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Allbirds (BIRD) investor relations material
Allbirds Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 net revenue was $33 million, down 23.3% year-over-year, in line with guidance, with strong new product launches but mixed legacy product performance.
Net loss for Q3 was $20.3 million, with adjusted EBITDA loss of $15.7 million, slightly improved from the prior year due to cost controls.
Inventory decreased 25% year-over-year to $43.1 million, aligning with expectations.
Brand revitalization efforts and new product launches, such as Wool Cruiser and Waterproof Collection, exceeded expectations and drove consumer engagement.
Management is focused on cost reduction, liquidity enhancement, and value-creating opportunities.
Financial highlights
Q3 gross margin was 43.2%, down from 44.4% year-over-year, due to higher digital/international sales mix and increased U.S. duties.
Q3 SG&A expenses were $21.7 million, down from $31 million a year ago, driven by lower personnel, occupancy, and stock-based compensation costs.
Q3 marketing expense rose 19% to $12 million, supporting new product launches and digital ad spend.
Q3 Adjusted EBITDA loss was $15.7 million, a slight improvement from $16.2 million loss a year ago.
Nine-month net revenue fell 21.7% to $104.8 million; net loss for the period was $57.7 million.
Outlook and guidance
Full-year net revenue expected between $161 million and $166 million, revised from prior $165 million-$180 million guidance, reflecting $23-$25 million impact from international distributor transitions and store closures.
Q4 net revenue guidance is $56-$61 million, flat to up 9% year-over-year.
Full-year Adjusted EBITDA loss guidance tightened to -$63 million to -$57 million.
Management expects continued net losses and negative cash flows from operations for the foreseeable future, with substantial doubt about the company’s ability to continue as a going concern.
Plans include cost reductions, further use of credit facilities, and potential additional capital raises or strategic transactions.
Reactivating original runner sales
Liquidity enhancement options
Black Friday promotional approach
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Q4 202513 Mar, 2026
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Frequently asked questions
An eco-friendly footwear brand who took the world by storm
Allbirds is a popular footwear brand that specializes in sustainable and comfortable shoes. The company is known for its commitment to using eco-friendly materials, innovative design, and a focus on providing superior comfort to its customers. Allbirds' menu of footwear options includes sneakers, slip-ons, and other styles, all made from renewable and natural materials like merino wool, eucalyptus fiber, and recycled plastics. The company's dedication to sustainability and creating stylish, comfortable shoes has garnered a loyal customer base that values both style and environmental responsibility.
Omni channel
Allbirds primarily earns its revenue through the sale of its footwear products. The company operates an e-commerce platform, allowing customers to conveniently purchase shoes directly from their website. Allbirds also has physical retail stores in select locations, providing customers with the opportunity to try on and purchase shoes in person. In addition to footwear sales, Allbirds has expanded its product offerings to include accessories like socks, apparel, and shoe care items, further diversifying its revenue streams.
Direct-to-consumer
Allbirds follows a direct-to-consumer business model, eliminating the need for intermediaries and retail markups. By selling directly to customers, the company can offer high-quality footwear at competitive prices. Allbirds' commitment to sustainability is ingrained in its business practices. The company prioritizes using natural, renewable, and recycled materials to reduce its environmental impact. Allbirds also promotes transparency in its supply chain and manufacturing processes, ensuring ethical practices and fair treatment of workers.
Founded by a professional soccer player
Allbirds was founded in 2014 by Tim Brown, a former professional soccer player, and Joey Zwillinger, an engineer and renewable materials expert. The idea behind Allbirds originated from Tim Brown's desire to create a simple and sustainable shoe that combined comfort and style. The company gained significant attention for its innovative use of merino wool, a natural and sustainable material that provides exceptional comfort and temperature regulation.
As for its peers, three notable listed companies in the footwear industry are: Nike, Crocs, and Deckers Outdoor Corporation.
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