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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sonder
Sonder (SONDQ) investor relations material
Sonder has been delisted
Sonder Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Oct, 2025
Executive summary
Completed full integration with Marriott's digital channels in Q2 2025, shifting all direct bookings to Marriott.com and the Marriott Bonvoy app.
Live Units decreased 19.4% year-over-year to approximately 8,300 due to portfolio optimization and lease terminations.
Revenue for Q2 2025 was $147.1M, down 11%–10.6% from Q2 2024, primarily due to fewer Bookable and Occupied Nights.
Net loss for Q2 2025 was $44.5M, compared to net income of $32.7M in Q2 2024, driven by a $43.8M loss on preferred stock issuance.
Bookable Nights declined 21% year-over-year due to the Portfolio Optimization Program.
Financial highlights
Q2 2025 revenue: $147.1M (down 10.6%–11% year-over-year); six months ended June 30, 2025: $265.9M (down 10.8%).
Adjusted Free Cash Flow (FCF) for the first half of 2025 improved to $(24.4)M from $(53.2)M in the prior year period; Q2 2025 Adjusted FCF was $(17.5)M.
RevPAR increased 12.9%–13% year-over-year to $184 in Q2 2025; ADR rose 5.4% to $216; occupancy rate improved to 85.5%–86%.
Cost of revenue and operating expenses decreased 21.6% year-over-year, reflecting cost optimization and portfolio exits.
Net cash used in operating activities for the first half of 2025 was $(24.0)M, a significant improvement from $(73.1)M in 2024.
Outlook and guidance
Focus remains on achieving sustainable positive Adjusted FCF through cost reductions, portfolio optimization, and leveraging the Marriott partnership.
Management expects continued revenue and efficiency gains from Marriott integration and ongoing cost-saving initiatives.
Risks include macroeconomic uncertainty, travel demand fluctuations, and liquidity constraints.
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Latest events from Sonder
- Annual meeting to vote on directors, share increase, equity plan, and auditor ratification.SONDQ
Proxy Filing - Shareholders will vote on director elections, share increases, and key governance proposals.SONDQProxy Filing
- Virtual meeting to vote on director, auditor, share issuance, and capital increase proposals.SONDQProxy Filing
- Stockholders will vote on share issuance, capital increase, and adjournment at a virtual meeting.SONDQProxy Filing
- Key votes on stock issuance, capital increase, and meeting adjournment may reshape ownership and control.SONDQProxy Filing
- Approval sought for share issuance, capital increase, and meeting adjournment to support compliance and flexibility.SONDQProxy Filing
- Annual meeting to vote on directors, capital increase, equity plan, and auditor ratification.SONDQProxy Filing
- Stockholders to vote on share issuance, capital increase, and adjournment at virtual meeting.SONDQProxy Filing
- Key votes include director elections, auditor ratification, and capital stock increase.SONDQProxy Filing
- Virtual vote set for Dec 23, 2024, on directors, share increases, equity plan, and auditor.SONDQProxy Filing
Sonder
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Frequently asked questions
Sonder Holdings Inc. is a hospitality company that manages and operates short-term rental properties. The company offers a range of accommodations, from apartments to hotel rooms, combining the services of traditional hotels with the flexibility of vacation rentals. Sonder uses technology to streamline guest experiences, including self-check-in and mobile app services. The company caters to both leisure and business travelers, focusing on providing stylish and functional spaces in urban markets worldwide. It is headquartered in San Francisco, California, and its shares are listed on the NASDAQ.