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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 reported a 28% year-over-year revenue increase in Q2 2022, reaching $76.7 million, driven by a strong performance in its Sharing business. The company has strengthened its cash position to $105 million and reiterated its revenue outlook of $275 million to $325 million for 2022. Despite a net loss of $310.4 million, largely due to impairment charges, Bird aims for positive Adjusted EBITDA by Q3 2022. The company is strategically focusing on operational efficiencies and cost savings to achieve profitability.
Bird Global, Inc. (NYSE:BRDS), a leader in eco-friendly electric transportation, announced its participation in two upcoming investor conferences. The first is the D.A. Davidson Big Sky Summit on August 22 at 1:00 PM MT in Big Sky, Montana, featuring one-on-one meetings and a fireside chat. The second is the 15th Annual Cowen Global Transportation & Sustainable Mobility Conference on September 9 at 12:20 PM ET, conducted virtually with similar engagement. These sessions will be webcast live, with an online archive available for 30 days.
Bird Global, Inc. (NYSE:BRDS) will release its financial results for Q2 2022 after the market closes on August 15, 2022. A conference call discussing these results will be held at 4:30 p.m. ET. Interested parties can join by calling 877-407-0792 or accessing the live webcast at bird.co/investor. A recorded replay will be available for 90 days post-call. Bird operates in over 400 cities, offering e-scooters and e-bikes, focusing on environmentally friendly transport solutions.
Bird Global, Inc. (NYSE:BRDS) has received a notice from the NYSE regarding non-compliance with Section 802.01C, as its Class A Common Stock has traded below $1.00 for 30 consecutive days. The company plans to notify the NYSE by July 5, 2022 of its intention to address this deficiency. Bird has a six-month window to regain compliance, potentially through measures such as a reverse stock split, contingent on shareholder approval. Despite this notice, the stock will continue to be listed and trade on the NYSE as long as other listing standards are met.
Bird Global, Inc. (NYSE:BRDS), a leader in electric transportation, announced its participation in two upcoming investor conferences:
- Credit Suisse 2022 Mobility Forum on June 21, 2022.
- The Fox Advisors 2022 Transportation Technology Conference on June 22, 2022.
Investors can reach out to Credit Suisse and Fox Advisors for further details. Founded in 2017, Bird provides sustainable transportation solutions like e-scooters and e-bikes in over 400 cities worldwide.
Bird Global reported a 48% year-over-year revenue increase to $38.0 million for Q1 2022, exceeding guidance. The company plans to accelerate profitability through cost-saving initiatives projected to yield at least $80 million in annual savings. Net income improved to $10.4 million, a significant turnaround from a $76.2 million loss in the previous year. However, the adjusted EBITDA loss was $36.8 million, worsening year-over-year. Looking ahead, Bird anticipates revenue between $275 million and $325 million for FY 2022, targeting positive adjusted EBITDA by Q3 2022.
Bird Global (NYSE:BRDS) has launched its innovative Bird Visual Parking System (VPS), powered by Google's ARCore Geospatial API. This technology allows for precise geo-localization of parked scooters, ensuring compliance with local parking norms. Bird VPS offers a seamless experience for riders, enabling them to check parking requirements immediately upon ending their ride. Currently piloted in New York City, San Francisco, and San Diego, Bird VPS is freely available to city partners, aiming to improve urban micromobility solutions significantly.
Bird Global, Inc. (NYSE:BRDS) will announce its Q1 fiscal 2022 financial results on May 16, 2022, after market close. A conference call will follow at 4:30 p.m. ET, where management will discuss the results and updates. Participants can join by calling 844-826-3033 (or international 412-317-5185). A live audio webcast will be available on the company's investor relations site. Additionally, Bird will present at the 17th Annual Needham Technology & Media Conference on May 18, 2022, at 3:00 p.m. ET.
Bird Global, Inc. (NYSE:BRDS) has launched Europe’s first joint private-public bikeshare integration in Madrid with the Madrid Municipal Transport Company (EMT). This initiative aims to enhance sustainable mobility options for residents and tourists. Bird's shared e-bikes will now be integrated into the Mobility 360 transit app, allowing easy access to both Bird and BiciMAD bikes. The partnership aligns with EMT's goal to shift towards decarbonized transportation, supported by a recent €1 billion investment from the city. This innovative program builds on Bird's existing Smart Bikeshare Program in several cities worldwide.
Bird Global, Inc. (NYSE:BRDS) has launched a pilot program for shared e-scooters in Indio, California, coinciding with the upcoming Coachella and Stagecoach festivals. This initiative aims to provide eco-friendly transportation options as gas prices rise. Bird will offer its low-emission vehicles via a mobile app, catering to residents and festival-goers. Indio's mayor praised the program, highlighting its potential for convenient mobility during major events. Bird's presence in Indio aligns with its history of supporting cities during large-scale events.
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