Sonos, Inc. (SONO): Business Model Canvas [Dec-2025 Updated]

You're looking at Sonos, Inc. as it pivots after a rough patch, and honestly, the strategy is clear: lean hard into the existing ecosystem. After a year that tested the waters, the focus is squarely on expanding value within their installed base of 17.1 million active households, aiming to grow beyond the $1,443.3 million in revenue posted for Fiscal Year 2025. This platform play hinges on software reliability and deepening those hardware relationships, so if you want to see exactly how this premium audio giant plans to reignite growth from its core assets, dig into the full Business Model Canvas below.

Sonos, Inc. (SONO) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Sonos, Inc. (SONO) is centered on securing access to content, enabling platform interoperability, ensuring efficient hardware production, and maximizing market reach through various sales channels.

For the full fiscal year 2025, Sonos, Inc. reported total revenue of $1,443.3 million.

The company relies on a multi-faceted distribution strategy, where retail remains its largest channel. The direct-to-consumer channel, primarily sonos.com, accounted for 22.9% of total revenue in fiscal 2024. The smallest product series, Partner Products, which includes some retail/partner integrations, saw revenues of $17.9 million in the third quarter of fiscal 2025, representing 5.2% of total revenue for that quarter.

Here is a look at the financial contribution and status of key channel segments based on available 2025 data:

Partnership/Channel Category	Financial Metric/Status (Latest Available 2025 Data)	Context/Detail
Total Fiscal 2025 Revenue	$1,443.3 million	Full Fiscal Year 2025 result.
Partner Products Revenue (Q3 FY2025)	$17.9 million	Represents 5.2% of Q3 FY2025 total revenue.
Direct-to-Consumer (DTC) Channel Share (FY2024)	22.9%	Share of total revenue from sonos.com in the prior fiscal year.
Integrator Solutions (IS) Channel	Remained flat as a percent of overall revenues	Reported in the context of Q4 2025 results.

The relationship with content providers is critical for the platform experience, though specific financial data tied to these integrations is not public. For example, some users experienced communication breakdowns between Sonos and Apple Music in 2025.

For voice control, Sonos, Inc. supports both Alexa and Sonos Voice simultaneously in 2025. However, newer hardware like the Era 100 and Era 300 models support Alexa but do not natively run Google Assistant or Siri. The broader global smart home automation market reached $89.8B in 2025.

Hardware production is outsourced to contract manufacturers. Sonos, Inc. products are manufactured by contract manufacturers in China, Malaysia, and Vietnam. The company has been actively diversifying, maintaining more production in Malaysia and Vietnam to achieve savings, including tariff avoidance. Furthermore, Sonos plans to exit a partnership with one contract manufacturer to consolidate supply chain efficiency by the second quarter of fiscal 2026.

The professional installer channel is a focus area for growth, though it was reported as flat as a percentage of overall revenues in the context of Q4 2025. Sonos, Inc. is leveraging its installed base of 17.1 million households globally, targeting up to six Sonos products per household.

Key distribution and integration partners include:

• Music Streaming Services: Spotify, Apple Music (content integration).
• Smart Home Platforms: Amazon Alexa (fully supported), Google Assistant (limited native support on newest models).
• Contract Manufacturers: Production located in China, Malaysia, and Vietnam.
• Installer Channel: Focus on the Integrator Solutions segment.
• Retail/Online Sales: Traditional physical retailers, online retailers, and sonos.com.

Finance: review the Q4 2025 channel revenue mix against the 2024 DTC percentage by next Tuesday.

Sonos, Inc. (SONO) - Canvas Business Model: Key Activities

You're looking at the core engine room of Sonos, Inc. (SONO) right now, the stuff that keeps the lights on and the music playing, especially after the rough patch in 2024. It's all about execution on the ground floor.

Software development to maintain and improve the core platform experience

The focus here shifted hard toward remediation after the May 2024 app rollout. The company committed significant resources to fixing the core platform. By Q2 Fiscal 2025, Sonos reported delivering nine major software updates in the preceding 120 days to restore reliability. By late 2025, features like setting alarms, editing the queue, and managing playlists were largely restored, which was critical for user satisfaction. The latest twelve months ending June 28, 2025, saw Research and Development (R&D) expenses total $288.8 million. This spending is now being channeled into platform stability and new AI features, such as the AI-powered speech enhancement for the Arc soundbar.

Hardware engineering and design for premium audio products

Engineering is still pushing premium hardware, though the launch cadence slowed to focus on quality. The fiscal year 2025 (which ended September 27, 2025) saw the inclusion of the Arc Ultra and Sub 4, which were launched in October 2024. However, new hardware launches are now paused until at least the second quarter of fiscal year 2026, meaning no new hardware for the 2025 calendar year consumer holidays. The company is positioning its product lineup as the strongest it's ever been, despite the temporary halt in new releases.

Supply chain management and operational efficiency to reduce costs

Operational efficiency became a major Key Activity, driven by a need to counter softer demand and rising input costs like tariffs. Sonos executed a transformational cost initiative, resulting in a substantial reduction in operating expenses by $56.4 million, or 7.7%, in fiscal 2025 compared to the prior year. This included two rounds of workforce reductions, one being a 6% cut and a second being a 12% cut. In terms of inventory management, the company reduced inventory by 26% year-over-year to $171 million as of Q4 Fiscal 2025. On the supplier side, in FY24, Sonos audited 97% of its key suppliers, which represent 80% of its supply chain spend, using Responsible Business Alliance standards. Still, inventory value write-downs in fiscal 2025 totaled $39 million.

Marketing to drive system expansion within the 17.1 million installed base

Marketing efforts are now heavily focused on expanding the ecosystem within the existing user base, targeting a potential $12 billion revenue opportunity. The installed base reached 16.3 million households in Fiscal 2024, and the goal is to drive density within that base. The opportunity is split: $5 billion from driving devices per multiproduct household higher to 6 per home, and $7 billion from converting single-product households to current multiproduct levels. Direct-to-consumer (DTC) sales accounted for 27% of revenue in FY2024. The company is bringing in new creative leadership, with Colleen DeCourcy joining as the new Chief Marketing Officer in January 2026 to spearhead this expansion.

Restoring customer trust and software reliability post-2024 app issues

This activity is directly tied to the software development efforts but has a distinct financial and trust component. The app issues in 2024 negatively impacted revenue by approximately $100 million. To address this, Sonos planned to invest between $20 million to $30 million in app recovery efforts across fiscal 2025. For context, they incurred about $4 million in Q4 2024 and outlined $5 million to $10 million for Q1 2025. The company's Q4 GAAP operating expenses were $160 million, down 7% year-over-year, reflecting the cost-cutting alongside these necessary software investments. The success of this activity is reflected in the Q4 FY2025 revenue growth of 13% year-over-year, signaling a return of customer confidence.

Key Activity Metric	Value	Period/Context
App Recovery Investment (Total Expected)	$20 million to $30 million	Fiscal 2025
FY2024 Revenue Impact from App Issues	$100 million	Fiscal 2024
Installed Base (Households)	16.3 million	End of FY2024
Total Operating Expense Reduction	$56.4 million (or 7.7%)	Fiscal 2025
FY2025 Headcount Reduction (Total)	18% (6% + 12% in two rounds)	Fiscal 2025
R&D Expenses (Latest Twelve Months)	$288.8 million	Ending June 28, 2025
Inventory Value Write-Downs	$39 million	Fiscal 2025

The company is clearly prioritizing platform stability and cost control to stabilize the business before aggressively pursuing the $12 billion expansion opportunity within its existing customer base. It's a necessary pivot after the software misstep.

Sonos, Inc. (SONO) - Canvas Business Model: Key Resources

You're looking at the core assets that power Sonos, Inc.'s premium home audio platform as of late 2025. These aren't just vague concepts; they are quantifiable advantages that underpin the entire business model.

Proprietary software platform and multi-room audio technology is the foundation. This is what allows the system to unite sound across different rooms seamlessly. The engagement metrics show this platform is actively used:

• Listening hours in FY25 reached 16.1B, a 10% year-over-year increase.
• Households listen for an average of 2.6 hours per day, up 5% year-over-year.

The scale of the customer base is a massive resource. The installed base of 17.1 million active households as of FY2025 represents a significant, monetizable footprint. This base is sticky, too; 45% of all new product registrations in fiscal 2025 came from existing customers.

Strong brand equity in the premium home audio market is evident in their stated market leadership. They claim the number one spot in the premium home theater segment in the US. The company posted $1,443.3 million in revenue for Fiscal 2025.

The protection around this technology comes from a deep moat of intellectual property and patent portfolio protecting the ecosystem. This portfolio has been tested and proven valuable in litigation.

IP Metric	Value (Late 2025)
Total U.S. Issued Patents	Over 1,900
U.S. Patent Applications Pending	800+
Total Global Patents	Over 4,700+
IEEE Patent Power Rating	#4

Finally, the physical infrastructure supporting the products is a key resource. The global supply chain for hardware manufacturing and logistics is managed by focusing on major partners. Sonos focuses its audits on key/major suppliers, which represent 80% of their supply chain spend. As of May 2025, Sonos had approximately 1417 full-time employees globally. Finance: draft 13-week cash view by Friday.

Sonos, Inc. (SONO) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Sonos, Inc. in late 2025, even after a tough year. The value proposition centers on a premium, integrated experience, which management is betting will drive the next phase of growth.

The foundation is the seamless, multi-room wireless audio system that just works. This promise of reliability and ease of setup is what keeps people in the ecosystem. While fiscal year 2025 saw total unit shipments decline to 4.6 million units, the company is focused on increasing devices per household, a key part of its platformization strategy to boost lifetime value.

For superior sound quality and thoughtful, minimalist product design, look at the flagship products. The Sonos Era 300, for instance, supports Dolby Atmos Music, a feature that requires a premium experience. This focus on high-fidelity audio is supported by a GAAP gross margin of 43.7% for the full fiscal year 2025, showing they command a price for that quality.

The platform's openness is a major draw. Sonos has partnered with over 100 companies that offer music services. This breadth means you aren't tied to one provider. The company shipped 4.6 million units in FY2025, and the ability to connect these devices to a vast library of content is critical to maintaining that installed base.

The ecosystem lock-in that encourages adding more devices over time is the core financial lever. The company's strategy is built on growing the installed base and incrementally selling more products to existing customers. While total FY2025 revenue was $1,443.3 million, the focus is on increasing the number of devices per household to drive durable top-line growth moving into FY2026.

Finally, integration with the broader smart home is non-negotiable. Sonos products work with the three major voice assistants: Amazon Alexa, Google Assistant, and Apple Siri (though Siri integration is currently via Apple's Home app). This connectivity is what makes the system the central hub for home audio.

Here's a quick look at the financial context surrounding the business as of the end of Fiscal Year 2025 (ending September 27, 2025):

Metric	Amount (FY 2025)	Notes
Total Revenue	$1,443.3 million	Annual revenue for the fiscal year.
Q4 Revenue	$287.9 million	Q4 revenue showed a 13% year-over-year growth.
Products Sold (Units)	4.6 million	Total units shipped for the fiscal year.
GAAP Gross Margin	43.7%	Reflects cost of goods sold relative to revenue.
Non-GAAP Adjusted EBITDA	$132.3 million	Indicates profitability before certain non-cash items.
GAAP Net Loss	($61.1) million	Full-year GAAP bottom-line result.
Non-GAAP Net Income	$78.5 million	Adjusted net income reflecting transformation efforts.
Cash and Cash Equivalents	$174.7 million	Balance sheet strength as of September 27, 2025.

The core features supporting these value propositions include:

• Seamless multi-room audio setup.
• Support for over 100 music and content services.
• Integration with Amazon Alexa and Google Assistant.
• Product design supporting immersive audio like Dolby Atmos Music.
• Room calibration technology, Trueplay (iOS dependent).

The total addressable market for premium global audio and over-the-ear headphones is estimated at $27 billion, giving you a sense of the scale Sonos is targeting with these value drivers.

Finance: draft 13-week cash view by Friday.

Sonos, Inc. (SONO) - Canvas Business Model: Customer Relationships

You're looking at how Sonos, Inc. (SONO) manages its connection with customers, especially after a rough patch with its software. The focus right now is heavily on repairing the damage from the May 2024 app rollout and proving they still deserve your trust.

Dedicated customer support and community engagement to rebuild trust

The company made significant, public commitments to win back users following the app fiasco. Honestly, the data shows how severe the initial reaction was: 1-star reviews for the app skyrocketed by a factor of 14x in the eight months following the launch compared to the prior eight months. To show seriousness, the executive leadership team tied their annual bonus payments for the October 2024 to September 2025 fiscal year to successfully improving the app experience and rebuilding customer trust. They also extended home speaker warranties as part of their seven commitments to the community.

The effort to restore software quality was a major theme throughout fiscal 2025. By late 2024, more than 80% of the features removed from the app had been restored, with a goal to hit 100% shortly after. This focus on quality is defintely central to their customer relationship strategy for the near term.

Self-service via the Sonos app for system control and updates

The Sonos app remains the primary interface for system control and updates, which is a double-edged sword given the recent history. Fixing the mobile app issues was a major financial undertaking; management disclosed that addressing the ongoing problems cost the company roughly $20 million to $30 million. The latest iteration of the app is designed around a one-page structure for easier navigation. Through the app, users can still access key self-service features like Trueplay tuning, though it's worth noting that this specific room optimization feature currently only works with an iPhone, not Android devices.

Long-term relationship driven by the expanding, multi-product ecosystem

Sonos, Inc. still relies on its 'flywheel' strategy: growing the installed base and then incrementally selling those existing customers more products. The total annual revenue for Fiscal 2025 was $1,443.3 million. The relationship is built on a high-value customer base; over 70% of Sonos users report a household income exceeding $100,000. However, the company sees significant room to grow, with current penetration estimated at only 9% of affluent households in its core markets. Expanding the ecosystem, including the launch of personal audio products like headphones, is key to increasing the number of devices per home and driving that long-term value.

Here's a quick look at the customer profile and ecosystem scale as of the end of Fiscal 2025:

Metric	Value	Context
Fiscal 2025 Total Revenue	$1,443.3 million	Overall financial scale of the business
Household Income Over $100k	Over 70%	Indicates high customer affluence
Affluent Household Penetration	9%	Indicates headroom for ecosystem expansion
App Fix Cost (Estimate)	$20 million to $30 million	Investment made to restore customer trust

Pro-channel support and programs for custom installers and builders

Sonos, Inc. is actively courting the professional installation market, which is a clear path to building deeper, more complex system relationships. They launched Era 100 Pro in January 2025, their first hardware solution specifically engineered for professional installation. This move targets the light-commercial audio space, which the company estimates to be a $2 billion market.

The Pro line brings features that appeal directly to installers and builders:

• Exclusively sold in pairs through select professional partners.
• Features Power over Ethernet (PoE+) for enhanced reliability.
• Includes the 'Zones' software tool for easier, customizable control of larger installations.
• Offers lockable power cables to meet compliance standards.

This channel provides a different, more hands-on relationship, moving beyond the direct-to-consumer app experience.

Sonos, Inc. (SONO) - Canvas Business Model: Channels

You're looking at how Sonos, Inc. gets its premium audio products into the hands of customers as of late 2025. The channel strategy is a mix of direct engagement and broad retail presence, all supporting the core hardware sales.

Direct-to-Consumer (DTC) via the Sonos website and physical stores remains a key touchpoint. For the month of October 2025, revenues on the domain sonos.com were reported at US$35m. The annual sales on sonos.com for 2024 totaled US$407m, though forecasts suggested a change of less than 0% for the 2025 calendar year compared to 2024, indicating a potential shift in focus or market softness for the direct channel.

The distribution through major third-party e-commerce platforms (e.g., Amazon) and national and regional consumer electronics retailers (e.g., Best Buy) is where the bulk of volume moves. Honestly, the search results confirm that retail remains its largest channel, even as the Direct-to-Consumer (DTC) share has reportedly slipped over the last couple of years. The company's entire Fiscal Year 2025 revenue came in at $1,443.3 million, which is the total pool being divided across these channels.

For the professional installer channel for custom home integration, the strategy is explicitly targeted for growth. While the search results don't give a dedicated revenue percentage for this segment, the category labeled Partner Products and Other, which includes integrator solutions, made up 5.2% of total revenue in the third quarter of Fiscal 2025. Management has stated a desire to grow this integrator channel in the coming year.

Regarding international expansion, especially in EMEA and growth markets, the performance in the third quarter of Fiscal 2025 showed regional softness. The company tracks performance across the Americas, EMEA, and APAC. The focus on these regions is critical to achieving durable top-line growth beyond the core US market.

Here's a look at the geographical revenue performance for the three months ended June 28, 2025, which gives you a snapshot of the channel health across regions:

Geographical Region	Q3 FY2025 Revenue Change vs. Prior Year
Americas	Decreased by 13.2%
EMEA	Decreased by 12.3%
APAC	Decreased by 17.4%

The composition of what is being sold through these channels is heavily weighted toward hardware, which is where the revenue is booked. For the three months ended June 28, 2025, the product mix sold through the channels was:

• Sonos Speakers: Accounted for 73.6% of total revenue.
• Sonos System Products: Accounted for 21.2% of total revenue.
• Partner Products and Other: Made up the remaining 5.2% of total revenue.

The overall revenue for the full Fiscal Year 2025 was $1,443.3 million, a decline of about $74.8 million year-over-year. The company shipped 1.1 million units in Q3 2025, a 15.8% drop in units compared to the same quarter in fiscal 2024. Finance: draft 13-week cash view by Friday.

Sonos, Inc. (SONO) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Sonos, Inc. as of late 2025. The financial profile of this group dictates a lot about the company's premium pricing strategy and its focus on ecosystem expansion.

The primary segment consists of affluent music enthusiasts and audiophiles. For this group, high-end audio quality and seamless integration justify the investment. Financially, over 70% of Sonos users report a household income exceeding $100,000. The core age bracket for this segment remains concentrated between 25-54 years old.

The tech-savvy homeowners are the foundation of the multi-room system strategy. This segment drives sales in the flagship category, Sonos Speakers, which accounted for 73.6% of total revenue in Q3 Fiscal 2025, totaling $253.7 million for that quarter alone. The company noted achieving its highest-ever quarterly market share in US home theater on a dollar basis, supported by premium products like the Arc Ultra soundbar.

Sonos, Inc. heavily targets existing single-product households for system expansion. This speaks directly to the stickiness of the ecosystem. As of fiscal year 2024, the average household owned 3.1 Sonos products. Furthermore, in fiscal 2025, existing customers were responsible for 44% of new product registrations, showing strong brand loyalty and repeat purchase behavior. The install base reached nearly 53.4 million registered products across 17.1 million households globally as of the November 2025 10-K filing.

A newer, but strategically important segment is businesses using the Sonos Pro platform for light commercial audio. Sonos officially entered this space, targeting the $2 billion light commercial audio market. The rollout of the Era 100 Pro speaker, designed for professional installation and featuring Power over Ethernet (PoE) capability, began shipping in January 2025. This platform targets smaller environments like retail shops, cafes, and fitness studios, offering centralized control via a cloud-based management platform.

Here's a quick look at the household penetration metrics as of late 2024/early 2025:

Metric	Value (FY2024/Latest Reported)	Unit
Total Products Registered	50.4 million	Units (End of FY2024)
Total Sonos Households	16.3 million	Households (End of FY2024)
Average Products per Household	3.08	Units/HH (End of FY2024)
Single Product Households	6.4 million	Households (End of FY2024)
Multi-Product Households	10.0 million	Households (End of FY2024)

The focus on expansion is clear when you look at the growth in multi-product ownership:

• Average products in multi-product households increased to 4.42 in fiscal 2024.
• The number of multi-product households grew to 10.0 million in fiscal 2024.
• The single-product household base stood at 6.4 million in fiscal 2024, representing the immediate expansion opportunity.

The company's revenue mix in Q3 Fiscal 2025 shows the reliance on the core product line:

• Sonos Speakers Revenue (Q3 FY25): $253.7 million (73.6% of total revenue).
• Sonos System Products Revenue (Q3 FY25): $73.2 million (21.2% of total revenue).
• Partner Products and Other Revenue (Q3 FY25): $17.9 million (5.2% of total revenue).

Sonos, Inc. (SONO) - Canvas Business Model: Cost Structure

The Cost Structure for Sonos, Inc. is heavily weighted toward the cost of producing its premium hardware, though significant investment in software innovation and brand presence remains critical.

Cost of Goods Sold (COGS) for hardware is the largest component. Based on Fiscal Year 2025 revenue of $1,443.3 million and a GAAP Gross Margin of 43.7%, the implied COGS for hardware was approximately $812.4 million (calculated as $1,443.3 million (1 - 0.437)).

The company has been actively managing these costs, noting that the GAAP gross margin for Q4 Fiscal 2025 was 43.7%, the same as the full-year figure.

Operating Expenses (OpEx) reflect the ongoing transformation efforts focused on efficiency. For the fourth quarter of Fiscal 2025, GAAP Operating Expenses were reported at $160 million, representing a 7% year-over-year decline.

Here's a look at the key expense categories, using the latest available specific data points:

Cost Category	Latest Reported Amount (or Proxy)	Period/Context
Cost of Goods Sold (COGS)	$812.4 million (Implied)	Fiscal Year 2025
Research and Development (R&D) Expenses	$288.8 million	Latest Twelve Months ending June 28, 2025
Q4 GAAP Operating Expenses (Total)	$160 million	Q4 Fiscal 2025
Q3 GAAP Operating Expenses (Total)	$153 million	Q3 Fiscal 2025

Research and Development (R&D) expenses are substantial, reflecting the commitment to software and hardware innovation. For the latest twelve months ending June 28, 2025, Sonos reported R&D expenses of $288.8 million. This investment supports the vision of a seamless platform.

Sales and Marketing (S&M) expenses are managed alongside brand building. While a precise Q4 or FY2025 absolute figure for S&M is not isolated here, the Non-GAAP OpEx structure showed significant cost discipline. For Q3 Fiscal 2025, Non-GAAP Sales & Marketing expenses were down 13% year-over-year, as part of broader cost optimization initiatives.

The overall trend in operating costs shows a focus on becoming a leaner organization:

• GAAP Operating Expenses for Fiscal Year 2025 declined by 8% year-over-year.
• Non-GAAP Operating Expenses for Fiscal Year 2025 declined by 10% on a reported basis.
• The company announced organizational changes in early 2025, expecting to realize $60 million to $70 million in annual run-rate savings by Fiscal 2026.

Supply chain and logistics costs are embedded within COGS, but external factors directly impact profitability. Sonos management noted actively navigating the 'evolving tariff landscape' during Q2 Fiscal 2025. The company stated that the Non-GAAP gross margin contraction in FY2025 was despite price decreases on key products and tariffs, which were offset by cost savings efforts.

Sonos, Inc. (SONO) - Canvas Business Model: Revenue Streams

You're looking at how Sonos, Inc. brings in its money as of late 2025. The revenue picture is dominated by hardware, but the company is clearly pushing its software and services to build a stickier platform.

The Total Fiscal Year 2025 revenue for Sonos, Inc. landed at $1,443.3 million. This followed a transitional year where the company focused on operational efficiency and financial discipline. For context, the fourth quarter of Fiscal 2025 saw revenue hit $287.9 million, which was a 13% year-over-year increase for that quarter alone.

The core of the business remains product sales from wireless speakers, home theater, and headphones. This category is the engine. Here's how the main product line stacked up against the total for the full fiscal year:

Revenue Component	Fiscal Year 2025 Amount (USD)	Notes
Total Revenue	$1,443.3 million	Full Fiscal Year 2025 reported revenue.
Sonos Speakers (Core Product Sales)	$1.12 billion (or $1,120 million)	This is the largest single source, down from $1.17 billion the prior year.
Remainder (Components, Services, Other Hardware)	$323.3 million	Calculated as Total Revenue minus Sonos Speakers revenue.

Within the product segment, you see specific growth areas mentioned by management. For instance, in the fourth quarter of Fiscal 2025, both home theater and plug-ins saw double-digit growth. This suggests that while the flagship speaker line saw a slight contraction in overall revenue contribution, expansion products are gaining traction.

Now, let's look at the smaller, but strategically important, revenue sources that support the platform vision. These are harder to isolate with precise, publicly broken-out figures for the full year, but they represent the future direction:

• Component product sales (Amp, Port) for integrating non-Sonos equipment: These are bundled within the overall hardware sales but represent a key way Sonos gets its ecosystem into existing high-fidelity setups.
• Subscription and services revenue (Sonos Radio HD, Sonos Pro SaaS): This recurring revenue stream is critical for long-term valuation, though it represents a smaller slice of the $1,443.3 million total.
• Licensing and partnership revenue from technology collaborations: This is generally a smaller, less predictable stream, often tied to specific technology agreements.

To give you a sense of scale for the primary market, the United States was the single largest contributor to the total revenue last year, bringing in $855.74 million. That's a significant portion of the entire business. Unit shipments for all products declined by 7.5% in Fiscal 2025, coming in at 4.6 million units, which helps explain the overall revenue dip from the prior year. Finance: draft 13-week cash view by Friday.