---
schema_version: "secwatch.filing_event.v1"
accession: "0001653909-23-000062"
form_type: "8-K"
ticker: "BIRD"
cik: "0001653909"
company_name: "Allbirds, Inc."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T09:20:19.773626+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001653909-23-000062
- form_type: 8-K
- ticker: BIRD
- cik: 0001653909
- company_name: Allbirds, Inc.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1653909/000165390923000062/0001653909-23-000062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1653909/000165390923000062/bird-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001653909-23-000062
- JSON: https://secwatch.observer/filing/0001653909-23-000062.json
- Plain text: https://secwatch.observer/filing/0001653909-23-000062.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1653909/000165390923000062/0001653909-23-000062-index.htm
- Executive change
  Timothy Brown changed role as Co-Founder and Chief Innovation Officer at Allbirds, Inc..
  - Action: transitioned
  - Role: Co-Founder and Chief Innovation Officer
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1653909/000165390923000062/0001653909-23-000062-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.