SAN FRANCISCO—Mitchell Ann, the Chief Financial Officer of Allbirds , Inc. (NASDAQ:BIRD), recently sold shares worth $12,137, according to a regulatory filing. The sustainable footwear company, currently valued at approximately $65 million, has seen its stock decline over 66% year-to-date amid challenging market conditions. The transaction, dated December 2, 2024, involved the sale of 1,502 shares of Class A Common Stock at a weighted average price of $8.0809 per share. The shares were sold to cover tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Ann retains ownership of 60,975 shares. According to InvestingPro analysis, while Allbirds maintains more cash than debt on its balance sheet, the company's overall financial health score is currently rated as WEAK, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, Allbirds reported its Q3 2024 results, disclosing a net revenue of $43 million. Despite lower unit sales and transitions to a distributor model in certain regions, the company managed to increase its gross margin to 44.4%, largely due to reduced freight costs and an efficient inventory position. In addition, Allbirds launched two new products, the Tree Glider and Lounger Lift, which have been positively received by consumers.
The company has revised its full-year revenue guidance to between $187 million and $193 million and expects an adjusted EBITDA loss of $75 million to $71 million. Allbirds also announced that it has entered into two new international distributor agreements, set to expand its reach in Latin America and Europe from mid-2025.
Despite facing challenges, including the closure of 15 U.S. retail locations and a one-time cash charge of $1.5 million due to these closures, Allbirds maintains a strong cash reserve of $79 million. The company is optimistic about future growth, driven by upcoming product launches and strategic marketing efforts, including partnerships with companies like Uber (NYSE:UBER) Eats and Marriott Bonvoy. These are the recent developments within Allbirds.
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