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allbirds Allbirds Reports Third Quarter 2021 Financial Results November 30 , 2021 Third Quarter Net Revenue of $ 63 Million , Up 33 % Year Over Year Provides Full Year 2021 Outlook -- SAN FRANCISCO , Nov. 30 , 2021 ( GLOBE NEWSWIRE ) Allbirds , Inc. ( NASDAQ : BIRD ) , a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way , today reported financial results for the third quarter of 2021 ended September 30 , 2021 . Third Quarter Highlights • Net revenue rose 33 % to $ 62.7 million compared to the third quarter of 2020 and increased 40 % versus the third quarter of 2019 • Gross profit increased 36 % to $ 33.9 million compared to the third quarter of 2020 ; gross margin expanded 120 basis points from the third quarter of 2020 to 54.1 % • GAAP net loss of $ 13.8 million , or $ 0.25 per basic and diluted share ; net loss margin of ( 22.0 ) % Adjusted EBITDA loss of $ 6.3 million ; Adjusted EBITDA margin of ( 10.1 ) % • Opened four stores , ending the third quarter with 31 locations " We are pleased to deliver strong third quarter performance , which reflects solid execution by our teams and robust global demand for the Allbirds brand , " said Joey Zwillinger , Co - Founder and Co - CEO . " Revenue was strong across channels and geographies , growing 33 % year over year , with notable strength in U.S. physical retail . Importantly , we saw strong consumer response in the quarter to our new product innovation , including our new Perform Apparel line . " " We're at the forefront of a generational change in consumer values and purchase behaviors , led by our mission to make better things in a better way - which means we're aligning our purpose of reversing climate change with our product quality and financial outcomes . Looking ahead , we believe Allbirds is uniquely positioned in an exceptionally large and growing market . As we continue to execute our strategic plan , we are focused on accelerating growth , creating value for our shareholders and building for a multi - decade journey . " Third Quarter Operating Results Net revenue in the third quarter of 2021 increased 33 % to $ 62.7 million compared to $ 47.2 million in the third quarter of 2020 and increased 40 % compared to the third quarter of 2019. The increase is primarily attributable to robust consumer demand in the United States and a strong response to new footwear and performance apparel product launches . Net revenue in the United States increased 42 % to $ 47.7 million and international net revenue increased 10 % to $ 15.0 million compared to the third quarter of 2020 . Gross profit totaled $ 33.9 million compared to $ 25.0 million in the third quarter of 2020 and gross margin expanded 120 basis points to 54.1 % versus 52.9 % compared to the same period in the prior year . The increase in gross margin primarily reflects favorable product mix , sales of higher gross margin products such as apparel , and a decrease in product costs , partially offset by higher warehouse and logistics costs . Selling , general and administrative expenses ( SG & A ) were $ 33.0 million , or 52.6 % of revenue , compared to $ 20.1 million , or 42.5 % of revenue , in the third quarter of 2020 , with the increase primarily driven by expenses for the opening of four new stores during the period and operational expenses for 10 additional stores opened since the third quarter of 2020 , increased headcount , and public company preparation costs . Marketing expenses totaled $ 12.8 million versus $ 12.1 million compared to the third quarter of 2020 and improved as percentage of revenue to 20.4 % from 25.7 % a year ago . Third quarter GAAP net loss was $ 13.8 million compared to net loss of $ 7.0 million in the third quarter of 2020 , and net loss margin was ( 22.0 ) % compared to ( 14.8 ) % in the third quarter of 2020 . Adjusted EBITDA loss in the third quarter of 2021 was $ 6.3 million compared to $ 3.8 million in the third quarter of 2020 , and Adjusted EBITDA margin decreased by 200 basis points to ( 10.1 ) % versus ( 8.1 ) % a year ago . Nine Month Operating Results Year - to - date net revenue in the third quarter of 2021 increased 29 % to $ 180.3 million compared to $ 140.0 million in the nine months ended September 30 , 2020 and increased 43 % compared to the nine months ended September 30 , 2019. The increase is primarily attributable to robust consumer demand in the United States and a strong response to new footwear launches . Year - to - date net revenue in the United States increased 26 % to $ 132.9 million and international net revenue increased 37 % to $ 47.4 million compared to the nine months ended September 30 , 2020 . Year - to - date gross profit in the third quarter of 2021 totaled $ 97.9 million compared to $ 73.3 million in the nine months ended September 30 , 2020 , while gross margin expanded 190 basis points to 54.3 % versus 52.4 % compared to the same period in the prior year . The increase in gross margin primarily reflects favorable product mix , sales of higher gross margin products such as apparel , and a decrease in product costs , partially offset by higher warehouse and logistics costs . Year - to - date selling , general and administrative expenses ( SG & A ) in the third quarter of 2021 were $ 85.5 million , or 47.5 % of revenue , compared to