Slide 1: Owlet, Inc. Q4 & FY 2025 Financial Results
Owlet, Inc. (NYSE: OWLT) Q4 & FY 2025 Financial Results March 5, 2026 March 4, 2025
Slide 2: Conference Call Speakers and Webcast
2026 Confidential | 2 Owlet, Inc. (NYSE: OWLT) | Q4 2025 Financial Results Conference Call Speakers ● Jonathan Harris, President & CEO ● Amanda Twede Crawford, CFO ● Jay Gentzkow, VP Investor Relations and Corporate Development Webcast ● Domestic Callers: (833) 470-1428 ● International Callers: (404
Slide 3: Disclaimer
2026 Confidential | 3 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). All statements contained in this presentation that do not relate to matters of historical f
Slide 4: Owlet Business Update
2026 Confidential | 4 Owlet Business Update
Slide 5: Owlet 2025 Highlights | Transformational Year
2026 Confidential | 5 Owlet 2025 Highlights | Transformational Year Business Momentum ● Ramped Owlet360 subscription service ○ Surpassed 110,000+ paying subscribers ○ Sequential quarterly growth across MRR, attach rate, and retention ○ Intʼl subscription rolled out in December ● Launched next genera
Slide 6: Owlet Business Update | Fourth Quarter 2025
2026 Confidential | 6 Owlet Business Update | Fourth Quarter 2025 Revenue Gross Margin Adj. EBITDA $26.6M 47.6% $0.1M Growth of 29.6% y/y Gross Profit up $1.7M y/y Adj. EBITDA down y/y primarily despite tariff cost impacts due to tariff costs Business Highlights ● Q4ʼ25 financial performance ○ Strong
Slide 7: Drive Global Adoption of Dream Sock
2026 Confidential | 7 Drive Global Adoption of Dream Sock ● Owlet Market Share = 41% total dollars spent on baby monitors in Q4ʼ25, growth of 24% y/y ● Domestic Duo sell-through = 53% growth y/y ● Domestic Dream Sock sell-through = 9% growth y/y ● Dream Sock NPS = 77; Overall Blended Product NPS = 7
Slide 8: Owlet360 Subscription Platform Expansion
2026 Confidential | 8 Owlet360 Subscription Platform Expansion ● Owlet360 growth to over 110,000 paying subscribers ● Fourth consecutive quarter of sequential growth across paying subscribers, MRR, attach rate, and retention rate ● Launched Owlet360 in first international markets ○ UK, Ireland, Aust
Slide 9: Expand Healthcare Channels
2026 Confidential | 9 Expand Healthcare Channels ● First Owlet monitors sent home from Childrenʼs Hospital of The Kingʼs Daughters in Q4ʼ25 ● Engaged four new hospital partnerships ● Medicaid Reimbursement = 37 states (up from 6 in Q4ʼ24) ● Commercial Insurance = 258 carriers (up from 105 in Q4ʼ24)
Slide 10: Launch Owlet OnCall Telehealth Platform
2026 Confidential | 10 Launch Owlet OnCall Telehealth Platform ● Enable parents to share real-time, health data and vitals from childʼs Dream Sock during a telehealth doctor visit ○ Pulse rate, heart rate, oxygen saturation, and 30-day history of these metrics ● $30 billion in annual, pediatric heal
Slide 11: Financial Highlights
2026 Confidential | 11 Financial Highlights
Slide 12: Financial Review | Revenue
2026 Confidential | 12 Financial Review | Revenue Quarterly Revenue Record Annual Revenue ● $26.6M Q4ʼ25 revenue ● $105.7M FY2025 revenue ● 29.6% growth y/y ● 35.4% growth y/y ● Highest revenue in Owlet history $ in millions +35.4%
Slide 13: Financial Review | Gross Margin
2026 Confidential | 13 Financial Review | Gross Margin Quarterly Gross Margin Record Annual Gross Margin ● 47.6% Q4ʼ25 gross margin ● 50.6% FY2025 gross margin ● 510 basis point tariff impact in Q4ʼ25 ● 270 basis point tariff impact in FY2025 ● Highest gross margin in Owlet history +28 bps
Slide 14: Financial Review | Operating Expenses
2026 Confidential | 14 Financial Review | Operating Expenses Quarterly Operating Expenses Annual Operating Expenses ● $17.5M Q4ʼ25 total operating expenses ● $61.8M FY2025 total operating expenses ● OpEx as a percentage of revenue was ● LTV to CAC = 4.4 (1) 66% in Q4ʼ25 vs. 90% in Q4ʼ24 ● Revenue /
Slide 15: Financial Review | Adj. EBITDA
2026 Confidential | 15 Financial Review | Adj. EBITDA Quarterly Adj. EBITDA Record Annual Adj. EBITDA ● $0.1M Q4ʼ25 adj. EBITDA ● $2.0M FY2025 adj. EBITDA ● Tariffs costs primary impact vs. prior year ● $3.8M improvement vs. FY2024 ● Highest adj. EBITDA in Owlet history $ in millions Improved $3.8M+
Slide 16: Initiating 2026 Guidance
2026 Confidential | 16 Initiating 2026 Guidance Q1ʼ26E FY 2026E Revenue $20M – $21M $126M – $130M 19-23% growth y/y Gross Margin 50% – 52% 49% – 52% Including tariff costs Adj. EBITDA $(2.5)M – $(1.5)M $3M – $5M 50-150% growth y/y Note: Adjusted EBITDA is defined as net income (loss) adjusted for inc
Slide 17: Appendix
2026 Confidential | 17 Appendix
Slide 18: Non-GAAP Reconciliation
2026 Confidential | 18 Non-GAAP Reconciliation
Slide 19: Thank You
2026 Thank You