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Sonos wants to become public. California's network speaker provider submitted its application to the Securities and Exchange Commission on Friday.
Sonos network speaker provider becomes public. The California firm filed its application with the Securities and Exchange Commission Friday. Among other things, this indicates that Sonos in the last fiscal semester at the end of March, 655 million US dollars in sales and made a good profit of 13 million US dollars. Nearly 3.1 million devices were sold during this period – after 3.9 million throughout the past year.
Trend recognized too late
Sonos, founded in 2002, is a pioneer in the field of networked loudspeakers. for the whole household. The company realized quite late the current trend for voice-activated digital badistants in the devices. This new market is dominated by Amazon's echo speakers with Alexa help software, while Google and Apple are catching up.
Sonos responded by echoing the first step in musical reading. In the meantime, there is also the Sonos One speaker with Alexa on board, a new soundbar follows in a few days. At the next step, the devices should also be usable with the Google Assistant competition software. As a risk factor for his business, Sonos also mentions that it relies on the cooperation of the companies behind the software for badistance.
In total, more than 19 million Sonos devices were recorded in approximately 6.9 million homes worldwide. 61% of them would use more than one Sonos speaker. Over the past year, Sonos has made more than half of its $ 992 million business in North and South America. Research and development spending rose from $ 108 million to $ 124 million.
The largest shareholder of Sonos is KKR, which holds 25.7%. It is followed by Index Ventures with 13% and co-founder and longtime boss John MacFarlane with 12.9%.
According to the prospectus, Sonos has cash of about $ 118 million with nearly $ 40 million of long-term debt. Sonos does not want to pay dividends in the foreseeable future.
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