secwatch.observer — SEC 8-K summary
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Issuer:     Allbirds, Inc. (BIRD)
CIK:        0001653909
Form:       8-K
Filed at:   2023-05-09T23:59:59+00:00
Accession:  0001653909-23-000062
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1653909/000165390923000062/0001653909-23-000062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1653909/000165390923000062/bird-20230504.htm
  HTML page:      https://secwatch.observer/filing/0001653909-23-000062

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer