EV Connect and Presto Deliver Advanced Tools for Expanding EV Fleet and Ride-Hailing Fast-Charging
The collaboration empowers charging network operators on the EV Connect platform with strategic pricing flexibility, enabling those charging providers to increase visibility and charging session demand from fleet vehicle operators and to maximize site utilization dynamically. Leveraging Presto's extensive relationships with various fleet market segments—including rental car, ride-hailing, e-commerce, and food-delivery services—the collaboration provides a streamlined solution for charging networks to increase fleet engagement and charging sessions.
'Charging networks on the EV Connect platform can now attract even more fleet charging demand through this collaboration with Presto,' said Bassem Ammouri, chief operating officer at EV Connect. 'With successfully completed charging sessions as a key focus, the next logical step is to help our customers increase their ROI by growing the number of charging sessions per station. That is exactly what this collaboration can do for our site and network operators, showing once again that EV Connect is the premier charging business platform, capable of building third-party business models on top of highly reliable charging.'
Presto simplifies charging by enabling fleet drivers to seamlessly find, charge, and pay across thousands of charging stations operated by Presto's charging partners through one easy-to-use app or API. Presto helps onboard more fleet charging demand for its charging partners, grow charger utilization, and improve charging economics.
'We're excited for fleets using Presto to access charging across the 16,000 EV Connect charging connectors nationwide and to work with EV Connect site hosts on optimizing the demand they can get from fleets,' said JJ Raynor, CFO & Co-Founder of Presto.
EV Connect equips charging networks with a comprehensive suite of tools to build and scale EV charging services that meet the needs of site hosts, fleet drivers, and network operators. From enabling flexible pricing strategies to supporting remote management, hardware choice, and driver engagement, the EV Connect platform helps partners improve performance, increase charging sessions, and deliver a reliable charging experience across locations.
To learn how this collaboration can help grow fleet utilization at your sites, contact your EV Connect representative or reach out to Presto at hello@prestocharging.com.
About EV Connect
EV Connect is the all-in-one EV charging platform that successfully delivers the tools to build, run, and scale EV charging businesses. The platform serves a broad set of use cases for customers, including Charge Point Operators (CPOs), charging network providers, Fortune 500 companies, charging business upstarts and trailblazers, fleet-scale transportation providers, and electric utilities.
EV Connect customers benefit from cutting-edge software features with premium service experiences, such as branded customer support, EV charging station procurement, deployment and installation support, and the latest driver app technology. Because technology, public policy, and technical standards constantly evolve and change, EV Connect has built its platform and tools to ensure that an investment in electric vehicle charging equipment delivers exceptionally reliable performance, confidence in station utilization and revenue management, and return on investment. Founded in 2010, EV Connect offers the tools and connections for EV charging businesses of any size, with the power of an open-platform approach and a trusted partner network.
For more information, please visit www.evconnect.com and follow us on X and LinkedIn.
Presto is an electric vehicle (EV) charging platform that powers seamless and reliable charging experiences for fleets, mobility providers, and businesses. Presto's platform makes working with fleets seamless for charging partners, while fleet partners can quickly and easily roll out an all-in-one charging solution using Presto's highly-rated mobile app (available for iOS and Android) or integrate charging into their customer experiences using Presto's easy APIs.
Learn more at www.prestocharging.com.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Asian Automakers Invest in Digital, Electrified Future
Automotive and mobility firms adopt advanced features, methodologies to reshape development and production, ISG Provider Lens® report says SYDNEY, July 24, 2025--(BUSINESS WIRE)--Automotive and mobility companies in Asia Pacific are developing advanced digital vehicle platforms and features to stay competitive amid rapid electrification and changing consumer expectations, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm. The 2025 ISG Provider Lens® Automotive and Mobility Services and Solutions report for Asia Pacific finds that the market for electric and hybrid vehicles in the region continues to grow, driven in part by government support, urbanization and environmental concerns. Interest in and development of autonomous vehicles (AVs) is also accelerating, led by rapid developments in China and Southeast Asia. These trends, along with rising demand for connected cars with new digital capabilities, are driving innovation throughout the region's industry. "Asia Pacific is a key region in the development of new vehicle platforms and features," said Michael Gale, partner and regional leader, ISG Asia Pacific. "As regulatory and market pressures grow and change, manufacturers continue to advance both their products and their methodologies." Automotive manufacturers and service providers are increasing their investments in Asia Pacific to build up production and technology infrastructure for the new age of electric and software-defined vehicles, the report says. This includes investments in battery technologies, localized supply chains and public-private partnerships. Companies are transforming automotive engineering and production with digital advancements to increase their agility, accelerate time to market and respond more quickly to changing consumer demands, ISG says. By using digital twins to simulate products under development, manufacturers are eliminating the cost of some physical prototypes, while physical prototyping itself is becoming faster and less expensive with 3D printing. Some companies are moving toward the use of blockchain technology for trust and transparency throughout the development process, further reducing timelines. Automakers in Asia Pacific are increasingly focused on enhancing customer experience through digital features such as advanced driver assistance and AI-powered service recommendations, the report says. Vehicles are becoming defined by software more than by hardware, especially with over-the-air updates that allow manufacturers to significantly improve features over time. The emergence of software-defined vehicles is reshaping product design and development and helping to clear a path to new mobility models such as car-sharing and subscriptions. As vehicle platforms and development approaches evolve, service providers are gaining competencies to assist automakers from product inception through testing, refinement and manufacturing, ISG says. "Electrification, digitalization and new ownership models are changing nearly every aspect of the automotive business," said Shirish Madhukar Kulkarni, lead author of the report. "Service providers need to expand and strengthen their capabilities to help manufacturers in Asia Pacific succeed in this new environment." The report also examines other automotive and mobility trends in Asia Pacific, including the growing imperative for more sustainable operations and the evolution of automotive retail channels. For more insights into the challenges faced by automotive enterprises in Asia Pacific, along with ISG's advice for addressing them, see the ISG Provider Lens® Focal Points briefing here. The 2025 ISG Provider Lens® Automotive and Mobility Services and Solutions report for Asia Pacific evaluates the capabilities of 39 providers across five quadrants: Automotive Engineering and Manufacturing Services, Electric Vehicles and Mobility Services, Autonomous Systems and Software-defined Vehicles, Automotive Retail and Aftermarket Services and Technology Transformation and Consulting. The report names Accenture, Cognizant, HCLTech, IBM, Infosys, TCS, Tech Mahindra and Wipro as Leaders in all five quadrants. It names Capgemini and Deloitte as Leaders in four quadrants each and KPIT, LTTS and NTT DATA as Leaders in three quadrants each. Tata Elxsi and UST are named as Leaders in two quadrants each. Akkodis and FPT Software are named as Leaders in one quadrant each. In addition, FPT Software is named as a Rising Star — a company with a "promising portfolio" and "high future potential" by ISG's definition — in two quadrants. Akkodis, Cyient and DXC Technology are named as Rising Stars in one quadrant each. The 2025 ISG Provider Lens® Automotive and Mobility Services and Solutions report for Asia Pacific is available to subscribers or for one-time purchase on this webpage. About ISG Provider Lens® Research The ISG Provider Lens® Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage. About ISG ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world's top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments. View source version on Contacts Press Contacts: Laura Hupprich, ISG+1 203 517 Julianna Sheridan, Matter Communications for ISG+1 978-518-4520isg@ Sign in to access your portfolio
Business Wire
7 minutes ago
- Business Wire
Asian Automakers Invest in Digital, Electrified Future
SYDNEY--(BUSINESS WIRE)--Automotive and mobility companies in Asia Pacific are developing advanced digital vehicle platforms and features to stay competitive amid rapid electrification and changing consumer expectations, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm. Asia Pacific is a key region in the development of new vehicle platforms and features. As regulatory and market pressures grow and change, manufacturers continue to advance both their products and their methodologies. The 2025 ISG Provider Lens ® Automotive and Mobility Services and Solutions report for Asia Pacific finds that the market for electric and hybrid vehicles in the region continues to grow, driven in part by government support, urbanization and environmental concerns. Interest in and development of autonomous vehicles (AVs) is also accelerating, led by rapid developments in China and Southeast Asia. These trends, along with rising demand for connected cars with new digital capabilities, are driving innovation throughout the region's industry. 'Asia Pacific is a key region in the development of new vehicle platforms and features,' said Michael Gale, partner and regional leader, ISG Asia Pacific. 'As regulatory and market pressures grow and change, manufacturers continue to advance both their products and their methodologies.' Automotive manufacturers and service providers are increasing their investments in Asia Pacific to build up production and technology infrastructure for the new age of electric and software-defined vehicles, the report says. This includes investments in battery technologies, localized supply chains and public-private partnerships. Companies are transforming automotive engineering and production with digital advancements to increase their agility, accelerate time to market and respond more quickly to changing consumer demands, ISG says. By using digital twins to simulate products under development, manufacturers are eliminating the cost of some physical prototypes, while physical prototyping itself is becoming faster and less expensive with 3D printing. Some companies are moving toward the use of blockchain technology for trust and transparency throughout the development process, further reducing timelines. Automakers in Asia Pacific are increasingly focused on enhancing customer experience through digital features such as advanced driver assistance and AI-powered service recommendations, the report says. Vehicles are becoming defined by software more than by hardware, especially with over-the-air updates that allow manufacturers to significantly improve features over time. The emergence of software-defined vehicles is reshaping product design and development and helping to clear a path to new mobility models such as car-sharing and subscriptions. As vehicle platforms and development approaches evolve, service providers are gaining competencies to assist automakers from product inception through testing, refinement and manufacturing, ISG says. 'Electrification, digitalization and new ownership models are changing nearly every aspect of the automotive business,' said Shirish Madhukar Kulkarni, lead author of the report. 'Service providers need to expand and strengthen their capabilities to help manufacturers in Asia Pacific succeed in this new environment.' The report also examines other automotive and mobility trends in Asia Pacific, including the growing imperative for more sustainable operations and the evolution of automotive retail channels. For more insights into the challenges faced by automotive enterprises in Asia Pacific, along with ISG's advice for addressing them, see the ISG Provider Lens ® Focal Points briefing here. The 2025 ISG Provider Lens ® Automotive and Mobility Services and Solutions report for Asia Pacific evaluates the capabilities of 39 providers across five quadrants: Automotive Engineering and Manufacturing Services, Electric Vehicles and Mobility Services, Autonomous Systems and Software-defined Vehicles, Automotive Retail and Aftermarket Services and Technology Transformation and Consulting. The report names Accenture, Cognizant, HCLTech, IBM, Infosys, TCS, Tech Mahindra and Wipro as Leaders in all five quadrants. It names Capgemini and Deloitte as Leaders in four quadrants each and KPIT, LTTS and NTT DATA as Leaders in three quadrants each. Tata Elxsi and UST are named as Leaders in two quadrants each. Akkodis and FPT Software are named as Leaders in one quadrant each. In addition, FPT Software is named as a Rising Star — a company with a 'promising portfolio' and 'high future potential' by ISG's definition — in two quadrants. Akkodis, Cyient and DXC Technology are named as Rising Stars in one quadrant each. The 2025 ISG Provider Lens ® Automotive and Mobility Services and Solutions report for Asia Pacific is available to subscribers or for one-time purchase on this webpage. About ISG Provider Lens ® Research The ISG Provider Lens ® Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage. About ISG ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world's top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.
Business Wire
7 minutes ago
- Business Wire
Sonder Holdings Inc. Announces Fourth Quarter and Full Year 2024 Financial Results
SAN FRANCISCO--(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 Highlights 1 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 EBITDA 2 was $(20) million, a 51% increase year-over-year Adjusted EBITDAR 2 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 Flow 2 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 EBITDA 2 was $(105) million, a 38% increase year-over-year Adjusted EBITDAR 2 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 Flow 2 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 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 Expand SONDER HOLDINGS INC. AND SUBSIDIARIES (in thousands, except share data) Three months ended December 31, Year ended December 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 ) 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 ) Expand 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 Expand SONDER HOLDINGS INC. AND SUBSIDIARIES NON-GAAP FINANCIAL INFORMATION (2) 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 ) Expand 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 ) Expand (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. Expand 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.
