Allbirds Q3 2022 Earnings Report
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
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.