Owlet, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Owlet, Inc. has filed its 2023 10-K, providing a comprehensive overview of its financial and operational performance for the year ended December 31, 2023.</b>

AI Summary

Owlet, Inc. (OWLTW) filed a Annual Report (10-K) with the SEC on March 8, 2024. Owlet, Inc. filed its 2023 Form 10-K on March 8, 2024, reporting on its fiscal year ended December 31, 2023. The filing details the company's financial performance and operational status for the fiscal year 2023. Key financial data and balance sheet information as of December 31, 2023, and comparative periods are included. The report covers various aspects of the company's business, including assets, liabilities, and equity. Owlet, Inc. was formerly known as Sandbridge Acquisition Corp, with a name change on July 2, 2020.

Why It Matters

For investors and stakeholders tracking Owlet, Inc., this filing contains several important signals. This 10-K filing is crucial for investors to understand Owlet's financial health, profitability, and strategic direction as of the end of the 2023 fiscal year. The detailed financial statements and disclosures within the report will inform investment decisions and provide insights into the company's market position and future prospects.

Risk Assessment

Risk Level: medium — Owlet, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight significant positive or negative trends that would suggest a high-risk or low-risk profile without further analysis of the financial statements themselves.

Analyst Insight

Investors should review the detailed financial statements, management's discussion and analysis, and risk factors within the 10-K to assess Owlet's financial performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-03-08 — Filing Date (Date the 10-K was filed)
• 2020-07-02 — Date of Name Change (Owlet, Inc. formerly Sandbridge Acquisition Corp)

Key Players & Entities

• Owlet, Inc. (company) — Filer name
• Sandbridge Acquisition Corp (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-08 (date) — Filing date
• 3300 NORTH ASHTON BOULEVARD (address) — Business address
• LEHI, UT (address) — Business address city and state
• 84043 (postal_code) — Business address zip code
• 8443345330 (phone_number) — Business phone number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2020-07-02: Former Company Name Change — Date Owlet, Inc. changed its name from Sandbridge Acquisition Corp.

Key Financial Figures

• $0.0001 — which registered Class A Common stock, $0.0001 par value per share OWLT New York Stock

Filing Documents

• owlt-20231231.htm (10-K) — 1690KB
• ex31-secondarcertificateof.htm (EX-3.1) — 45KB
• owlt-descriptionofsecuriti.htm (EX-4.6) — 47KB
• ex1017-fourthamendmenttoth.htm (EX-10.17) — 101KB
• ex-211owletincsubsidiaries2.htm (EX-21.1) — 4KB
• fy2310kpwcconsent.htm (EX-23.1) — 2KB
• ex-311owletinc302certifica.htm (EX-31.1) — 11KB
• ex-312owletinc302certifica.htm (EX-31.2) — 11KB
• ex-321owletinc906certifica.htm (EX-32.1) — 6KB
• ex-322owletinc906certifica.htm (EX-32.2) — 6KB
• exhibit971form12x31x23xcla.htm (EX-97.1) — 34KB
• owlt-20231231_g1.jpg (GRAPHIC) — 34KB
• 0001628280-24-010048.txt (&nbsp;) — 8787KB
• owlt-20231231.xsd (EX-101.SCH) — 59KB
• owlt-20231231_cal.xml (EX-101.CAL) — 63KB
• owlt-20231231_def.xml (EX-101.DEF) — 306KB
• owlt-20231231_lab.xml (EX-101.LAB) — 752KB
• owlt-20231231_pre.xml (EX-101.PRE) — 562KB
• owlt-20231231_htm.xml (XML) — 1028KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 60

Cybersecurity

Item 1C. Cybersecurity 60 Item 2.

Properties

Properties 61 Item 3.

Legal Proceedings

Legal Proceedings 61 Item 4. Mine Safety Disclosures 62 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 63 Item 6. [Reserved] 63 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 75 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103 Item 9A.

Controls and Procedures

Controls and Procedures 103 Item 9B. Other Information 104 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III Item 10. Directors, Executive Officers and Corporate Governance 106 Item 11.

Executive Compensation

Executive Compensation 106 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 Item 13. Certain Relationships and Related Transactions, and Director Independence 106 Item 14. Principal Account ant Fees and Services 106 PART IV Item 15. Exhibits and Financial Statement Schedules 107 Item 16. Form 10-K Summary 109

Signatures

Signatures 120 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Report") contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements other than statements of historical facts contained in this Report, including statements concerning possible or assumed future actions, business strategies, events or results of operations, our ability to continue as a going concern, expectations for the growth of our business and products and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this Report are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Report and are subject to a number of risks, uncertainties and assumptions described under the sections in this Report entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Report.

Business

Item 1. Business We are Owlet Globally, we are bringing over 140 million new lives into the world every year. Yet, the infancy period remains fraught with complexities; in the United States alone, a family will lose over 44 nights of sleep in the first year, and families of young children will see, annually, over 14 million sick visits and 3.4 million emergency room visits, and tragically, more than 3,500 infants are lost unexpectedly in their homes every year. The majority of these challenges unfold within the security of the home. The persistence of unexpected infant fatalities remains unchanged for over a quarter-century, compounded by a recent increase in Respiratory Syncytial Virus (RSV) and pneumonia among children. The staggering number of healthcare visits underscores a dire need for change, starting with the home. Our belief is steadfast. We believe that parenting should come with empowerment, the kind that's informed, data-driven, and supported every step of the way. Owlet stands as a beacon for this empowerment, equipping families with the tools intended for their little ones' safety, health, and joy. Our vision is ambitious yet clear. We want to forge a world where every infant, regardless of socioeconomic background, benefits from health monitoring technologies akin to Owlet's. Our mission is to arm parents with crucial information when they need it most, aiming to safeguard children's health, optimize their well-being, and ensure peaceful sleep. We're committed to improving overall health outcomes. Our values underscore our mission. We advocate for parental leadership in healthcare, backed by technological advancements. We prioritize our collective mission above individual egos, innovate to address genuine needs, and foster a culture of teamwork and mutual support. Our products empower parents with the right information at the right time. Our ecosystem of digital parenting solutions is transforming modern parenting. We are providing paren

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View this 10-K filing on SEC EDGAR