Shoe maker Allbirds files IPO request, reveals continuing losses

Shoe maker Allbirds files IPO request, reveals continuing losses

Allbirds shoes are made from wool and the laces are made from recycled plastic bottles.

Sustainable shoe maker Allbirds said on Tuesday it has lost money since its inception and expects it to remain unprofitable for the foreseeable future as it prepares to debut at Wall Street via an initial public offering. .

Allbirds said it has applied to list its Class A common stock on the Nasdaq Stock Exchange under the ticker symbol “bird”.

Earlier this month, Warby Parker, darling direct to consumers, revealed in an SEC filing that he has seen sales increase but also swell losses over the past three years. The eyewear is preparing to go public, but through a simple announcement.

Allbirds hopes to capitalize on the growing demand, especially among younger buyers, for products that are sustainably sourced. She launched a sportswear line earlier this month, expanding her product assortment beyond her popular woolen sneakers.

Allbirds’ net loss totaled $ 14.5 million in 2019 and increased to $ 25.9 million in 2020, according to documents filed with the Securities and Exchange Commission. For the six-month period ending June 30, Allbirds reported losses of $ 21.1 million.

Its revenue, meanwhile, increased from $ 193.7 million in 2019 to $ 219.3 million in 2020.

This story is developing. Please check for updates.

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