Allbirds Q2 2022 Earnings Report
Key Takeaways
Allbirds reported strong second quarter performance, achieving revenue expectations and exceeding adjusted EBITDA expectations. Net revenue increased by 15% to $78.2 million, with a 21% growth in the United States. The company launched the Tree Flyer running shoe and introduced SwiftFoamTM technology. Simplification Initiatives are expected to generate annualized SG&A expense savings of $13 million to $15 million beginning in 2023.
Net revenue increased 15% to $78.2 million compared to Q2 2021.
Net revenue in the United States grew 21% to $59.3 million compared to Q2 2021.
Gross profit decreased to $28.2 million, with a gross margin of 36.1%.
GAAP net loss was $29.4 million, or $0.20 per basic and diluted share.
Allbirds
Allbirds
Allbirds Revenue by Segment
Allbirds Revenue by Geographic Location
Forward Guidance
Allbirds is providing the following financial guidance targets for the third quarter of 2022: Adjusted net revenue of $65 million to $70 million, representing growth in the range of 4% to 12% versus the third quarter of fiscal 2021 and Adjusted EBITDA loss of $17.5 million to $15.5 million, including an estimated $2 million of recurring public company costs.
Positive Outlook
- Automating and expanding our supply chain
- Streamlining our operating structure
- Reinvesting some of these savings into building brand momentum through product innovation
- Marketing
- Retail stores, and marquee third party partnerships
Challenges Ahead
- External headwinds pressuring consumer spending in the United States will persist in the back half of 2022
- Cautious outlook in our updated 2022 guidance targets
- Dynamic operating environment
- COVID-19 restrictions in China
- The crisis in Ukraine