Allbirds(US:BIRD)2024-11-06 21:09Financial Performance - Q3 2024 net revenue decreased 24.9% to $43.0 million compared to $57.2 million in Q3 2023[2] - Q3 2024 net loss was $21.2 million, or $2.68 per share, compared to a net loss of $31.6 million in Q3 2023[7] - Net revenue for Q3 2024 was $42,996,000, a decrease of 25% compared to $57,244,000 in Q3 2023[31] - The net loss for Q3 2024 was $21,177,000, compared to a net loss of $31,575,000 in Q3 2023, indicating an improvement of 32.7%[24] - Adjusted EBITDA for Q3 2024 was $(16.241) million, compared to $(18.976) million in Q3 2023, reflecting an adjusted EBITDA margin of (37.8)%[31] - Total net revenue for the nine months ended September 30, 2024, was $133.905 million, down from $182.075 million in the same period of 2023[32] Cost and Expenses - Q3 2024 SG&A expenses were $31.0 million, or 72.0% of net revenue, down from $43.5 million, or 76.1% in Q3 2023[5] - Marketing expenses in Q3 2024 totaled $9.9 million, or 22.9% of net revenue, compared to $10.2 million, or 17.8% in Q3 2023[6] - Total operating expenses for Q3 2024 were $40,857,000, down from $54,955,000 in Q3 2023, resulting in a loss from operations of $21,782,000[24] - Stock-based compensation expense for Q3 2024 was $2.620 million, compared to $4.690 million in Q3 2023[30] - Depreciation and amortization expense for Q3 2024 was $2.886 million, down from $5.162 million in Q3 2023[30] Inventory and Assets - Inventory at the end of Q3 2024 was $57.5 million, a decrease of 28.1% year-over-year[12] - Cash and cash equivalents decreased to $78,627,000 as of September 30, 2024, down from $130,032,000 at the end of 2023[27] - Total assets decreased to $221,914,000 as of September 30, 2024, compared to $312,705,000 at the end of 2023[28] - Total stockholders' equity decreased to $127,345,000 as of September 30, 2024, down from $185,329,000 at the end of 2023[28] Guidance and Projections - Full year 2024 revenue guidance updated to $187 million to $193 million, down from prior guidance of $190 million to $210 million[14] - Adjusted EBITDA loss for full year 2024 is projected to be between $75 million and $71 million[14] Operational Changes - The company completed its transition to a distributor model in China and entered into new distributor agreements in Europe and Latin America[2] - Allbirds closed three stores in the US in Q1 2024, ten stores in Q2 2024, and one store in Q3 2024, indicating a strategic reduction in physical retail presence[34] - The total store count as of September 30, 2024, was 34, down from 60 stores as of September 30, 2023[33] - The company transitioned operations of six stores in China to third-party distributors in Q3 2024, reflecting a shift in operational strategy[34] Environmental Impact - The company reported a 22% reduction in its per unit carbon footprint in 2023 compared to 2022[2] Foreign Currency Impact - The company reported a foreign currency translation income of $1,880,000 in Q3 2024, compared to a loss of $906,000 in Q3 2023[25] Share Information - The weighted-average shares used in computing net loss per share increased to 7,900,246 in Q3 2024 from 7,605,191 in Q3 2023[25]