Allbirds Q4 revenue down 22%; net loss $25.7M; full-year $189.8M; 2025 guidance

Allbirds, Inc.

Q4 net revenue $55.9M (-22.4% YoY); net loss $25.7M ($3.23/share); adjusted EBITDA loss $19.2M.
Full year net revenue $189.8M (-25.3%); net loss $93.3M ($11.87/share); adjusted EBITDA loss $70.0M.
Full year gross margin improved 170bps to 42.7%; inventory down 23.6% to $44.1M; cash $66.7M, no revolver draws.
2025 guidance: expects $18-23M revenue drag from international distributor transitions and 20 US store closures.
CEO Vernachio targets return to top-line growth in Q4 2025; operating with financial discipline.

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