Allbirds Inc · Q2 2024 earnings

Briefing

Allbirds's Q2 2024 financial results were reported, showing progress within or above guidance ranges and continued operational and financial improvements.

Allbirds reported a decrease in net revenue by 26.8% to $51.6 million, but gross margin improved by 770 basis points to 50.5%. The company experienced a net loss of $19.1 million, with adjusted EBITDA loss of $13.7 million. They ended the quarter with $87.2 million in cash and cash equivalents and inventory decreased by 42% year over year.

• Net revenue decreased 26.8% to $51.6 million compared to the previous year.
• Gross margin improved significantly by 770 basis points to 50.5% year over year.
• Net loss was $19.1 million, or $0.12 per share.
• Inventory decreased by 42% compared to the previous year, reaching $53.7 million.

Headline financials

Revenue & EPS history

The Company is reiterating its full year 2024 guidance as follows: Net revenue of $190 million to $210 million. The Company is increasing its full year 2024 gross margin guidance and tightening its full year 2024 Adjusted EBITDA guidance range as follows: Gross margin of 43% to 46% compared to prior guidance of 42% to 45%. Adjusted EBITDA loss of $75 million to $63 million compared to prior guidance for a loss of $78 million to $63 million. Allbirds is providing the following guidance for the third quarter of 2024: Net revenue of $40 million to $33 million. Adjusted EBITDA loss of $19 million to $16 million.