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Owlet Inc Financials

OWLT
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Owlet Inc (OWLT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI OWLT FY2025

Owlet’s operating-margin recovery is being driven by higher scale, but growth still needs working-capital funding.

The biggest disconnect is between core operating progress and the reported bottom line: operating margin narrowed to -7.8%, while net margin fell to -37.5%. That split matters because EBITDA and operating loss both improved versus the prior year, so reported earnings were shaped more by below-operating items than by the underlying sales engine.

This looks like a business finally getting some fixed-cost absorption: revenue moved above $100M and gross margin held near 50.6%, while SG&A dollars were lower than a year earlier. That combination says the operating improvement came from scale and spending discipline, not from a one-time gross-margin jump.

Cash conversion still lags the income statement. Operating cash flow stayed near -$10.8M even as revenue expanded, which fits a working-capital-heavy model where more receivables and inventory absorbed much of the benefit of higher sales. The balance sheet is sturdier than a year ago because cash reached $35.5M and equity turned positive, but that liquidity was rebuilt with financing rather than self-funded operations.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 57 / 100
Financial Health Score 57/100
Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Owlet Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway
67
Dilution
17
R&D Intensity
40
Revenue Progress
82
Burn Trend
70
Balance Sheet
67
Altman Z-Score Distress
-1.54

Owlet Inc scores -1.54, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($171.8M) relative to total liabilities ($50.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral
4/9

Owlet Inc passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.27x

For every $1 of reported earnings, Owlet Inc generates $0.27 in operating cash flow (-$10.8M OCF vs -$39.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-10.2x

Owlet Inc earns $-10.2 in operating income for every $1 of interest expense (-$8.3M vs $809K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$105.7M
YoY+35.4%
5Y CAGR+7.0%

Owlet Inc generated $105.7M in revenue in fiscal year 2025. This represents an increase of 35.4% from the prior year.

EBITDA
-$7.7M
YoY+60.8%

Owlet Inc's EBITDA was -$7.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 60.8% from the prior year.

Net Income
-$39.7M
YoY-216.5%

Owlet Inc reported -$39.7M in net income in fiscal year 2025. This represents a decrease of 216.5% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
-$11.1M
YoY+1.6%

Owlet Inc generated -$11.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1.6% from the prior year.

Cash & Debt
$35.5M
YoY+75.2%
5Y CAGR+15.8%

Owlet Inc held $35.5M in cash against $2.5M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
27M
YoY+71.3%

Owlet Inc had 27M shares outstanding in fiscal year 2025. This represents an increase of 71.3% from the prior year.

Margins & Returns

Gross Margin
50.6%
YoY+0.3pp
5Y CAGR+3.1pp

Owlet Inc's gross margin was 50.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.

Operating Margin
-7.8%
YoY+18.1pp
5Y CAGR+1.5pp

Owlet Inc's operating margin was -7.8% in fiscal year 2025, reflecting core business profitability. This is up 18.1 percentage points from the prior year.

Net Margin
-37.5%
YoY-21.5pp
5Y CAGR-23.6pp

Owlet Inc's net profit margin was -37.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 21.5 percentage points from the prior year.

Return on Equity
-208.4%

Owlet Inc's ROE was -208.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
$14.1M
YoY+43.6%
5Y CAGR+6.1%

Owlet Inc invested $14.1M in research and development in fiscal year 2025. This represents an increase of 43.6% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$273K
YoY+680.0%
5Y CAGR-22.3%

Owlet Inc invested $273K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 680.0% from the prior year.

OWLT Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $22.5M-15.4% $26.6M-17.0% $32.0M+22.7% $26.1M+23.5% $21.1M+3.0% $20.5M-7.4% $22.1M+6.9% $20.7M
Cost of Revenue $10.2M-26.6% $13.9M-11.8% $15.8M+24.5% $12.7M+29.7% $9.8M+2.7% $9.5M-10.0% $10.6M+1.2% $10.4M
Gross Profit $12.2M-3.1% $12.6M-22.1% $16.2M+21.1% $13.4M+18.1% $11.3M+3.3% $11.0M-5.0% $11.5M+12.6% $10.3M
R&D Expenses $4.0M+8.8% $3.6M-4.0% $3.8M+0.9% $3.8M+29.3% $2.9M+14.2% $2.5M-0.7% $2.6M+8.7% $2.4M
SG&A Expenses $9.3M+7.5% $8.7M+37.9% $6.3M-13.2% $7.2M+1.9% $7.1M-40.1% $11.8M+21.0% $9.8M+55.6% $6.3M
Operating Income -$5.5M-12.4% -$4.9M-501.9% $1.2M+163.4% -$1.9M+28.2% -$2.7M+63.9% -$7.4M-53.6% -$4.8M-114.9% -$2.2M
Interest Expense $0-100.0% $47K-50.5% $95K-66.3% $282K-26.8% $385K-71.5% $1.4M+894.9% $136K+780.0% -$20K
Income Tax $7K+126.9% -$26K-388.9% $9K-72.7% $33K+175.0% $12K-62.5% $32K $0-100.0% $22K
Net Income -$3.3M+63.7% -$9.2M-322.3% $4.1M+111.0% -$37.6M-1344.5% $3.0M+133.4% -$9.1M-61.3% -$5.6M-389.2% -$1.1M
EPS (Diluted) $-0.25 N/A $-0.06+97.5% $-2.37-2254.5% $0.11 N/A $-0.61-103.3% $-0.30

OWLT Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $86.8M+1.3% $85.6M+14.4% $74.9M+17.8% $63.5M+23.6% $51.4M+3.8% $49.5M-11.8% $56.1M+22.3% $45.9M
Current Assets $82.5M+0.7% $81.9M+14.3% $71.6M+17.9% $60.7M+25.5% $48.4M+5.0% $46.1M-11.8% $52.3M+22.9% $42.5M
Cash & Equivalents $35.5M0.0% $35.5M+49.2% $23.8M+8.9% $21.8M+33.8% $16.3M-19.4% $20.2M-6.2% $21.6M+40.5% $15.4M
Inventory $18.2M+19.0% $15.3M+5.3% $14.5M+27.7% $11.4M-3.7% $11.8M+12.3% $10.5M-0.7% $10.6M+30.8% $8.1M
Accounts Receivable $19.9M-13.4% $22.9M-19.8% $28.6M+17.3% $24.4M+47.5% $16.5M+36.2% $12.1M-29.2% $17.2M+1.5% $16.9M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $50.9M+1.5% $50.2M-61.1% $129.0M+5.1% $122.7M+58.9% $77.2M-2.6% $79.3M+2.2% $77.6M-2.2% $79.3M
Current Liabilities $48.1M+8.8% $44.2M-29.7% $62.9M+19.2% $52.8M+29.7% $40.7M+11.7% $36.4M+2.1% $35.7M-15.3% $42.1M
Long-Term Debt $1.9M-20.8% $2.5M-15.8% $2.9M-13.5% $3.4M-12.1% $3.8M-11.2% $4.3M-5.5% $4.6M $0
Total Equity $21.0M+10.3% $19.0M+135.2% -$54.1M+8.5% -$59.2M-129.2% -$25.8M+13.3% -$29.8M-38.6% -$21.5M+35.8% -$33.4M
Retained Earnings -$311.2M-1.1% -$307.9M-3.1% -$298.7M+1.4% -$302.8M-14.2% -$265.2M+1.1% -$268.2M-3.5% -$259.1M-2.2% -$253.5M

OWLT Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$5.0M-1017.0% -$452K+79.2% -$2.2M+3.3% -$2.2M+62.1% -$5.9M-297.1% $3.0M+140.1% -$7.5M-122.7% -$3.4M
Capital Expenditures $15K-92.5% $199K+2111.1% $9K-85.2% $61K+1425.0% $4K-87.9% $33K+3400.0% -$1K-133.3% $3K
Free Cash Flow -$5.1M-677.9% -$651K+70.1% -$2.2M+5.5% -$2.3M+61.1% -$5.9M-299.4% $3.0M+139.7% -$7.5M-122.5% -$3.4M
Investing Cash Flow -$415K+15.1% -$489K-91.8% -$255K-186.5% -$89K+19.1% -$110K+36.8% -$174K+66.1% -$513K-1286.5% -$37K
Financing Cash Flow $5.5M-69.5% $17.9M+310.6% $4.4M-44.5% $7.9M+289.8% $2.0M+149.3% -$4.1M-128.1% $14.5M+3847.3% $368K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

OWLT Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 54.5%+7.0pp 47.5%-3.1pp 50.6%-0.7pp 51.3%-2.3pp 53.7%+0.1pp 53.5%+1.3pp 52.2%+2.7pp 49.5%
Operating Margin -24.5%-6.1pp -18.4%-22.2pp 3.8%+11.2pp -7.4%+5.3pp -12.7%+23.5pp -36.2%-14.4pp -21.8%-11.0pp -10.8%
Net Margin -14.9%+19.8pp -34.6%-47.5pp 12.9%+157.4pp -144.4%-158.8pp 14.3%+58.5pp -44.2%-18.8pp -25.4%-19.8pp -5.5%
Return on Equity -15.9%+32.4pp -48.3% N/A N/A N/A N/A N/A N/A
Return on Assets -3.9%+6.9pp -10.7%-16.3pp 5.5%+64.8pp -59.3%-65.1pp 5.9%+24.2pp -18.3%-8.3pp -10.0%-7.5pp -2.5%
Current Ratio 1.71-0.1 1.85+0.7 1.14-0.0 1.15-0.0 1.19-0.1 1.27-0.2 1.46+0.5 1.01
Debt-to-Equity 0.09-0.0 0.13+0.2 -0.050.0 -0.06+0.1 -0.150.0 -0.15+0.1 -0.21-0.2 0.00
FCF Margin -22.6%-20.1pp -2.5%+4.4pp -6.8%+2.0pp -8.8%+19.2pp -28.1%-42.6pp 14.5%+48.4pp -33.9%-17.6pp -16.3%

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Frequently Asked Questions

Owlet Inc (OWLT) reported $105.7M in total revenue for fiscal year 2025. This represents a 35.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Owlet Inc (OWLT) revenue grew by 35.4% year-over-year, from $78.1M to $105.7M in fiscal year 2025.

No, Owlet Inc (OWLT) reported a net income of -$39.7M in fiscal year 2025, with a net profit margin of -37.5%.

Owlet Inc (OWLT) had EBITDA of -$7.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Owlet Inc (OWLT) had $35.5M in cash and equivalents against $2.5M in long-term debt.

Owlet Inc (OWLT) had a gross margin of 50.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Owlet Inc (OWLT) had an operating margin of -7.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Owlet Inc (OWLT) had a net profit margin of -37.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Owlet Inc (OWLT) has a return on equity of -208.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Owlet Inc (OWLT) generated -$11.1M in free cash flow during fiscal year 2025. This represents a 1.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Owlet Inc (OWLT) generated -$10.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Owlet Inc (OWLT) had $85.6M in total assets as of fiscal year 2025, including both current and long-term assets.

Owlet Inc (OWLT) invested $273K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Owlet Inc (OWLT) invested $14.1M in research and development during fiscal year 2025.

Owlet Inc (OWLT) had 27M shares outstanding as of fiscal year 2025.

Owlet Inc (OWLT) had a current ratio of 1.85 as of fiscal year 2025, which is generally considered healthy.

Owlet Inc (OWLT) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Owlet Inc (OWLT) had a return on assets of -46.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Owlet Inc (OWLT) had $35.5M in cash against an annual operating cash burn of $10.8M. This gives an estimated cash runway of approximately 39 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Owlet Inc (OWLT) has an Altman Z-Score of -1.54, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Owlet Inc (OWLT) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Owlet Inc (OWLT) has an earnings quality ratio of 0.27x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Owlet Inc (OWLT) has an interest coverage ratio of -10.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Owlet Inc (OWLT) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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