Allbirds Q3 2024 Results and Sustainability Progress

Allbirds, Inc. Class A ( (BIRD) ) has released its Q3 earnings. Here is a breakdown of the information Allbirds, Inc. Class A presented to its investors.

Allbirds, Inc. is a global lifestyle brand known for its commitment to sustainability and innovation in footwear and apparel, utilizing eco-friendly materials like Merino wool and eucalyptus fibers.

In the third quarter of 2024, Allbirds reported a 24.9% decline in net revenue to $43 million, aligning with their guidance, while achieving an improved gross margin of 44.4%. Despite a net loss of $21.2 million, the company managed to reduce its inventory by 28.1% and maintained a healthy cash position of $78.6 million with no outstanding debt.

Key financial highlights include a decrease in selling, general, and administrative expenses to $31 million, a reduction in marketing expenditure, and a successful transition to a distributor model in China and parts of Europe. The company also reported a 22% reduction in its carbon footprint, reaffirming its sustainability focus.

Looking ahead, Allbirds has adjusted its full-year revenue guidance to between $187 million and $193 million and aims for an adjusted EBITDA loss of $71 million to $75 million. The company remains focused on strategic initiatives and anticipates launching new products in 2025, reflecting management’s confidence in achieving long-term growth and profitability.