Apartment-style accommodations provider Sonder Holdings has released its delayed first-quarter results, in which it detailed lower year-over-year revenue and a sharp decrease in its bookable inventory.
Sonder for the past 18 months has delayed filing quarterly financial reports with the U.S. Securities and Exchange Commission after announcing in March 2024 that it had discovered “accounting errors related to the valuation and impairment of operating lease right of use assets and related items” for 2022 and 2023.
Nasdaq has warned the delays have risked Sonder’s listing, and the accommodations provider this week noted it had received on Aug. 20 another such warning from Nasdaq concerning its delayed second-quarter filing.
Sonder in its first-quarter filing noted its live bookable units at the end of March totaled about 9,400, down about 500 units from the end of 2024. The company’s bookable nights were 858,000, a decrease of 21 percent year over year. Sonder in 2024 began an effort to reduce room supply, exiting buildings and leases representing thousands of units.
Along with the supply decrease, Sonder’s first-quarter occupancy rate increased 7.1 percentage points year over year to 83 percent. Average daily rate increased $4 to $167, and revenue per available room increased 13 percent to $139.
Sonder’s overall first-quarter revenue, however, declined 11 percent year over year to $118.9 million. Its net loss was $56.5 million, compared with a net loss of $50.5 million one year prior.
Sonder Q4 performance
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