Owlet, Inc. (NYSE:OWLT) shares fell on Monday, extending Friday’s decline after the company issued a disappointing first-quarter revenue outlook.
Earnings Snapshot
Owlet reported revenue of $26.6 million, a 29.6% year-over-year (Y/Y) increase, beating the Street view of $26.008 million.
The company’s gross profit also rose to $12.6 million from $11.0 million a year ago quarter. However, gross margin decreased 596 basis points Y/Y to 47.6% due to tariff impacts.
Adjusted EBITDA stood at $0.1 million, versus $0.5 million in the year-ago quarter.
Jonathan Harris, Owlet’s President and CEO, stated, “By delivering $105.7 million in revenue, the strongest in our history, alongside …