Sonos speakers are compatible with Amazon's popular Alexa voice assistant, which lets owners control smart-home devices and play their favorite music services. If all goes to plan with the IPO, it hopes to trade on the Nasdaq Global Select Market, under "SONO".
The company has a lot of satisfied customers, noting in its filing that 61% of its customers own more than one Sonos product. In 2017, the company generated $992 million in revenue, a 10% increase from $901.3 million in 2016.
Smart-speaker company Sonos isn't letting its dependence on other distributors-or profitability-stand in the way of going public. Sonos didn't provide an estimated initial offering price per share.
At the same time, Sonos isn't exclusively offering Amazon's Alexa voice assistant, so a Sonos speaker doesn't guarantee an Alexa presence. For example, Sonos One and Sonos Beam feature voice-control enablement powered by Amazon's Alexa technology while Amazon now competes by offering speaker products of their own.
In a recent interview with Variety, CEO Patrick Spence - while not commenting on the upcoming IPO - said 2018 would be a watershed year for the 16-year-old company.
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In terms of risk factors, the company points to its history of losses, the unpredictability of its revenue growth and the fact that it operates in "highly competitive markets" and is "dependent on partners who offer products that compete with our own". Today, its products are distributed in over 50 countries with 55 percent of its revenue coming from outside the U.S.
Sonos is diversifying its voice offerings, promising integration with Google Assistant and Apple's Siri this year.
Also of interest is Sonos' estimate that customers listen to roughly 70 hours of content per month. In the potential risks section of its IPO filing, Sonos notes that the United States big-box retailer Best Buy accounted for 17% of its revenue for the first half of this year, and the ALSO Group-its distributor in Germany, Sweden, Denmark and Norway-accounted for 12%. In addition, Inventec has the right to terminate its agreement with Sonos for any reason with 180 days' notice, according to the filing. Sonos has sold over 19 million devices since it first set up shop, and it creates an enviable degree of loyalty.