Allbirds Reports Fourth Quarter and Full Year 2024 Financial Results
Allbirds (NASDAQ: BIRD) reported its Q4 and full year 2024 financial results, showing mixed performance. Q4 net revenue decreased 22.4% to $55.9M, while full year revenue fell 25.3% to $189.8M. The company posted a Q4 net loss of $25.7M ($3.23 per share) and full year net loss of $93.3M ($11.87 per share).
Q4 gross margin declined 670 basis points to 31.3%, though full year margin improved 170 basis points to 42.7%. The company maintained strong liquidity with $66.7M in cash and no outstanding debt. Inventory levels decreased 23.6% to $44.1M year-over-year.
For 2025 guidance, Allbirds projects net revenue of $175-195M, with US revenue of $145-160M and international revenue of $30-35M. Q1 2025 revenue is expected between $28-33M with adjusted EBITDA loss of $28-25M.
Allbirds (NASDAQ: BIRD) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. Il fatturato netto del Q4 è diminuito del 22,4% a $55,9 milioni, mentre il fatturato dell'intero anno è calato del 25,3% a $189,8 milioni. L'azienda ha registrato una perdita netta nel Q4 di $25,7 milioni ($3,23 per azione) e una perdita netta per l'intero anno di $93,3 milioni ($11,87 per azione).
Il margine lordo del Q4 è diminuito di 670 punti base, arrivando al 31,3%, anche se il margine dell'intero anno è migliorato di 170 punti base, raggiungendo il 42,7%. L'azienda ha mantenuto una forte liquidità con $66,7 milioni in contante e nessun debito in sospeso. I livelli di inventario sono diminuiti del 23,6% a $44,1 milioni rispetto all'anno precedente.
Per le previsioni del 2025, Allbirds prevede un fatturato netto di $175-195 milioni, con un fatturato negli Stati Uniti di $145-160 milioni e un fatturato internazionale di $30-35 milioni. Si prevede che il fatturato del Q1 2025 si attesti tra $28-33 milioni con una perdita di EBITDA rettificata di $28-25 milioni.
Allbirds (NASDAQ: BIRD) informó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un desempeño mixto. Los ingresos netos del Q4 disminuyeron un 22.4% a $55.9 millones, mientras que los ingresos del año completo cayeron un 25.3% a $189.8 millones. La compañía reportó una pérdida neta de $25.7 millones en el Q4 ($3.23 por acción) y una pérdida neta de $93.3 millones para el año completo ($11.87 por acción).
El margen bruto del Q4 disminuyó 670 puntos base al 31.3%, aunque el margen del año completo mejoró 170 puntos base al 42.7%. La empresa mantuvo una sólida liquidez con $66.7 millones en efectivo y sin deuda pendiente. Los niveles de inventario disminuyeron un 23.6% a $44.1 millones en comparación con el año anterior.
Para las proyecciones de 2025, Allbirds proyecta ingresos netos de $175-195 millones, con ingresos en EE. UU. de $145-160 millones y ingresos internacionales de $30-35 millones. Se espera que los ingresos del Q1 2025 se sitúen entre $28-33 millones con una pérdida de EBITDA ajustada de $28-25 millones.
올버드 (NASDAQ: BIRD)는 2024년 4분기 및 연간 재무 결과를 발표하였으며, 혼합된 성과를 보였습니다. 4분기 순수익은 22.4% 감소하여 5,590만 달러에 이르렀고, 연간 수익은 25.3% 감소하여 1억 8,980만 달러에 달했습니다. 회사는 4분기 순손실 2,570만 달러($3.23 per share)와 연간 순손실 9,330만 달러($11.87 per share)를 기록했습니다.
4분기 총 마진은 670bp 감소하여 31.3%에 이르렀지만, 연간 마진은 170bp 개선되어 42.7%에 도달했습니다. 회사는 6,670만 달러의 현금과 미지급 부채가 없는 강력한 유동성을 유지했습니다. 재고 수준은 전년 대비 23.6% 감소하여 4,410만 달러에 달했습니다.
2025년 전망에 대해 올버드는 순수익이 1억 7,500만~1억 9,500만 달러에 이를 것으로 예상하며, 미국 수익은 1억 4,500만~1억 6,000만 달러, 국제 수익은 3,000만~3,500만 달러에 이를 것으로 보입니다. 2025년 1분기 수익은 2,800만~3,300만 달러 사이로 예상되며, 조정된 EBITDA 손실은 2,800만~2,500만 달러로 예상됩니다.
Allbirds (NASDAQ: BIRD) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024, montrant des performances mitigées. Le chiffre d'affaires net du Q4 a diminué de 22,4% pour atteindre 55,9 millions de dollars, tandis que le chiffre d'affaires de l'année complète a chuté de 25,3% pour atteindre 189,8 millions de dollars. L'entreprise a enregistré une perte nette de 25,7 millions de dollars au Q4 (3,23 dollars par action) et une perte nette de 93,3 millions de dollars pour l'année complète (11,87 dollars par action).
La marge brute du Q4 a diminué de 670 points de base pour atteindre 31,3%, bien que la marge de l'année complète se soit améliorée de 170 points de base pour atteindre 42,7%. L'entreprise a maintenu une forte liquidité avec 66,7 millions de dollars en espèces et aucune dette en cours. Les niveaux de stocks ont diminué de 23,6% pour atteindre 44,1 millions de dollars par rapport à l'année précédente.
Pour les prévisions de 2025, Allbirds prévoit un chiffre d'affaires net de 175 à 195 millions de dollars, avec un chiffre d'affaires aux États-Unis de 145 à 160 millions de dollars et un chiffre d'affaires international de 30 à 35 millions de dollars. Le chiffre d'affaires du Q1 2025 est attendu entre 28 et 33 millions de dollars avec une perte d'EBITDA ajustée de 28 à 25 millions de dollars.
Allbirds (NASDAQ: BIRD) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Nettoumsatz im Q4 sank um 22,4% auf 55,9 Millionen Dollar, während der Umsatz für das gesamte Jahr um 25,3% auf 189,8 Millionen Dollar fiel. Das Unternehmen meldete einen Nettoverlust im Q4 von 25,7 Millionen Dollar (3,23 Dollar pro Aktie) und einen Nettoverlust für das gesamte Jahr von 93,3 Millionen Dollar (11,87 Dollar pro Aktie).
Die Bruttomarge im Q4 fiel um 670 Basispunkte auf 31,3%, während die Marge für das gesamte Jahr um 170 Basispunkte auf 42,7% stieg. Das Unternehmen hielt eine starke Liquidität mit 66,7 Millionen Dollar in bar und ohne ausstehende Schulden. Die Lagerbestände verringerten sich im Jahresvergleich um 23,6% auf 44,1 Millionen Dollar.
Für die Prognose 2025 rechnet Allbirds mit einem Nettoumsatz von 175-195 Millionen Dollar, wobei der Umsatz in den USA zwischen 145-160 Millionen Dollar und der internationale Umsatz zwischen 30-35 Millionen Dollar liegen soll. Der Umsatz im Q1 2025 wird zwischen 28-33 Millionen Dollar erwartet, mit einem bereinigten EBITDA-Verlust von 28-25 Millionen Dollar.
- Full year gross margin improved 170 basis points to 42.7%
- Strong liquidity position with $66.7M cash and no debt
- Inventory reduced by 23.6% year-over-year, showing improved efficiency
- SG&A expenses decreased significantly from $174.0M to $133.4M
- Q4 revenue declined 22.4% to $55.9M
- Full year revenue decreased 25.3% to $189.8M
- Q4 gross margin declined 670 basis points to 31.3%
- Net loss of $93.3M for full year 2024
- Projected revenue decline continues into 2025 guidance
Insights
Allbirds' Q4 and full-year 2024 results paint a concerning picture despite management's positive framing. The 22.4% Q4 revenue decline to
The 670 basis point Q4 gross margin contraction to
Cash position stands at
Strategic shifts toward international distributors and closing 20 US stores signal a defensive posture rather than growth. Management's projection of returning to growth by Q4 2025 requires significant execution improvement after years of declining sales and substantial losses. The inventory reduction of
Allbirds' transition from direct-to-consumer to a hybrid distribution model reflects a fundamental strategic retreat from its original business approach. The company is sacrificing
The closure of 20 US stores represents approximately
The company's focus on product and marketing engines signals recognition that their core offering has lost appeal. CEO Vernachio's emphasis on "product, marketing, and customer experience" indicates awareness of fundamental merchandising issues, but the projected resumption of growth only in Q4 2025 suggests these initiatives face long development cycles with uncertain outcomes.
Allbirds' original promise of sustainable materials and better products hasn't translated into sustainable business performance. The dramatic revenue contraction indicates consumers are voting with their wallets against the current product assortment, pricing strategy, or both. With falling revenues but still-high marketing expenses at
Delivers Fourth Quarter Results in Line with and Above Guidance Ranges
Provides 2025 Guidance
SAN FRANCISCO, March 11, 2025 (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 fourth quarter and full year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Overview
- Fourth quarter net revenue decreased
22.4% to$55.9 million versus a year ago, within the Company’s guidance range. Full year net revenue decreased25.3% to$189.8 million versus a year ago. - Fourth quarter gross margin declined approximately 670 basis points to
31.3% versus a year ago; full year gross margin improved approximately 170 basis points to42.7% versus a year ago. - Fourth quarter net loss of
$25.7 million , or$3.23 per basic and diluted share; full year net loss of$93.3 million , or$11.87 per basic and diluted share. - Fourth quarter adjusted EBITDA1 loss of
$19.2 million , above the Company’s guidance range. Full year adjusted EBITDA1 loss of$70.0 million . - Inventory at quarter end of
$44.1 million , representing a decrease of23.6% versus a year ago. - As of December 31, 2024, the Company had
$66.7 million of cash and cash equivalents and no outstanding borrowings under its$50.0 million revolving credit facility.
“2024 was a year of progress both operationally and financially,” said Joe Vernachio, Chief Executive Officer. “We strengthened our operating model, driving gross margin expansion and cost reduction, while also bolstering Allbirds’ international presence via new distributor agreements. Importantly, we reignited our product and marketing engines, which is expected to fuel improvement in trend in the second half of the year, including our return to top line growth in the fourth quarter. We are continuing to operate with financial discipline as we focus on further advancing our plans around product, marketing, and customer experience.”
Fourth Quarter Operating Results
In the fourth quarter of 2024, net revenue decreased
Gross profit totaled
Selling, general, and administrative expense (SG&A) was
Marketing expense totaled
Impairment expense totaled
In the fourth quarter of 2024, net loss was
In the fourth quarter of 2024, adjusted EBITDA1 loss was
Full Year Operating Results
Full year 2024 net revenue decreased
Gross profit in 2024 totaled
SG&A in 2024 was
Marketing expense in 2024 totaled
Impairment expense in 2024 totaled
Restructuring expense in 2024 totaled
Net loss in 2024 was
Adjusted EBITDA1 loss in 2024 was
Balance Sheet Highlights
Allbirds ended the year with
2025 Financial Guidance
Allbirds is providing the following financial guidance for 2025. The Company’s outlook for the full year reflects approximately
Full Year 2025
- Net revenue of
$175 million to$195 million - U.S. net revenue of
$145 million to$160 million - International net revenue of
$30 million to$35 million
- U.S. net revenue of
- Adjusted EBITDA2 loss of
$65 million to$55 million
First Quarter 2025
- Net revenue of
$28 million to$33 million - U.S. net revenue of
$22 million to$25 million - International net revenue of
$6 million to$8 million
- U.S. net revenue of
- Adjusted EBITDA2 loss of
$28 million to$25 million
_______________________________
1 For a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure, please refer to the reconciliation tables in the section titled “Non-GAAP Financial Measures” below.
2 A reconciliation of these non-GAAP financial measures to corresponding GAAP financial measures is not available on a forward-looking basis without unreasonable effort as we are currently unable to predict with a reasonable degree of certainty certain expense items that are excluded in calculating adjusted EBITDA, although it is important to note that these factors could be material to our results computed in accordance with GAAP. We have provided a reconciliation of GAAP to non-GAAP financial measures in the section titled “Reconciliation of GAAP to Non-GAAP Financial Measures” for our fourth quarter and full year 2024 and 2023 results included in this press release.
Conference Call Information
Allbirds will host a conference call to discuss the results, followed by Q&A, at 5:00 p.m. Eastern Time today, March 11, 2025. A live webcast and replay of the conference call will be available on the investor relations section of the Allbirds website at https://ir.allbirds.com. Information on the Company’s website is not, and will not be deemed to be, a part of this press release or incorporated into any other filings the Company may make with the Securities and Exchange Commission. A replay of the webcast will also be archived on the Allbirds website for 12 months.
About Allbirds, Inc.
Allbirds is a global modern lifestyle footwear brand, founded in 2015 with a commitment to make better things in a better way. That commitment inspired the company’s first product, the now iconic Wool Runner; and today, inspires a growing assortment of products known for superior comfort. Allbirds designs its products to be materially different by turning away from convention toward nature’s inspiration with materials like Merino wool, tree fiber and sugarcane. For more information, please visit www.allbirds.com.
Forward-Looking Statements
This press release and related conference call contain “forward-looking” statements, as the term is defined under federal securities laws, that are based on management’s beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts, including statements regarding our future financial performance, including our financial outlook on financial results and guidance targets, planned transition to a distributors model in certain international markets, anticipated profitability of distributor model, future profitability, focus on improving efficiencies and driving profitability, estimated and/or targeted cost savings, medium-term financial targets, market position, future results of operations, financial condition, business strategy and plans, marketing strategy and investment, materials innovation, retail store updates, new product launches, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “designed,” “objective,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties which could cause actual results or facts to differ materially from those statements expressed or implied in the forward-looking statements, including, but not limited to: unfavorable economic conditions; our ability to execute our strategic transformation plans, simplification initiatives or our long-term growth strategy; fluctuations in our operating results; our ability to achieve the financial outlook and guidance targets for the first quarter and full year of 2025; our ability to obtain additional capital; our ability to complete transitions to a distributor model in certain international markets; our ability to achieve our cost savings targets by 2025; deteriorating economic conditions, including economic recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; impairment of long-lived assets; the strength of our brand; our introduction of new products; our net losses since inception; the competitive marketplace; our reliance on technical and materials innovation; our use of sustainable high-quality materials and environmentally friendly manufacturing processes and supply chain practices; our ability to attract new customers and increase sales to existing customers; the impact of climate change and government and investor focus on sustainability issues; our ability to anticipate product trends and consumer preferences, including with respect to the product launches we have planned for mid-2025; breaches of security or privacy of business information; and our ability to forecast consumer demand. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results or performance to differ materially from those contained in any forward-looking statements we may make.
A further discussion of these and other factors that could cause our financial results, performance, and achievements to differ materially from any results, performance, or achievements anticipated, expressed, or implied by these forward-looking statements is included in the filings we make with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and future reports we may file with the SEC from time to time. The forward-looking statements contained in this press release and related conference call relate only to events as of the date stated or, if no date is stated, as of the date of this press release and related conference call. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in or expressed by, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
Use of Non-GAAP Financial Measures
This press release and accompanying financial tables include references to adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures. We believe that providing these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance, and the adjustments we make to these non-GAAP financial measures may provide investors further insight into our profitability and additional perspectives in comparing our performance to other companies and in comparing our performance over time on a consistent basis. These non-GAAP financial measures should not be considered as alternatives to net loss or net loss margin as calculated and presented in accordance with GAAP.
Adjusted EBITDA is defined as net loss before stock-based compensation expense, depreciation and amortization expense, impairment expense, restructuring expense (consisting of professional fees, personnel and related expenses, and other related charges resulting from our strategic initiatives), non-cash gains or losses on the sales of businesses relating to our strategic initiatives, other income or expense (consisting of non-cash gains or losses on foreign currency, non-cash gains or losses on sales of property and equipment, and non-cash gains or losses on modifications or terminations of leases), interest income or expense, and income tax provision or benefit.
Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue.
Other companies, including companies in our industry, may calculate these adjusted financial measures differently, which reduces their usefulness as comparative measures. Because of these limitations, we consider, and investors should consider, these adjusted financial measures together with other operating and financial performance measures presented in accordance with GAAP.
Investor Relations:
ir@allbirds.com
Media Contact:
press@allbirds.com
Allbirds, Inc. Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share, per share amounts, and percentages) | |||||||||||||||
Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net revenue | $ | 55,852 | $ | 71,990 | $ | 189,757 | $ | 254,065 | |||||||
Cost of revenue | 38,374 | 44,615 | 108,693 | 149,833 | |||||||||||
Gross profit | 17,477 | 27,375 | 81,064 | 104,232 | |||||||||||
Operating expense: | |||||||||||||||
Selling, general, and administrative expense | 29,154 | 41,528 | 133,379 | 174,044 | |||||||||||
Marketing expense | 12,284 | 14,850 | 41,638 | 49,042 | |||||||||||
Impairment expense | 1,800 | 27,392 | 1,800 | 27,392 | |||||||||||
Restructuring expense | 12 | 1,243 | 1,800 | 6,757 | |||||||||||
Total operating expense | 43,249 | 85,013 | 178,617 | 257,235 | |||||||||||
Loss from operations | (25,772 | ) | (57,638 | ) | (97,553 | ) | (153,003 | ) | |||||||
Net loss from sales of businesses | (1 | ) | (415 | ) | (432 | ) | (2,761 | ) | |||||||
Interest income | 497 | 1,115 | 3,489 | 4,076 | |||||||||||
Other income (expense) | 592 | (138 | ) | 3,049 | (436 | ) | |||||||||
Loss before provision for income taxes | (24,684 | ) | (57,076 | ) | (91,447 | ) | (152,124 | ) | |||||||
Income tax (provision) benefit | (993 | ) | 297 | (1,871 | ) | (334 | ) | ||||||||
Net loss | $ | (25,678 | ) | $ | (56,779 | ) | $ | (93,318 | ) | $ | (152,458 | ) | |||
Net loss per share data: | |||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (3.23 | ) | $ | (7.39 | ) | $ | (11.87 | ) | $ | (20.10 | ) | |||
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 7,957,940 | 7,683,725 | 7,862,853 | 7,583,622 | |||||||||||
Other comprehensive loss: | |||||||||||||||
Foreign currency translation gain (loss) | (2,700 | ) | 1,714 | (2,345 | ) | 276 | |||||||||
Total comprehensive loss | $ | (28,378 | ) | $ | (55,065 | ) | $ | (95,663 | ) | $ | (152,182 | ) | |||
Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Statements of Operations Data, as a Percentage of Net Revenue: | |||||||||||||||
Net revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Cost of revenue | 68.7 | % | 62.0 | % | 57.3 | % | 59.0 | % | |||||||
Gross profit | 31.3 | % | 38.0 | % | 42.7 | % | 41.0 | % | |||||||
Operating expense: | |||||||||||||||
Selling, general, and administrative expense | 52.2 | % | 57.7 | % | 70.3 | % | 68.5 | % | |||||||
Marketing expense | 22.0 | % | 20.6 | % | 21.9 | % | 19.3 | % | |||||||
Impairment expense | 3.2 | % | 38.1 | % | 0.9 | % | 10.8 | % | |||||||
Restructuring expense | 0.0 | % | 1.7 | % | 0.9 | % | 2.7 | % | |||||||
Total operating expense | 77.4 | % | 118.1 | % | 94.1 | % | 101.2 | % | |||||||
Loss from operations | (46.1 | )% | (80.1 | )% | (51.4 | )% | (60.2 | )% | |||||||
Net loss from sales of businesses | 0.0 | % | (0.6 | )% | (0.2 | )% | (1.1 | )% | |||||||
Interest income | 0.9 | % | 1.5 | % | 1.8 | % | 1.6 | % | |||||||
Other income (expense) | 1.1 | % | (0.2 | )% | 1.6 | % | (0.2 | )% | |||||||
Loss before provision for income taxes | (44.2 | )% | (79.3 | )% | (48.2 | )% | (59.9 | )% | |||||||
Income tax (provision) benefit | (1.8 | )% | 0.4 | % | (1.0 | )% | (0.1 | )% | |||||||
Net loss | (46.0 | )% | (78.9 | )% | (49.2 | )% | (60.0 | )% | |||||||
Other comprehensive loss: | |||||||||||||||
Foreign currency translation gain (loss) | (4.8 | )% | 2.4 | % | (1.2 | )% | 0.1 | % | |||||||
Total comprehensive loss | (50.8 | )% | (76.5 | )% | (50.4 | )% | (59.9 | )% | |||||||
Allbirds, Inc. Consolidated Balance Sheets (in thousands, except share amounts) | |||||||
December 31, | |||||||
2024 | 2023 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 66,732 | $ | 130,032 | |||
Accounts receivable | 6,168 | 8,188 | |||||
Inventory | 44,121 | 57,763 | |||||
Prepaid expenses and other current assets | 13,536 | 16,423 | |||||
Total current assets | 130,558 | 212,406 | |||||
Property and equipment—net | 17,825 | 26,085 | |||||
Operating lease right-of-use assets | 38,082 | 67,085 | |||||
Other assets | 2,414 | 7,129 | |||||
Total assets | $ | 188,879 | $ | 312,705 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | 10,773 | 5,851 | |||||
Accrued expenses and other current liabilities | 18,821 | 22,987 | |||||
Current lease liabilities | 10,879 | 15,218 | |||||
Deferred revenue | 3,896 | 4,551 | |||||
Total current liabilities | 44,369 | 48,607 | |||||
Noncurrent liabilities: | |||||||
Noncurrent lease liabilities | 42,796 | 78,731 | |||||
Other long-term liabilities | 29 | 38 | |||||
Total noncurrent liabilities | 42,825 | 78,769 | |||||
Total liabilities | $ | 87,194 | $ | 127,376 | |||
Commitments and contingencies (Note 11) | |||||||
Stockholders' equity: | |||||||
Class A Common stock, | 1 | 1 | |||||
Class B Common stock, | — | — | |||||
Additional paid-in capital | 591,882 | 579,862 | |||||
Accumulated other comprehensive loss | (5,681 | ) | (3,335 | ) | |||
Accumulated deficit | (484,517 | ) | (391,199 | ) | |||
Total stockholders' equity | 101,685 | 185,329 | |||||
Total liabilities and stockholders' equity | $ | 188,879 | $ | 312,705 | |||
_______________________________ | |||||||
1 Amounts have been adjusted to reflect the 1-for-20 reverse stock split that became effective on September 4, 2024. |
Allbirds, Inc. Consolidated Statements of Cash Flows (in thousands) | |||||||
Full Year Ended December 31, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (93,318 | ) | $ | (152,458 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 12,396 | 21,005 | |||||
Amortization of debt issuance costs | 8 | 49 | |||||
Stock-based compensation | 11,472 | 19,346 | |||||
Inventory write-down | 2,686 | 8,253 | |||||
Deferred taxes | 912 | (474 | ) | ||||
Impairment expense | 1,800 | 27,374 | |||||
Realized loss on equity investment | — | 84 | |||||
Net loss from sales of businesses | 459 | 2,772 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 1,963 | 1,000 | |||||
Inventory | 6,903 | 47,529 | |||||
Prepaid expenses and other current assets | 1,624 | (1,158 | ) | ||||
Operating lease right-of-use assets and current and noncurrent lease liabilities | (11,300 | ) | 2,555 | ||||
Accounts payable and accrued expenses | 1,016 | (6,706 | ) | ||||
Other long-term liabilities | (9 | ) | 38 | ||||
Deferred revenue | (472 | ) | 569 | ||||
Net cash used in operating activities | (63,860 | ) | (30,222 | ) | |||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (4,095 | ) | (10,870 | ) | |||
Proceeds from sale of equity investment | — | 166 | |||||
Proceeds from sales of businesses | 4,010 | 2,182 | |||||
Changes in security deposits | 2,203 | 810 | |||||
Net cash provided by (used in) investing activities | 2,118 | (7,712 | ) | ||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 254 | 327 | |||||
Proceeds from the exercise of stock options | 34 | 894 | |||||
Taxes withheld and paid on employee stock awards | (1 | ) | (581 | ) | |||
Net cash provided by financing activities | 287 | 640 | |||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (1,635 | ) | 200 | ||||
Net decrease in cash, cash equivalents, and restricted cash | (63,090 | ) | (37,094 | ) | |||
Cash, cash equivalents, and restricted cash—beginning of year | 130,673 | 167,767 | |||||
Cash, cash equivalents, and restricted cash—end of year | $ | 67,583 | $ | 130,673 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 124 | $ | 111 | |||
Cash paid for taxes | $ | 1,667 | $ | 1,785 | |||
Noncash investing and financing activities: | |||||||
Purchase of property and equipment included in accrued liabilities | $ | 54 | $ | — | |||
Stock-based compensation included in capitalized internal-use software | $ | 267 | $ | 866 | |||
Reconciliation of cash, cash equivalents, and restricted cash: | |||||||
Cash and cash equivalents | $ | 66,732 | $ | 130,032 | |||
Restricted cash included in prepaid expenses and other current assets | $ | 851 | $ | 641 | |||
Total cash, cash equivalents, and restricted cash | $ | 67,583 | $ | 130,673 | |||
Allbirds, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except share, per share amounts, and percentages)
(unaudited)
The following tables present a reconciliation of adjusted EBITDA to its most comparable GAAP measure, net loss, and presentation of net loss margin and adjusted EBITDA margin for the periods indicated:
Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net loss | ) | ) | ) | ) | |||||||
Add (deduct): | |||||||||||
Stock-based compensation expense | 2,579 | 3,684 | 11,472 | 19,346 | |||||||
Depreciation and amortization expense | 2,199 | 5,789 | 12,439 | 21,058 | |||||||
Impairment expense | 1,800 | 27,392 | 1,800 | 27,392 | |||||||
Restructuring expense | 12 | 1,243 | 1,800 | 6,757 | |||||||
Net loss from sales of businesses | 1 | 415 | 432 | 2,761 | |||||||
Other (income) expense | (592 | ) | 138 | (3,049 | ) | 436 | |||||
Interest income | (497 | ) | (1,115 | ) | (3,489 | ) | (4,076 | ) | |||
Income tax provision (benefit) | 993 | (297 | ) | 1,871 | 334 | ||||||
Adjusted EBITDA | ) | ) | ) | ) | |||||||
Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net revenue | |||||||||||
Net loss | ) | ) | ) | ) | |||||||
Net loss margin | (46.0 | )% | (78.9 | )% | (49.2 | )% | (60.0 | )% | |||
Adjusted EBITDA | ) | ) | ) | ) | |||||||
Adjusted EBITDA margin | (34.3 | )% | (27.1 | )% | (36.9 | )% | (30.9 | )% | |||
Allbirds, Inc. Net Revenue and Store Count by Primary Geographical Market (in thousands, except for store count) (unaudited) | |||||||||||||||
Net Revenue by Primary Geographical Market | |||||||||||||||
Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
United States | $ | 45,970 | $ | 55,800 | $ | 143,870 | $ | 191,054 | |||||||
International | 9,882 | 16,190 | 45,887 | 63,011 | |||||||||||
Total net revenue | $ | 55,852 | $ | 71,990 | $ | 189,757 | $ | 254,065 | |||||||
Store Count by Primary Geographical Market | |||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||||
United States [1] | 42 | 42 | 44 | 45 | 45 | 42 | 32 | 31 | 30 | ||||||||
International [2] | 16 | 17 | 18 | 15 | 15 | 15 | 11 | 3 | 3 | ||||||||
Total stores | 58 | 59 | 62 | 60 | 60 | 57 | 43 | 34 | 33 | ||||||||
1 In the first quarter of 2024, we closed the operations of three stores in the U.S.. In the second quarter of 2024, we closed the operations of ten stores in the US. In the third quarter of 2024, we closed the operations of one store in the U.S.. In the fourth quarter of 2024, we closed the operations of one store in the U.S.. | |||||||||||||||||
2 In the third quarter of 2023, we transitioned the operations of three international stores to distributors. In the second quarter of 2024, we transitioned the operations of two stores in Japan and one store in New Zealand to unrelated third-party distributors and closed one store in Europe. In the third quarter of 2024, we transitioned the operations of six stores in China to an unrelated third-party distributor and closed two stores in Europe. |
