Sonos Inc. set a 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 made its name as one of the early proponents of connected home speakers, generated $1.33 billion in revenue last year and prevously forecast sales rising past $1.5 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%.
