Business
Allbirds Reports Fourth Quarter and Full Year 2022 Financial Results
Announces strategic transformation plan to reignite growth, improve costs and capital efficiency, and drive profitability SAN FRANCISCO, Calif., March 09,
About this update from Allbirds, Inc.
[{"type":"text","content":"Announces strategic transformation plan to reignite growth, improve costs and capital efficiency, and drive profitability\nSAN FRANCISCO, Calif., March 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 fourth quarter and full year 2022 ended December 31, 2022. Quarter and Full Year Highlights Full year 2022 net revenue increased 7% to $297.8 million compared to 2021 and increased 36% compared to 2020.1Fourth quarter 2022 net revenue, which included $1.5 million of revenue primarily associated with the previously announced discontinuation of certain first generation apparel, decreased 13% to $84.2 million compared to fourth quarter 2021 and increased 6% compared to fourth quarter 2020.1Full year 2022 United States (U.S.) physical retail channel sales grew 60% compared to 2021; opened 19 stores in the United States during the year, ending the period with 42 locations in the United States.Full year 2022 net loss of $101.4 million, or $.68 per basic and diluted share.Fourth quarter 2022 net loss of $24.9 million, or $0.17 per basic and diluted share.Full year 2022 adjusted EBITDA loss of $60.4 million.1Fourth quarter 2022 adjusted EBITDA loss of $12.5 million, including a $3.5 million loss primarily associated with the previously announced discontinuation of certain first-generation apparel1Reduced the carbon footprint of top 10 products by 22% in 2022 compared to 2021.2 “2022 marked the end of our first full year as a public company and while we made important progress, the year came to a challenging close, with results below our expectations due to both execution and macro challenges. We need to improve performance, and are announcing a new transformation plan to reinvigorate the business with an emphasis on profitable growth,” said Joey Zwillinger, Co-Founder and Co-CEO. “Our focus is on four key areas to help Allbirds reconnect with our core consumers and meet new customers in a more capital efficient and profitable way.” “We founded Allbirds with a vision to create better products in a better way – and we are aligning our operational and financial execution with the strength of that vision. Our brand fundamentals remain strong, with best-in-clas...