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Sonos files to raise up to $100M in IPO

Smart 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. However, that quantity might merely be a placeholder, or it may change because the IPO approaches.

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

Revenue is rising — within the six months ending on March 31, the corporate introduced in $655.7 million, up 18 p.c 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 p.c from 2016, whereas its internet loss shrank from $38.2 million to $14.2 million.

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

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

“Our system is not — and never will be — an entry gate into a walled garden,” writes CEO Patrick Spence. “We’re deeply committed to keeping Sonos open to every voice assistant, streaming service and company that wants to build on our platform. This approach is unique in our industry, and it requires substantial investment and long-term thinking.”

In phrases of danger components, the corporate factors to its historical past of losses, the unpredictability of its income progress and the truth that it operates in “highly competitive markets” and is “dependent on partners who offer products that compete with our own.”

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