Business
Allbirds Reports First Quarter 2023 Financial Results
Exceeds Q1 2023 guidance targets, while executing Strategic Transformation plan SAN FRANCISCO, May 09, 2023 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ: BIRD),
About this update from Allbirds, Inc.
[{"type":"text","content":"Exceeds Q1 2023 guidance targets, while executing Strategic Transformation plan\nSAN FRANCISCO, May 09, 2023 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ: BIRD), a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, today reported financial results for the first quarter ended March 31, 2023. Q1 2023 Overview Net revenue decreased 13.4% to $54.4 million compared to 2022 and increased 9.5% compared to 2021Net loss of $35.2 million, or $0.23 per basic and diluted shareAdjusted EBITDA1 loss of $21.7 millionAnnounced M0.0NSHOT, a project to create the world’s first net zero carbon shoeSignificant improvement in Q1 cash usage, down 50.6% compared to Q1 2022In April 2023, extended and upsized undrawn revolver with JP Morgan “Our teams are executing well against our strategic transformation plan designed to reignite growth, improve capital efficiency and drive profitability,” said Joey Zwillinger, Co-Founder and CEO. “The dedication and hard work of our flock resulted in a quarter that demonstrated good progress on our strategic initiatives while exceeding our expectations.” “Our mission to create better things in a better way, guided by our Super Natural Comfort northstar, remains at the forefront of everything we do at Allbirds as we advance our vision to build a 100-year brand.” First Quarter Operating Results Net revenue decreased 13.4% to $54.4 million compared to the first quarter of 2022 and increased 9.5% compared to the first quarter of 2021. This decrease is primarily attributable to a decrease in average selling price, driven by promotional activity and a higher mix of third party sales, and an estimated $1.2 million negative impact from foreign exchange (FX). Gross profit totaled $21.8 million compared to $32.6 million in the first quarter of 2022, and gross margin declined to 40.1% compared to 51.9% in the first quarter of 2022. The decrease in gross margin is primarily due to the decrease in average selling price, driven by an increase in promotional activity and a higher mix of third party sales, write-downs related to prior generation products, and costs relating to our manufacturing transitions. Selling, general, and administrative expense (SG&A) was $42.8 million, or 78.7% of net revenue, compared to $38.8 million, or 61.7% of net revenue in...