(Bloomberg) — Sonos Inc. set a long-range goal of $2.25 billion in annual revenue by fiscal year 2024 and introduced a new $169 portable speaker as the latest entrant in its catalog of high-end sound systems.
The company, which generated $1.33 billion in annual revenue last year, previously forecast sales of as much as $1.575 billion in the current 2021 fiscal year. Sonos also Tuesday projected 2024 gross margins of 45% to 47%, and adjusted EBITDA margin of 15% and 18%.
Chief Executive Officer Patrick Spence said the maker of high-end speakers is eyeing headphones and audio products for cars as two potential major new markets, without specifying when the company would offer products for those areas. Sonos has long been working on wireless headphones, Bloomberg News has reported.
The new Roam speaker introduced Tuesday can stream music in homes over Wi-Fi or via Bluetooth from a phone outside of the home. It is slightly taller than an iPhone, weighs just under 1 pound, has 10 hours of battery life, and can be re-charged using a standard wireless charging mat, representatives of the Santa Barbara, California-based company said in a demonstration.
Despite its being wireless and portable, the speaker has similar software to other Sonos products and can be paired to create a stereo environment. It can also stream music from several services, including Spotify and Apple Music, like any other Sonos speaker. The Roam is the companys second offering outside of the home, joining the larger and much pricier Move speaker launched last year.
Sonos also announced a variety of user metrics, including that company products were in 11 million homes at the end of fiscal 2020 and listening on its devices jumped 33% last year. The company also said it is targeting reaching 500,000 paid subscribers for its in-house radio streaming service and aims for 100 million product users, but didnt set dates for either of those goals.
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