•
|
Net revenues of $21.9 million, up 47% year-over-year
|
•
|
Gross margin of 58%, an increase of 1,100 basis points year-over-year
|
•
|
Announcements of three new board members: Zane Burke, former CEO of Livongo; Laura Durr, former EVP and CFO at Polycom; and John Kim, President of
Platform and Marketplaces at Expedia
|
•
|
In February, Owlet entered into a business combination agreement with Sandbridge Acquisition Corporation (NYSE: SBG), which is expected to close in
the third quarter of 2021
|
Assets
|
March 31, 2021
|
December 31, 2020
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
12,811
|
$
|
17,009
|
||||
Accounts receivable, net of allowance for doubtful accounts of $390 and $201
|
12,769
|
10,525
|
||||||
Inventory
|
10,583
|
7,912
|
||||||
Capitalized transaction costs
|
3,160
|
522
|
||||||
Prepaid expenses and other current assets
|
1,612
|
1,646
|
||||||
Total current assets
|
$
|
40,935
|
$
|
37,614
|
||||
Property and equipment, net
|
1,599
|
1,718
|
||||||
Intangible assets, net
|
590
|
605
|
||||||
Other assets
|
189
|
181
|
||||||
Total assets
|
$
|
43,313
|
$
|
40,118
|
||||
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Deficit
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
19,341
|
16,379
|
||||||
Accrued and other expenses
|
10,440
|
10,592
|
||||||
Deferred revenues
|
1,573
|
1,643
|
||||||
Line of credit
|
12,500
|
9,700
|
||||||
Current portion of related party convertible notes payable
|
7,019
|
6,934
|
||||||
Current portion of long-term debt
|
3,563
|
2,024
|
||||||
Total current liabilities
|
$
|
54,436
|
$
|
47,272
|
||||
Deferred rent, net
|
301
|
322
|
||||||
Long-term deferred revenues, net of current portion
|
152
|
159
|
||||||
Long-term debt, net
|
8,416
|
10,180
|
||||||
Preferred stock warrant liabilities
|
7,601
|
2,993
|
||||||
Other long-term liabilities
|
13
|
13
|
||||||
Total liabilities
|
$
|
70,919
|
$
|
60,939
|
||||
Commitments and contingencies
|
||||||||
Redeemable convertible Series A and Series A-1 preferred stock, $0.0001 par value, 23,030,285 shares authorized; 22,596,929 shares
issued and outstanding (liquidation preference of $9,702 and $14,245 for Series A and Series A-1, respectively)
|
23,652
|
23,652
|
||||||
Redeemable convertible Series B and Series B-1 preferred stock, $0.0001 par value, 7,507,073 shares authorized; 7,507,071 shares
issued and outstanding (liquidation preference of $19,000 and $3,745 for Series B and Series B-1, respectively)
|
23,536
|
23,536
|
||||||
Stockholders’ deficit:
|
||||||||
Common stock, $0.0001 par value, 52,000,000 shares authorized; 10,951,730 and 10,772,774 shares issued
and outstanding as of March 31, 2021 and December 31, 2020, respectively.
|
1
|
1
|
||||||
Additional paid-in capital
|
4,780
|
3,708
|
||||||
Accumulated deficit
|
(79,575
|
)
|
(71,718
|
)
|
||||
Total stockholders’ deficit
|
(74,794
|
)
|
(68,009
|
)
|
||||
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit
|
$
|
43,313
|
$
|
40,118
|
Three months ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Revenues
|
$
|
21,911
|
$
|
14,871
|
||||
Cost of revenues
|
9,228
|
7,831
|
||||||
Gross profit
|
12,683
|
7,040
|
||||||
Operating expenses:
|
||||||||
General and administrative
|
5,981
|
2,672
|
||||||
Sales and marketing
|
6,118
|
3,812
|
||||||
Research and development
|
3,432
|
2,433
|
||||||
Total operating expenses
|
15,531
|
8,917
|
||||||
Operating loss
|
(2,848
|
)
|
(1,877
|
)
|
||||
Other income (expense):
|
||||||||
Interest expense, net
|
(417
|
)
|
(289
|
)
|
||||
Preferred stock mark to market adjustment
|
(4,608
|
)
|
-
|
|||||
Other income, net
|
21
|
38
|
||||||
Total other expense, net
|
(5,004
|
)
|
(251
|
)
|
||||
Loss before income tax provision
|
(7,852
|
)
|
(2,128
|
)
|
||||
Income tax provision
|
(5
|
)
|
-
|
|||||
Net loss
|
$
|
(7,857
|
)
|
$
|
(2,128
|
)
|
||
Net loss per share attributable to common stockholders, basic and diluted
|
(0.73
|
)
|
(0.20
|
)
|
||||
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and
diluted
|
10,828,882
|
10,613,286
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Net loss
|
$
|
(7,857
|
)
|
$
|
(2,128
|
)
|
||
Income tax provision
|
5
|
-
|
||||||
Interest expense
|
418
|
321
|
||||||
Interest income
|
(1
|
)
|
(32
|
)
|
||||
Depreciation and amortization
|
249
|
163
|
||||||
EBITDA
|
$
|
(7,186
|
)
|
$
|
(1,676
|
)
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(7,857
|
)
|
$
|
(2,128
|
)
|
||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
249
|
163
|
||||||
Amortization of debt issuance costs
|
-
|
5
|
||||||
Amortization of debt discount
|
14
|
6
|
||||||
Loss (gain) on disposal of property and equipment
|
1
|
(11
|
)
|
|||||
Stock-based compensation
|
828
|
181
|
||||||
Write-down of inventory to net realizable value
|
5
|
-
|
||||||
Provision for losses on accounts receivable
|
189
|
22
|
||||||
Change in fair value of preferred stock warrant liability
|
4,608
|
-
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(2,433
|
)
|
(165
|
)
|
||||
Prepaid expenses and other assets
|
(2,612
|
)
|
28
|
|||||
Inventory
|
(2,675
|
)
|
853
|
|||||
Accounts payable
|
2,873
|
604
|
||||||
Accrued and other expenses
|
(152
|
)
|
114
|
|||||
Deferred related party convertible notes payable interest
|
85
|
85
|
||||||
Deferred revenues
|
(77
|
)
|
113
|
|||||
Deferred rent
|
(22
|
)
|
(10
|
)
|
||||
Net cash used in operating activities
|
(6,976
|
)
|
(140
|
)
|
||||
Cash flows from investing activities
|
||||||||
Purchase of property and equipment
|
(19
|
)
|
(237
|
)
|
||||
Purchase of intangible assets
|
(8
|
)
|
-
|
|||||
Net cash used in investing activities
|
(27
|
)
|
(237
|
)
|
||||
Cash flows from financing activities
|
||||||||
Proceeds from line of credit
|
4,332
|
7,385
|
||||||
Payments on line of credit
|
(1,532
|
)
|
(8,237
|
)
|
||||
Payments on financed insurance premium
|
(239
|
)
|
(66
|
)
|
||||
Proceeds from exercise of common stock options
|
244
|
50
|
||||||
Net cash provided by (used in) financing activities
|
2,805
|
(868
|
)
|
|||||
Net change in cash and cash equivalents
|
(4,198
|
)
|
(1,245
|
)
|
||||
Cash and cash equivalents at beginning of period
|
17,009
|
11,736
|
||||||
Cash and cash equivalents at end of period
|
$
|
12,811
|
$
|
10,491
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
145
|
$
|
120
|
||||
Cash paid for income taxes
|
-
|
-
|
||||||
Supplemental disclosure of non-cash financing activities:
|
||||||||
Unpaid purchases of property and equipment
|
$
|
98
|
$
|
254
|
||||
Unpaid purchases of intangibles
|
$
|
12
|
$
|
26
|