Allbirds Q4 loss widens, names Joe Vernachio as CEO

Allbirds fourth quarter net revenue decreased 14.5 percent to 72 million dollars, while net loss widened to 56.8 million dollars or 37 cents per basic and diluted share.

Full year net revenue decreased 14.7 percent to 254.1 million dollars versus a year ago and net reached 152.5 million dollars or 1.01 dollars per basic and diluted share.

The company also announced the appointment of COO Joe Vernachio as CEO, effective March 15, 2024. Allbirds co-founder & CEO Joey Zwillinger will remain on the board of directors as a special advisor to Allbirds.

“With the transformative actions we completed over the past year, coupled with world-class leadership, I am confident in the team, and in particular, Joe Vernachio’s stewardship of the brand for this next chapter for Allbirds,” said Joey Zwillinger.

Fourth quarter adjusted EBITDA loss was 19.5 million dollars; while full year adjusted EBITDA loss was 78.4 million dollars.

Gross profit for the quarter totaled 27.4 million dollars and gross margin declined to 38 percent. Full year gross profit was 104.2 million dollars, while gross margin declined to 41 percent

For the year 2024, Allbirds expects net revenue of 190 million dollars to 210 million dollars, U.S. net revenue of 150 million dollars to 165 million dollars and international net revenue of 40 million dollars to 45 million dollars. The company forecasts gross margin of 42 percent to 45 percent and adjusted EBITDA loss of 78 million dollars to 63 million dollars.

For the first quarter of 2024, Allbirds expects net revenue of 37 million dollars to 42 million dollars, U.S. net revenue of 28 million dollars to 31 million dollars, international net revenue of 9 million dollars to 11 million dollars and adjusted EBITDA loss of 27 million dollars to 23 million dollars.