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Allbirds, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net revenue of $42,996,000 for the quarter, a decrease from $57,244,000 in the same quarter of the previous year. This decline is attributed to a decrease in units sold and the transition to third-party distributors in certain international markets.
Cost of revenue for the quarter was $23,921,000, representing 56% of sales, compared to 57% in the same quarter of the previous year. Gross profit was reported at $19,075,000, with a gross margin of 44%, up from 43% in the previous year.
Selling, general, and administrative expenses decreased to $30,967,000 from $43,545,000, primarily due to reductions in personnel costs and depreciation expenses.
Marketing expenses were $9,855,000, slightly down from $10,176,000 in the previous year, reflecting decreased digital advertising spend.
The company reported a net loss of $21,177,000 for the quarter, compared to a net loss of $31,575,000 in the previous year. The decrease in net loss is attributed to reduced operating expenses.
Allbirds reported cash and cash equivalents of $78,627,000 as of September 30, 2024. Net cash used in operating activities was $53,019,000, an increase from $25,498,000 in the previous year.
The company continues to focus on its strategic transformation plan, which includes optimizing retail stores and transitioning to a distributor model in certain international markets.
Allbirds remains committed to its sustainability goals and continues to innovate with naturally derived materials in its product offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allbirds Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.