SONX Sonendo, Inc.

Overview and Growth

In fiscal 2024, Sonendo, Inc. recorded $33.20M of revenue, net loss of $28.03M, and an operating cash outflow of $24.65M. The $33.20M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 24.3% below fiscal 2023 revenue of $43.87M, marking a top-line contraction. Diluted earnings per share were -$59.03, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $31.27M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 1.06x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $11.84M as gross profit before recognizing operating expenses and other items. Gross margin was 35.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $29.37M operating loss before non-operating and tax effects. An operating margin of -88.5% reflected costs exceeding revenue-level gross profit by 88.5% of sales. After all below-operating-line items, the company recorded a net loss of $28.03M for the fiscal year. The net loss equaled 84.4% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported a pretax loss of $33.54M, before the effect of income taxes. Pretax margin was -101.0%, reflecting a pre-tax loss equal to 101.0% of revenue. The company recognized $2.00K of income tax for the period, completing the transition from pretax income to net income. Relative to period-end equity, the net loss represented 540.0%. The net loss equaled 89.7% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

At period end, the $31.27M asset base was financed through $26.07M of liabilities and $5.19M of equity. The near-term balance sheet paired $27.80M of current assets with $19.94M of current liabilities at the reporting date. At 1.39x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $10.23M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 51.3%, excluding receivables and other current assets. Total debt was $14.44M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 2.78x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 46.2%, showing how much of the asset base was matched by borrowing. Liabilities represented 83.4% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 32.7%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 60.0% from $78.16M in fiscal 2023, leaving current total assets lower year over year. Reported equity changed 81.7% from $28.42M in fiscal 2023, placing the current capital base lower year over year. Compared with $14.01M in fiscal 2023, the current cash balance moved 27.0% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $24.65M, showing that operations absorbed cash during the period. Capital expenditures used $161.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $24.81M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 74.7%. The free-cash-flow deficit equaled 79.4% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2024. Analysis generated Nov 4, 2026.