Reports Q4 revenue $12.0M, two estimates $12.9M. "We have significant conviction in Owlet’s fundamentals and our vision for the future. I recognize that our confidence in our business conflicts with our reported 2022 financial results due to the efforts required to rebuild our business. Throughout 2022, we made tremendous progress positioning Owlet for sustainable, profitable growth in 2023 and years into the future. We rebuilt our brand health, rebased our operating expenses, focused on rebuilding channel health, and made milestone progress towards regulatory approval for both our medical device and de novo product applications," said Kurt Workman, CEO. "A few weeks ago, with Owlet’s underlying business properly positioned, we completed our private placement and raised $30 million of additional capital from both prior and new investors, ensuring that we have the balance sheet to execute our plans in 2023 from a position of strength. The investors who provided us with this new capital based their confidence on the fundamental improvements and strategy. Our plan for 2023 is clear. Positioning Owlet on the pathway to positive cash flow and profitable and long-term sustainable growth through category-defining products."
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