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Sonos files to raise up to $100M in IPO

Sensible speaker maker Sonos has filed to go public.

In the filing, the corporate says it’s aiming to boost as much as $100 million within the IPO. Nevertheless, that quantity could merely be a placeholder, or it may change because the IPO approaches.

Sonos says that as of March 31, it’s offered a complete of 19 million merchandise to six.9 million households, with clients listening to 70 hours of content material every month.

Income is rising — within the six months ending on March 31, the corporate introduced in $655.7 million, up 18 % year-over-year. In its most up-to-date full fiscal yr (2017), it introduced in $992.5 million in income, a rise of 10 % from 2016, whereas its web loss shrank from $38.2 million to $14.2 million.

Trying on the broader panorama, Sonos emphasizes its function as an impartial participant that may work with music streaming companies like Apple Music, Pandora, Spotify and TuneIn.

It additionally factors to the chance offered by rising curiosity in voice assistants — Sonos launched its first voice-enabled speaker, the Sonos One, final yr, however fairly than constructing its personal assistant, it integrates with Amazon Alexa and has plans so as to add assist for Apple’s Siri (through Airplay 2) and Google House this yr.

“Our system just isn’t — and by no means can be — an entry gate right into a walled backyard,” writes CEO Patrick Spence. “We’re deeply dedicated to conserving Sonos open to each voice assistant, streaming service and firm that wishes to construct on our platform. This strategy is exclusive in our business, and it requires substantial funding and long-term pondering.”

By way of danger elements, the corporate factors to its historical past of losses, the unpredictability of its income development and the truth that it operates in “extremely aggressive markets” and is “depending on companions who supply merchandise that compete with our personal.”

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