Speaker maker Sonos has filed paperwork in the US to become a publicly traded company. The company plans to join the Nasdaq under the symbol SONO. It didn't specify an initial list price for shares, but it used a placeholder value of $100 million. That could go up or down as we get closer to the sale.
The company's S-1 filing offers our first detailed look at how Sonos speakers are selling. It reports revenue in the most recent fiscal year approaching $1 billion—Sonos sells expensive speakers, after all. However, the company lost $14.2 million during the same period. More recently, Sonos reported a six-month profit of $14.2 million on $655.7 million in revenue. So, it's right on the edge of profitability.
Sonos used to be the undisputed king of in-home audio streaming, but products with Chromecast and AirPlay have become much more popular in recent years. Sonos still manages to sell a lot of speakers, so that's encouraging. It's also exploring the emerging smart speaker market with the Alexa-powered Sonos One. Sonos cites the ongoing trade war with China and Europe as a possible future risk to its business, but its planning to move forward with the IPO regardless.