Latest news with #SANFRANCISCO
CNA
12 hours ago
- Automotive
- CNA
LG Innotek to take stake in lidar maker Aeva as part of $50 million deal
SAN FRANCISCO :Aeva Technologies said on Tuesday that South Korean camera module maker LG Innotek will take an equity stake in Aeva as part of a $50 million strategic collaboration. Aeva makes lidar sensors that help vehicles and industrial equipment gain a detailed three-dimensional view of their environment and detect how fast surrounding objects are moving. It supplies sensors to vehicle firms such as Daimler Truck and industrial equipment makers such as Nikon. As part of the deal, LG Innotek will make a $32 million equity investment in Aeva for a "single-digit percentage ownership" in the company, Aeva CEO Soroush Salehian told Reuters in an interview. The remainder of the deal will go toward building production capacity for sensors that can go into robotics and consumer devices, in addition to Aeva's existing markets of vehicles and industrial equipment. 'The ultimate goal of this partnership is for LG Innotek and Aeva to grow together as key players leading the next-generation lidar market through a long-term technology partnership that goes beyond the supply of products,' the South Korean electronics supplier's CEO, Hyuksoo Moon, said in a statement. Salehian told Reuters that Aeva is working to integrate its entire sensor into a single chip whose price can be driven low enough to make it viable in consumer electronics such as augmented reality headsets. "The roadmap that we're going towards is double-digit dollars," Salehian told Reuters. "We are already working towards the next generation that will allow for a very low-cost solution, which we think will be a game changer for mass adoption of what we call precision sensing."
Reuters
6 days ago
- Business
- Reuters
US lawmaker presses for details of Pentagon use of Chinese engineers under Microsoft deal
SAN FRANCISCO, July 24 (Reuters) - A U.S. lawmaker on Thursday pressed the U.S. Defense Department for further details on what information the U.S. military shared with Chinese engineers as part of a cloud computing services contract with Microsoft. After a report by investigative journalism publication ProPublica, Microsoft (MSFT.O), opens new tab last week said it has ended the practice of using China-based engineers to provide technical support to the U.S. military under the supervision of U.S. "digital escorts" who may not have had the expertise to assess whether the work was a cybersecurity threat. Defense Secretary Pete Hegseth ordered a two-week review to ensure other contractors were not employing the same practices. In a letter seen by Reuters, U.S. Senator Tom Cotton, an Arkansas Republican, asked Hegseth to provide details to lawmakers on what information Chinese engineers accessed and to disclose "the discovery of potential security incidents or malicious events that have already occurred or are likely to occur." In addition, Cotton asked whether Microsoft had been required to perform self-audits of the program and if so, the results of those audits. "While I applaud your actions, I am concerned that the Department (of Defense) is hampered by agreements and practices unwisely adopted by your predecessors, including contracts and oversight processes that fail to account for the growing Chinese threat," Cotton wrote in the letter.
Reuters
6 days ago
- Business
- Reuters
Trump administration recommends location verification for AI chips
SAN FRANCISCO, July 23 (Reuters) - U.S. President Donald Trump's administration on Wednesday recommended implementing export controls that would verify the location of advanced artificial intelligence chips, a move that was applauded by U.S. lawmakers from both parties in both houses of Congress. The recommendation was part of a broader AI blueprint released on Wednesday that aimed to boost exports of AI hardware and software to U.S. allies and relax U.S. environmental rules to speed the construction of new AI data centers. But the plan released Wednesday also said the U.S. should continue denying access to advanced U.S. AI chips made by companies like Nvidia (NVDA.O), opens new tab and AMD (AMD.O), opens new tab to foreign adversaries. It added the U.S. government should "explore leveraging new and existing location verification features on advanced AI compute to ensure that the chips are not in countries of concern." The recommendation drew support from two lawmakers who previously introduced bills that would require location verification of chips after sale over concerns that they are finding their way to countries such as China, where their export is banned. Key details - such as how the technology would be implemented and how much cost it would add - remain to be worked out, both in the proposed bills and the Trump administration's recommendations. "I was encouraged to see that the recommended export control policy includes location verification mechanisms and aligns closely with our bipartisan Chip Security Act. I look forward to learning more of the technical details and next steps for end-use verification," Representative Bill Foster, an Illinois Democrat who helped introduce a chip-location bill in May, told Reuters. "Senator Cotton was pleased to see verification included in President Trump's AI Action Plan, as it's a vital part of his bipartisan, bicameral Chip Security Act and an important tool to keep advanced American technology out of the hands of Communist China," said Patrick McCann, a spokesperson for Senator Tom Cotton, an Arkansas Republican who introduced a similar bill in the U.S. Senate.
Yahoo
6 days ago
- Business
- Yahoo
Sonder Holdings Inc. Announces Fourth Quarter and Full Year 2024 Financial Results
SAN FRANCISCO, July 23, 2025--(BUSINESS WIRE)--Sonder Holdings Inc. (Nasdaq: SOND) ("Sonder" or the "Company"), a leading global brand of premium, design-forward apartments and intimate boutique hotels serving the modern traveler, today announced its fourth quarter and full year 2024 financial results and filed the related Annual Report on Form 10-K, which can be found on the Company's website at Fourth Quarter 2024 Financial Highlights1 RevPAR was $180, a 19% increase year-over-year Occupancy Rate was 85%, a three percentage point increase year-over-year Bookable Nights were 897,000, an 18% decrease year-over-year, driven by the Portfolio Optimization Program (described further below) Revenue was $161 million, a 2% decrease year-over-year Net Income was $31 million, a 128% increase year-over-year, including a $(92) million change in fair value of the forward contract, related to the preferred stock transaction completed on August 13, 2024 Adjusted EBITDA2 was $(20) million, a 51% increase year-over-year Adjusted EBITDAR2 was $50 million, a 20% increase year-over-year Cash Used In Operating Activities was $39 million, a 1% increase year-over-year Adjusted Free Cash Flow2 was $(26) million, a 30% increase year-over-year Total Cash, Cash Equivalents and Restricted Cash was $72 million, which included $51 million of restricted cash as of December 31, 2024 Live Units were approximately 9,900 as of December 31, 2024 Total Portfolio was approximately 10,700 as of December 31, 2024 Full Year 2024 Financial Highlights RevPAR was $159, a 5% increase year-over-year Occupancy Rate was 81%, a one percentage point decrease year-over-year Bookable Nights were 3,911,000, a 2% decrease year-over-year, driven by the Portfolio Optimization Program (described further below) Revenue was $621 million, a 3% increase year-over-year Net Loss was $224 million, a 24% decrease year-over-year, including a $93 million lease adjustment gains, net, a $84 million loss on preferred stock issuance, and a $29 million change in fair value of the forward contract, each related to the preferred stock transaction completed on August 13, 2024 for $43 million of new convertible preferred equity Adjusted EBITDA2 was $(105) million, a 38% increase year-over-year Adjusted EBITDAR2 was $196 million, a 30% increase year-over-year Cash Used in Operating Activities was $129 million, a 17% increase year-over-year Adjusted Free Cash Flow2 was $(90) million, a 25% increase year-over-year Long-Term Strategic Licensing Agreement with Marriott International Sonder entered into a long-term strategic licensing agreement with Marriott International, Inc. (NASDAQ: MAR) ("Marriott") in August 2024 and completed the full Marriott integration in the second quarter of 2025. As of June 2025, all Sonder properties are available for booking on Marriott's digital channels and platform, including and the Marriott Bonvoy® mobile app under the new "Sonder by Marriott Bonvoy" collection. Sonder's properties also participate in the Marriott Bonvoy® travel platform. Portfolio Optimization Program In November 2023, Sonder implemented a portfolio optimization program to mitigate losses related to certain underperforming properties and to assess the Company's portfolio of rents relative to current operations and existing market rents. As of December 31, 2024, Sonder signed agreements to exit or reduce rent for approximately 110 buildings, or 4,500 units, as part of the portfolio optimization program. Of the approximately 85 buildings, or 3,300 units, with finalized exit agreements, Sonder had exited approximately 80 buildings, or 3,200 units, as of December 31, 2024. As of June 30, 2025, all 85 buildings, or 3,300 units with finalized exit agreements were exited. About Sonder Sonder (NASDAQ: SOND) is a leading global brand of premium, design-forward apartments and intimate boutique hotels serving the modern traveler. Launched in 2014, Sonder offers inspiring, thoughtfully designed accommodations and innovative, tech-enabled service combined into one seamless experience. Sonder properties are found in prime locations in 41 cities, spanning nine countries, and three continents. To learn more, visit or follow Sonder on Instagram, LinkedIn or X. Download the Sonder app on Apple or Google Play. 1 $ figures represent metrics for the three months ended December 31, 2024, except where otherwise noted. % figures represent year-over-year growth for the three months ended December 31, 2024 compared to the three months ended December 31, 2023. 2 Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Free Cash Flow are non-GAAP financial measures. See "Non-GAAP Financial Measures" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures SONDER HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share data) December 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 20,786 $ 95,763 Restricted cash 51,268 40,734 Total cash, cash equivalents and restricted cash 72,054 136,497 Accounts receivable, net 13,918 7,999 Prepaid expenses 4,141 5,366 Other current assets 9,733 11,345 Total current assets 99,846 161,207 Property and equipment, net 5,933 22,775 Operating lease right-of-use "ROU" assets 1,013,854 1,322,135 Other non-current assets 17,544 15,150 Total assets $ 1,137,177 $ 1,521,267 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 33,724 $ 23,560 Accrued liabilities 32,621 36,040 Taxes payable 22,224 14,005 Other current liabilities 5,513 2,586 Deferred revenue 71,729 61,971 Current portion of long-term debt, net 1,000 168,710 Current operating lease liabilities 171,736 199,364 Total current liabilities 338,547 506,236 Non-current operating lease liabilities 1,009,169 1,389,580 Long-term debt, net 217,236 1,500 Other non-current liabilities 8,113 652 Total liabilities 1,573,065 1,897,968 Mezzanine equity: Series A redeemable convertible preferred stock 162,907 — Stockholders' deficit: Common stock 1 1 Additional paid-in capital 977,112 977,503 Cumulative translation adjustment 7,360 4,976 Accumulated deficit (1,583,268 ) (1,359,181 ) Total stockholders' deficit (598,795 ) (376,701 ) Total liabilities and stockholders' deficit $ 1,137,177 $ 1,521,267 SONDER HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except share data) Three months endedDecember 31, Year endedDecember 31, 2024 2023 2024 2023 Revenue $ 161,078 $ 164,264 $ 621,272 $ 602,066 Costs and operating expenses: Cost of revenue (excluding depreciation and amortization) 89,237 102,951 377,243 392,898 Operations and support 42,660 58,487 184,343 212,913 General and administrative 40,102 19,145 123,390 112,082 Research and development 3,031 5,076 16,522 22,365 Sales and marketing 21,135 23,672 84,248 78,566 Impairment losses 13,164 58,078 13,164 59,165 Integration costs 1,066 — 1,066 — Restructuring and other charges 17 — 3,913 2,119 Total costs and operating expenses 210,412 267,409 803,889 880,108 Loss from operations (49,334 ) (103,145 ) (182,617 ) (278,042 ) Interest expense, net 9,618 7,124 34,213 25,409 Change in fair value of SPAC Warrants (94 ) 59 (87 ) (615 ) Change in fair value of Earn Out Liability (25 ) (230 ) (30 ) (2,372 ) Lease adjustment (gains), net 2,404 (1,569 ) (93,175 ) (10,145 ) Loss on preferred stock issuance — — 83,812 — Change in fair value of forward contract (91,955 ) — 28,652 — Other expense (income), net 1,947 4,520 (9,909 ) 6,282 Total non-operating (income) expense, net (78,105 ) 9,904 43,476 18,559 Income (loss) before income taxes 28,771 (113,049 ) (226,093 ) (296,601 ) Benefit for income taxes (2,632 ) (1,060 ) (2,006 ) (933 ) Net income (loss) $ 31,403 $ (111,989 ) $ (224,087 ) $ (295,668 ) Basic and diluted net income (loss) per common share $ 4.55 $ (10.20 ) $ (20.69 ) $ (27.04 ) Other comprehensive income (loss): Net income (loss) $ 31,403 $ (111,989 ) $ (224,087 ) $ (295,668 ) Change in foreign currency translation adjustment 7,017 (4,801 ) 2,384 (8,050 ) Comprehensive income (loss) $ 38,420 $ (116,790 ) $ (221,703 ) $ (303,718 ) SONDER HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the years ended December 31, 2024 2023 Cash flows from operating activities: Net loss $ (224,087 ) $ (295,668 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 16,989 22,147 Stock-based compensation 8,005 28,494 Amortization of operating lease ROU assets 171,078 194,863 Impairment losses 13,164 59,165 Lease adjustment gains, net (93,175 ) (10,145 ) Credit loss expense 9,170 1,083 (Gain) loss on foreign exchange (1,947 ) (5,691 ) Capitalization of paid-in-kind interest on long-term debt 29,383 26,934 Amortization of debt issuance costs 129 12 Amortization of debt discounts 3,345 2,557 Change in fair value of SPAC Warrants (87 ) (615 ) Change in fair value of Earn Out Liability (30 ) (2,372 ) Change in fair value of forward contracts 28,652 — Loss on preferred stock issuance 83,812 — Other operating activities 1,658 40 Changes in: Accounts receivable (15,340 ) (2,591 ) Prepaid expenses 1,161 3,657 Other current and non-current assets (2,453 ) (636 ) Accounts payable 11,558 6,810 Accrued liabilities (4,646 ) 3,839 Taxes payable 8,907 (727 ) Deferred revenue 10,227 20,068 Operating lease ROU assets and operating lease liabilities, net (186,750 ) (162,327 ) Other current and non-current liabilities 2,055 199 Net cash used in operating activities (129,222 ) (110,904 ) Cash flows from investing activities: Purchase of property and equipment (3,107 ) (10,637 ) Proceeds on the disposition of property and equipment 1,558 71 Proceeds of Key Money Investment 7,500 — Capitalization of internal-use software (222 ) (1,796 ) Net cash provided by (used in) investing activities 5,729 (12,362 ) Cash flows from financing activities: Repayment of debt and related fees (1,011 ) (35,240 ) Proceeds from issuance of debt 20,000 3,000 Payment of issuance costs (2,438 ) — Proceeds from preferred stock issuance 43,300 — Proceeds from exercise of stock options and common stock warrants — 8 Net cash provided by (used in) financing activities 59,851 (32,232 ) Effects of foreign exchange on cash (801 ) 2,809 Net change in cash, cash equivalents, and restricted cash (64,443 ) (152,689 ) Cash, cash equivalents, and restricted cash at beginning of year 136,497 289,186 Cash, cash equivalents, and restricted cash at end of year $ 72,054 $ 136,497 SONDER HOLDINGS INC. AND SUBSIDIARIES NON-GAAP FINANCIAL INFORMATION(2) Reconciliation of Non-GAAP Financial Measure: Reconciliation of Cash Used in Operating Activities to Adjusted Free Cash Flow ("FCF") Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 Cash used in operating activities $ (38,771 ) $ (38,367 ) $ (129,222 ) $ (110,904 ) Cash provided by (used in) investing activities 7,824 74 5,729 (12,362 ) FCF, including cash received from Key Money investment and cash paid for lease terminations, restructuring, and professional fees (30,947 ) (38,293 ) (123,493 ) (123,266 ) Cash received from Key Money investment (7,500 ) — (7,500 ) — Cash paid for non-recurring professional fees 11,266 — 22,566 — Cash paid for restructuring costs 1,398 172 4,363 2,322 Cash paid for lease termination costs 164 1,343 14,499 1,343 Cash paid for integration costs 52 — 52 — Adjusted FCF $ (25,567 ) $ (36,778 ) $ (89,513 ) $ (119,601 ) Reconciliation of Non-GAAP Financial Measure: Reconciliation of Net Loss to Adjusted EBITDA Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 Net loss $ 31,403 $ (111,989 ) $ (224,087 ) $ (295,668 ) Interest expense, net 9,618 7,124 34,213 25,409 Benefit for income taxes (2,632 ) (1,060 ) (2,006 ) (933 ) Depreciation and amortization expense 3,639 3,239 16,989 22,147 EBITDA 42,028 (102,686 ) (174,891 ) (249,045 ) Stock-based compensation 1,603 4,512 8,005 28,494 Lease adjustment (gains), net 2,404 (1,569 ) (93,175 ) (10,145 ) Impairment loss 13,164 58,078 13,164 59,165 Loss on preferred stock issuance(1) — — 83,812 — Change in fair value of forward contract (91,955 ) — 28,652 — Restructuring and other related charges 17 — 3,913 2,119 Non-recurring professional fees 11,366 — 23,971 — Integration costs 1,066 — 1,066 — Adjusted EBITDA $ (20,307 ) $ (41,665 ) $ (105,483 ) $ (169,412 ) (1) Includes $1.3 million associated with the preferred stock participation right. (2) See Non-GAAP Financial Measures section for definitions of the Company's Non-GAAP financial measures. Reconciliation of Non-GAAP Financial Measure: Reconciliation of Adjusted EBITDA to Adjusted EBITDAR Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 Adjusted EBITDA $ (20,307 ) $ (41,665 ) $ (105,483 ) $ (169,412 ) Operating lease related rent charges 70,802 83,592 301,578 320,252 Adjusted EBITDAR $ 50,495 $ 41,927 $ 196,095 $ 150,840 Definitions Key Money Key Money ("Key Money") represents $7.5 million received on April 11, 2025 from Marriott, completing the $15.0 million investment from Marriott under the Marriott Agreement. RevPAR Revenue Per Available Room ("RevPAR") represents the average revenue earned per available night and can be calculated either by dividing revenue by Bookable Nights, or by multiplying Average Daily Rate by Occupancy Rate. Average Daily Rate represents the average revenue earned per night occupied and is calculated as Revenue divided by Occupied Nights. Occupancy Rate is calculated as Occupied Nights divided by Bookable Nights. Bookable Nights represent the total number of nights available for stays across all Live Units. This excludes nights lost to full building closures of greater than 30 nights. Occupied Nights represent the total number of nights occupied across all Live Units. Live Units & Total Portfolio Total Portfolio consists of Live Units and Contracted Units. Live Units are defined as units which are available for guests to book. Contracted Units are units for which Sonder has signed real estate contracts, but are not yet available for guests to book. Non-GAAP Financial Measures Adjusted EBITDA Adjusted EBITDA is defined as net income (loss) as adjusted to eliminate the impact of net interest expense, provision (benefit) for income taxes, depreciation and amortization expense, and certain other items as indicated. The exclusion of these items and other similar items in our non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual. The Company believes Adjusted EBITDA is meaningful to investors as it is the primary operating performance measure that the Company focuses on internally to evaluate its core operating performance. Adjusted EBITDA provides a consistent basis for comparison across reporting periods by excluding interest, taxes, depreciation and amortization, and certain one-time, non-recurring or non-operational items, such as lease adjustment gains, net, restructuring and other related charges, and professional fees related to discrete projects such as fees associated with the integration in connection with the strategic licensing agreement with Marriott and restatement activities. It serves as a key measure for the Company to align its financial performance with its internal financial planning and analysis. Adjusted EBITDAR Adjusted EBITDAR is defined as Adjusted EBITDA adjusted for operating lease related rent charges. The Company believes Adjusted EBITDAR is meaningful to investors as it is an operating performance measure that further enables the Company to assess its operating performance independent of operating leases, offering insights into its cash flow and performance. Adjusted Free Cash Flow Adjusted Free Cash Flow ("Adjusted FCF") is defined as cash used in operating activities plus cash provided by (used in) investing activities, excluding the impact of the Key Money investment, lease terminations, restructuring, and non-recurring professional fee charges related to non-operational activities. The most directly comparable GAAP financial measures are cash used in operating activities when combined with cash provided by (used in) investing activities. The Company's near-term focus is to reach sustainable positive Adjusted FCF as described in its Cash Flow Positive Plan in the Annual Report on Form 10-K. The Company believes Adjusted FCF is meaningful to investors as it is the primary liquidity measure that the Company focuses on internally to evaluate its progress towards the objectives outlined in its Cash Flow Positive Plan. The Company believes that achieving its goals around this measure will put it on a path to financial sustainability and will help fund its future growth. In addition, Adjusted FCF may not provide a complete understanding of the Company's cash flow as a whole. As such, this measure should be reviewed in conjunction with the Company's GAAP cash flow. Presentation of these measures are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the Company's financial performance, the numbers of units and other metrics, the portfolio optimization program and other cost optimization measures, operational and strategic initiatives, the Company's integration efforts under its long-term strategic licensing agreement with Marriott, and information concerning possible or assumed future financial or operating results and measures. These forward-looking statements are not guarantees of future performance, conditions or results. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's reports filed with the Securities and Exchange Commission, and under the heading "Risk Factors" in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at The forward-looking statements contained herein are only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release. View source version on Contacts Media:press@ Investor:ir@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
a.k.a. Brands Holding Corp. to Report Second Quarter 2025 Financial Results on August 6, 2025
SAN FRANCISCO, July 23, 2025--(BUSINESS WIRE)--a.k.a. Brands Holding Corp. (NYSE: AKA) (the "Company"), a portfolio of next generation fashion brands, today announced that it will report its second quarter 2025 financial results after the market close on Wednesday, August 6, 2025. The company will webcast a call with management that day at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). a.k.a. Brands' webcast will be available via the company website at Analysts and investors may also call in on (877) 858-5495 or (201) 689-8853. A replay of the conference call will be available approximately three hours after the conclusion of the call on the company's website at or by dialing (877) 660-6853 or (201) 612-7415 for international callers, conference ID 13754506. The replay will be available until August 13, 2025. About a.k.a. Brandsa.k.a. Brands maintains a portfolio of global fashion brands, Princess Polly, Culture Kings, Petal and Pup and mnml. Through these brands we reach a broad audience of next-generation consumers who seek fashion inspiration on social media and primarily shop online. Our brands are hyper-focused on the customer and serving them newness and a seamless experience throughout the entire shopping journey. We leverage a data-driven 'test and repeat' merchandising model that allows us to introduce new and exclusive fashion weekly, so our customers are always on-trend. We leverage innovative data-driven insights to authentically connect and engage with customers across the latest marketing platforms. Further, we are committed to showing up for customers wherever they shop, whether that's online, in-stores or through wholesale channels. Leveraging our industry expertise and operational synergies, we help accelerate our brands so they can grow faster, reach broader audiences, achieve greater scale and enhance their profitability. We believe we are disrupting the status quo and pioneering a new approach to fashion. View source version on Contacts Investor Contactinvestors@ Media Contactmedia@ Sign in to access your portfolio
