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Mar 31, 2023
Allbirds Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023, exceeding Q1 2023 guidance targets while executing Strategic Transformation plan.
Key Takeaways
Allbirds reported a decrease in net revenue by 13.4% to $54.4 million compared to 2022, but an increase of 9.5% compared to 2021. The company experienced a net loss of $35.2 million, or $0.23 per share, and an adjusted EBITDA loss of $21.7 million. They are executing a strategic transformation plan to reignite growth, improve capital efficiency, and drive profitability.
Net revenue decreased 13.4% to $54.4 million compared to 2022 and increased 9.5% compared to 2021.
Net loss of $35.2 million, or $0.23 per basic and diluted share.
Adjusted EBITDA loss of $21.7 million.
Significant improvement in Q1 cash usage, down 50.6% compared to Q1 2022.
Allbirds
Allbirds
Allbirds Revenue by Geographic Location
Forward Guidance
Allbirds is providing financial guidance for the second quarter of 2023.
Positive Outlook
- Net revenue of $64 million to $69 million.
- Strategic Transformation to Drive Sustained and Profitable Growth
- Reignite product and brand
- Optimize U.S. stores and slow pace of openings.
- Evaluate transition of international go-to-market strategy
Challenges Ahead
- Net revenue decrease of 18% to 12% versus the 2nd quarter of fiscal 2022.
- Adjusted EBITDA loss of $20 million to $23 million.
- Decrease in average selling price
- Higher mix of third party sales
- Foreign exchange impact