1、CrispIdea|R E S E A R C HSonos,Inc.Company NameSonos IncTickerSONO.OFY2025Q2Stock RatingHOLDUnchangedIndustry ViewOverweightUnchanged12-Mo Price Target11.50DowngradedCMP(Jun 27,2025)10.73Potential Upside7%Market Cap(USD bn)1.2Shares O/S(Mn)120.152 Week High15.889952 Week Low7.6Avg Volume(3M)1,938,20

2、8Avg Volume(10 days)1,555,378P/E(ttm)-P/S(ttm)0.8P/B(mrq)3.2Forward P/E-IBES EPS(ttm)-0.59Profit Margin(TTM)-9.43%Operating Margin(TTM)-9.71%Revenue(TTM in Mn)1,463Revenue per Share(TTM)12.3Qtrly Rev Growth(yoy)3%Gross Profit(TTM in Mn)654EBITDA(TTM in Mn)26Net Income(TTM Mn)-69Qtrly Earnings YoY-3.

3、84%Technology Sector Research TeamDeepkumar Shah-Semiconductor,CPE&FintechResearch AShejal Ajmera,Head of RE Q U I T Y R E S E A R C H Technology|Consumer Electronics|Jul 04,2025Sonos,Inc.Efficiency gains meet global headwindsWe maintain our rating of“Hold”for SONO with a downgrade in TP from$12.30

4、to$11.50 for FY26.The target price is based on a combination of EV/Revenue of 0.7825x.This provides an upside potential of 7%over the CMP of$10.73.We recommend a Hold rating for SONO based on the following factors:1)Operational Turnaround with Strong Cost Discipline 2)Innovation-Led Growth and Stren

5、gthening Global Position 3)Profitability Remains Under Pressure Amid Weak Outlook and 4)Tariff Exposure and Structural Challenges PersistOperational Turnaround with Strong Cost Discipline:Sonos delivered a solid financial performance in Q2,with revenue rising 3%year over year to$260mn,surpassing the

6、 midpoint of its guidance range.Despite adjusted EBITDA being slightly negative at$1mn,it marked a$33mn improvement from the prior year,supported by gross margins at the high end of expectations(GAAP:43.7%,Non-GAAP:47.1%).The company demonstrated strong cost discipline,with non-GAAP operating expens