Allbirds Q1 net revenue down 13.4% to $54.4M, net loss $35.2M; Co-CEO Timothy Brown steps down

Allbirds, Inc.

2023-Q1 EPS reported -$0.23 revenue$54,352,000

Net revenue $54.4M, down 13.4% YoY; net loss $35.2M ($0.23 per share) vs $21.9M loss in Q1 2022.
Adjusted EBITDA loss $21.7M vs $12.2M loss a year ago; Q2 guidance for adjusted EBITDA loss $20-23M.
Timothy Brown transitions from Co-CEO to non-executive Chief Innovation Officer effective May 4, 2023.
Cash usage improved 50.6% YoY; ended Q1 with $143.3M cash; extended undrawn revolver to $50M through 2026.
Gross margin fell to 40.1% from 51.9% due to promotional activity, inventory write-downs, and manufacturing transition costs.

item 2.02 item 5.02 item 9.01

Executive movements

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Role change

Timothy Brown

Co-Founder and Chief Innovation Officer

BIRD · Allbirds, Inc.

Effective: 2023-05-04
Filed: May 9, 2023, 7:59 PM ET

On May 4, 2023, Timothy Brown, Co-Chief Executive Officer of the Company, and the Company agreed that Mr. Brown would transition from Co-Chief Executive Officer to Co-Founder and Chief Innovation Officer, a non-executive role, effective May 4, 2023 (the “Effective Date”).

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Allbirds, Inc. reported first quarter ended March 31, 2023 results: revenue $54.4 million, net income $35.2 million, EPS $0.23 per basic and diluted share.

Period: first quarter ended March 31, 2023
Revenue: $54.4 million
Net income: $35.2 million
EPS: $0.23 per basic and diluted share
Result: reported results

Exact text from the filing

footwear and apparel products in a better way, today reported financial results for the first quarter ended March 31, 2023. Q1 2023 Overview • Net revenue decreased 13.4% to $54.4 million compared to 2022 and increased 9.5% compared to 2021 • Net loss of $35.2 million, or $0.23 per basic and diluted share • Adjusted EBITDA 1 loss of $21.7 million • Announced

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Executive change SEC 8-K Item 5.02 confidence 0.95

Timothy Brown changed role as Co-Founder and Chief Innovation Officer at Allbirds, Inc..

Action: transitioned
Role: Co-Founder and Chief Innovation Officer

Exact text from the filing

On May 4, 2023, Timothy Brown, Co-Chief Executive Officer of the Company, and the Company agreed that Mr. Brown would transition from Co-Chief Executive Officer to Co-Founder and Chief Innovation Officer, a non-executive role, effective May 4, 2023 (the “Effective Date”).

View on SEC.gov

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Allbirds, Inc. filing history →

Source: SEC EDGAR

accession 0001653909-23-000062

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