First quarter net revenue at Allbirds decreased 13.4 percent to 54.4 million dollars compared to the first quarter of 2022.
The company’s sales increased 9.5 percent compared to the first quarter of 2021.
“Our teams are executing well against our strategic transformation plan designed to reignite growth, improve capital efficiency and drive profitability,” said Joey Zwillinger, the company’s co-founder and CEO in a statement.
Gross profit for the quarter totaled 21.8 million dollars compared to 32.6 million dollars in the same period of 2022 and gross margin declined to 40.1 percent compared to 51.9 percent in the first quarter of 2022.
The company reported a net loss of 35.2 million dollars compared to 21.9 million dollars in the first quarter of 2022, and a net loss margin of 64.7 percent compared to 34.9 percent last year.
Adjusted EBITDA was a loss of 21.7 million dollars compared to a loss of 12.2 million dollars in the first quarter of 2022 and adjusted EBITDA margin declined to negative 39.8 percent compared to negative 19.5 percent in the previous year.
For the second quarter, Allbirds expects net revenue to reach between 64 million dollars to 69 million dollars, a decrease of 18 percent to 12 percent and adjusted EBITDA loss of 20 million dollars to 23 million dollars.