Sonder Holdings Inc.

sonder.com

What Do They Do?

Offers furnished apartments and boutique hotel rooms with app-based guest services for leisure travelers, families and business travelers.

How Do They Make Money?

Guests pay for short stays when they reserve; month-to-month stays follow their contracts, while online travel agencies pay Sonder under their agreements for bookings they handle.

FY2024 revenue

Who Are Their Customers?

Leisure travelers, families, digital nomads and business travelers book furnished stays through Sonder’s app, website or sales team, or through online travel agencies; properties are also available through Marriott’s booking platforms.

Customers above 10% of revenue, FY2024

of revenue from three customers (22%, 17%, 12%)

FY2023: 49% from three customers

Do Revenues Turn Into Profits?

No. It lost $224.1M in FY2024.

Operating income, FY2024

−29% of revenue

▼ −34% (Loss) vs FY2023 (−$278M, −46%)

Net income, FY2024

−36% of revenue

▼ −24% (Loss) vs FY2023 (−$295.7M, −49%)

Free cash flow, FY2024

−21% of revenue

▲ +9% (Loss) vs FY2023 (−$121.5M, −20%)

How Are They Changing?

Since the FY2024 annual report

Latest quarter: Q2 FY2025, the three months to Jun 30, 2025

Revenue: ▼ −11%; vs $164.6M in Q2 FY2024
Net income: ▼ Now a loss; vs $32.7M in Q2 FY2024

Nov 14, 2025 Marriott moved to end its license as Sonder filed for Chapter 7 bankruptcy The filing also accelerated obligations under three credit facilities.
Aug 14, 2025 Chief Financial Officer Michael Hughes resigned Interim CEO Janice Sears assumed principal financial officer duties until a successor is appointed.

Growing. Revenue grew 5.4x in 4 years, from $115.7M in FY2020 to $621.3M in FY2024, about 52% a year.

Marriott booking channel The earlier report described direct and online travel agency bookings; the latest adds Marriott’s digital channels as another way guests can book Sonder properties.

Who Do They Compete With?

Competes with Airbnb, Vrbo, and Booking.com

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