Allbirds Foresees $19.6M Q1 Loss, Plans $39M IP Asset Sale
Allbirds estimated a first-quarter net loss of $19.6 million (range $16.6M–$22.6M) on revenue of $21.3M–$23.3M, while cash reserves plunged to $14.4M from $39.1M year-over-year. Gross margin collapsed to 23.3%–32.3% (from 44.8%), and the company plans to sell its IP assets for $39M to bolster liquidity.
1. Preliminary Q1 Results
Allbirds reported a preliminary net loss of $19.6 million for the quarter ended March 31, within a projected range of $16.6M to $22.6M, against estimated revenue between $21.3M and $23.3M, down from $32.1M in the year-ago period.
2. Cash Position and Liquidity
Cash and cash equivalents declined to $14.4M at quarter-end, compared with $39.1M a year earlier, leaving available funds below the midpoint of the projected loss and heightening liquidity concerns.
3. Profitability Metrics
Adjusted EBITDA loss narrowed slightly to a range of $14.1M–$18.1M from $18.6M a year earlier, but gross margin tumbled to 23.3%–32.3% from 44.8%, underscoring continued profitability challenges.
4. IP Sale to Boost Liquidity
The company intends to sell its intellectual property assets for $39M to American Exchange Group, aiming to strengthen its balance sheet after a valuation drop from $4.1B to $39M.