on file. To our knowledge, no other baby monitor on the market today has secured the same clearance. If Amazon continues to enforce this requirement, we believe it could provide a longer-term competitive benefit for Owlet as any company wishing to measure and monitor vital signs would need to go through the same rigor we underwent to secure FDA clearance in order to sell on Amazon's platform.

對 Owlet 而言，不需要採取任何額外行動。Dream Sock 已取得且持續維持 FDA 核准（cleared），而 Amazon 也已存有我們的核准文件。據我們所知，目前市面上沒有其他嬰兒監測器取得相同的核准。若 Amazon 持續執行此要求，我們相信這將為 Owlet 帶來較長期的競爭優勢，因為任何希望量測並監測生命徵象的公司，都必須經歷與我們相同的嚴謹流程以取得 FDA 核准，才能在 Amazon 平台上銷售。

Following the letter, we observed aggressive discounting by several competitors, including products that we understand are subject to the new requirement ahead of the August 10 deadline. This pattern continued through Prime Day and after. As a result, Owlet's units sold during Prime Day were down 8% versus last year's event, underperforming our expectations.

在該信件之後，我們觀察到多家競爭對手採取激進的折扣策略，其中包括我們理解在 8 月 10 日期限前受新要求約束的產品。此一模式在 Prime Day 期間及之後仍持續。因此，Owlet 在 Prime Day 期間的銷售台數較去年活動下滑 8%，表現低於我們的預期。

Despite losing some units to the competition during Prime Day, we were still number one in baby monitoring and in the baby safety category. We don't yet have full visibility into competitor pricing behavior post August 10 deadline, but we anticipate Amazon's enforcement to be a long-term tailwind for the business.

儘管在 Prime Day 期間有部分銷量被競爭對手分走，我們在嬰兒監測以及嬰兒安全品類仍維持第一名。我們目前尚未完全掌握 8 月 10 日期限後競爭對手的定價行為，但我們預期 Amazon 的執法將成為業務的長期順風。

Continuing with the quarterly review, consistent with last quarter, I'd like to provide updates on our two core growth drivers: driving adoption of Dream Sock and Dream Duo in our core global markets and expanding the subscription platform with Owlet 360 and Owlet -- on Call. In the US, when adjusting for the shift in Prime Day, total sell-through units grew by 12%, including a 16.5% increase in Dream Sock and a 16% increase in Duo.

延續季度回顧，與上季一致，我想就兩項核心成長動能提供更新：在我們核心全球市場推動 Dream Sock 與 Dream Duo 的採用，以及透過 Owlet 360 與 Owlet -- on Call 擴大訂閱平台。在美國，若調整 Prime Day 時點移動的影響，總終端銷售（sell-through）台數成長 12%，其中 Dream Sock 成長 16.5%，Duo 成長 16%。

Excluding Prime Day, Q2 total sell-through units grew by 20% year-over-year with Dream Sock and Duo growth of 21% and 29%, respectively. This gives us confidence that general sell-through is growing at a healthy rate, but Prime Day dynamics weighed on the quarter as mentioned above.

若排除 Prime Day，第二季總終端銷售台數年增 20%，其中 Dream Sock 與 Duo 分別成長 21% 與 29%。這讓我們更有信心，一般終端銷售正以健康的速度成長，但如前所述，Prime Day 的動態對本季造成壓力。

Owlet Dream Sock also remains a registry priority for expecting parents with year-over-year registry additions growing 40%. Finally, international was a standout in the quarter with revenue growing 214% year-over-year. Recall that last year, we had an expected timing shift in orders from Q2 to Q3, driven by the Dream Sight camera and Duo launch and the associated load-in to our distributors, positioning Q2 2025 as a favorable year-over-year comparable.

Owlet Dream Sock 仍是準爸媽在禮品登記（registry）上的優先選擇，年增的登記新增數成長 40%。最後，國際市場在本季表現突出，營收年增 214%。回顧去年，我們因 Dream Sight 攝影機與 Duo 上市，以及相關對經銷商的鋪貨（load-in），使訂單時點如預期由第二季移至第三季，讓 2025 年第二季成為有利的年對年比較基期。

However, we also saw significant global momentum in the quarter. Excluding the Q3 2025 quarter that benefited from the significant load-in for the new camera, Q2 2026 was the highest international revenue quarter in Owlet history at $5.7 million. This is further supported by strong international sell-through. Total sell-through unit growth was 38% year-over-year and Prime Day sell-through outside of the US grew over 100% year-over-year.

不過，我們在本季也看到顯著的全球動能。若排除因新攝影機大量鋪貨而受益的 2025 年第三季，2026 年第二季以 570 萬美元成為 Owlet 歷史上國際營收最高的季度。強勁的國際終端銷售也進一步支持此表現。總終端銷售台數年增 38%，而美國以外地區的 Prime Day 終端銷售年增超過 100%。

Turning to Owlet 360 and Owlet -- on Call. We made real progress on the subscription platform this quarter. We launched Owlet 360 subscription in a number of new non-English-speaking international markets, now reaching an additional 5% to 10% of our user base that previously could not subscribe. We also began testing Web Pay, moving subscription enrollment and billing onto our own web-based checkout.

接著談 Owlet 360 與 Owlet -- on Call。本季我們在訂閱平台上取得實質進展。我們在多個新的非英語國際市場推出 Owlet 360 訂閱，現在可額外觸及先前無法訂閱的 5% 至 10% 使用者。我們也開始測試 Web Pay，將訂閱註冊與收費移轉至我們自有的網頁式結帳流程。

We will be rolling Web Pay out in Q3 and expect over time to improve our subscription margins by reducing the third-party payment fees we pay on in-app purchases, and it gives us more flexibility to enroll subscribers right at the point of purchase. Related, we began rolling out upfront subscription, the ability to sign up for Owlet 360 at the moment of purchase rather than later in the app. It's already live on our own website and will be going live with Babylist soon. We also expect to offer subscription bundles to retail partners in the second half. Our goal is to continually optimize the LTV per customer.

我們將在第三季推出 Web Pay，並預期隨時間推進，透過降低我們在 App 內購買所支付的第三方支付手續費來改善訂閱毛利；同時也讓我們能在購買當下更有彈性地導入訂閱。相關地，我們開始推出「預先訂閱」（upfront subscription），也就是在購買當下即可註冊 Owlet 360，而非之後再於 App 中註冊。此功能已在我們自家網站上線，並將很快在 Babylist 上線。我們也預期在下半年向零售合作夥伴提供訂閱綁售方案。我們的目標是持續優化每位客戶的 LTV。

Turning to Owlet -- on Call. This remains a deliberate test and learn year to explore how Owlet can best bring our unique position in the category to pediatric telehealth. We launched with around 5% of users with access to on-call service. And now in Q3, we have begun to carefully expand access more broadly. Where we are taking Owlet OnCall is toward a more seamless and proactive experience that can help parents connect with clinical resources when appropriate.

接著談 Owlet -- on Call。今年仍是我們刻意採取「測試並學習」的一年，用以探索 Owlet 如何能將我們在品類中的獨特定位，最佳化地帶入兒科遠距醫療。我們以約 5% 的使用者開放 on-call 服務。而現在在第三季，我們已開始謹慎地更廣泛擴大開放。我們對 Owlet OnCall 的發展方向，是打造更無縫且更主動的體驗，在適當時機協助父母連結臨床資源。

We are being intentional here, learning from real usage before we expand and begin to automate the offering. We'll share more as we go as we continue to believe this year's learnings set up for a meaningful new revenue stream as we move into next year. It's an exciting time to be part of Owlet. We are executing across our strategic growth areas, and it is showing up in our results, record revenue, standout international growth and ongoing Owlet 360 momentum. We believe our biggest opportunity from here is growing subscribers, and that is exactly where we are focusing the company.

我們在此採取審慎策略，在擴大並開始自動化此服務之前，先從真實使用情境中學習。隨著推進我們會分享更多資訊；我們仍相信今年的學習將在明年帶來一條具意義的新營收來源。現在是加入 Owlet 的令人振奮時刻。我們在策略成長領域全面落實執行，並反映在成果上：創紀錄的營收、突出的國際成長，以及 Owlet 360 持續的動能。我們相信接下來最大的機會在於擴大訂閱者規模，而這正是我們目前聚焦的方向。

I'll now turn the call over to Amanda and walk through our Q2 financials. Amanda, take it away.

我現在把電話交給 Amanda，並帶大家走過我們第二季的財務表現。Amanda，交給你了。

Thanks, Kurt. Turning to our second quarter 2026 financial performance on slide 11. Unless noted otherwise, I will be comparing Q2 2026 to the results of Q2 2025. Q2 total revenue was a record of $33.9 million, up 29.9% year-over-year. Growth was broad-based with strength in Dream Sock and Duo and strong international performance and continued momentum in subscription.

謝謝你，Kurt。請看投影片 11，我們來看 2026 年第二季的財務表現。除非另有說明，我將把 2026 年第二季與 2025 年第二季的結果進行比較。第二季總營收創新高，達 3,390 萬美元，年增 29.9%。成長動能相當廣泛，Dream Sock 與 Duo 表現強勁，國際市場表現亮眼，訂閱業務也持續保持動能。

Subscription revenue grew to a record $3.2 million, up $2.4 million year-over-year as our Owlet360 base continued to expand. Q2 overall gross margin was 54%, including the tariff refund, up approximately 270 basis points versus the prior year. Including the onetime $3.5 million tariff refund allocated to COGS, Q2 overall gross margin was 64.4%.

訂閱營收成長至創新高的 320 萬美元，年增 240 萬美元，因為我們的 Owlet360 用戶基礎持續擴大。第二季整體毛利率為 54%，包含關稅退稅影響，較去年同期提升約 270 個基點。若將一次性 350 萬美元的關稅退稅分攤至銷貨成本（COGS），第二季整體毛利率為 64.4%。

Subscription gross margin expanded again sequentially to 68.4%. Total operating expenses for the second quarter were $20.1 million compared to $15.1 million in the prior period or approximately 59% of revenue. The year-over-year increase was primarily driven by higher marketing spend as Prime Day promotional timing shifted from Q3 to Q2 as well as severance costs, including stock-based compensation. We remain committed to raising our level of operational efficiency and financial discipline through the balance of 2026.

訂閱毛利率再度較前一季擴大至 68.4%。第二季總營業費用為 2,010 萬美元，去年同期為 1,510 萬美元，約占營收 59%。年增主要來自行銷支出提高，因 Prime Day 促銷時點由第三季移至第二季，以及資遣成本（包含以股份為基礎的薪酬）。我們仍致力於在 2026 年剩餘期間提升營運效率與財務紀律。

Excluding the tariff refund, we experienced an operating loss of $1.8 million. Including the tariff refund, we saw operating income of $1.7 million. Adjusted EBITDA, excluding the onetime tariff refund was a record $2.9 million compared to $0.5 million in the prior year. Including the tariff refund, adjusted EBITDA was $6.7 million. I want to note that our financial statements will include routine immaterial revisions to prior year amounts across certain line items, including revenue and operating expenses.

若排除關稅退稅，我們的營業損失為 180 萬美元。若包含關稅退稅，我們的營業利益為 170 萬美元。調整後 EBITDA（排除一次性關稅退稅）創新高，達 290 萬美元，去年同期為 50 萬美元。若包含關稅退稅，調整後 EBITDA 為 670 萬美元。我想說明，我們的財務報表將在部分科目（包含營收與營業費用）對前一年度金額進行例行性、非重大之修訂。

I want to emphasize that these immaterial adjustments have no impact on our cash balance or cash flows. Complete details will be provided in our upcoming Form 10-Q filing. During the quarter, we entered into a new $25 million asset-based revolving credit facility with Wells Fargo that refinances and replaces both our prior asset-based facility and term loan.

我要強調，這些非重大調整不會影響我們的現金餘額或現金流量。完整細節將在我們即將提交的 Form 10-Q 申報文件中提供。本季期間，我們與富國銀行（Wells Fargo）簽訂新的 2,500 萬美元資產擔保循環信用額度，用以再融資並取代我們先前的資產擔保融資與定期貸款。

The new facility significantly reduces our cost of capital, lowering our interest rate margin to SOFR plus 2% to 2.25%, down from SOFR plus 7.5% to 8.5% under the prior asset-based facility, a reduction of at least 525 basis points. We expect this to meaningfully lower our annual interest expense going forward, including no minimum interest requirement. These improved terms reduce our cost of capital and provide additional flexibility to continue investing in our strategic priorities while maintaining a disciplined approach to capital allocation.

新融資大幅降低我們的資金成本，將利率加碼幅度降至 SOFR 加 2% 至 2.25%，相較於先前資產擔保融資的 SOFR 加 7.5% 至 8.5%，至少降低 525 個基點。我們預期這將在未來顯著降低年度利息費用，且不再有最低利息要求。這些更佳條款降低了我們的資金成本，並在維持審慎資本配置的同時，提供更多彈性以持續投資於我們的策略重點。

Turning to our balance sheet. Cash and cash equivalents, excluding restricted cash, were $30.9 million as of June 30, 2026, versus $35.5 million in the prior quarter March 31, 2026. The change in cash was primarily due to $2.7 million in debt payoff, CapEx investments and working capital timing. Combined with $7.5 million of availability under our new credit facility, total available liquidity was approximately $38.5 million.

接著看資產負債表。截至 2026 年 6 月 30 日，現金及約當現金（不含受限制現金）為 3,090 萬美元，較上一季 2026 年 3 月 31 日的 3,550 萬美元下降。現金變動主要來自 270 萬美元的債務償還、資本支出（CapEx）投資，以及營運資金時點差異。加上新信用額度下可動用的 750 萬美元，我們可用的總流動性約為 3,850 萬美元。

Turning to our guidance. We are pleased with our first half performance, including a strong second quarter. At the same time, we are taking a deliberately measured view of the second half given the aggressive competitor discounting prior to the August 10 Amazon deadline and not having full visibility into competitor behavior post deadline. In addition, we are observing some broader macro signals we want to be cautious about. Prime Day's baby monitor category was down versus last year with consumers appearing to spend more cautiously and prioritizing everyday essentials.

接著談我們的財測指引。我們對上半年表現感到滿意，尤其是第二季表現強勁。同時，鑑於競爭對手在 8 月 10 日亞馬遜期限前採取激進折扣，以及期限後競品行為仍未完全明朗，我們對下半年採取刻意更為審慎的看法。此外，我們也觀察到一些更廣泛的總體經濟訊號，因此希望保持謹慎。Prime Day 期間的嬰兒監視器品類較去年下滑，消費者似乎更謹慎支出並優先購買日常必需品。

This is in line with what we've recently observed with the category being roughly flat or down versus prior year for the last several large Amazon promotional events. For those reasons, rather than extrapolate our second quarter outperformance across the year, we believe it is prudent to absorb that near-term pressure within our existing range. For the full year 2026, we are reaffirming our revenue outlook of $118 million to $122 million.

這與我們近期觀察一致：在最近幾次大型亞馬遜促銷活動中，該品類相較去年大致持平或下滑。基於這些原因，我們不會將第二季的超預期表現直接外推至全年，而是認為在既有區間內吸收短期壓力更為審慎。針對 2026 全年，我們重申營收展望為 1.18 億至 1.22 億美元。

For Q3, we expect to decline both sequentially and versus Q3 2025, reflecting that deep competitor discounting discussed, together with a challenging comparison against last year's Dream Sight camera and Duo launch. For Q4, we have two large events and given our caution regarding the promotional event dynamics, we are maintaining our Q4 forecast. On gross margin, we are raising our full year outlook to a range of 53% to 55% from 50% to 52%, which reflects only the onetime $3.5 million reduction in COGS in the second quarter as a result of the tariff refund.

第三季方面，我們預期無論較前一季或較 2025 年第三季都將下滑，反映前述競爭對手深度折扣，以及去年 Dream Sight 相機與 Duo 上市所形成的高比較基期。第四季方面，我們有兩個大型活動；鑑於我們對促銷活動動態的審慎態度，我們維持第四季預測不變。毛利率方面，我們將全年展望由 50% 至 52% 上調至 53% 至 55%，此調整僅反映第二季因關稅退稅而使銷貨成本（COGS）一次性減少 350 萬美元。

The tariff rate assumed in our second half guidance is 12.5%. We are not forecasting additional tariff refunds for 2026 nor repayment risk of the Q2 tariff refunds at this time. Finally, we are raising our full year adjusted EBITDA outlook to a range of $10.75 million to $12.75 million from $7 million to $9 million. This increase reflects only the onetime $3.75 million tariff refund recognized in the second quarter. Excluding the tariff refund, our underlying expectations for the year are essentially unchanged as we remain focused on driving operational efficiency and profitable growth.

我們在下半年指引中假設的關稅稅率為 12.5%。目前我們不預測 2026 年會有額外的關稅退稅，也不認為第二季關稅退稅存在需要償還的風險。最後，我們將全年調整後 EBITDA 展望由 700 萬至 900 萬美元上調至 1,075 萬至 1,275 萬美元。這項上調僅反映第二季認列的一次性 375 萬美元關稅退稅。若排除關稅退稅，我們對全年基本面的預期大致不變，仍聚焦於提升營運效率並推動獲利成長。

With that, we will now take your questions.

接下來我們開始回答各位的提問。

Jonna Kim, TD Cowen.

TD Cowen 的 Jonna Kim。

This is Julia Shelanski on for Jonna Kim. We have two questions this afternoon. First, we'd love to hear what has been the sell-through trends quarter-to-date? And how is the gap between sell-in and sell-through at this point? And second, could you update us on the attachment rates for subscription? And what does retention look like as you continue to observe new cohorts?

我是代替 Jonna Kim 的 Julia Shelanski。我們今天下午有兩個問題。第一，我們想了解本季迄今的終端銷售（sell-through）趨勢如何？以及目前鋪貨（sell-in）與終端銷售（sell-through）之間的差距如何？第二，能否更新一下訂閱的搭售／附加（attachment）比率？以及在持續觀察新客群（cohorts）的同時，留存（retention）表現如何？

Thanks Julia. Just a quick clarification on that question. Are you asking about Q3 quarter-to-date sell-in specifically or sell?

謝謝你，Julia。我先快速釐清一下這個問題。你是特別在問第三季迄今的鋪貨（sell-in），還是終端銷售（sell-through）？

Yes, that's correct. Yes, 3Q quarter-to-date.

是的，沒錯。是第三季迄今。

Okay. First, I'll take the other question while I pull up the data regarding Q3 sell-through. So from an attach perspective, so far, what we're seeing with the subscription offering is that around 30% of parents are ultimately subscribing within that first year. We've shared as far as retention goes that we're seeing an average life of about 12 months for our subscribers. Just a reminder that we launched about 18 months ago, so we're just starting to see the cohorts mature.

好的。我先回答另一個問題，同時我把第三季終端銷售（sell-through）的數據調出來。就附加（attach）而言，目前我們看到訂閱方案的情況是，大約有 30% 的家長最終會在第一年內訂閱。至於留存，我們先前分享過，我們的訂閱者平均存續期約為 12 個月。提醒一下，我們大約在 18 個月前推出，因此目前才剛開始看到各客群（cohorts）逐步成熟。

I think what I would add to that, too, is that -- we're now seeing nearly 30% of new users in the trial period elect the annual plan, which is really exciting for us from an LTV perspective. We're seeing decent renewal rates on that plan, which is exciting. 36% of our whole Sock customer base now has subscription, and we're just getting started.

我想補充的是——我們現在看到在試用期內的新用戶中，接近 30% 會選擇年繳方案，從 LTV（客戶終身價值）的角度來看，這讓我們非常振奮。我們也看到該方案有不錯的續約率，這同樣令人振奮。目前我們整體 Sock 客戶基礎中有 36% 已有訂閱，而我們才正要開始。

I mean, if you think about the Cam feature rollout the second half, really exciting. That's more than half of our user base, and we're just starting on those features and AI capabilities. They use the camera twice as long as they use the Sock. So it's half of the customer base using it twice as long. It just represents a really big opportunity.

我的意思是，如果你想想 Cam 功能在下半年推出，真的很令人興奮。那已經超過我們使用者基礎的一半，而我們才剛開始導入那些功能與 AI 能力。他們使用相機的時間是使用 Sock 的兩倍。所以是半數客戶用它、而且使用時間是兩倍。這代表一個非常大的機會。

Telehealth is expanding. That's an exciting new position for us. And the integration with AI and new AI features that are going into sleep and health and overall parenting guidance is creating a stickier and stickier product. And I think the second half, you'll see more and more value released to the consumer. So we're really excited about where we're at, and there's a lot of potential moving forward.

遠距醫療正在擴張。這對我們來說是一個令人振奮的新定位。而與 AI 的整合，以及導入到睡眠、健康與整體育兒指引中的新 AI 功能，正在打造一個黏著度越來越高的產品。我認為在下半年，你會看到釋放給消費者的價值越來越多。所以我們對目前的進展非常興奮，未來也有很大的潛力。

Yes. And then just regarding sell-through compared to last year, it's a little bit nuanced, especially if you're going back. I know that Jonah publishes the Nielsen data. There's just a reminder that Prime Day shifted from Q3 to Q2 this year. So making year-over-year comparisons at this point is a little bit muddy in the quarter just because Prime Day last year was such a large quarter-to-date relative proportion of the quarter.

是的。另外，關於與去年相比的銷售消化（sell-through），這有點細微差異，尤其是如果你往回看。我知道 Jonah 會發布尼爾森（Nielsen）數據。提醒一下，今年 Prime Day 從第三季移到了第二季。因此在這個時間點做年對年比較，在本季會有點混淆，因為去年 Prime Day 在當季累計中占比非常大。

Steve Lichtman, William Blair.

Steve Lichtman，William Blair。

Congratulations on the quarter. Kurt, I'm wondering, as telehealth continues to expand and you ratably grow that opportunity, how will this merge into 360 ultimately and be an additional driver of that subscription model? Just trying to think of -- I know they're separate now, but how are you thinking about that over the longer term?

恭喜本季表現。Kurt，我想請教，隨著遠距醫療持續擴張、你們也按比例擴大這個機會，它最終會如何併入 360，並成為訂閱模式的額外驅動力？我只是想理解一下——我知道目前它們是分開的，但從更長期來看你們怎麼思考這件事？

Yes, that's a great question. I think we -- when we think about telehealth, we think about it in tiers. There's an element of telehealth and 360 today, obviously, not connected to a doctor, but it gives parents additional health trends and health information. It allows them to share information with their doctor. And so we're building out kind of the AI capabilities and automated features within 360. There will be another tier that gives access to physicians.

是的，這是個很好的問題。我想我們——當我們思考遠距醫療時，我們會把它分成不同層級。目前在 360 裡就已經有遠距醫療的一部分元素，當然它不是連到醫師，但它能提供父母更多健康趨勢與健康資訊。也讓他們可以把資訊分享給自己的醫師。因此我們正在 360 內建構 AI 能力與自動化功能。還會有另一個層級，提供接觸醫師的權限。

Right now, it's on call. That will morph and evolve as we test and learn this year. It's the purpose of this year to make that more accessible, more affordable and ultimately something that we want a majority of our users to be able to have access to. When you look at the challenges with care for a newborn, so much of that is just a communication gap.

目前是隨叫隨到（on call）。我們今年會在測試與學習中讓它逐步轉型與演進。今年的目標是讓它更容易取得、更可負擔，並最終成為我們希望大多數使用者都能使用的服務。當你看新生兒照護的挑戰時，其中很大一部分其實就是溝通落差。

And when you chat with a pediatrician today without any data or context and you tell them that your baby is congested, you're worried about their breathing, 100% of those visits turn into an ER visit if it's after hours or an extra pediatrician visit. And now that we have FDA-cleared data at home that physicians can actually review and make decisions based on.

而當你今天在沒有任何數據或背景脈絡的情況下與兒科醫師聊天，告訴他你的寶寶鼻塞、你擔心呼吸狀況，如果是在非門診時間，這類諮詢有 100% 會變成急診就醫，或是額外再跑一趟兒科門診。而現在我們在家就有通過 FDA 核准的數據，醫師實際上可以檢視並據此做決策。

We think it just totally changes the paradigm for at-home care and creates a new level of care, which is continued monitoring, routine data collection and a check-in with the doctor from the comfort of your home, you're not exposing baby to more sickness. So there will be multiple tiers of telehealth. You have Owlet 360 and likely an Owlet 360 plus the telehealth offering.

我們認為這會徹底改變居家照護的典範，並創造一個新的照護層級：持續監測、例行數據蒐集，以及在家中舒適地與醫師進行檢視／諮詢，你也不會讓寶寶暴露在更多病菌之下。所以遠距醫療會有多個層級。你會有 Owlet 360，以及可能是 Owlet 360 加上遠距醫療服務的方案。

That's helpful. And then just following up on the international strength. Where are you seeing the most momentum today? And what do you see as the most ripe opportunities internationally looking out over the next few years?

這很有幫助。接著追問一下國際市場的強勁表現。你們目前在哪些地區看到最多動能？展望未來幾年，你認為國際市場最成熟、最有機會的領域在哪裡？

I'm really excited about Europe. Europe continues to grow. It's really very close to the pace that we set in the US if you look at year-by-year growth and penetration. Germany is expanding really well. Everybody told us when we went into France, it would take a few years and then you kind of see it spike. That's exactly what's happening. We're seeing incredible growth in France.

我對歐洲非常興奮。歐洲持續成長。如果你看逐年成長與滲透率，它其實非常接近我們在美國所建立的成長節奏。德國擴張得非常好。大家都告訴我們，進入法國後會需要幾年，然後你會看到它突然加速。而這正是正在發生的事。我們在法國看到驚人的成長。

Eastern Europe is actually doing really well. The Czech Republic and the countries around there actually have the highest penetration in terms of percent of parents that use monitoring. It's very similar to the US now. So that's really taken off. Those are probably the areas that we're most excited about. And some of the more -- the longer-term markets like the UK and Australia and the Nordics continue to grow really well for us.

東歐其實也表現得非常好。捷克以及周邊國家在滲透率方面——也就是使用監測的父母比例——其實是最高的。現在已經非常接近美國。所以那邊真的起飛了。那些大概是我們最興奮的區域。而一些更——更長期的市場，例如英國、澳洲與北歐，也持續為我們帶來很好的成長。

So there's more babies born in Europe than the United States. And I just can't imagine a world where as we say it all the time for the United States, every baby will have access to some sort of health sensing technology when they leave the hospital. That's going to be just as true for Europe as it is for the US.

而且歐洲出生的嬰兒數量比美國還多。我很難想像未來會有一個世界——就像我們在美國一直說的——每個寶寶在出院時都能接觸到某種健康感測技術。這對歐洲也會跟對美國一樣真實。

Owen Rickert, Northland Capital Markets.

Owen Rickert，Northland Capital Markets。

Congrats on a pretty awesome quarter. First for me, can you describe that AI parenting copilot offering for us? What does the product road map look like there? How are you thinking about monetization? I guess, is this a feature within Outlet 360? Is it separate or something else? Just anything there would be great.

恭喜你們交出非常亮眼的一季。我第一個問題是，你能為我們描述一下那個 AI 育兒副駕（copilot）方案嗎？那邊的產品路線圖長什麼樣子？你們怎麼思考變現？我想問，這會是 Outlet 360 裡的一個功能嗎？還是會是獨立的，或是其他形式？任何相關資訊都很有幫助。

Yes. I think the unique thing about Owlet is we're pulling together the most comprehensive and contextualized data set of infant health that's ever existed. So we've got, obviously, the largest set of biometrics. We're bringing in access through the telehealth, the health records and health interaction, parent logging and parent context, other device data, cross-device data between the Sock, the camera, other devices potentially in the future.

是的。我認為 Owlet 的獨特之處在於，我們正在整合史上最全面、且最具情境脈絡的嬰兒健康資料集。所以我們擁有——很明顯——最大規模的生理量測（biometrics）資料。我們也透過遠距醫療、健康紀錄與健康互動、父母紀錄（logging）與父母情境資訊、其他裝置資料、以及 Sock、相機與未來可能的其他裝置之間的跨裝置資料來導入更多資訊。

That becomes a very rich data set that has a lot of context about your baby. And the more parents use it, the more context it has to help guide them. I can't imagine a world where Owlet has all of this rich context, and I'm going to ChatGPT for answers about my baby, if that makes sense.

這會形成一個非常豐富的資料集，包含大量關於你寶寶的情境資訊。而父母使用得越多，它就有越多脈絡可以用來引導他們。我很難想像一個世界：Owlet 擁有這麼豐富的情境資訊，而我卻跑去用 ChatGPT 來問關於我寶寶的答案——如果這樣說得通的話。

So it's going to evolve over time. We're going to take the low-hanging fruits in AI and implement those quickly. We have right now an AI morning report that takes all of your baby's sleep data. And just like a digital sleep coach -- or just like a sleep Coach would, it prepares a summary and gives recommendations for your child for that next day. It's really powerful. 85% of parents who use it, engage with that daily and report that, that's a really strong, powerful feature.

所以它會隨時間演進。我們會先把 AI 裡最容易落地的部分先做出來並快速導入。我們目前有一個 AI 早晨報告，會彙整你寶寶所有的睡眠數據。就像數位睡眠教練——或就像睡眠教練會做的那樣——它會準備摘要，並針對孩子接下來一天提供建議。這非常有力。使用它的父母中有 85% 會每天與之互動，並回饋說這是一個非常強大、很有價值的功能。

That's just one example of taking this contextualized data set and integrating it. We see it as a component of Owlet360. Owlet360 may increase in price over time as we're able to grow the value. But we essentially want everybody on Owlet 360, and we want them to have an incredible experience that's very sticky over time that goes well beyond that first year.

這只是把這個具情境脈絡的資料集整合進來的一個例子。我們把它視為 Owlet360 的一個組成部分。隨著我們能夠提升價值，Owlet360 的價格可能會隨時間上調。但我們本質上希望每個人都使用 Owlet 360，並希望他們能有一個非常出色、長期高度黏著的體驗，遠遠超過第一年。

Got it. Super helpful. And then secondly for me, -- you mentioned Babylist as an upcoming channel for that upfront subscription enrollment. Are there any other retail or registry partners in the pipeline? And how important is the D2C channel versus third-party retail to the long-term subscription conversion strategy?

了解。非常有幫助。其次，就我而言——你提到 Babylist 是一個即將上線、可在購買時進行預付訂閱註冊的通路。在管線中還有其他零售或註冊清單（registry）合作夥伴嗎？以及就長期的訂閱轉換策略而言，D2C 通路相較於第三方零售的重要性如何？

Yes. Babylist is unique because it's a gifting platform. That's the registry platform. So people are going on to get Owlet Duos. We generally see higher order values on Baby list than we see on our other platforms because gift givers are at a different stage of life. And so we're selling annual memberships to 360. We'll bundle those memberships to Owlet 360 with the product so that parents have -- or grandparents can gift that to their kids.

是的。Babylist 很獨特，因為它是一個送禮平台。那就是註冊清單平台。所以人們會上去購買 Owlet Duo。我們通常看到 Babylist 的訂單金額高於我們在其他平台看到的，因為送禮者處於不同的人生階段。因此我們在那裡銷售 360 的年費會員。我們會把 Owlet 360 的會員與產品做綁定，讓父母——或祖父母可以把它當作禮物送給孩子。

You'll see that roll out across all of our retail channels, smart bundles like that, 360 being sold. It gives us a lot of flexibility and in creating really smart offerings based on the consumer segment. So I think you'll see that continue to expand across all retail and especially on our website, and we'll get smarter and smarter about optimizing that kind of lift percentage versus LTV to drive growth for the business.

你會看到這會在我們所有零售通路推出，像這樣的智慧組合包、以及 360 的銷售。這讓我們在依據消費者族群打造非常聰明的產品組合時，擁有很大的彈性。所以我認為你會看到這持續擴展到所有零售通路，尤其是在我們的網站上；而且我們會越來越擅長最佳化這類提升比例（lift %）相對於 LTV，以推動公司成長。

But we want to meet parents where they're at. Registry is a big part of the parenting journey and parents shop across all those retail channels. So that's where we want subscription to be. We want parents to think of Owlet as a service, not just as a product. And I think we're seeing that more and more come to reality.

但我們希望在父母所在的地方與他們相遇。註冊清單是育兒旅程中很重要的一部分，而父母會在所有這些零售通路購物。所以我們希望訂閱就在那裡。我們希望父母把 Owlet 視為一項服務，而不只是產品。而我想我們正越來越看到這點成為現實。

Ben Haynor, Lake Street Capital Markets.

Ben Haynor，Lake Street Capital Markets。

First off for me, just thinking about the international subscription opportunities. I guess, are there any bigger countries that you're missing right now? I know you mentioned additional international subscribers were up 5% to 10%. The availability, I guess, it was there. Maybe if you could just talk about that a little bit.

首先我想談談國際訂閱的機會。我想問的是，目前是否有任何你們還缺席、但規模較大的國家？我知道你提到國際訂閱用戶新增成長了 5% 到 10%。可用性方面，我想應該已經具備了。也許你可以稍微談一下這部分。

Yes. We just completed the majority of our language translation and rollout for subscription across the majority of our kind of our biggest markets and biggest countries. So we feel like we're there in terms of availability. Most of that rolled out at the end of the quarter. So we should see some of those benefits in Q3 and beyond.

是的。我們剛完成了大部分語言翻譯，並在我們多數最大市場與最大國家推出訂閱服務。所以就可用性而言，我們覺得已經到位。其中大部分是在本季末推出的。因此我們應該會在第三季及之後看到一些效益。

Okay. Fair enough. And then just curious on how much of guidance embeds or what subscriber count, call it, at year-end does guidance embed or a range? Anything that would be taking up what there would be.

好的。可以理解。另外我也好奇，你們的財測中隱含了多少訂閱者數量——比如說，財測隱含的年末訂閱者數或區間是多少？有沒有任何可以分享的？

Yes, we're not sharing a specific range as far as subscriber count goes. But what we are considering is how we've been trending this year, and we built that into our guidance in terms of subscribers. So said a different way, if you look at the run rate and how many additional adds we've been seeing, essentially, that's what we're modeling in the guide through the end of the year.

是的，我們不會分享訂閱者數量的具體區間。但我們考量的是今年以來的趨勢，並把這點納入我們對訂閱者的財測。換句話說，如果你看目前的 run rate，以及我們看到的新增數量，基本上這就是我們在指引中建模、一路到年底的假設。

Okay. Fair enough. And then lastly, on the Web Pay, does that take kind of the gross margin on subscriptions from kind of the 70% that you're able to get with or a little bit less out of the app stores to kind of mid- to high 90s? Or what's the difference there? Is it just credit card fees and that's it? Or is there more to it?

好的。可以理解。最後，關於 Web Pay，它是否能把訂閱的毛利率從你們透過 App Store（或稍低於 App Store）大約 70% 的水準，提高到 90% 中段到高段？或者兩者差異是什麼？只是信用卡手續費而已嗎？還是還有其他因素？

Yes. Essentially, with the App Store for the first 12 months of the subscriber life, we pay about 30% in fees. So what the Web Pay allows for is for us to bypass those fees. There's some small immaterial credit card charges that are much more affordable in comparison. And then we have a small amount of like software amortization for development costs, but it truly is something that would be significant to the margin.

是的。基本上，透過 App Store 的話，在訂閱者生命週期的前 12 個月，我們大約要支付 30% 的費用。所以 Web Pay 讓我們可以繞過這些費用。會有一些很小、影響不大的信用卡手續費，相較之下便宜得多。另外我們也有少量的軟體攤銷（開發成本），但這確實會對毛利率帶來顯著改善。

But I do have to remind though, that a lot of our customers have already signed up through the App Store. So it will take time for that subscriber mix to move from like an App Store purchase to web pay. So this is something that will improve over time.

不過我也要提醒的是，我們有很多客戶已經透過 App Store 訂閱。因此，訂閱者組合要從 App Store 購買逐步轉向 Web Pay 需要時間。所以這會隨時間推進而改善。

Alim Kanaka, Freedom Broker.

Alim Kanaka，Freedom Broker。

I have one question left, and you have touched upon that quite slightly, and it's about Web Pay. Web Pay and Up-front subscription at the point of purchase went live this quarter and got one line in the presentation that you put. From where I sit, those look like the most significantly -- economically significant since you announced. Is that a fair way? Or how are the early results tracking in that way?

我還有一個問題，你們剛才稍微提到過，關於 Web Pay。Web Pay 以及在購買時點進行預付訂閱，這一季已經上線，而你們的簡報裡只用一行帶過。以我看來，這看起來是你們宣布以來在經濟效益上最重要的項目。這樣理解公平嗎？或者就這個角度而言，早期結果追蹤得如何？

Yes, that's a great point and a great call out. Actually, it is significant. It may not be significant on this year's P&L because of what Amanda shared. It's going to take some time for the blend of our customer base to move towards direct Web Pay with Owlet. But it's significant for a few reasons.

是的，這點說得很好，也點出了重點。確實，它很重要。但它可能不會在今年的損益表上就顯得很重要，原因如 Amanda 所分享的。我們的客戶組合要轉向直接透過 Owlet 的 Web Pay 需要一些時間。但它重要有幾個原因。

Over time, it expands our margin. It also allows us to essentially get the credit card at the point of purchase as people enroll in Owlet 360, they're pulling out their credit card once, not twice. And so it has the ability to not only help us lift the overall percentage of our users that get Owlet 360, but increases the margin on Owlet 360, which is substantial and definitely substantial over time. So that's right.

隨著時間推進，它會擴大我們的毛利率。它也讓我們能在購買時點就取得信用卡資訊：人們在註冊 Owlet 360 時只需要拿出信用卡一次，而不是兩次。因此，它不僅有能力提升選擇 Owlet 360 的整體用戶比例，也能提高 Owlet 360 的毛利率；這點很可觀，而且長期來看會非常可觀。所以沒錯。

There are no further questions at this time. I will now turn the call back to Kurt for closing remarks.

目前沒有其他問題。我現在把電話交回給 Kurt 做結語。

Yes. Thanks again, everyone, for joining us. Just to wrap up, I'll leave you with the bigger picture. Owlet has multiple clear pathways for sustainable growth, continuing to reach new families, expanding our recurring revenue through Owlet360, scaling into our existing international markets and growing the pediatric telehealth opportunity. We're well positioned for the road ahead, and we're excited about our momentum, very grateful for the continued partnership as we set the standard in pediatric care technology.

是的。再次感謝各位加入我們。最後總結一下，我想用更宏觀的角度作結。Owlet 有多條清晰的可持續成長路徑：持續觸及新的家庭、透過 Owlet360 擴大我們的經常性收入、在既有的國際市場擴張規模，以及成長兒科遠距醫療的機會。我們已為未來道路做好充分準備，對目前的動能感到振奮，也非常感謝持續的合作夥伴關係；我們將在兒科照護科技領域樹立標準。

So thank you, everybody, for being with us today.

所以謝謝各位今天與會。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。