Business
Allbirds Reports Second Quarter 2024 Financial Results
Q2 2024 Results Within or Above Guidance Ranges Continued Operational and Financial Progress SAN FRANCISCO, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Allbirds, Inc.
About this update from Allbirds, Inc.
[{"type":"text","content":"Q2 2024 Results Within or Above Guidance Ranges Continued Operational and Financial Progress SAN FRANCISCO, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ: BIRD), a global lifestyle brand that innovates with sustainable materials to make better products in a better way, today reported financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Overview Second quarter net revenue decreased 26.8% to $51.6 million versus a year ago, within the Company’s guidance range.Second quarter gross margin improved 770 basis points to 50.5% versus a year ago.Second quarter net loss of $19.1 million, or $0.12 per basic and diluted share.Second quarter adjusted EBITDA1 loss of $13.7 million, above the Company’s guidance range.Inventory at quarter end of $53.7 million, representing a decrease of 42% versus a year ago.As of June 30, 2024, the Company had $87.2 million of cash and cash equivalents and no outstanding borrowings under its $50.0 million revolving credit facility.Entered into distributor agreements for two new regions, Benelux and Scandinavia.Completed transitions to a distributor model in Japan and Australasia.Subsequent to quarter end, the Company announced distribution and licensing agreements and transitioned an additional region, China. “We are pleased to report another quarter of operational and financial progress,” said Joe Vernachio, Chief Executive Officer. “After 18 months of strong execution against our strategic transformation plan, we are entering the next phase of our journey and prioritizing three main focus areas: Making Great Product, Telling Compelling Stories, and Providing Customers with an Engaging Shopping Experience.” Vernachio added, “As we focus on reigniting our product and brand, we are encouraged by the strong consumer response to our recent new offerings. This makes us confident that our fresh, updated products coming to market beginning next year will build on that momentum. We believe the combination of elevated product, storytelling and customer experience in the coming quarters will position the business to return to top line growth in 2025 and enable us to build long-term shareholder value.” Second Quarter Operating Results In the second quarter of 2024, net revenue decreased 26.8% to $51.6 million compared to $70.5 million in the second quarter of 2023. The year-over-y...