Business
Allbirds Reports Third Quarter 2022 Financial Results
Exceeds Guidance TargetsMaintains Full Year Guidance Targets SAN FRANCISCO, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ: BIRD), a global
About this update from Allbirds, Inc.
[{"type":"text","content":"Exceeds Guidance TargetsMaintains Full Year Guidance Targets SAN FRANCISCO, Nov. 08, 2022 (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 third quarter of 2022 ended September 30, 2022. Third Quarter Highlights Net revenue increased 16% to $72.7 million year over year (YoY) and increased 54% compared to 2020.Adjusted net revenue1 of $72.2 million increased 15% YoY, ahead of financial guidance targets.United States (U.S.) physical retail channel sales grew 53% compared to 2021; opened six stores in the United States during the quarter and 15 since the end of 2021, ending the period with 38 locations in the United States.GAAP net loss of $25.2 million, or $0.17 per basic and diluted share.Adjusted net loss1 of $22.4 million, or $0.15 per basic and diluted share.Adjusted EBITDA1 loss of $12.7 million, ahead of financial guidance targets.Launched our 100% plastic-free, 100% vegan plant leather that produces approximately 88% less carbon than traditional bovine leather and approximately 75% less carbon than other synthetic leather alternatives. “We delivered a strong quarter in what remains a highly dynamic operating environment. I am proud that we exceeded our Q3 adjusted revenue and adjusted EBITDA guidance targets while also delivering on our sustainability goals,” said Joey Zwillinger, Co-Founder and Co-CEO. “Looking ahead to year end and 2023, we continue to expect macro headwinds to persist but believe that our brand, our growth strategy, and simplification initiatives position us well to emerge strongly from this period. Thanks to the team’s hard work I remain confident in our ability to continue to execute into the holiday season and next year.” “November also marks the one year anniversary of our IPO, a critical step in building Allbirds into a 100 year brand while setting a new industry standard for sustainable business for others to follow. We recently released our “Flight Status” sustainability report for 2021, which shows that we were able to reduce our average product carbon footprint by 12% while growing our net revenues by 27% in 2021. We remain on track to deliver on our goal to cut our already low per product carbon footprint in half by 202...