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Mar 31, 2024
Allbirds Q1 2024 Earnings Report
Allbirds' Q1 2024 financial performance was reported, showing a decrease in net revenue but an improvement in gross margin and a reduced net loss compared to the previous year, as the company progresses with its strategic transformation plan.
Key Takeaways
Allbirds reported a decrease in net revenue to $39.3 million, but gross margin improved to 46.9%. The company's net loss decreased to $27.3 million. They are reiterating full year 2024 guidance.
Net revenue decreased by 27.6% to $39.3 million compared to the previous year.
Gross margin improved by 680 basis points to 46.9% year-over-year.
Net loss was $27.3 million, an improvement compared to $35.2 million in the first quarter of 2023.
The company closed three U.S. retail stores and remains on track with its previously communicated plan to close 10-15 U.S. locations in 2024.
Allbirds
Allbirds
Allbirds Revenue by Geographic Location
Forward Guidance
The Company is reiterating its full year 2024 guidance and providing guidance for the second quarter of 2024.
Positive Outlook
- Net revenue of $190 million to $210 million
- U.S. net revenue of $150 million to $165 million
- International net revenue of $40 million to $45 million
- Gross margin of 42% to 45%
- Adjusted EBITDA loss of $78 million to $63 million.
Challenges Ahead
- Net revenue of $48 million to $53 million
- U.S. net revenue of $35 million to $37 million
- International net revenue of $13 million to $16 million
- Adjusted EBITDA loss of $20 million to $17 million.
- U.S. net revenue includes a $7 million to $9 million impact resulting from anticipated store closures