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Sep 30, 2022
Allbirds Q3 2022 Earnings Report
Reported strong financial results, exceeding adjusted revenue and adjusted EBITDA guidance targets, while delivering on sustainability goals.
Key Takeaways
Allbirds reported a 16% increase in net revenue to $72.7 million year-over-year for the third quarter of 2022. The company's U.S. physical retail channel sales grew 53% compared to 2021, with the opening of six new stores in the United States during the quarter. GAAP net loss was $25.2 million, or $0.17 per basic and diluted share, while adjusted net loss was $22.4 million, or $0.15 per basic and diluted share.
Net revenue increased 16% to $72.7 million year over year.
U.S. physical retail channel sales grew 53% compared to 2021.
GAAP net loss of $25.2 million, or $0.17 per basic and diluted share.
Launched 100% plastic-free, 100% vegan plant leather.
Allbirds
Allbirds
Allbirds Revenue by Geographic Location
Revenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
Allbirds is maintaining its guidance targets for full year 2022 which exclude any non-recurring revenue and costs associated with its simplification initiatives.
Positive Outlook
- Adjusted net revenue of $305 million to $315 million, representing growth in the range of 10% to 14% versus fiscal 2021.
- Adjusted gross profit of $150.0 million to $157.5 million, which at the midpoint represents a gross margin of 49.6%.
- Adjusted EBITDA loss of $42.5 million to $37.5 million.
- Carbon footprint reduction target of 6% against our 2021 baseline for our top 10 products.
- Adjusted net revenue of $92 million to $102 million for Q4 2022.
Challenges Ahead
- Includes an estimated FX impact of 275-350 bps, versus fiscal 2021.
- Includes an estimated $8 million of recurring public company costs.
- Adjusted net revenue represents growth in the range of (5)% to 5% versus the fourth quarter of fiscal 2021.
- Adjusted EBITDA loss of $8.5 million to $3.5 million for Q4 2022.
- Macro headwinds are expected to persist into year end and 2023.