LEHI, Utah–(BUSINESS WIRE)–Owlet, Inc. (NYSE: OWLT, “Owlet” or “the Company”) today announces preliminary unaudited net revenue results for the fiscal quarter ended September 30, 2022. The Company estimates net revenue for the third quarter of this year will be 16-18 million.
“We remain focused on growing sales, expanding our retail footprint and remaining disciplined in our cost management. We expect to see variability in quarterly sales as we continue to rebuild our product pipeline and head into a seasonal fourth quarter in an uncertain economic environment. We are pleased with our operational progress in the third quarter of this year, following our cost restructuring in July,” said Kurt Workman, CEO and co-founder of Owlet. “I’m proud of the team’s diligent efforts to give parents the best technology.”
Note regarding preliminary unaudited net revenue estimate
Preliminary unaudited net sales results for the fiscal quarter ended September 30, 2022 have been prepared by and are the responsibility of the Company’s management. The Company’s independent auditor has not audited, reviewed, compiled or performed any agreed-upon procedures regarding the preliminary unaudited net sales results and has not expressed any opinion or other form of assurance with respect to of these results.
Preliminary return and chargeback indemnities for the quarter, which impact the Company’s net revenues, have been estimated based on historical averages and an initial analysis of claims received and are preliminary and subject to change. completion of financial close procedures and any potential receipt of new information. Accordingly, the preliminary unaudited net income may differ materially from the amounts that will be reflected in the Company’s condensed consolidated financial statements for the third quarter of fiscal 2022. The Company expects to release its full third quarter results in November 2022.
Caution 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 sales results for the third quarter fiscal 2022. , forward-looking statements include the words “estimate”, “may”, “believe”, “plan”, “expect”, “anticipate”, “intend”, “objective” , “potential”, “to come”, “prospects”. ”, “advice”, their negation 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 the statements are made, speak only as of the date they are made, and are subject 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 such results to differ materially from those expressed or implied by the Company’s forward-looking statements. These factors include, but are not limited to, risks and uncertainties relating to the preliminary financial results, including the risks that the unaudited preliminary financial results presented 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 press 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 written and oral future forward-looking statements attributable to the Company or anyone acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements contained or referenced above. Additionally, 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 can affect us. Except as required by federal securities laws, the Company undertakes 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 can do it 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 give parents the right information at the right time, give them more peace of mind, and help them find more joy in the journey. of parenthood. Owlet’s digital parenting platform aims to provide parents with real-time data and information to help parents feel calmer and more confident. Owlet believes that every parent deserves peace of mind and the ability to feel well rested. To learn more, visit www.owletcare.com.