Allbirds, Inc. reported its third quarter 2024 financial results, with net revenue decreasing 24.9% to $43.0 million compared to $57.2 million in the third quarter of 2023. This decline was primarily attributed to lower unit sales, international distributor transitions, and planned retail store closures. Gross profit totaled $19.1 million, and gross margin improved by 90 basis points to 44.4% from 43.5% in the prior year period.
The company's net loss for Q3 2024 was $21.2 million, an improvement from a net loss of $31.6 million in Q3 2023. Adjusted EBITDA loss also improved to $16.2 million compared to a loss of $19.0 million in the same period last year, with SG&A expenses decreasing to $31.0 million from $43.5 million.
Allbirds updated its full year 2024 revenue guidance to a range of $185 million to $190 million and narrowed its Adjusted EBITDA guidance to a loss of $70 million to $65 million. For the fourth quarter of 2024, the company expects net revenue between $51 million and $56 million, with an adjusted EBITDA loss projected between $20 million and $15 million.
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