Fitbit CEO says its first smartwatch will be ready for the holidays

The company really needs it to be a win.

Steve Marcus / Reuters

Looks like Fitbit's new smartwatch will arrive before the holiday season, according to the company's CEO. In its second quarter earnings report, he noted that the wearable is "is on track for delivery ahead of the holiday season and will drive a strong second half of the year." Fitbit desperately needs a win and the device could give its revenue a big boost.

The Q2 2017 report was dismal compared to the same period last year, bringing in $353 million in revenue versus $546 million in Q2 2016. It follows a similarly disappointing Q1, and the company is projecting a loss for the rest of the year. The smartwatch could brighten this bleak forecast, though recent reports suggest that issues plaguing development pushed its launch from spring to fall.