secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2025-11-05T23:59:59+00:00
Accession:  0000827187-25-000116
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sleep Number Q3 net loss $40M, sales -19.6%; cuts FY2025 outlook, amends bank deal to 2027
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- Q3 net sales $343M, down 19.6% YoY; net loss $40M ($1.73/share) vs loss $3M last year.
- Adjusted EBITDA fell 52% to $13M; leverage ratio 5.0x just under covenant max of 5.25x.
- Company amended and extended bank agreement through 2027 for financial flexibility.
- FY2025 outlook cut: net sales ~$1.4B, adjusted EBITDA ~$70M, negative FCF ~$50M.
- CEO says turnaround underway with restructuring charges of $41M in Q3.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000116/0000827187-25-000116-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000116/snbr-20251105.htm
  HTML page:      https://secwatch.observer/filing/0000827187-25-000116

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