Bird reports Q2 net loss improvement to $9.3M, CEO Torchiana terminated, Washinushi named interim CEO

Bird Global, Inc.

Net loss improved to $9.3M from $320.3M YoY; revenue $48.3M (-28% YoY).
Gross margin 40% vs (35)% prior year; ride profit margin (before depreciation) 57% (+10 pts).
CEO Shane Torchiana terminated effective Aug 9, 2023; CFO Michael Washinushi appointed interim CEO.
Adjusted EBITDA loss narrowed to $1.2M from $28.9M; free cash flow -$1.8M vs -$24.2M.
Total operating expenses decreased 89% YoY to $36.1M, adjusted operating expenses down 50%.

item 2.02 item 5.02 item 5.08 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Shane Torchiana

Chief Executive Officer

Bird Global, Inc.

Effective: 2023-08-09
Successor: Michael Washinushi
Filed: August 10, 2023, 7:59 PM ET

On August 9, 2023, the Board of Directors (the “Board”) of the Company terminated Shane Torchiana as Chief Executive Officer of the Company, effective immediately

Appointed (interim)

Michael Washinushi

Interim Chief Executive Officer

Bird Global, Inc.

Effective: 2023-08-09
Filed: August 10, 2023, 7:59 PM ET

On August 9, 2023, the Board appointed Michael Washinushi as the Company’s Interim Chief Executive Officer, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Bird Global, Inc. reported the three and six month periods ending on and as of June 30, 2023 results: revenue $48.3 million, net income $(9.3) million.

Period: the three and six month periods ending on and as of June 30, 2023
Revenue: $48.3 million
Net income: $(9.3) million
Result: reported results

Exact text from the filing

operational execution and becoming a profitable company." Quarter Ended June 30, 2023 Financial Results • Consistent with operating in fewer markets than last year, revenue was $48.3 million compared to $66.8 million in the second quarter of 2022. • Consolidated gross margin as a percentage of revenue was 40%, a 75 percentage basis point increase compared to the

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Shane Torchiana was terminated as Chief Executive Officer at Bird Global, Inc..

Action: terminated
Role: Chief Executive Officer

Exact text from the filing

On August 9, 2023, the Board of Directors (the “Board”) of the Company terminated Shane Torchiana as Chief Executive Officer of the Company, effective immediately

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Michael Washinushi was appointed as Interim Chief Executive Officer at Bird Global, Inc..

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

On August 9, 2023, the Board appointed Michael Washinushi as the Company’s Interim Chief Executive Officer, effective immediately.

View on SEC.gov

13 earnings releases filed in the last 30 days. Browse all earnings releases →

Source: SEC EDGAR

accession 0001861449-23-000175

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