Owlet, Inc. SEC Filings

AWM Investment Company, Inc., a Delaware corporation and investment adviser to several Special Situations funds, reports beneficial ownership of Class A common stock of Owlet, Inc..

AWM reports beneficial ownership of 1,225,353 Owlet Class A common shares, representing 4.2% of the class. These shares are held across Special Situations Cayman Fund, L.P., Special Situations Fund III QP, L.P., Special Situations Private Equity Fund, L.P., and Special Situations Life Sciences Fund, L.P., over which AWM has sole voting and dispositive power. The filing notes that the position represents ownership of 5 percent or less of the class.

Owlet, Inc. director Melissa Gonzales reported an equity compensation grant of 26,785 shares of common stock in the form of restricted stock units (RSUs) on 2026-08-12. Each RSU converts into one share upon vesting. Following this grant, Gonzales holds 114,690 shares of common stock directly. The RSUs will fully vest on the earlier of the first anniversary of the grant date or immediately before the next annual meeting of stockholders, subject to her continued service with the company through the vesting date.

Owlet, Inc. director John C. Kim received a grant of 26,785 restricted stock units (RSUs) of common stock on 2026-08-12. Each RSU will convert into one share upon vesting. The RSUs fully vest on the earlier of the first anniversary of grant or immediately before the next annual stockholders meeting, subject to continued service, bringing his direct holdings to 278,811 shares.

Owlet, Inc. reported results of its 2026 annual stockholder meeting. Stockholders approved Amendment No. 3 to the 2021 Incentive Award Plan, increasing Class A common stock available for issuance under the plan by 600,000 shares, in addition to the plan’s existing automatic annual share increases through 2031.

As of the June 15, 2026 record date, there were 29,063,954 Class A common shares outstanding and entitled to one vote each, plus 11,479 Series A Preferred shares representing 1,673,320 votes and 9,250 Series B Preferred shares representing 1,199,348 votes. Stockholders elected two Class II directors, approved on a non-binding advisory basis the compensation of named executive officers, chose to hold future say‑on‑pay votes annually, and ratified PricewaterhouseCoopers LLP as independent registered public accounting firm for fiscal 2026.

Owlet, Inc. reported strong top-line growth and sharply improved operating results for the quarter ended June 30, 2026. Total revenue rose to $33.9 million from $26.1 million a year earlier, driven by hardware sales of $30.6 million and rapidly expanding subscription revenue of $3.2 million. Gross profit increased to $21.8 million, and Owlet generated operating income of $1.7 million versus an operating loss in the prior year period.

Despite the operating profit, the company recorded a modest net loss of $0.6 million for the quarter and a $3.9 million net loss for the first half. Operating cash outflow was $5.1 million in the first six months. Owlet ended June with $30.9 million in cash and cash equivalents and $36.5 million including restricted cash. A new Wells Fargo asset-based revolving facility provides up to $25 million of borrowing capacity; $17.1 million was outstanding at quarter‑end and used to refinance prior debt that was extinguished, creating a $2.2 million loss on debt extinguishment.

Management cites a history of losses, customer concentration, and identified material weaknesses in internal control over financial reporting, but believes existing cash, cash flows, and revolver capacity will cover at least 12 months of needs. The period also reflects a $3.96 million tariff refund that reduced cost of goods sold and revisions to prior financial statements for immaterial stock‑based compensation errors.

Granahan Investment Management LLC reported a significant passive ownership position in Owlet, Inc. Class A Common Stock on a Schedule 13G. Granahan is deemed the beneficial owner of 1,595,419 shares, representing 5.5% of the class, held across various investment advisory clients. The firm has sole voting power over 1,498,732 shares and sole dispositive power over 1,595,419 shares, with no shared voting or dispositive power. Ownership arises from Granahan’s discretionary authority to make investment and voting decisions for its clients under Rule 13d-3.

Owlet, Inc. reported a strong second quarter for the period ended June 30, 2026, with revenue of $33.9 million, up 29.9% from $26.1 million a year earlier, driven by broad-based growth and momentum in subscription services. Subscription revenue reached $3.2 million, up from $0.9 million, and overall GAAP gross margin improved to 64.4%; excluding a $3.5 million tariff refund, gross margin was 54.0%, about 270 basis points higher year-over-year.

Operating income was $1.7 million, compared to a loss of $1.7 million in Q2 2025, and GAAP net loss narrowed sharply to $0.6 million from $37.4 million. Non-GAAP adjusted EBITDA was $6.7 million (or $2.9 million excluding a $3.75 million tariff refund) versus $0.5 million a year earlier. For 2026, Owlet now expects revenue of $118–$122 million (unchanged), but has raised its outlook for gross margin to 53–55% and adjusted EBITDA to $10.75–$12.75 million, reflecting the one-time tariff refund. Management also disclosed it will revise prior-period financial statements for immaterial errors, primarily overstatement of stock-based compensation related to its employee stock purchase plan.

Owlet, Inc. President & CEO Kurt Workman reported a Form 4 transaction involving a tax-withholding disposition of 21,001 shares of common stock on July 8, 2026 at $5.91 per share. Following this withholding event, he directly holds 1,211,079 shares of Owlet common stock.

Owlet, Inc. has entered into a new asset-based revolving credit facility with Wells Fargo, providing up to $25 million in borrowing capacity and replacing its prior line of credit and term loan. On June 26, 2026, its subsidiary drew about $17.1 million to repay and extinguish the previous facilities.

The new revolver carries an interest rate of daily SOFR plus 2.00% to 2.25%, compared with SOFR plus 7.50% to 8.50% under the former credit arrangements, materially lowering borrowing costs. Following the refinancing, total liquidity, including cash and available capacity, was approximately $33.8 million as of June 26, 2026.

The facility matures three years from closing and can, with lender approval, be increased to $35 million. It is fully guaranteed by Owlet, secured by substantially all personal property of the company and borrower, and includes covenants such as maintaining at least $7.5 million of liquidity and meeting specified minimum EBITDA thresholds, with customary default and remedy provisions.