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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, a leader in electric transportation, has strengthened its liquidity and balance sheet by completing a transaction that raised
Bird Global (NYSE:BRDS) announced a proposed merger with Bird Canada and plans to raise
Bird Global reported a 19% increase in third-quarter revenue to $72.9 million versus $61.1 million a year prior, driven by a 15% rise in Sharing revenues. The gross margin reached a record 38%, up from 13% in the prior year, aided by improved efficiencies and a one-time benefit. The company achieved its first positive Adjusted EBITDA of $0.2 million, compared to a loss of $9.9 million last year. Despite a net loss of $9.8 million, Bird aims for further cost reductions between $30 million and $40 million by early 2023.
Bird Global, Inc. (NYSE:BRDS) will release its financial results for Q3 2022 after market close on November 14, 2022. A webcast to discuss the results will take place at 4:30 p.m. ET. Investors can submit questions via Say Technologies from November 7 to November 14. Additionally, Bird will participate in a fireside chat at the Credit Suisse 26th Annual Technology Conference in Scottsdale, AZ, on November 30, 2022. Bird focuses on eco-friendly transportation solutions, providing shared micro electric vehicles in over 450 cities worldwide.
Bird Global, Inc. (NYSE: BRDS) has amended its $150 million vehicle financing credit facility with MidCap Financial to align payments with seasonal business peaks. This change allows the company to better manage cash flow, especially during the winter months, and will see $45 million of the loan paid down using restricted cash, reducing future interest burdens. The amendment is expected to enhance Bird's operational flexibility and financial strategy moving forward, reaffirmed by the supportive partnership with Apollo Capital Management.
Bird Global, Inc. (NYSE:BRDS) has announced a groundbreaking milestone in micromobility by becoming the first operator to achieve an ISO-critically reviewed Life Cycle Analysis (LCA) for its Bird Three micro-EV. The report shows that the Bird Three is among the lowest-emission vehicles in Europe, boasting a five-year lifespan. Passengers using Bird Three scooters generate significantly lower greenhouse gas emissions compared to traditional transport methods, with 21% less than the metro and 87% less than ride-hailing services. The LCA aims to set a new standard in emissions reporting within the industry.
Bird Global, Inc. (NYSE:BRDS) announced key leadership appointments to support its profitability drive. Shane Torchiana has been appointed as CEO, succeeding Travis VanderZanden, who remains Chairman. Ben Lu has been named CFO, replacing Yibo Ling, while Lance Bradley moves up to CTO. VanderZanden reaffirmed the commitment to achieving positive adjusted EBITDA by Q3 2022. The leadership change aims to bolster stakeholder value as the company continues its focus on cost optimization and sustainable urban transportation.
Bird Global, Inc. (NYSE:BRDS) has launched 'Bird U', a revolutionary loyalty program aimed at university students across 140 campuses. This initiative rewards participants for using and promoting eco-friendly transportation options like e-scooters. Bird reports a double-digit increase in rider growth during the back-to-school season, emphasizing its commitment to providing sustainable mobility solutions. Ambassadors in the program will earn discounts and 'Ride Points' for sharing personal coupon codes and promoting safe riding practices on social media.
Bird Global (NYSE:BRDS) expands its shared e-mobility programs in various U.S. cities, including San Diego, Memphis, and Newark, ahead of the fall semester. The company also plans to re-enter Minneapolis and introduce services in new locations such as Bradenton and Knoxville. Bird is committed to offering environmentally-friendly transportation options across more than 450 communities globally, emphasizing demand from universities for efficient and low-emission transport solutions.
Bird Global, Inc. (NYSE:BRDS) announced management participation in a fireside chat scheduled for today, August 22, at 11:30am MT in Big Sky, Montana. The discussion will be webcast live, available at ir.bird.co, with an online archive accessible for 30 days post-event.
Bird is a leader in environmentally friendly electric transportation, providing shared micro electric vehicles in over 450 cities globally.
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