Bird Global, Inc.

Bird reported Q2 2023 revenue of $48.3 million, down 28% or $18.4 million year over year. Net loss was $9.3 million, adjusted EBITDA was negative $1.2 million versus negative $28.9 million last year, consolidated gross margin was 40% versus 75 points lower a year ago, and ride profit margin before vehicle depreciation was 57% versus 47% last year. Adjusted operating expenses declined 50% year over year to $28 million, or 58% of revenue versus 84% a year ago. Free cash flow was negative $1.8 million. Management did not provide next-quarter or full-year guidance and said it is temporarily suspending guidance while reassessing the financial plan.

Michael Washinushi framed his new interim CEO role around operational discipline, city partnerships, expense control, and asset efficiency. He said Bird believes its platform fits city transit and climate goals, and emphasized improving vehicle placement, functionality, and field execution. His tone was constructive but measured: he said the company is making progress, but also noted Bird is in a transition period and is suspending guidance while it reworks the plan.

Washinushi highlighted a big year-over-year improvement in profitability metrics, including adjusted EBITDA from negative $28.9 million to negative $1.2 million and gross margin up to 40%. He also pointed to lower costs, with adjusted operating expenses down to $28 million from $56 million, and free cash flow at negative $1.8 million, which he said is in line with Bird’s goal of becoming sustainably free cash flow positive. On liquidity, he said Bird ended the quarter with total cash and cash equivalents of $11.7 billion, including $6.8 million in unrestricted cash.

There was no analyst Q&A; the operator said there were no questions. The closest thing to a forward-looking discussion came from management’s prepared remarks, where they said the company is reassessing its financial plan and therefore temporarily suspending guidance. They also said new markets and renewals are expected to support growth in the back half of the year and that the company is now streamlined for sustained cash flow profitability.