At the micro-mobility provider Bird, not only electric scooters are disappearing in the Rhine, but also masses of US dollars in loss-making holes, as can be seen from the published business figures for the second quarter. Accordingly, the globally active company has lost around 310 million dollars, around 305 million euros. $247.6 million of that is accounted for by depreciation and amortization.
“Operating expenses” were $317.9 million in the fiscal second quarter, Bird wrote on its balance sheet. Before interest and taxes, it’s $19.2 million.
This compares to sales of $76.7 million. Compared to the same period of the previous year, this corresponds to an increase of 28 percent. Profit from trips alone before vehicle depreciation was $38.4 million, up 37 percent from the second quarter of 2021. The profit margin also increased slightly, from 49 percent to 53 percent.
Savings for profitability
Travis VanderZanden, CEO and founder of Bird, is optimistic for the third quarter despite the high losses. In the second quarter, Bird took action to move into profitability. The focus here is on “spending and capital discipline”. This refers to the dismissal of around 138 of the 600 employees announced by Bird in June, i.e. around 23 percent of the workforce.
VanderZanden expects adjusted EBITDA to be positive for the third quarter. Bird is optimistic about the sales target for 2022, which should be between 275 million and 325 million dollars.
After the announcement of the business figures, Bird’s share price initially rose and then fell sharply. On Monday, a paper cost 66 US cents, the price is now 49 cents.
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