但是，过去一年左右真正的变化是他们专注于核心市场以及推出Owlet 360产品。这是截至2025年第一季度末他们拥有的Owlet 360付费订阅者数量，大约是40,000到48,000人。
现在，大约是130,000人。这就是你得到的地方。现在，你有三样东西捆绑在一起。所以，你有袜子、监护仪和Owlet 360。你通过Owlet 360得到的是关于宝宝的信息。这可能不是那种你每年愿意支付100美元的东西。
他们未来将增加很多远程医疗选项。所以，如果你想想当你的宝宝耳朵感染、感冒、发烧时，你通常需要立即得到答案，而孩子们从来不会在合适的时间生病，当医生办公室开门时，当你有时间带他们去的时候。
他们在半夜生病。所以，通过像Owlet这样的产品加上360会员资格立即得到这些答案，我认为最终可以使这个捆绑产品变得非常有价值。这就是最终推动持续收入增长的原因。你可以看到在过去一年中，收入增长接近30%，而且营业利润率正在有所改善。
如果我们看自由现金流，这对公司来说一直是真正的挑战，自由现金流一直是负的，今天仍然如此。负自由现金流850万美元。但是，我们开始朝着正确的方向前进。所以，你开始在企业中获得一些运营杠杆。
And the final one may not be a stock that you know unless you have small children. That is Owlet. Owlet, the smallest company I'm going to talk about today under a 200 billion 200 million-dollar market cap. Enterprise value to sales is about 1.5. So, pretty good valuation, but not all that profitable of a company. I'll get to that in just a second. But, I want to show you exactly what Owlet sells. And this is their primary product is this combination of this baby monitor sock. This is going to tell you what your baby's heart rate is, what their oxygen level is. It's all medical grade. It's all cleared by the FDA. By the way, that's a huge thing because it's the only company that has that FDA approval. And then they're pairing that with the monitor. So, this is a typical thing that parents are going to get is a baby monitor. Pair that with a value-add product like the like the sock. That's the kind of solution that all parents are looking for. But, the real change for over the last year or so is their focus on their core markets and their introduction of this Owlet 360 product. So, this is the number of Owlet 360 paying subscribers they had as as of the end of the first quarter of 2025, that was about 40 48,000 people. Now, it's about 130,000. This is where you get to Now, you have three things that you're bundling together. So, you have the sock, you have the monitor, and you have Owlet 360. What you get with Owlet 360 is information about your baby. That's maybe not the kind of thing that you would pay $100 a year for. What they're adding in the future is a lot of telehealth options. So, if you think about when your baby has an ear infection, when they have a cold, when they have a fever, you need to often get answers now, and those In kids never get sick when it's an opportune time, when the doctor's office is open, when you have time to go take them in. They get sick in the middle of the night. So, getting those answers immediately from a product like Owlet with the 360 membership, I think I could ultimately make this incredibly valuable bundle. And this is what's ultimately going to drive that continued revenue growth. You can see over the past year, revenue growth nearly 30%, and those operating margins are getting a little bit better. If we look at free cash flow, this has been the real challenge for the company is that free cash flow has been negative, and that's still the case today. $8.5 million worth of negative free cash flow. But, we're starting to move in the right direction. So, you're starting to get some operating leverage in the business.
开始朝着正确的方向发展。所以，你开始在企业中获得一些运营杠杆。还有另一件事要记住。这来自第二季度的电话会议。6月初，我们收到了亚马逊的一封信，我们相信婴儿监护仪类别的其他公司也收到了。
这封信通知销售测量和监测生命体征的婴儿监护产品的卖家，任何缺乏FDA批准的产品将于2026年8月10日在亚马逊平台上被停用，那是昨天，截至录制时。我们不知道这对Owlet的销售或其竞争对手的销售会有什么影响，但他们确实说很多竞争对手正在打折他们的产品，理论上是为了清空他们的亚马逊库存。
这对Owlet来说应该是一个不错的顺风，因为这将是亚马逊上唯一获得FDA批准的产品，而亚马逊是最大的购物平台。我认为他们确实在阻止竞争。他们有一个非常昂贵、难以获得的FDA批准来将其设备作为FDA批准的设备进行营销。
这不是其他每家公司都能得到的。你不能仅仅创办一家婴儿监护公司，不花数百万美元就获得那种批准。Owlet已经完成了这项工作。那将是他们能够建立业务的护城河，继续这种过去3年接近30%的收入增长。
这是我在这里谈到的公司中最具投机性的，但市值低于2亿美元，而且这是一个在美国和欧洲家庭中获得市场份额的产品，我认为我们将看到Owlet继续增长。这项订阅服务是一个非常非常高的利润率产品，他们最近将其与duo捆绑在一起。我认为长期来看，Owlet将会有很多顺风。
starting to move in the right direction. So, you're starting to get some operating leverage in the business. And here's another thing to keep in mind. This is from the conference call for the second quarter. In early June, we received a letter from Amazon, and we're confident other companies in the baby monitor and category did as well. The letter notified sellers of baby monitoring product products that measure and monitor vital signs at any such product lacking FDA clearance would be deactivated on Amazon the platform effective August 10th, 2026, which was yesterday as of that recorded. And we don't know what that impact is going to be on Owlet sales or on their competitor sales, but they did say that a lot of their competitors were discounting their products in theory to clear it from their Amazon inventory. This should be a nice tailwind for Owlet because this is going to be the only product with that FDA approval on Amazon, which is the biggest shopping platform. I think they're really foreclosing the competition here. They have a very expensive, difficult to get FDA approval to monitor their to market their devices as FDA approved devices. That's not something that every other company is going to get. You can't just start a baby monitoring company and get that kind of approval without spending millions of dollars. Owlet has gone through that work. That is going to be the moat that they're going to be able to build the business on, continue this revenue growth that is nearly 30% over the past 3 years. This is the most speculative of the companies that I've talked about here, but with a market cap under $200 million, and this is a product that's gaining market share for families in the US and in Europe, I think we're going to see Owlet continue to grow. That subscription service is a very, very high-margin product, something they're bundling in with the duo recently. I think there's going to be a lot of tailwinds for Owlet long-term.
我们不知道这对Owlet的销售或其竞争对手的销售会有什么影响，但他们确实说很多竞争对手正在打折他们的产品，理论上是为了清空他们的亚马逊库存。
And we don't know what that impact is going to be on Owlet sales or on their competitor sales, but they did say that a lot of their competitors were discounting their products in theory to clear it from their Amazon inventory.
这对Owlet来说应该是一个不错的顺风，因为这将是亚马逊上唯一获得FDA批准的产品，而亚马逊是最大的购物平台。
This should be a nice tailwind for Owlet because this is going to be the only product with that FDA approval on Amazon, which is the biggest shopping platform.
我认为他们确实在这里排挤了竞争。他们获得FDA批准以将其设备作为FDA批准的设备进行监控和营销，这一过程非常昂贵且困难。
I think they're really foreclosing the competition here. They have a very expensive, difficult to get FDA approval to monitor their to market their devices as FDA approved devices.
这不是其他每家公司都能得到的。你不能仅仅创办一家婴儿监控公司，而不花费数百万美元就获得那种批准。
That's not something that every other company is going to get. You can't just start a baby monitoring company and get that kind of approval without spending millions of dollars.
Owlet已经完成了这项工作。这将成为他们建立业务的护城河，继续实现过去3年近30%的收入增长。这是我在谈论的公司中最具投机性的，但市值低于2亿美元，而且这是一个在美国和欧洲家庭中市场份额不断增长的产品，我认为我们将看到Owlet继续增长。
Owlet has gone through that work. That is going to be the moat that they're going to be able to build the business on, continue this revenue growth that is nearly 30% over the past 3 years. This is the most speculative of the companies that I've talked about here, but with a market cap under $200 million, and this is a product that's gaining market share for families in the US and in Europe, I think we're going to see Owlet continue to grow.
这项订阅服务是一种非常非常高的利润率产品，他们最近将其与Duo捆绑在一起。我认为长期来看，Owlet将会有很多顺风。
That subscription service is a very, very high-margin product, something they're bundling in with the duo recently. I think there's going to be a lot of tailwinds for Owlet long-term.
所以，我今天在这里谈论的四只股票是Hims & Hers、Zeta Global、Lyft和Owlet。
So, the stock four stocks that I talked about here today, Hims & Hers, Zeta Global, Lyft, and Owlet.
请告诉我你认为其中哪一只潜力最大。这四只都是我持有的股票。
Let me know which one of those you think has the highest potential. These four are all stocks that I own.