Bird Announces Fourth Quarter and Full Year 2021 Financial Results
Give gas the Bird. Image Credit: Bird.co
With gas prices rising to $6.00 at several gas stations in Santa Cruz, electric bikes and electric vehicles are beginning to look more enticing than ever as an option for commuting more affordably and sustainably. E-scooter and e-bike transportation company Bird Global Inc. (NYSE:BRDS) more commonly known as Bird, is experiencing the demand and anticipating that more commuters will be eyeing electric transportation options as a result of ever-increasing gas prices and high temperatures.
According to a statement made by Bird’s founder and CEO, Travis VanderZanden, in Birds’ fourth-quarter earnings call, the company’s last fiscal quarter of 2021 did well despite the delays and interruptions caused by Omicron cases.
Bird CEO and founder, Travis VanderZanden. Credit: Bird.co
“We ended 2021 with strong fourth-quarter results, capping off a record-setting year for Bird from both a top and bottom-line perspective. Fourth-quarter revenue was $54 million, representing year over year growth of 126% and our Ride Profit Margin, before Vehicle Depreciation, reached an all-time high of 53% despite macro-related headwinds from the surge in omicron cases later in the period and disruption of the global supply chain.
We successfully executed against our goals while exceeding increased expectations and continuing our mission to provide environmentally friendly transportation for everyone.
A number of significant milestones were achieved in 2021, most notably:
1) the delivery of $205m in revenue in our fourth year of operations in line with the top end of our guidance and representing a 117% growth compared to the prior year.”
VanderZanden also noted that the first quarter of 2022 is looking even better for Bird than the previous year and the company remains dedicated to its mission and keeping up with the forecasted demand for alternative transportation.
“As we enter spring, with Omicron cases down from the January peak and weather improving, we are seeing demand pick up significantly….I remain confident in our ability to deliver on our strategic objectives in fiscal 2022 while staying focused on our path to profitability and driving value for all of our stakeholders. Our team remains committed to advancing our mission to provide environmentally friendly alternatives to gas-powered vehicles, which is even more critical now as gas prices continue to rise and consumer reliance on gas-powered vehicles continues to shift. With continued industry tailwinds and our proven strategic initiatives, we believe we will continue to drive strong performance this year and beyond.
For more information, see Bird’s press release: