Strategy in TECH...
On Monday, Sonos, Inc. (Nasdaq: SONO), in a filing with the Securities and Exchange Commission (SEC), revealed that Deirdre Findlay, Sonos Chief Commercial Officer, had resigned from her position with the company on February 19, 2025. This is yet another top executive, in this case, a top marketing position, to leave the company.
Sonos announced the financial results for its first quarter of Fiscal 2025, the 90-day period that ended on December 28, 2024. It was sobering news – Revenues declined over 10%, Operating Income collapsed almost 40%(!), and Net Income slid 38%. These poor results show that Sonos is starting out 2025, not as bad as 2024…it’s starting out worse.
Yet some outlets on Wall Street reported Sonos results were “better than expected.” With these numbers, how is that possible? Read on…
Voxx International Corporation (Nasdaq: VOXX) has released its Form 10-Q report to the Securities and Exchange Commission (SEC) revealing its financial results for its third quarter – the 90-day period ending on November 30, 2024 – as well as the year-to-date nine-month period ended the same date for Fiscal 2025. It is a sobering report of a company struggling to get to the altar with Gentex while its financial foundation is increasingly shaking.
The surprising results answer some questions, yet raise others as revenues continue to decline and losses mount.
On Wednesday, ProSource CEO Jim Pearse notified members of one of the industry’s largest dealer buying groups that Premium Audio Company – a subsidiary of Voxx International Corporation that oversees its audio brands Onkyo, Integra, and Klipsch – is being dropped from its assortment. This is big news and comes at a difficult time for Voxx which is in deep due diligence for its acquisition by Gentex Corp.
Gentex Corporation (Nasdaq: GNTX) announced its financial results for the fourth quarter (4Q) and full year (FY) of Fiscal 2024. The results spooked investors as the company appeared to be cruising to a solid, probably single-digit growth year through the first three quarters. In fact, the company was predicting a year of record net sales through the first nine months of 2024. Then…the fourth quarter happened…
Analysts on an earnings call had a lot of questions about management’s guidance miss, the reasons for the performance decline at the end of the year, and what the company plans to do with Voxx when the deal finally closes.
Voxx International Corporation (Nasdaq: VOXX) revealed on Friday that it has received an official notification from the Nasdaq Stock Market LLC (Nasdaq) informing the company that the fact it has failed to timely file its Quarterly Report on Form 10-Q for the period ending November 30, 2024 means that it is out of compliance with Nasdaq Listing Rule 5250(c)(1). The company said it had received Nasdaq’s official compliance notice on January 28, 2025.
Daisy, the new national brand that is both acquiring and franchising custom integration businesses, announced today that it celebrated the Grand Opening of its newest franchise location in Ocala, Florida on January 25th. This new location, owned and operated by Bert Herrero, joins the ever-expanding Daisy universe.
But wait! That name…Bert Herrero…sounds familiar. Isn’t he already a part of the Daisy organization?
Masimo Corporation’s (Nasdaq: MASI) Board of Directors announced late Tuesday afternoon that it has appointed Catherine “Katie” Syzman as the company’s new Chief Executive Officer (CEO) and as a director on the newly expanded board. Current Interim CEO Michelle Brennan will transition to a new role as Chairman of the Masimo Board. Finally, Lead Independent Director Quentin Koffey has been appointed Vice Chairman of the Board.
This announcement sets key pieces of the reconstituted management team in place, holding promise of a new era at the medical products company. All of the above changes take effect on February 12, 2025.
In the wake of its acquisition by Bose last November, I have learned that there has been a significant shift in McIntosh’s go-to-market strategy. Multiple sources are reporting that McIntosh Group has terminated all independent manufacturer sales representatives. This move appears to contradict statements made by a Bose executive during the original announcement of its acquisition of McIntosh in November.
In a move I have been anticipating for weeks, the Sonos Board has finally made a move and dismissed Patrick Spence as CEO as of this morning, Monday, January 13, 2025. The company has named a member of the Board – Tom Conrad – as an interim CEO, while a search has been launched for its next CEO.
