Owlet reports Q2 EPS (5c), consensus (22c)

Reports Q2 revenue $26.1M, consensus $22.2M. “Our exceptional team continues to execute at a high level as Q2 outperformed expectations across all key metrics,” said Kurt Workman, CEO. “We drove strong revenue of $26.1 million in the quarter, growing 26% year-over-year, contributing to our largest first half revenue performance in Company history. We also delivered another quarter of year-over-year gross margin expansion and adjusted EBITDA improvement, reflecting the healthy momentum in the business. Our Owlet (OWLT)360 subscription continues to trend positively, recently surpassing 66,000 paying subscribers with steady growth in monthly recurring revenue, attach rate, retention rate, and consumer satisfaction. With the ongoing growth in our core business, and the exciting momentum in Owlet360 subscription, we believe Owlet is uniquely positioned to capture the addressable market opportunities in pediatric health, as we continue our evolution from a hardware company into a comprehensive pediatric health platform.”