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SONOS Sonos Reports Record Second Quarter Fiscal 2021 Results Raises Fiscal 2021 Outlook Santa Barbara , CA - May 12 , 2021 - Sonos , Inc. ( Nasdaq : SONO ) today reported record second quarter fiscal 2021 results . Second Quarter 2021 Financial Highlights ( unaudited ) • GAAP net income ( loss ) increased to $ 17.2 million from ( $ 52.3 ) million last year ; non - GAAP net income ( loss ) excluding stock - based compensation , restructuring and legal and transaction related fees increased to $ 44.6 million from ( $ 37.2 ) million last year . GAAP diluted earnings per share ( EPS ) increased to $ 0.12 from ( $ 0.48 ) last year ; non - GAAP diluted earnings per share ( EPS ) excluding stock - based compensation , restructuring , and legal and transaction related fees increased to $ 0.31 from ( $ 0.34 ) last year . ⚫ Adjusted EBITDA increased to $ 48.5 million from ( $ 28.4 ) million last year . ⚫ Adjusted EBITDA margin increased to 14.6 % from ( 16.2 % ) last year . • Gross margin increased 810 basis points to 49.8 % from 41.7 % last year . • Revenue increased 90 % year - over - year to $ 332.9 million ; on a constant - currency basis , revenue increased approximately 83 % year - over - year . Sonos CEO Patrick Spence commented , " We are thrilled to report another record quarter at Sonos , as demand for our products continues to exceed even our heightened expectations . The power of our model is that customers can start with one product and expand to more over time , and our customers continue to prove they do just that . Based on our outstanding second quarter performance , the continued strong demand for our products , and the power and profitability of our unique business model , we are raising our outlook for fiscal 2021 again . " Mr. Spence continued , " Our increased fiscal 2021 revenue outlook still assumes Sonos will account for only approximately 9 % of the total spend in the $ 18 billion premium home audio market , and an even smaller fraction of the broader $ 89 billion global audio market² we expect to expand into over the long - term . We are truly just scratching the surface toward realizing our long - term opportunity . The future is bright for Sonos . " Mr. Spence concluded , " We remain focused on our key three strategic initiatives - the expansion of our brand , the expansion of our offerings , and driving operational excellence - and continue to see a clear path toward achieving our fiscal 2024 targets of $ 2.25 billion revenue , 45 % to 47 % gross margin , and 15 % to 18 % adjusted EBITDA margin . We are