$BRDS reports Q4 & Full Year Results: Improving Margins & Positive EBITDA
Mar 10th 2023, 12:09 pm
Analyst Summary: Bird Global Inc., a publicly traded electric transportation company, announced its fourth-quarter and full-year results for 2022. The company acquired the operations of Bird Canada at the end of the year, which added profitable operations in Canada and a $30 million cash investment in Bird Global. The consolidated gross margin improved by 35 percentage points, compared to the prior year period, reaching 42%. Moreover, the core vehicle-sharing business, sharing gross margins, core operating expenses, ride profit margins, show positive signs for the company. The adjusted EBITDA was $6.1 million in the fourth quarter compared to a loss of $23.8 in the prior year period. The company also reported that free cash flow loss narrowed to $14.6 million compared to $165.5 million in the prior year period. Looking forward, Bird Global expects to achieve adjusted EBITDA of $15 million to $20 million, a positive cash flow of $5 million to $10 million, and adjusted operating expenses of no more than $100 million. Bird Holdings Canada, a subsidiary of Bird Global, entered into a Share Purchase Agreement with Bird Canada in January 2023. Michael Washinushi, CFO of Bird, noted the importance of improving gross margins and reducing operating expenses in 2023. The company aims to return to positive cash flow starting in the second quarter of 2023.