Free cash flow remains deeply negative at a -14.3% margin, further exacerbated by a $25.9 million working capital outflow during the 2025Q2 period.
| Cash from Operations | -80.11M | -129.22M | -110.9M | -149.01M | -179.95M | -202.5M | -135.86M |
| Operating CF Margin % | - | -20.8% | -18.42% | -32.05% | -76.85% | -175.06% | -95.07% |
| Operating CF Growth % | 92.3% | -16.52% | 25.58% | 17.19% | 11.14% | -49.05% | - |
| Net Income | -249.01M | -224.09M | -295.67M | -165.74M | -293.95M | -250.32M | -178.25M |
| Depreciation & Amortization | 158.28M | 188.07M | 206.87M | 169.16M | 17.71M | 16.97M | 11.17M |
| Stock-Based Compensation | 4.02M | 8.01M | 28.49M | 22.96M | 25.25M | 7.22M | 3.38M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 6.13M | 4.79M |
| Other Non-Cash Items | 186.14M | 74.07M | 81.11M | -119.36M | 65.48M | 2.52M | 22.19M |
| Working Capital Changes | -121.18M | -175.28M | -131.71M | -56.03M | 5.56M | 14.97M | 859K |
| Change in Receivables | -14.15M | -15.34M | -2.59M | -1.69M | -3.07M | 1.68M | 1.22M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 4.78M | -6.41M |
| Change in Payables | 25.52M | 11.56M | 6.81M | -28.12M | 8.59M | 3.67M | 1.92M |
| Cash from Investing | 13.23M | 5.73M | -12.36M | -30.99M | -21.03M | -14.85M | -24.26M |
| Capital Expenditures | -3.67M | -3.11M | -10.57M | -30.99M | -15.6M | -14.85M | -24.26M |
| CapEx % of Revenue | 0.62% | 0.5% | 1.75% | 6.67% | 6.66% | 12.84% | 16.97% |
| Acquisitions | 1.56M | 1.56M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 345K | -222K | -1.8M | 0 | -5.43M | 0 | 0 |
| Cash from Financing | 68.41M | 59.85M | -32.23M | 400.6M | 148.57M | 226.56M | 218.72M |
| Debt Issued (Net) | 8.2M | 18.99M | -32.24M | 131.48M | 143.59M | 17.63M | -6.69M |
| Equity Issued (Net) | 2M | 1000K | 8K | 1000K | 1000K | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | -63.41K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.07M | -2.44M | 0 | 0 | -446.23M | 1.64M | 738K |
| Net Change in Cash | 1.83M | -64.44M | -152.69M | 219.25M | -53.17M | 8.86M | 60.88M |
| Free Cash Flow | -83.77M | -132.33M | -123.27M | -180.01M | -200.98M | -217.35M | -160.12M |
| FCF Margin % | -14.22% | -21.3% | -20.47% | -38.71% | -85.83% | -187.89% | -112.04% |
| FCF Growth % | 34.6% | -7.35% | 31.52% | 10.43% | 7.53% | -35.75% | - |
| FCF per Share | -6.20 | -11.49 | -11.27 | -17.47 | -341.63 | -668.85 | -544.90 |
| FCF Conversion (FCF/Net Income) | 0.34x | 0.58x | 0.38x | 0.61x | 0.61x | 0.81x | 0.76x |
| Interest Paid | 448K | 2.18M | 2.46M | 2.49M | 4.55M | 5.43M | 3.51M |
| Taxes Paid | 129K | 679K | 905K | 490K | 300K | 100K | 3K |
Imminent liquidity and solvency risk
As reported in recent financial filings, Sonder's operating cash flow consistently trails net income, with the 2025Q2 OCF/NI ratio of 0.44 highlighting a persistent inability to convert accounting profits into actual liquidity, largely due to significant non-cash adjustments and ongoing working capital outflows that drain available resources.
The recurring gap between net income and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash items, particularly depreciation and amortization. Investors should monitor this divergence, as it indicates that the business model is not generating the cash necessary to sustain its operational footprint.
Based on the provided quarterly data, Sonder's free cash flow remains deeply negative, with a 2025Q2 FCF margin of -14.3%, illustrating that the company continues to burn through capital at an unsustainable rate while failing to achieve the scale required to reach positive cash flow generation.
The consistent negative FCF trajectory suggests that the company's core operations are not yet self-sustaining. This trend implies that external financing or capital infusions are likely required to cover the ongoing cash burn, which may further dilute existing shareholders.
According to recent SEC filings, Sonder's working capital changes have been consistently negative, including a $25.9 million outflow in 2025Q2, which indicates that the company is struggling to manage its cash conversion cycle effectively while facing mounting pressure from its underlying lease-based cost structure.
The persistent cash outflows related to working capital suggest that the company is facing difficulties in managing its payables and receivables efficiently. This trend appears to exacerbate the company's liquidity constraints, as cash is tied up in operational requirements rather than being available for debt service or growth.
As reported in financial statements, the company's cash flow statement obscures the true cost of its expansion, as significant cash is consumed by working capital volatility and lease obligations that are not fully captured in the headline operating cash flow figures, leaving the firm in a precarious position.
The reliance on non-cash adjustments to reconcile net income to operating cash flow warrants further investigation into the sustainability of the current cost base. The lack of transparency regarding the cash impact of future lease commitments may lead to an underestimation of the company's actual financial risk.
Quick answers to the most common questions about buying SOND stock.
Sonder Holdings Inc. (SOND) generated $-129.2M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Sonder Holdings Inc. (SOND) reported negative free cash flow of $132.3M in 2024, indicating capital requirements exceeded cash from operations.
Sonder Holdings Inc. (SOND) spent $3.1M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.