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Allbirds Inc. (BIRD+1.53%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing is available for review filing.
The report details Allbirds' financial performance, showing a decrease in net revenue to $189.8 million from $254.1 million in the previous year. The decline is attributed to lower unit sales in its direct business and the transition of international operations to distributor models.
Cost of revenue decreased to $108.7 million, resulting in a gross profit of $81.1 million and a gross margin improvement to 42.7%. The margin improvement was due to lower freight and duty costs and a higher average selling price.
Operating expenses were reduced to $178.6 million, down from $257.2 million the previous year. This includes a decrease in selling, general, and administrative expenses, marketing expenses, and impairment charges.
Allbirds reported a net loss of $93.3 million, an improvement from the $152.5 million loss the previous year. Adjusted EBITDA showed a loss of $70.0 million, compared to a loss of $78.5 million in 2023.
The company highlighted its strategic transformation plan, which includes optimizing its store fleet, transitioning international operations to a distributor model, and focusing on cost savings and capital efficiency.
Allbirds also reported on its environmental, social, and governance (ESG) efforts, including its commitment to sustainability and its status as a public benefit corporation.
Cash and cash equivalents at the end of the year were $66.7 million, with no outstanding balances under its credit agreement. The company believes its current resources are sufficient to meet its cash requirements over the next 12 months.
The report includes a discussion of risks related to market conditions, competition, and regulatory changes, as well as the company's plans to address these challenges.
Allbirds continues to focus on marketing its sustainable footwear and apparel products to a global customer base, leveraging its direct-to-consumer model and strategic partnerships with third-party retailers and distributors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allbirds Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.