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Sonos Reports Record Fourth Quarter and Fiscal 2020 Results Sonos reaches inflection point demonstrating the power and profitability of its business model Santa Barbara, CA - November 18, 2020 - Sonos, Inc. (Nasdaq: SONO) today reported record fourth quarter and fiscal 2020 results. Fourth Quarter 2020 Financial Highlights (unaudited) ● GAAP net income increased to $18.4 million from ($29.6) million last year; non-GAAP net income excluding stock-based compensation, restructuring and legal and transaction related fees increased to $40.7 million from ($16.6) million last year ● GAAP diluted earnings per share (EPS) increased to $0.15 from ($0.28) last year; non-GAAP diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees increased to $0.33 from ($0.15) last year ● Adjusted EBITDA increased to $46.4 million from ($2.8) million last year; excluding the effect of tariffs, adjusted EBITDA increased to $48.9 million ● Adjusted EBITDA margin increased to 13.7% from (0.9%) last year; excluding the effect of tariffs, adjusted EBITDA margin increased to 14.4% ● Gross margin increased 530 basis points to 47.5%; excluding the effect of tariffs, gross margin increased 560 basis points to 48.3% ● Revenue increased 16% year-over-year to $339.8 million; excluding the impact of the 14th week, revenue increased approximately 7% year-over-year ● Direct-to-consumer revenue increased 67% year-over-year Fiscal 2020 Financial Highlights (unaudited) ● GAAP net loss increased to ($20.1) million from ($4.8) million last year; non-GAAP net income excluding stock-based compensation, restructuring, and legal and transaction related fees increased to $79.2 million from $41.8 million last year ● GAAP diluted loss per share increased to ($0.18) from ($0.05) last year; non-GAAP diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees increased to $0.67 from $0.37 last year ● Adjusted EBITDA increased 22% to a record $108.5 million; excluding the effect of tariffs, adjusted EBITDA increased 56% to $140.9 million ● Adjusted EBITDA margin increased 120 basis points to record 8.2%; excluding the effect of tariffs, adjusted EBITDA margin increased 350 basis points to 10.6% ● Gross margin increased 130 basis points to 43.1%; excluding the effect of tariffs, gross margin increased 370 basis points to a record of 45.6%

● Revenue increased 5% to $1.326 billion; excluding the impact of the 53rd week in fiscal 2020, revenue increased approximately 3% ● Direct-to-consumer revenue increased 84% and represented a record 21% of total revenue compared to 12% last year ● Cash flows from operating activities of $162.0 million compared to $120.6 million last year ● Free cash flow of $129.0 million compared to $97.4 million last year Sonos CEO Patrick Spence commented, “We reached an inflection point in the fourth quarter that demonstrates the power and profitability of our model. As our customers recognize, Sonos products operate seamlessly together, with more products improving the experience. That’s why year in and year out, our existing customers add more products to their systems - every new household that we gain starts that cycle anew. Fiscal 2020 was the 15th year in a row we grew total households by at least 20%, while our existing customers once again showed strong repurchase habits, accounting for a record 41% of total product registrations. We deliver a consistent cadence of new, innovative products and services, and we have only started the process of realizing the lifetime value of our customers, both old and new.” “In fiscal 2020, we delivered a record 8.2% adjusted EBITDA margin, or 10.6% excluding the effect of tariffs, and we project delivering 12% to 14% adjusted EBITDA margins next year, which is ahead of our prior targets,” continued Mr. Spence. Mr. Spence concluded, “As we look ahead, we are focused on delivering innovative new products and services that customers love, strengthening our direct-to-consumer efforts, and supporting our incredible partnerships. We believe we are well positioned to deliver strong profit margins, cash flow, revenue growth and increased shareholder value over the long-term.” Fiscal 2020 Company Highlights ● Launched three new products including Arc, our premium smart soundbar replacing Playbar; Five, our most powerful speaker and replacing Play:5; and Sub (Gen 3), featuring the same iconic design and bold bass as its predecessor ● Launched Sonos S2, a powerful new app and operating system ● Announced multifaceted innovative marketing campaign with Disney, celebrating the widely anticipated premiere of the second season of “The Mandalorian” ● Introduced Sonos Radio, a free, ad-supported radio service available in the Sonos app ● Total households increased 20% to 10.9 million in fiscal 2020 on top of 22% growth last year ● Existing households accounted for 41% of new product registrations in fiscal 2020 up from 37% last year ● Added record 1.8 million net new households in fiscal 2020 ● Average number of registered products per household at 2.9 in fiscal 2020 ● Listening hours increased 33% in fiscal 2020 compared to 29% growth last year Fiscal 2021 Outlook

● Adjusted EBITDA in the range of $170 million to $205 million, representing growth in the range of 57% to 89%, or 21% to 46% excluding the effect of tariffs in fiscal 2020 ● Adjusted EBITDA margin in the range of 12% to 14%, representing a 380 to 580 basis point improvement year-over-year, or 140 to 340 basis points excluding the effect of tariffs in fiscal 2020 ● Gross margin in the range of 45.3% to 45.8%, representing a 220 to 270 basis point improvement year-over-year; excluding the effect of tariffs in fiscal 2020, gross margin roughly flat year-over-year. This includes minimal impact from ongoing tariffs and no impact from the potential tariff refund. ● Revenue in the range of $1.44 billion to $1.5 billion, representing growth in the range of 11% to 15% from fiscal 2020 on a comparable 52-week basis and 9% to 13% on as reported basis ● Direct-to-consumer revenue as a percentage of total revenue similar to fiscal 2020 Virtual Investor Event - Tuesday, March 9, 2021 Sonos will host a virtual investor event on Tuesday, March 9, 2021 highlighting its long-term strategic priorities and targets. Further details to come. Supplemental Earnings Presentation The Company has posted a supplemental earnings presentation accompanying its fourth quarter and fiscal 2020 results to the Earnings Reports section of its investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports. Conference Call, Webcast and Transcript The Company will host a webcast of its conference call and Q&A related to its fourth quarter and fiscal 2020 results on November 18, 2020 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants may access the live webcast in listen-only mode on the Sonos investor relations website at https://investors.sonos.com/news-and-events/default.aspx. The conference call may also be accessed by dialing (833) 921-1637 with conference ID 7717309. Participants outside the U.S. can access the call by dialing (236) 714-2128 using the same conference ID. An archived webcast of the conference call and a transcript of the company’s prepared remarks and Q&A session will also be available at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports following the call.

Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited, dollars in thousands, except share and per share amounts) Three Months Ended Twelve Months Ended October 3, September 28, October 3, September 28, 2020 2019 2020 2019 Revenue $ 339,837 $ 294,160 $ 1,326,328 $ 1,260,823 Cost of revenue 178,301 169,889 754,372 733,480 Gross profit 161,536 124,271 571,956 527,343 Operating expenses Research and development 54,783 49,644 214,672 171,174 Sales and marketing 58,338 70,894 263,539 247,599 General and administrative 32,986 28,565 120,978 102,871 Total operating expenses 146,107 149,103 599,189 521,644 Operating income (loss) 15,429 (24,832) (27,233) 5,699 Other income (expense), net Interest income 43 1,416 1,998 4,349 Interest expense (300) (584) (1,487) (2,499) Other income (expense), net 3,273 (4,985) 6,639 (8,625) Total other income (expense), net 3,016 (4,153) 7,150 (6,775) Income (loss) before provision for income taxes 18,445 (28,985) (20,083) (1,076) Provision for income taxes 34 615 32 3,690 Net income (loss) $ 18,411 $ (29,600) $ (20,115) $ (4,766) Net income (loss) attributable to common stockholders: Basic $ 18,411 $ (29,600) $ (20,115) $ (4,766) Diluted $ 18,411 $ (29,600) $ (20,115) $ (4,766) Net income (loss) per share attributable to common stockholders: Basic $ 0.17 $ (0.28) $ (0.18) $ (0.05) Diluted $ 0.15 $ (0.28) $ (0.18) $ (0.05) Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: Basic 111,148,110 107,130,076 109,807,154 103,783,006 Diluted 122,598,225 107,130,076 109,807,154 103,783,006 Total comprehensive income (loss) Net income (loss) $ 18,411 $ (29,600) $ (20,115) $ (4,766) Change in foreign currency translation adjustment (1,095) 1,107 (1,826) 1,613 Comprehensive income (loss) $ 17,316 $ (28,493) $ (21,941) $ (3,153)

Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except par values) As of October 3, September 28, 2020 2019 Assets Current assets: Cash and cash equivalents $ 407,100 $ 338,641 Restricted cash 191 179 Accounts receivable, net of allowances 54,935 102,743 Inventories 180,830 219,784 Prepaids and other current assets 17,321 17,762 Total current assets 660,377 679,109 Property and equipment, net 60,784 78,139 Operating lease right-of-use assets 42,342 — Goodwill 15,545 1,005 Intangible assets, net 26,394 13 Deferred tax assets 1,800 1,154 Other noncurrent assets 8,809 2,185 Total assets $ 816,051 $ 761,605 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 250,328 $ 251,941 Accrued expenses 45,049 69,856 Accrued compensation 44,517 41,142 Short-term debt 6,667 8,333 Deferred revenue, current 15,304 13,654 Other current liabilities 31,150 17,548 Total current liabilities 393,015 402,474 Operating lease liabilities, noncurrent 50,360 — Long-term debt 18,251 24,840 Deferred revenue, noncurrent 47,085 42,795 Deferred tax liabilities 2,434 — Other noncurrent liabilities 7,067 10,568 Total liabilities 518,212 480,677 Stockholders’ equity: Common stock, $0.001 par value 114 110 Treasury stock (20,886) (13,498) Additional paid-in capital 548,993 502,757 Accumulated deficit (228,492) (208,377) Accumulated other comprehensive loss (1,890) (64) Total stockholders’ equity: 297,839 280,928 Total liabilities and stockholders’ equity: $ 816,051 $ 761,605

Condensed Consolidated Statements of Cash Flows (unaudited, dollars in thousands) Twelve Months Ended October 3, September 28, 2020 2019 Cash flows from operating activities Net loss $ (20,115) $ (4,766) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation and amortization 36,426 36,415 Impairment and abandonment charges 14,174 — Stock-based compensation expense 57,610 46,575 Other 5,710 2,713 Deferred income taxes (567) (268) Foreign currency transaction (gain) loss (4,143) 4,035 Changes in operating assets and liabilities: Accounts receivable, net 49,593 (32,078) Inventories 38,010 (31,796) Other assets (5,749) (7,605) Accounts payable and accrued expenses (24,440) 85,878 Accrued compensation 1,088 8,231 Deferred revenue 4,754 6,165 Other liabilities 9,635 7,137 Net cash provided by operating activities 161,986 120,636 Cash flows from investing activities Purchases of property and equipment and intangible assets (33,035) (23,222) Cash paid for acquisition, net of acquired cash (36,289) — Net cash used in investing activities (69,324) (23,222) Cash flows from financing activities Repayments of borrowings (8,333) (6,667) Payments for repurchase of common stock under share repurchase program (50,015) — Payments for repurchase of common stock related to equity awards (11,029) (2,426) Proceeds from exercise of common stock options 42,286 31,574 Payments of offering costs — (585) Net cash provided by (used in) financing activities (27,091) 21,896 Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,900 (1,610) Net increase in cash, cash equivalents and restricted cash 68,471 117,700 Cash, cash equivalents and restricted cash Beginning of period 338,820 221,120 End of period $ 407,291 $ 338,820 Supplemental disclosure Cash paid for interest $ 1,647 $ 2,517 Cash paid for taxes, net of refunds $ 783 $ 3,570 Cash paid for amounts included in the measurement of lease liabilities $ 17,194 $ — Supplemental disclosure of non-cash investing and financing activities

Purchases of property and equipment, accrued but not paid $ 3,911 $ 11,687 Right-of-use assets obtained in exchange for lease liabilities $ 77,416 $ — Reconciliation of Net Income (Loss) to Adjusted EBITDA (unaudited, dollars in thousands) Three Months Ended Twelve Months Ended October 3, September 28, October 3, September 28, 2020 2019 2020 2019 Net income (loss) $ 18,411 $ (29,600) $ (20,115) $ (4,766) Add (deduct): Depreciation and amortization 8,733 9,012 36,426 36,415 Stock-based compensation expense 15,971 13,049 57,610 46,575 Interest income (43) (1,416) (1,998) (4,349) Interest expense 300 584 1,487 2,499 Other (income) expense, net (3,273) 4,985 (6,639) 8,625 Provision for (benefit from) income taxes 34 615 32 3,690 Restructuring and related charges 125 — 26,285 — Legal and transaction related costs (1) ​ 6,170 — 15,455 — Adjusted EBITDA $ 46,428 $ (2,771) $ 108,543 $ 88,689 Revenue $ 339,837 $ 294,160 $ 1,326,328 $ 1,260,823 Adjusted EBITDA margin 13.7 % (0.9) % 8.2 % 7.0 % (1) Legal and transaction related costs consist of expenses related to our intellectual property ("IP") litigation against Alphabet Inc. and Google LLC as well as legal and transaction costs associated with our recent acquisition activity, which we do not consider representative of our underlying operating performance. Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow (unaudited, dollars in thousands) Year Ended October 3, September 28, 2020 2019 Cash flows provided by operating activities $ 161,986 $ 120,636 Less: purchases of property and equipment and intangible assets (33,035) (23,222) Free cash flow $ 128,951 $ 97,414 Revenue by Product Category (unaudited, dollars in thousands) Three Months Ended Twelve Months Ended October 3, September 28, October 3, September 28, 2020 2019 2020 2019 Sonos speakers $ 254,874 $ 217,526 $ 1,034,813 $ 1,008,422 Sonos system products 67,901 49,686 218,788 187,172 Partner products and other revenue 17,062 26,948 72,727 65,229 Total revenue $ 339,837 $ 294,160 $ 1,326,328 $ 1,260,823

Revenue by Geographical Region (unaudited, dollars in thousands) Three Months Ended Twelve Months Ended October 3, September 28, October 3, September 28, 2020 2019 2020 2019 Americas $ 199,549 $ 157,540 $ 755,874 $ 678,224 Europe, Middle East and Africa ("EMEA") 117,076 101,248 470,883 484,785 Asia Pacific ("APAC") 23,212 35,372 99,571 97,814 Total revenue $ 339,837 $ 294,160 $ 1,326,328 $ 1,260,823 Stock-based Compensation (unaudited, dollars in thousands) Three Months Ended Twelve Months Ended October 3, September 28, October 3, September 28, 2020 2019 2020 2019 Cost of revenue $ 239 $ 284 $ 1,106 $ 985 Research and development 6,742 4,851 23,439 17,643 Sales and marketing 3,701 3,549 14,359 12,965 General and administrative 5,289 4,365 18,706 14,982 Total stock-based compensation expense $ 15,971 $ 13,049 $ 57,610 $ 46,575 Restructuring and Related Costs1 ​ (unaudited, dollars in thousands) Three Months Twelve Months Ended Ended October 3, October 3, 2020 2020 Research and development $ 125 $ 5,074 Sales and marketing — 19,788 General and administrative — 1,423 Total restructuring and related costs $ 125 $ 26,285 (1) On June 23, 2020, the Company initiated a restructuring plan as part of its efforts to reduce operating expenses and preserve liquidity due to the uncertainty and challenges stemming from the COVID-19 pandemic. As part of the 2020 restructuring plan, the Company eliminated approximately 12% of its global headcount and closed its New York retail store and six satellite offices. The Company believes these initiatives will better align resources to provide further operating flexibility and more efficiently position the business for its long-term strategy. The Company expects activities under the 2020 restructuring plan to be substantially complete in the first quarter of fiscal 2021.

Use of Non-GAAP Measures We have provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles (“U.S. GAAP”), including adjusted EBITDA, adjusted EBITDA margin, free cash flow, gross margin excluding the effect of tariffs, adjusted EBITDA excluding the effect of tariffs, adjusted EBITDA margin excluding the effect of tariffs, revenue excluding the 14th week, revenue excluding the 53rd week, net income (loss) excluding stock-based compensation, restructuring, and legal and transaction related fees, and diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees. These non-GAAP financial measures are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We use these non-GAAP financial measures to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in these non-GAAP financial measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to a key financial metric used by our management in its financial and operational decision-making. Non-GAAP financial measures should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of these financial measures to their nearest U.S. GAAP financial equivalents provided in the financial statement tables above. We define adjusted EBITDA as net income (loss) adjusted to exclude the impact of depreciation, stock-based compensation expense, interest income, interest expense, other income (expense), income taxes and other items that we do not consider representative of our underlying operating performance. We define adjusted EBITDA margin as adjusted EBITDA divided by revenue. We calculate gross margin excluding the effect of tariffs as gross profit dollars removing the effect of tariffs imposed on goods imported to the U.S. from China divided by revenue. We define free cash flow as defined as net cash from operations less purchases of property and equipment and intangible assets. We calculate adjusted EBITDA excluding the effect of tariffs as net income (loss) excluding the effect of tariffs imposed on goods manufactured in China and adjusted to exclude the impact of depreciation, stock-based compensation expense, interest income, interest expense, other income (expense), income taxes and other items that we do not consider representative of our underlying operating performance. We calculate non-GAAP net income excluding stock-based compensation, restructuring and legal and transaction related fees as net income less stock-based compensation, restructuring fees and legal and transaction related fees. We calculate non-GAAP diluted ​ earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees as net income less stock-based compensation, restructuring costs and legal and transaction related fees divided by our number of shares at fiscal year end. We do not provide a reconciliation of ​ ​ forward-looking non-GAAP financial measures to their comparable GAAP financial measures because we cannot do so without unreasonable effort due to unavailability of information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, we do so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for items such as stock-based compensation, which is inherently difficult to predict with reasonable accuracy. Stock-based compensation expense is difficult to estimate because it depends on our future hiring and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to constant change. In

addition, for purposes of setting annual guidance, it would be difficult to quantify stock-based compensation expense for the year with reasonable accuracy in the current quarter. As a result, we do not believe that a GAAP reconciliation would provide meaningful supplemental information about our outlook. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our outlook for the fiscal year ended October 2, 2021, our long-term focus, financial, growth and business strategies and opportunities, growth metrics and targets, new products, software, services and partnerships, profitability and gross margins, our restructuring efforts, our tariff expense and other factors affecting variability in our financial results. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to the duration and impact of the COVID-19 pandemic and related mitigation efforts on our industry; changes in general economic or market conditions that could affect consumer income and overall consumer spending; our ability to successfully introduce new products and services and maintain the success of our existing products; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth and business strategies; our ability to accurately forecast consumer demand for our products and manage our inventory in response to changing demands; and the other risk factors set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 27, 2020 and our other filings filed with the Securities and Exchange Commission (the “SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this letter, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Sonos and Sonos product names are trademarks or registered trademarks of Sonos, Inc. All other product names and services may be trademarks or service marks of their respective owners. About Sonos Sonos (Nasdaq: SONO) is one of the world’s leading sound experience brands. As the inventor of multi-room wireless home audio, Sonos innovation helps the world listen better by giving people access to the content they love and allowing them to control it however they choose. Known for delivering an unparalleled sound experience, thoughtful home design aesthetic, simplicity of use and an open platform, Sonos makes the breadth of audio content available to anyone. Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com. ​ ​ Investor Contact Cammeron McLaughlin IR@ sonos.com Press Contact Tom Lodge PR@sonos.com Source: Sonos