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Owlet cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$631K in Q2 2026 · −$8.5M over twelve months

Operating cash flow−$92K
Capital spending−$539K
Free cash flow−$631K
Cash conversion cycle109 days

Analysis

In Q2 2026, Owlet generated −$92K of operating cash flow and spent $539K on capital projects, leaving free cash flow of −$631K. That is $1.7M more than in Q2 2025 (−$2.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$7.8M; the largest uses were operating cash flow ($7.8M), net borrowing (+) / repaid (−) ($6.3M), taxes on employees’ shares ($5.3M); besides operations, cash came from other financing ($30.7M), shares issued ($5.2M); the cash balance rose by $14.4M.

Operating cash flow was −$92K against net income of −$620K. The largest differences: receivables −$13.5M, payables +$5.9M, stock-based pay +$3.2M.

Its cash conversion cycle was 109 days (receivables 71 + inventory 128 − payables 90).

Free cash flow

Owlet: free cash flow by quarterOwlet: free cash flow by quarter−$7.5MQ3 2024$3.0MQ4 2024−$5.9MQ1 2025−$2.3MQ2 2025−$2.2MQ3 2025−$651KQ4 2025−$5.1MQ1 2026−$631KQ2 2026
Operating cash flow less capital spending.
Owlet: operating cash flow against capital spendingOwlet: operating cash flow against capital spendingOperating cash flowCapital spending−$7.5M−$1KQ3 2024$3.0M$33KQ4 2024−$5.9M$4KQ1 2025−$2.2M$61KQ2 2025−$2.2M$9KQ3 2025−$452K$199KQ4 2025−$5.0M$15KQ1 2026−$92K$539KQ2 2026
Latest (Q2 2026): Operating cash flow −$92K, Capital spending $539K.

Capital allocation, year by year

Owlet: where the cash came from (up) and went (down), by fiscal yearOwlet: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$40.6MFY2021: Net borrowing −$3.5MFY2021: Capital spending −$969KFY2021FY2022: Operating cash flow −$81.4MFY2022: Net borrowing −$1.5MFY2022: Capital spending −$636KFY2022FY2023: Operating cash flow −$23.5MFY2023: Net borrowing $28.7MFY2023: Shares issued $309KFY2023: Capital spending −$16K$29.0MFY2023FY2024: Operating cash flow −$11.2MFY2024: Net borrowing −$8.3MFY2024: Shares issued $11.0MFY2024: Capital spending −$35K$11.0MFY2024FY2025: Operating cash flow −$10.8MFY2025: Net borrowing $55KFY2025: Shares issued $32.4MFY2025: Capital spending −$273K$32.5MFY2025
Over these 5 years operating cash flow totalled −$167M; the largest uses were operating cash flow ($167M) and net borrowing ($13.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$30.9M
Debt$17.1M
Net cash$13.9M
Due within a year$17.1M
Cash runway3.6 years

Owlet is burning cash: its operations consume cash, a free cash flow of −$8.5M a year at the current rate against $30.9M of cash and investments: a runway of about 3.6 years; $17.1M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

Owlet: sources (+) and uses (−) of cash, Q2 2026Owlet: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$4.5MNet borrowing (+) / repaid (−)−$3.5MTaxes on employees’ shares−$1.2MShares issued$1.2MCapital spending−$539KOther investing−$402KOther financing$130KOperating cash flow−$92K
Owlet: sources (+) and uses (−) of cash, TTM to Q2 2026Owlet: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$30.7MCash drawn (+) / kept (−)−$14.4MOperating cash flow−$7.8MNet borrowing (+) / repaid (−)−$6.3MTaxes on employees’ shares−$5.3MShares issued$5.2MOther investing−$1.3MCapital spending−$762K

From profit to cash

Owlet: net income to operating cash flow, Q2 2026Owlet: net income to operating cash flow, Q2 2026Net income−$620KDepreciation & amortization$211KStock-based pay$3.2MOther non-cash$67KReceivables−$13.5MInventory$2.5MPayables$5.9MDeferred revenue$375KPrepaid and other assets−$787KOperating cash flow−$92K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20267112890109
Q1 202686147105129
Q4 202589989890
Q3 202576758963
Q2 202571839263
Q1 20256010311052
Q4 20246810211060
Q3 2024718112626

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$92K−$539K−$3.5M$1.2M$4.5M−$631K
Q1 2026−$5.0M−$15K$5.4M$3.0M$2K−$5.1M
Q4 2025−$452K−$199K−$12.3M$32.8M−$17.0M−$651K
Q3 2025−$2.2M−$9K$4.1M$336K−$1.9M−$2.2M
Q2 2025−$2.2M−$61K$6.3M$232K−$5.5M−$2.3M
Q1 2025−$5.9M−$4K$1.9M$395K$4.0M−$5.9M
Q4 2024$3.0M−$33K−$3.5M$470K$1.3M$3.0M
Q3 2024−$7.5M$1K−$1.5M$277K−$6.5M−$7.5M

Owlet: income statement and cash flow

Owlet, Q2 2026: revenue $33.9M (+30% year over year), operating margin 5.1%. The chart follows the revenue to costs, profit and cash.

Owlet: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.