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Bird Rides, Inc. reported robust financial results for Q2 2021, demonstrating a 477% increase in revenue, hitting $60.0 million, and a 435% rise in Gross Transaction Value (GTV) to $71.2 million. The company outperformed expectations by 36% in revenue and 35% in GTV. Gross margin rose to 26%, reflecting an 85 percentage point improvement YoY. Despite a $43.7 million net loss, this was an improvement from $50.0 million last year. Bird also launched the new Bird Bike to tap into the expanding e-bike market.
On August 19, 2021, Bird announced the launch of its new consumer e-bike, the Bird Bike, as part of its strategy to expand eco-friendly transportation options. The Bird Bike is designed in response to the growing global demand for e-bikes, a market projected to reach $23 billion by 2023. With features like a 50-mile electric range, integrated LCD panel, and Bluetooth connectivity, the e-bike is now available for order at $2,299. This launch coincides with Bird's intention to go public through a merger with Switchback II Corporation (SWBK) and follows its Q2 2021 earnings announcement.
Bird has announced an integration with Google Maps that enhances user access to its electric scooters and bikes, effective immediately. Users can now view the availability and locations of Bird vehicles while planning trips through Google Maps. This integration follows Bird's announcement of its merger with Switchback II Corporation (NYSE: SWBK). The feature is available in all U.S. cities where Bird operates and is accessible on both iOS and Android devices. Bird aims to promote sustainable transportation and reduce traffic congestion in urban areas.
Bird is set to launch its e-scooter service in New York City on August 17, 2021, as part of the NYC DOT's pilot program, deploying 1,000 new Bird Three vehicles in the Bronx. This marks Bird's expansion into its 300th city following a competitive selection process. The program aims to improve transportation equity and sustainability, bringing 3,000 shared electric vehicles to the Bronx. Additionally, Bird is partnering with the Fortune Society to hire 25 individuals for fleet management, emphasizing community engagement and eco-conscious transportation.
Bird Rides announced its participation in the 41st Annual Canaccord Genuity Growth Conference on August 12, 2021, at 12:30 p.m. Eastern Time. The CEO Travis VanderZanden will present, and the session will be available via live webcast on www.bird.co/investor. Bird is committed to providing affordable, environmentally-friendly transportation solutions, operating in over 250 cities globally. It is merging with Switchback II Corporation (NYSE: SWBK), focusing on sustainability and innovative energy solutions.
On June 23, 2021, Bird announced the launch of shared e-bikes and its Smart Bikeshare platform, expanding its eco-friendly transportation offerings. Currently operating e-scooters in over 250 cities globally, Bird aims to partner with cities lacking or wanting to enhance bike-sharing networks. The new Bird Bike is designed for safety and durability, featuring a powerful motor and IoT capabilities. This expansion is expected to increase Bird's serviceable addressable market by five billion trips annually, responding to rising demand for sustainable transport options.
Bird has launched Bird Three, the world's most eco-conscious electric scooter, designed for shared use and engineered in California. This marks a significant step as Bird prepares to go public via a merger with Switchback II Corporation (NYSE: SWBK). The Bird Three shows promising early results, indicating 400% reduction in vehicle damages and 185% increase in rides per vehicle. The scooter features a larger battery for more rides per charge, contributing to sustainability goals by potentially easing the transition to eco-friendly transportation.
Bird Rides and Switchback II Corporation announced a definitive business combination agreement, set to make Bird a public company pending shareholder approval. The merger aims to leverage Bird's market leadership in environmentally friendly transportation, targeting an $800 billion annual market opportunity. The combined entity, named Bird Global, Inc., expects closing in Q3 2021, with Bird shareholders retaining 82% of the equity. The transaction values Bird at $2.3 billion and will provide up to $428 million in cash for operations and growth initiatives.
Switchback II Corporation has priced its upsized IPO of 27,500,000 units at $10.00 each, with trading set to begin on the NYSE under the ticker symbol SWBK.U on January 8, 2021. Each unit comprises one Class A ordinary share and one-fifth of a redeemable warrant, allowing the purchase of an additional share at $11.50. The underwriters are granted a 45-day option to buy up to 4,125,000 more units. The SEC approved the registration statement on January 7, 2021, and offering details will be provided through a prospectus.
