Allbirds Q1 2022 Earnings Report
Key Takeaways
Allbirds reported a 26% increase in net revenue to $62.8 million for Q1 2022, driven by strong growth in the U.S. market. The company's gross profit increased by 26% to $32.6 million, with a gross margin of 51.9%. However, the company experienced a GAAP net loss of $21.9 million and an adjusted EBITDA loss of $12.2 million, impacted by international headwinds and increased operating expenses.
Net revenue increased 26% to $62.8 million compared to Q1 2021.
Gross profit increased 26% to $32.6 million compared to Q1 2021, with a gross margin of 51.9%.
GAAP net loss was $21.9 million, or $0.15 per share.
U.S. net revenue increased 35% to $48.9 million compared to Q1 2021.
Allbirds
Allbirds
Allbirds Revenue by Geographic Location
Forward Guidance
Allbirds expects net revenue of $75 million to $79 million for the second quarter of 2022, representing growth of 10% to 16% versus Q2 2021. The company anticipates external headwinds will continue to impact the international business, and updated 2022 guidance targets reflect a more cautious outlook.
Positive Outlook
- Underlying strength of the business model.
- Strong execution by the teams.
- Confidence in achieving medium-term financial targets.
- Expected net revenue growth of 20% to 30%.
- Gross margin of 60%+
Challenges Ahead
- External headwinds impacting international business.
- More cautious outlook in updated 2022 guidance targets.
- Adjusted EBITDA of negative $14 million to negative $11 million for Q2 2022.
- Includes an estimated $2 million of public company costs.
- Russia’s invasion of Ukraine and COVID-19-related restrictions in China