On November 13, 2024, Sonos reported its financial results for the fourth quarter and full fiscal year ended September 28, 2024. For Q4 FY24, revenue was $255.38 million, a decrease from $305.147 million in the prior year, while the GAAP net loss widened to $53.093 million, or $0.44 per share. Non-GAAP diluted loss per share was $0.18, and Adjusted EBITDA was negative $22.644 million.
For the full fiscal year 2024, Sonos reported revenue of $1.518 billion, an 8.3% decline from fiscal year 2023. The GAAP net loss for the year was $38.146 million, or $0.31 per share, compared to a net loss of $10.274 million in FY23. Non-GAAP diluted EPS was $0.56, down from $0.92 in FY23, and Adjusted EBITDA was $107.862 million, a decrease from $153.878 million in FY23.
CEO Patrick Spence highlighted significant progress in app recovery efforts, which enabled the timely launch of new products like Arc Ultra and Sub 4 for the holiday season. The company also initiated a restructuring plan on August 14, 2024, involving a 6% workforce reduction, incurring $9.986 million in restructuring and abandonment costs during Q4 FY24, as part of efforts to reduce its cost base.
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