Allbirds Reports Fourth Quarter and Full Year 2023 Financial Results; Achieves Q4 Financial Guidance Targets

About this update from Allbirds, Inc.

[{"type":"text","content":"Allbirds COO Joe Vernachio Appointed CEO as Company Accelerates Strategic Transformation Plan Company Provides 2024 Outlook SAN FRANCISCO, March 12, 2024 (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 ended December 31, 2023. Separately, the Company also announced today that COO Joe Vernachio has been appointed as CEO, effective March 15, 2024. He will oversee all operations and continue advancing Allbirds’ strategic transformation plan. Co-Founder & CEO Joey Zwillinger will remain on the Board of Directors and serve as a special advisor to Allbirds. Fourth Quarter and Full Year 2023 Overview Fourth quarter net revenue decreased 14.5% to $72.0 million versus a year ago; full year net revenue decreased 14.7% to $254.1 million versus a year ago.Fourth quarter net loss of $56.8 million, or $0.37 per basic and diluted share; full year net loss of $152.5 million, or $1.01 per basic and diluted share.Fourth quarter Adjusted EBITDA1 loss of $19.5 million; full year adjusted EBITDA1 loss of $78.4 million.Inventory at year end of $57.8 million, representing a decrease of 51% versus a year ago.Significantly reduced fourth quarter and full year operating cash use; fourth quarter operating cash use of $4.7 million compared to $8.4 million a year ago and full year operating cash use of $30.2 million compared to $90.6 million in 2022.At December 31, 2023, the Company had $180.0 million of liquidity, including $130.0 million of cash and cash equivalents and $50.0 million of availability under its revolving credit facility.Finalized agreement with Australasia distributor in Q4 and subsequently finalized agreement with Japan distributor. “The Company made meaningful progress in 2023 both operationally and financially, ending the year in a much stronger position,” said Joey Zwillinger, Chief Executive Officer. “With the transformative actions we completed over the past year, coupled with world-class leadership, I am confident in the team, and in particular, Joe Vernachio’s stewardship of the brand for this next chapter for Allbirds. We entered 2024 with a strong cash position, healthy inventory composition and volume, and a strengthened foundation. Lookin...

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