Executive Summary

Q1 2023 revenue declined 17% year over year to $29.5M and fell sharply sequentially vs. Q4 2022 (which included $28.8M of unredeemed wallet balance recognition), as seasonality and strategic footprint reductions weighed on volumes .
Consolidated gross margin improved 15 percentage points YoY to 17%, driven by cost optimization and rightsizing; Adjusted EBITDA loss narrowed to $(15.6)M from $(39.4)M YoY .
Management reaffirmed FY2023 guidance: Adjusted Operating Expense ≈$100M, Adjusted EBITDA $15–$20M, and positive cash flow $5–$10M; CFO expects a return to positive cash flow over the next three quarters despite Q1 seasonality .
Liquidity remains the key risk: unrestricted cash was ~$12.8–$13.0M at quarter-end and the company disclosed substantial doubt about its ability to continue as a going concern absent additional capital or improved operating cash generation .

What Went Well and What Went Wrong

What Went Well

Gross margin execution and cost discipline: consolidated gross margin rose to 17% (+15 pts YoY); Adjusted Operating Expenses fell 39% YoY to $30.6M .
“We continued to improve gross margins, reduce operating expenses and cash usage...” — CEO Shane Torchiana .
Ride unit economics: Ride Profit Margin (before vehicle depreciation) improved to 52% (+18 pts YoY); Sharing gross margin reached 16% .
Market execution: 20 new city launches or program expansions, including two leading U.S. cities and one leading European city, supporting confidence in the 2023 outlook .

What Went Wrong

Top-line pressure: revenue down 17% YoY to $29.5M; rides fell 29% YoY to 5.2M; RpD declined to 0.9x and deployed vehicles decreased 14% YoY, reflecting rightsized footprint and seasonality .
Cash burn and losses: Net loss was $(44.3)M; operating cash flow was $(21.7)M; free cash flow was $(25.3)M despite improvement YoY .
Going concern: unrestricted cash of ~$12.8–$13.0M is insufficient for obligations over the next 12 months absent additional funding, prompting a going-concern disclosure .

Financial Results

Headline Financials vs Prior Periods

Metric	Q3 2022	Q4 2022	Q1 2023
Revenue ($USD Millions)	$72.9	$69.7	$29.5
EPS (Basic/Diluted, $)	n/a	n/a	$(0.14) / $(0.14)
Gross Margin (%)	38%	42%	17%
Adjusted EBITDA ($USD Millions)	$0.2	$6.1	$(15.6)
Net (Loss) Income ($USD Millions)	$(9.8)	$(36.4)	$(44.3)
Cash from Operations ($USD Millions)	$2.2	$(11.9)	$(21.7)
Free Cash Flow ($USD Millions)	$(1.2)	$(14.6)	$(25.3)

Note: Q4 2022 revenue included recognition of $28.8M in unredeemed preloaded wallet balances from prior periods .

Year over Year (Q1 2023 vs Q1 2022)

Metric	Q1 2022	Q1 2023
Revenue ($USD Millions)	$35.4	$29.5
Consolidated Gross Margin (%)	2%	17%
Net (Loss) Income ($USD Millions)	$7.7	$(44.3)
EPS (Basic/Diluted, $)	$0.03 / $0.03	$(0.14) / $(0.14)
Adjusted EBITDA ($USD Millions)	$(39.4)	$(15.6)

Segment/Revenue Type Breakdown (Q1 2023)

Metric	Sharing	Platform Partner Services	Product Sales
Revenues ($USD Millions)	$28.517	$0.694	$0.326
Gross Margin ($USD Millions)	$4.602	$0.412	$0.071
Sharing Gross Margin (%)	16%	—	—

KPIs

KPI	Q1 2022	Q1 2023
Rides (Millions)	7.3	5.2
Rides per Deployed Vehicle per Day (x)	1.0x	0.9x
Deployed Vehicles (Thousands)	78.9	67.6
Ride Profit Margin (before Vehicle Depreciation)	35%	52%
Ride Profit Margin (after Vehicle Depreciation)	4%	18%
Cash and Cash Equivalents ($USD Millions)	—	$12.841

Consensus vs Actual (Q1 2023)

Metric	S&P Global Consensus	Actual
Revenue ($USD Millions)	n/a — S&P Global consensus unavailable for BRDS	$29.5
EPS ($)	n/a — S&P Global consensus unavailable for BRDS	$(0.14)

Guidance Changes

Metric	Period	Previous Guidance (Q4 2022)	Current Guidance (Q1 2023)	Change
Adjusted Operating Expense	FY 2023	≤ $100M	≈ $100M	Maintained
Adjusted EBITDA	FY 2023	$15–$20M	$15–$20M	Maintained
Cash Flow	FY 2023	+$5–$10M	+$5–$10M	Maintained

CFO commentary: “We are committed to achieving targeted 2023 Adjusted Operating Expenses of approximately $100 million, as well as our positive Adjusted EBITDA and Free Cash Flow goals… we expect to return to positive cash flow over the next three quarters.”

Earnings Call Themes & Trends

Note: The Q1 2023 earnings call transcript document was listed but not retrievable due to a document system inconsistency; themes below reflect management commentary from press releases across periods.

Topic	Previous Mentions (Q3 2022)	Previous Mentions (Q4 2022)	Current Period (Q1 2023)	Trend
Footprint rationalization	Exited unprofitable markets; full exit from 3 European countries; rightsizing to target profitability	Continued realignment; Bird Canada acquisition to add profitable operations	Continuing rightsized footprint; 20 new city launches/expansions	Rightsizing with selective expansion
Margins & cost discipline	Record gross margin; first positive adj. EBITDA quarter; targeted $30–$40M additional annual cost reductions	Consolidated gross margin 42%; adj. EBITDA positive; adj. OpEx down 29% YoY	Consolidated GM 17% (+15 pts YoY); adj. OpEx down 39% YoY; adj. EBITDA improved YoY	Sustained margin/cost focus
Liquidity/going concern	Substantial doubt; unrestricted cash $38.5M insufficient over 12 months	Substantial doubt; unrestricted cash $33.5M insufficient	Substantial doubt; unrestricted cash ~$12.8–$13.0M insufficient	Deteriorating liquidity; critical risk
Accounting items/wallet breakage	Announced restatement for failed payments; indicated upcoming breakage revenue analysis	Recognized $28.8M breakage in Q4; improved headline revenue/margins	No breakage recognized; sequential revenue decline vs Q4	Normalized post-Q4 boost
Market/city engagement	—	—	20 city wins enhancing outlook	Positive momentum

Management Commentary

CEO (Shane Torchiana): “We are starting to execute on our plan of reducing costs while remaining laser-focused on our mission… continued to improve gross margins, reduce operating expenses and cash usage, and won new city launches or program expansions in 20 cities… I remain optimistic about the growth opportunity ahead as our focus on cost discipline, asset efficiency, and a rightsized footprint leaves us well positioned…” .
CFO (Michael Washinushi): “We continue to optimize spend… committed to achieving targeted 2023 Adjusted Operating Expenses of approximately $100 million, as well as our positive Adjusted EBITDA and Free Cash Flow goals… As the seasonality in Q1 has a strong impact on cash flow, we expect to return to positive cash flow over the next three quarters.” .

Q&A Highlights

The Q1 2023 earnings call transcript was listed but full content was not retrievable due to a document inconsistency; therefore, Q&A themes and clarifications are not available from primary sources [1:– tool listing only]. Conference call logistics: May 11, 2023 at 8:00 am ET, with replay available on the IR site .

Estimates Context

S&P Global consensus estimates for BRDS (Q1 2023 revenue/EPS/EBITDA) were unavailable via the SPGI data interface, so a beat/miss assessment vs Wall Street cannot be made at this time [GetEstimates error].
Given reaffirmed FY2023 guidance and Q1 seasonality, any future Street revisions would likely hinge on execution in peak seasons and funding progress; however, without consensus data we cannot quantify potential adjustments .

Key Takeaways for Investors

Unit economics improving despite lower volumes: Ride Profit Margin (before vehicle depreciation) rose to 52% and Sharing gross margin reached 16%, evidencing cost actions and asset efficiency .
Revenue headwinds expected near term: rightsized footprint and seasonality reduced rides, RpD, and deployed vehicles (5.2M, 0.9x, 67.6k), pressuring top-line until peak seasons and new city wins ramp .
Liquidity risk is central: unrestricted cash ~$12.8–$13.0M and going-concern language require close monitoring of financing, operating cash generation, and debt service flexibility .
FY2023 guide maintained: Adj. OpEx ≈$100M, Adj. EBITDA $15–$20M, FCF +$5–$10M; CFO targets positive cash flow over the next three quarters, highlighting seasonality and cost optimization as drivers .
Sequential comps distorted by Q4 breakage: Q4 included $28.8M breakage recognition, inflating revenue/margin; Q1 provides a more normalized base for tracking progress .
Operational catalysts: 20 city program wins plus continued cost reductions may support margin trajectory; watch permit decisions and deployment efficiency in peak season quarters .
Risk-reward: Execution on guide with improved unit economics vs. funding constraints and going-concern disclosure; stock likely sensitive to liquidity updates and seasonal performance .

Bird Global, Inc. (BRDS)·Q1 2023 Earnings Summary