Sonos Inc

Sonos expects fourth-quarter revenues of $325 million to $355 million, implying reported growth of 13% to 23% year over year, but higher memory prices are expected to reduce fourth-quarter gross profit by about $35 million year over year. The 14-week quarter includes an extra fiscal week expected to contribute about $24 million of sales, and excluding that calendar benefit, management projects growth of 4% to 15%. GAAP gross margin is guided to 39% to 41%, with non-GAAP gross margin about 120 basis points higher, and adjusted EBITDA could range from an $11 million loss to an $18 million profit. Management views the lower end of the 39% to 41% GAAP gross-margin range as a reasonable starting point for fiscal 2027, with the first half expected to run lower before mitigation actions increasingly take effect. Sonos ended the third quarter with $206.9 million in cash and $54.1 million of marketable securities, for a combined $261 million, while inventory stood at $158 million, up 37% year over year.