Every now and then I look into some of the Utah companies that IPO'd recently. Last night I couldn't sleep so I looked through the financials at Owlet. So Kurt, if you're a CBer then you may not want to read this. Long story short, they're burning $25MM a quarter and ended Q1 2022 with $68MM in cash plus a ~$15MM revolver. Q2 earnings come out in a month, and their guidance for the quarter was that it wasn't going to be pretty. So given that it's unlikely that they'll generate positive cash in any quarter this year plus a tough Q2, that means that they'll likely face a cash crunch later this year or early next year. And raising debt with those financials would mean an astronomical rate plus tough covenants.

So if you're an investor then you might want to get out (already down 80% this year). Same if you're an employee. I want BYU born and breed companies to do well so I take no pleasure in writing this. But Owlet was a beneficiary of the easy money times and that will likely come back to haunt them.