Allbirds(US:BIRD)2025-11-06 21:13Financial Performance - Third quarter 2025 net revenue decreased 23.3% to $33.0 million compared to $43.0 million in the third quarter of 2024[4] - Gross profit for the third quarter of 2025 was $14.2 million, with a gross margin decline of 120 basis points to 43.2%[5] - Net loss for the third quarter of 2025 was $20.3 million, with a net loss margin of 61.6% compared to 49.3% in the third quarter of 2024[7] - Adjusted EBITDA loss for the third quarter improved to $15.7 million from a loss of $16.2 million in the same quarter last year[10] - The net loss for Q3 2025 was $20,324 million, compared to a net loss of $21,177 million in Q3 2024, indicating a slight improvement[30] - Adjusted EBITDA for the three months ended September 30, 2025, was $(15,730,000), compared to $(16,241,000) in the same period of 2024, indicating a narrowing loss[41] Expenses - Selling, general, and administrative expenses (SG&A) were $21.7 million, or 65.7% of net revenue, down from $31.0 million, or 72.0% of net revenue in the same quarter last year[6] - Marketing expenses increased to $11.7 million, or 35.5% of net revenue, compared to $9.9 million, or 22.9% of net revenue in the third quarter of 2024[7] - Total operating expenses in Q3 2025 were $34,126 million, representing an increase of 16.5% from $40,857 million in Q3 2024[30] Guidance and Projections - Full year 2025 revenue guidance revised to $161 million to $166 million, down from previous guidance of $165 million to $180 million[17] - Adjusted EBITDA loss guidance for 2025 is now projected at $63 million to $57 million, compared to prior guidance of $65 million to $55 million[17] Cash and Assets - As of September 30, 2025, the company had $23.7 million in cash and cash equivalents and $12.3 million in outstanding borrowings under its $50.0 million revolving credit facility[14] - Cash and cash equivalents decreased to $23,704 million as of September 30, 2025, down from $66,732 million at the end of 2024[34] - Total assets as of September 30, 2025, were $119,914 million, a significant decrease from $188,879 million at the end of 2024[34] - Total liabilities decreased to $67,982 million as of September 30, 2025, compared to $87,194 million at the end of 2024[34] Inventory and Store Count - Inventory at the end of the quarter was $43.1 million, representing a decrease of 25.0% year-over-year[8] - The total store count decreased from 60 stores as of September 30, 2023, to 23 stores as of September 30, 2025, reflecting a significant reduction in physical presence[43] - The company closed a total of 20 stores in the U.S. from Q1 2024 to Q2 2025, indicating a strategic shift in operations[44] - The company transitioned operations of several international stores to distributors, including three stores in China in Q3 2024, as part of its restructuring strategy[44] Revenue Breakdown - In the United States, net revenue for the three months ended September 30, 2025, was $25,586,000, down from $32,041,000 in the same period of 2024, a decrease of 20.0%[43] - International net revenue for the three months ended September 30, 2025, was $7,403,000, down from $10,955,000 in the same period of 2024, a decrease of 32.5%[43]