Sonder Reports 11% Revenue Drop in Q1, Net Loss Widens 12% Amid Regulatory Uncertainty

Sonder's Q1 revenue fell 11% YoY to $118.9mln due to a 21% drop in bookable nights. RevPAR rose 13% YoY and occupancy rate increased by 7 percentage points YoY. Net loss widened 12% to $56.5mln, but cash burn improved 89% YoY. The company faces regulatory uncertainty due to delayed filings and non-compliance with Nasdaq listing requirements.