• In Q3-2024, revenue was up 4% QoQ, but down 49% YoY, missing our estimate by 11%, due to lower than anticipated unit sales. EBITDA remained negative, worsening YoY and QoQ, due to higher operating expenses.
  • Revenue declined YoY due to the discontinuation of several low-margin products, new product launches being skewed toward late Q3, and stronger competition. In September 2024, Zepp launched the T-Rex 3, a rugged and affordable GPS smartwatch. While lacking some advanced features, we note that user reviews highlight it as a durable, reliable option for outdoor enthusiasts and athletes.