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Allbirds(BIRD) - 2024 Q4 - Annual Results
BIRDAllbirds(BIRD)2025-03-11 20:08

Financial Performance - Fourth quarter net revenue decreased 22.4% to 55.9millioncomparedto55.9 million compared to 72.0 million in Q4 2023, within the company's guidance range [4] - Full year net revenue decreased 25.3% to 189.8millioncomparedto189.8 million compared to 254.1 million in 2023 [8] - Fourth quarter net loss was 25.7million,or25.7 million, or 3.23 per share, compared to a net loss of 56.8millioninQ42023[8]−Fullyearnetlosswas56.8 million in Q4 2023 [8] - Full year net loss was 93.3 million, or 11.87pershare,comparedtoanetlossof11.87 per share, compared to a net loss of 152.5 million in 2023 [12] - Adjusted EBITDA loss for Q4 2024 was 19.2million,abovethecompany′sguidancerange;fullyearadjustedEBITDAlosswas19.2 million, above the company's guidance range; full year adjusted EBITDA loss was 70.0 million [7][12] - The total comprehensive loss for Q4 2024 was 28,378,000,comparedto28,378,000, compared to 55,065,000 in Q4 2023, showing a 48.5% reduction [26] - The company experienced a full year net loss of 93,318,000in2024,comparedtoanetlossof93,318,000 in 2024, compared to a net loss of 152,458,000 in 2023 [37] Gross Margin and Expenses - Fourth quarter gross margin declined approximately 670 basis points to 31.3% compared to 38.0% in Q4 2023; full year gross margin improved approximately 170 basis points to 42.7% [5][9] - Marketing expense in 2024 totaled 41.6million,or21.941.6 million, or 21.9% of net revenue, compared to 49.0 million, or 19.3% in 2023, primarily driven by decreased digital advertising spend [10] - Total operating expenses for Q4 2024 were 43,249,000,areductionof49.143,249,000, a reduction of 49.1% compared to 85,013,000 in Q4 2023 [26] - The net loss for Q4 2024 was 25,678,000,comparedtoanetlossof25,678,000, compared to a net loss of 56,779,000 in Q4 2023, indicating a 54.8% improvement [26] Inventory and Cash Flow - Inventory at quarter end was 44.1million,representingadecreaseof23.644.1 million, representing a decrease of 23.6% versus a year ago [7] - Cash and cash equivalents decreased to 66,732,000 at the end of 2024 from 130,032,000attheendof2023[30]−Thecompanyreportedanetcashusedinoperatingactivitiesof130,032,000 at the end of 2023 [30] - The company reported a net cash used in operating activities of 63,860,000 for 2024, compared to 30,222,000in2023[32]AssetsandLiabilities−Totalassetsdecreasedto30,222,000 in 2023 [32] Assets and Liabilities - Total assets decreased to 188,879,000 in 2024 from 312,705,000in2023,adeclineof39.6312,705,000 in 2023, a decline of 39.6% [30] - Total liabilities decreased to 87,194,000 in 2024 from 127,376,000in2023,areductionof31.6127,376,000 in 2023, a reduction of 31.6% [30] Future Guidance and Strategic Changes - The company provided 2025 guidance with expected net revenue of 175 million to 195million,includingU.S.netrevenueof195 million, including U.S. net revenue of 145 million to 160million[13]−Thetransitiontoadistributormodelininternationalmarketsisexpectedtonegativelyimpactrevenuebyapproximately160 million [13] - The transition to a distributor model in international markets is expected to negatively impact revenue by approximately 18 million to 23millionin2025[13]−Thecompanyclosedatotalof14storesintheU.S.throughout2024,reducingthetotalstorecountto30byDecember2024[40]−Thecompanytransitionedoperationsofmultipleinternationalstorestodistributors,includingsixstoresinChinainQ32024[40]InternationalRevenue−InternationalnetrevenueforQ42024was23 million in 2025 [13] - The company closed a total of 14 stores in the U.S. throughout 2024, reducing the total store count to 30 by December 2024 [40] - The company transitioned operations of multiple international stores to distributors, including six stores in China in Q3 2024 [40] International Revenue - International net revenue for Q4 2024 was 9,882,000, down 38.5% from 16,190,000inQ42023[37]Stock−BasedCompensationandImpairment−Thecompanyreportedstock−basedcompensationexpenseof16,190,000 in Q4 2023 [37] Stock-Based Compensation and Impairment - The company reported stock-based compensation expense of 2,579,000 for Q4 2024, down from 3,684,000inQ42023[34]−TheimpairmentexpenseforQ42024was3,684,000 in Q4 2023 [34] - The impairment expense for Q4 2024 was 1,800,000, consistent with the same amount in Q4 2023 [34]