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SONDW

Sonder Holdings Inc.

SONDW

Sonder Holdings Inc. • NASDAQ
$0.00 ▼ -3.70% (-0.00)
Market Cap $33163
52w High $0.01
52w Low $0.00
Dividend Yield 0%
P/E 0
Volume 105.77K
Outstanding Shares 12.76M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $147.085M ▲ $64.311M ▼ $-44.523M ▲ -30.27% ▲ $-3.96 ▲ $-25.78M ▼
Q1-2025 $118.856M ▼ $85.648M ▼ $-56.495M ▼ -47.532% ▼ $-4.85 ▼ $5.827M ▼
Q4-2024 $161.078M ▼ $103.289M ▲ $31.403M ▲ 19.496% ▲ $4.294 ▲ $82.476M ▲
Q3-2024 $162.114M ▼ $103.046M ▲ $-179.391M ▼ -110.657% ▼ $-17.82 ▼ $-125.17M ▼
Q2-2024 $164.601M $101.648M $32.747M 19.895% $2.94 $87.995M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $70.958M ▲ $1.005B ▼ $1.49B ▼ $-485.225M ▲
Q1-2025 $23.329M ▲ $1.033B ▼ $1.526B ▼ $-493.312M ▼
Q4-2024 $20.786M ▼ $1.137B ▼ $1.573B ▼ $-435.888M ▲
Q3-2024 $26.957M ▼ $1.218B ▲ $1.755B ▲ $-536.942M ▼
Q2-2024 $69.123M $1.21B $1.598B $-387.359M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-44.523M ▲ $-19.618M ▼ $6.256M ▲ $17.73M ▲ $4.438M ▲ $-21.052M ▼
Q1-2025 $-56.495M ▼ $-4.353M ▲ $-959K ▼ $-250K ▼ $-5.534M ▼ $-5.572M ▲
Q4-2024 $-26.956M ▲ $-38.771M ▼ $7.824M ▲ $27.564M ▲ $-3.845M ▼ $-39.893M ▼
Q3-2024 $-179.391M ▼ $-17.364M ▲ $114K ▲ $23.37M ▲ $6.776M ▲ $-17.25M ▲
Q2-2024 $32.747M $-32.778M $-1.493M $9.167M $-25.755M $-34.271M

Five-Year Company Overview

Income Statement

Income Statement Revenue steadily increased over the years, showing that Sonder’s product clearly found demand and grew its footprint. At the same time, the company never managed to turn that growth into sustainable profits. Gross margins improved, but operating losses remained large and persistent. Even as certain cost lines became more efficient and EBITDA moved closer to break‑even, net losses stayed deep. In plain terms, the business model generated growth but not enough margin to cover its fixed costs and overhead, which left the company structurally unprofitable.

Balance Sheet

Balance Sheet Sonder’s balance sheet was highly stressed. The company relied heavily on debt and lease-like commitments, while shareholder equity was negative for multiple years, a clear sign that accumulated losses had eroded the capital base. Cash balances trended down over time and did not offer much protection against ongoing losses. Assets were meaningful but largely supported by borrowing rather than internally generated capital. This imbalance between debt, assets, and equity ultimately reflected a fragile financial position that could not withstand operational or strategic setbacks.

Cash Flow

Cash Flow Cash flow from the core business was consistently negative, meaning the company burned cash year after year to keep operating. Free cash flow also stayed firmly in the red, even though direct investment spending on property and equipment was not especially heavy. The main issue was not big one‑off projects, but a business model that consumed more cash than it produced on a recurring basis. This forced reliance on external funding and left Sonder very vulnerable when capital became harder to access or when strategic initiatives, like major partnerships, did not deliver the expected benefits.

Competitive Edge

Competitive Edge Sonder carved out a distinct niche between hotels and short‑term rentals, with stylish, standardized units and a more modern, app‑driven experience. That positioning resonated with a segment of travelers and helped the brand gain recognition in many urban markets. However, its competitive moat was shallow. Customers could easily switch to hotels, Airbnb, or other alternatives, and local regulations and property costs were difficult to manage at scale. The lease-heavy “asset‑light” strategy looked attractive in theory but still loaded the company with large, fixed obligations. In a crowded, price‑sensitive industry with powerful incumbents and low switching costs, Sonder struggled to turn its differentiated concept into lasting economic advantages.

Innovation and R&D

Innovation and R&D Sonder’s main innovation was its technology platform: an app‑centric, contactless guest journey and data‑driven operations meant to run hospitality more efficiently. It also experimented with hybrid models, such as “Powered by Sonder,” where third‑party hotels used its tech and operating playbook. On paper, this was a modern rethinking of lodging, blending software, design, and flexible space. In practice, the innovation sat on top of a capital‑intensive, operationally complex business. The failed attempt to scale further through a major licensing partnership highlighted how execution risk and financial strain can overwhelm even well‑designed tech and product ideas.

Summary

Sonder was a high‑growth, tech‑branded hospitality company that never solved its core financial challenge: turning expanding revenue and a compelling guest experience into durable profitability. The company operated with a weak balance sheet, heavy obligations, and persistent cash burn, leaving little margin for error. Its product and technology were genuinely differentiated, but the competitive environment was tough and its lease‑driven model carried significant fixed costs. Ultimately, these structural weaknesses, combined with a problematic large partnership and tightening financial conditions, led to Chapter 7 liquidation. Sonder’s story illustrates how strong branding and innovation in service delivery are not enough without a resilient capital structure and a business model that reliably generates cash, not just growth.