Sonder Holdings Inc.

CIK:0001819395|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Revenue	$ 147,085	$ 164,601	$ 265,941	$ 298,080
Costs and operating expenses:
Cost of revenue (excluding depreciation and amortization)	80,975	94,652	177,824	195,015
Operations and support	37,996	46,411	76,028	96,391
General and administrative	6,740	29,272	33,557	53,557
Research and development	3,863	4,393	7,801	9,064
Sales and marketing	17,707	21,572	33,029	40,821
Integration costs	2,143	0	3,682	0
Restructuring and other charges	4,541	0	4,541	2,592
Total costs and operating expenses	153,965	196,300	336,462	397,440
Loss from operations	(6,880)	(31,699)	(70,521)	(99,360)
Interest expense, net	1,648	8,016	11,097	15,339
Lease adjustment gains, net	(5,325)	(71,123)	(16,463)	(95,024)
Loss on preferred stock issuance	43,842	0	43,842	0
Other income, net	(2,342)	(1,576)	(8,516)	(2,359)
Total non-operating expense (income), net	37,823	(64,683)	29,960	(82,044)
Income (loss) before income taxes	(44,703)	32,984	(100,481)	(17,316)
Provision (benefit) for income taxes	(180)	237	537	424
Net income (loss)	$ (44,523)	$ 32,747	$ (101,018)	$ (17,740)
Basic net loss per common share (in dollars per share)	$ (3.96)	$ 2.94	$ (8.44)	$ (1.59)
Diluted net loss per common share (in dollars per share)	$ (3.96)	$ 2.94	$ (8.44)	$ (1.59)
Other comprehensive income (loss):
Net income (loss)	$ (44,523)	$ 32,747	$ (101,018)	$ (17,740)
Change in foreign currency translation adjustment	(6,865)	1,395	(10,064)	806
Comprehensive income (loss)	$ (51,388)	$ 34,142	$ (111,082)	$ (16,934)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (101,018)	$ (17,740)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,586	9,965
Stock-based compensation	803	4,788
Amortization of operating lease ROU assets	64,845	89,252
Lease adjustment gains, net	(16,463)	(95,024)
Gain on foreign exchange	(7,181)	(1,058)
Capitalization of paid-in-kind interest on long-term debt	11,555	13,385
Credit loss expense	1,366	483
Amortization of debt discounts/premium and issuance costs	506	1,625
Loss on preferred stock issuance	43,842	0
Other non-cash activities	(811)	1,341
Changes in:
Accounts receivable	1,190	(3,003)
Prepaid expenses	1,577	(203)
Other current and non-current assets	(3,303)	(224)
Accounts payable	13,959	9,283
Accrued liabilities	2,978	929
Taxes payable	21	1,639
Deferred revenue	24,106	14,843
Operating lease ROU assets and operating lease liabilities, net	(69,831)	(103,560)
Other current and non-current liabilities	3,302	192
Net cash used in operating activities	(23,971)	(73,087)
Cash flows from investing activities:
Purchase of property and equipment	(2,653)	(2,092)
Proceeds on the disposition of property and equipment	450	0
Proceeds of key money investment	7,500	0
Capitalization of internal-use software	0	(117)
Net cash provided by (used in) investing activities	5,297	(2,209)
Cash flows from financing activities:
Repayment of debt	(500)	(505)
Proceeds from debt financing	0	10,000
Payment of debt issuance costs	0	(578)
Proceeds from preferred stock issuance	17,980	0
Net cash provided by financing activities	17,480	8,917
Effects of foreign exchange on cash	98	(995)
Net change in cash, cash equivalents, and restricted cash	(1,096)	(67,374)
Cash, cash equivalents, and restricted cash at beginning of period	72,054	136,497
Cash, cash equivalents, and restricted cash at end of period	$ 70,958	$ 69,123

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 27,130	$ 20,786
Restricted cash	43,828	51,268
Accounts receivable, net of allowance of $15,953 and $14,587 at June 30, 2025 and December 31, 2024, respectively	12,003	13,918
Prepaid expenses	2,597	4,141
Other current assets	11,605	9,733
Total current assets	97,163	99,846
Property and equipment, net	4,387	5,933
Operating lease right-of-use (“ROU”) assets	882,139	1,013,854
Other non-current assets	21,118	17,544
Total assets	1,004,807	1,137,177
Current liabilities:
Accounts payable	49,193	33,724
Accrued liabilities	36,167	32,621
Taxes payable	23,471	22,224
Deferred revenue	96,150	71,729
Other current liabilities	19,822	5,513
Current portion of long-term debt	1,000	1,000
Current operating lease liabilities	162,349	171,736
Total current liabilities	388,152	338,547
Non-current operating lease liabilities	867,816	1,009,169
Long-term debt, net	217,922	217,236
Other non-current liabilities	16,142	8,113
Total liabilities	1,490,032	1,573,065
Commitments and contingencies (Note 12)
Mezzanine equity:
Series A redeemable convertible preferred stock: $0.0001 par value; 250,000,000 shares authorized at June 30, 2025 and December 31, 2024, 59,690,000 and 43,300,000 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	230,212	162,907
Stockholders’ deficit:
Common stock	1	1
Additional paid-in capital	971,552	977,112
Cumulative translation adjustment	(2,704)	7,360
Accumulated deficit	(1,684,286)	(1,583,268)
Total stockholders’ deficit	(715,437)	(598,795)
Total liabilities and stockholders’ deficit	$ 1,004,807	$ 1,137,177