OWLT - Owlet Non-GAAP EPS of -$0.17 revenue of $17.4M
- Owlet press release ( NYSE: OWLT ): Q3 Non-GAAP EPS of -$0.17.
- Revenue of $17.4M (-44.8% Y/Y).
- Revenue decline in Q3 was primarily due to lower sales volume, impacted by reduced consumer sell-through levels and retailers targeting lower inventory levels due to prevailing macroeconomic conditions.
- Gross margin of 26.6% for the third quarter vs 47.2% a year ago.
- The gross margin decline was primarily due to provisions for returns and chargeback allowances and customer discounts, which did not decrease in proportion to lower sales volume, and cost inflation.
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Owlet Non-GAAP EPS of -$0.17, revenue of $17.4M