Owlet Reports Preliminary Third Quarter 2022 Net Revenue Results
October 19 2022 - 09:00AM
Business Wire
Owlet, Inc. (NYSE: OWLT, “Owlet” or “the Company”) today reports
preliminary unaudited net revenue results for the fiscal quarter
ended September 30, 2022. The Company estimates its net revenues
for the third quarter of this year will be $16 million to $18
million.
“We remain focused on growing sell-through, expanding our retail
footprint and remaining disciplined in our cost management. We do
expect to see quarterly sales variability as we continue to
re-establish our product portfolio and head into a seasonal fourth
quarter amidst ongoing uncertain economic conditions. We’re pleased
with our operational progress in the third quarter of this year,
following our cost restructuring in July,” said Kurt Workman, Owlet
Chief Executive Officer and Co-Founder. “I’m proud of the team’s
diligent effort to empower parents with the very best
technology.”
Note Regarding Preliminary Unaudited Net Revenue Estimation The
preliminary unaudited net revenue results for the fiscal quarter
ended September 30, 2022 have been prepared by, and are the
responsibility of, management of the Company. The Company’s
independent auditor has not audited, reviewed, compiled or applied
agreed-upon procedures with respect to the preliminary unaudited
net revenue results and has not expressed any opinion or other form
of assurance with respect to such results.
Preliminary return and chargeback allowances for the quarter,
which impact the Company’s net revenue, have been estimated based
upon historical averages and an initial analysis of claims received
and are preliminary and subject to the completion of financial
closing procedures and any potential receipt of new information. As
a result, preliminary unaudited net revenue may differ materially
from the amounts that will be reflected in the Company’s condensed
consolidated financial statements for the third fiscal quarter of
2022. The Company expects to release its complete third quarter
results in November 2022.
Cautionary Note Regarding Forward-Looking Statements This
release contains certain statements that are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 (the “Reform Act”), including the Company’s
preliminary unaudited net revenue results for the third fiscal
quarter of 2022. Generally, forward-looking statements include the
words “estimate,” “may,” “believes,” “plans,” “expects,”
“anticipates,” “intends,” “goal,” “potential,” “upcoming,”
“outlook,” “guidance,” the negation thereof, or similar
expressions, although not all forward-looking statements contain
these identifying words. Forward-looking statements are based on
the Company’s expectations at the time such statements are made,
speak only as of the dates they are made and are susceptible to a
number of risks, uncertainties and other factors. For all such
forward-looking statements, the Company claims the protection of
the safe harbor for forward-looking statements contained in the
Reform Act. The Company’s actual results, performance or
achievements may differ materially from any future results,
performance or achievements expressed or implied by our
forward-looking statements. Many important factors could affect the
Company’s future results and cause those results to differ
materially from those expressed in or implied by the Company’s
forward-looking statements. Such factors include, but are not
limited to, risks and uncertainties related to preliminary
financial results, including the risks that the preliminary
unaudited financial results reported herein reflect information
available to the Company only as of the date of this release, as
well as those set forth in the Company’s other releases, public
statements and/or filings with the Securities and Exchange
Commission, including those identified in the “Risk Factors”
sections of the Company’s Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q. All future written and oral forward-looking
statements attributable to the Company or any person acting on the
Company’s behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to above. Moreover,
Owlet operates in an evolving environment. In addition to the
factors described above, new risk factors and uncertainties may
emerge from time to time, and factors that the Company currently
deems immaterial may become material, and it is impossible for the
Company to predict such events or how they may affect us. Except as
required by federal securities laws, the Company assumes no
obligation to update any forward-looking statements after the date
of this release as a result of new information, future events or
otherwise, although we may do so from time to time. The Company
does not endorse any projections regarding future performance that
may be made by third parties.
About Owlet, Inc. Owlet was founded by a team of parents
in 2012. Owlet’s mission is to empower parents with the right
information at the right time, to give them more peace of mind and
help them find more joy in the journey of parenting. Owlet’s
digital parenting platform aims to give parents real-time data and
insights to help parents feel more calm and confident. Owlet
believes that every parent deserves peace of mind and the
opportunity to feel their well-rested best. To learn more, visit
www.owletcare.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221019005438/en/
Investors Mike Cavanaugh Westwicke/ICR Phone: +1.617.877.9641
mike.cavanaugh@westwicke.com
Media Jane Putnam Owlet, Inc. Phone: +1.801.647.0025
jputnam@owletcare.com
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