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Owlet Inc. Class A (OWLT+1.93%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a 44.5% increase in revenues, amounting to $78.1 million, primarily driven by higher sales of Dream Sock products.
Cost of revenues increased by 23.3% to $38.7 million, leading to a gross profit of $39.3 million, up from $22.6 million in the previous year.
Operating expenses rose to $59.5 million, with general and administrative expenses increasing by 24.2% due to litigation settlements and higher compensation costs.
Sales and marketing expenses grew by 16.5% to $15.8 million, attributed to higher compensation and increased marketing spend.
Research and development expenses decreased by 5.3% to $9.8 million, primarily due to lower stock-based compensation.
Owlet reported a net loss of $12.5 million, an improvement from the $32.9 million loss in the prior year.
Interest expense decreased significantly, while a gain of $9.3 million was recorded from the adjustment of common stock warrant liabilities.
Owlet's cash and cash equivalents stood at $20.2 million as of December 31, 2024, with a net cash inflow from financing activities of $16.0 million.
The company raised capital through the issuance of preferred stock and warrants, and entered into new loan facilities to support its operations.
Owlet acknowledges substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows, despite recent financing activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Owlet Inc. Class A annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.