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Bird Global, Inc. (OTCQX: BRDS) is a leading company in the field of environmentally friendly electric transportation. Known for its reliable last-mile transportation solutions, Bird offers e-scooters and e-bikes to communities worldwide, promoting a greener and more efficient way to travel. The company's mission is to make cities more livable by reducing car usage, traffic, and carbon emissions.
As part of its ongoing commitment to sustainability, Bird has facilitated over 300 million miles of travel, offsetting an estimated 90 million pounds of carbon emissions globally. The company operates in 350 cities across Canada, the United States, Europe, the Middle East, and Australia, making it the largest micromobility operator in North America.
Recently, Bird announced a financial restructuring process to strengthen its balance sheet and better position the company for long-term growth. Despite the restructuring, Bird continues to maintain its service standards for riders and uphold commitments to partner cities, fleet managers, and employees. The company aims to right-size its capital structure, supported by new and existing lenders, including MidCap Financial and Apollo Global Management.
Bird's leadership team, led by Interim CEO Michael Washinushi, is focused on achieving profitability and enhancing operational efficiency. The restructuring process includes a voluntary Chapter 11 bankruptcy proceeding, aimed at facilitating the sale of the company's assets to maximize value for all stakeholders. The court-supervised process is expected to be completed in the next 90-120 days, with minimal impact on operations in Bird Canada and Bird Europe.
Bird has filed a series of motions to ensure a smooth transition into bankruptcy, including provisions for employee wages and benefits. Legal counsel is provided by Berger Singerman LLP, with financial and restructuring advice from Teneo Capital LLC. Additional details about the proceedings are available on the company's claims agent's website.
Bird's innovative and community-first approach to micromobility has earned it a pivotal role in the sustainability goals of numerous cities. By providing affordable and convenient transportation options, Bird continues to make a significant impact in reducing urban congestion and promoting environmental stewardship.
Bird Global, Inc. (NYSE:BRDS) has announced the release of its financial results for the first quarter of 2023, scheduled for after market close on May 10, 2023. Following this, a webcast and conference call will be held on May 11, 2023, at 8:00 a.m. Eastern Time to discuss these results and provide business updates. Investors can participate by dialing 1-877-407-0792 or via a live audio webcast at ir.bird.co. A recorded replay will be available shortly after the event. Bird is committed to providing affordable and environmentally friendly transportation solutions like e-scooters and e-bikes in over 350 cities globally, maintaining a collaborative approach with local communities.
Bird Global, Inc. (NYSE:BRDS) has reported significant momentum in global markets, especially in
Bird Global (NYSE:BRDS) announced new technology solutions aimed at enhancing rider safety and compliance. Key updates include integration with Google Maps for scooter availability, an improved Visual Parking System utilizing AR, and a new Rider Age Verification tool using AWS Rekognition. Bird is also developing features like Double Riding Detection and Camera-Equipped Vehicles to enhance safety. CEO Shane Torchiana emphasized the importance of these innovations for city partnerships and eco-friendly transportation access. These initiatives mark a significant investment in technology to improve the rider experience.
Bird Global, Inc. (NYSE:BRDS) announced the addition of Philip Ryan and Philip Evershed to its Board of Directors. Ryan, Chairman of Swiss Re America, and Evershed, Managing Partner at PointNorth Capital, bring extensive experience in finance and business, reinforcing Bird's leadership. CEO Shane Torchiana highlighted their roles in achieving positive free cash flow and adjusted EBITDA this year. Both directors plan to acquire over 500,000 shares of Bird stock. Ryan will join the Audit Committee, while Evershed will serve on the Compensation Committee, positioning Bird for future growth in the e-scooter market.
Bird Global, Inc. (NYSE:BRDS) announced the expansion of its e-scooter and e-bike services in response to warmer weather, launching in cities across North America and Europe. New North American locations include Dallas, Lincoln, Logan, Montgomery, and Pocatello, alongside expansions in Italy and Israel. The company aims for tens of millions of rides this summer, bolstering its commitment to sustainable transportation. Bird has also secured permit renewals, indicating strong demand and city satisfaction. CEO Shane Torchiana emphasized the goal of achieving positive free cash flow in 2023, underlining Bird's focus on growth and community partnerships.
Bird Global, Inc. (NYSE: BRDS) announced that its executives, including CEO Shane Torchiana, CFO Michael Washinushi, and Chairman Travis VanderZanden, purchased over 1.5 million shares of BRDS Class A common stock. These purchases reflect confidence in the company's future and aim to enhance long-term shareholder value. Bird expects to generate $5 to $10 million in free cash flow and achieve $15 to $20 million in positive adjusted EBITDA. The company emphasizes its commitment to providing equitable, environmentally friendly transportation solutions, operating in over 350 cities worldwide.
Bird Global, operating under NYSE:BRDS, is expanding its e-scooter services in Canada, specifically in the Greater Toronto Area. Starting April 3, 2023, Bird will be the exclusive operator in Hamilton and will soon launch in Brampton and Oshawa. This expansion solidifies Bird's position as the largest shared micromobility operator in Canada, now serving five Ontario cities. Bird's operations have been EBITDA positive in the region, with riders taking over three million trips and saving over 316,000 litres of gasoline since 2019. The launch event on April 3rd will include giveaways and community engagement.
Bird Global, Inc. (NYSE:BRDS) has secured nearly
Bird Global, Inc. (NYSE: BRDS) reported a full year 2022 revenue of $245 million, marking a 28% increase from 2021. In Q4, revenue reached $69.7 million, up from $49.5 million in the prior year, driven by an improved gross margin of 42% and a narrowed free cash flow loss of $14.6 million. The acquisition of Bird Canada's operations contributed over $30 million in capital and positive cash flow. For 2023, guidance indicates adjusted EBITDA between $15 to $20 million and positive cash flow of $5 to $10 million. Despite a net loss of $358.7 million for the year, management emphasized enhancements in operational efficiency and a focus on profitability.
Bird Global, Inc. (NYSE:BRDS) will release its financial results for Q4 and full year fiscal 2022 before markets open on March 10, 2023. The company will host a webcast at 8:00 a.m. ET to discuss these results and provide business updates. Interested participants can join the call by dialing 1-877-407-0792 or accessing the live audio webcast at ir.bird.co. A recorded replay will be available shortly after the event. Bird focuses on providing affordable, eco-friendly transportation solutions like e-scooters and e-bikes, operating in over 350 cities worldwide.
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