Executive Summary

Revenue of $48.33M declined 28% year over year, but improved sequentially from $29.54M in Q1; consolidated gross margin rose to 40% versus -35% a year ago, and Adjusted EBITDA loss narrowed to $(1.2)M versus $(28.9)M YoY and $(15.6)M in Q1 .
Management highlighted cost discipline and a rightsized footprint; Adjusted Operating Expenses fell 50% YoY to $28.0M and total operating expenses declined 89% YoY to $36.1M .
Liquidity remains the core risk: cash and equivalents were $6.8M at quarter-end, and the company disclosed substantial doubt about its ability to continue as a going concern without additional funding .
Leadership change is a near-term stock narrative: the Board terminated the CEO on Aug 9, appointing CFO Michael Washinushi as Interim CEO; this transition and the going concern disclosure are likely catalysts for investor reaction .

What Went Well and What Went Wrong

What Went Well

Consolidated gross margin improved to 40% (up 75 percentage points YoY), with gross profit of $19.4M versus a loss of $(23.2)M in the prior-year quarter; ride profit margin before depreciation improved to 57% from 47% YoY .
Operating discipline: Adjusted Operating Expenses fell 50% YoY to $28.0M; Adjusted EBITDA loss improved to $(1.2)M from $(28.9)M YoY; operating cash outflow improved to $(1.8)M from $(4.5)M YoY .
Management tone: “We will continue to focus on cost discipline, asset efficiency, and a rightsized footprint… well positioned to become a self-sustaining company for the long-term,” said Interim CEO Michael Washinushi .

What Went Wrong

Top-line pressure from market exits: revenue fell 28% YoY to $48.33M; Sharing revenue declined to $46.76M, Product Sales to $0.91M, and Platform Partner Services to $0.66M .
Demand/Utilization softness: rides fell 39% YoY to 8.8M; rides per deployed vehicle per day declined to 1.2x from 1.5x; average deployed vehicles fell 25% YoY to 82.7K .
Liquidity and going concern: $6.8M cash and equivalents and an explicit going concern warning; free cash flow remained negative at $(1.8)M, albeit improved YoY .

Financial Results

Metric	Q4 2022	Q1 2023	Q2 2023
Revenue ($USD Millions)	$69.66	$29.54	$48.33
Net Income ($USD Millions)	$(36.41)	$(44.32)	$(9.31)
Diluted EPS ($USD)	N/A	$(0.14)	$(0.73)
Consolidated Gross Margin (%)	42%	17%	40%
Sharing Gross Margin (%)	43%	16%	40%
Ride Profit Margin % (before depreciation)	72%	52%	57%
Ride Profit Margin % (after depreciation)	42%	18%	40%
Adjusted Operating Expenses ($USD Millions)	$42.3	$30.6	$28.0
Adjusted EBITDA ($USD Millions)	$6.1	$(15.6)	$(1.2)
Cash From Operations ($USD Millions)	$(11.9)	$(21.67)	$(1.8)
Free Cash Flow ($USD Millions)	$(14.6)	$(25.3)	$(1.8)

Segment revenue breakdown:

Segment	Q2 2022	Q1 2023	Q2 2023
Sharing ($USD Millions)	$60.62	$28.52	$46.76
Platform Partner Services ($USD Millions)	$1.87	$0.69	$0.66
Product Sales ($USD Millions)	$4.28	$0.33	$0.91
Total Revenue ($USD Millions)	$66.77	$29.54	$48.33

KPIs:

KPI	Q4 2022	Q1 2023	Q2 2023
Rides (Millions)	8.2	5.2	8.8
Rides per Deployed Vehicle per Day (x)	1.0x	0.9x	1.2x
Average Deployed Vehicles (Thousands)	~100 (98.8 FY avg; Q4 not explicitly provided)	67.6	82.7

Note: There was no S&P Global consensus available for BRDS for Q2 2023; therefore, estimate comparison is not provided.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance (Q2)	Change
Adjusted Operating Expenses	FY 2023	≤ $100M	Management continues to reference FY 2023 AOE targets but did not provide an explicit range update in Q2 materials	Maintained (implicitly)
Adjusted EBITDA	FY 2023	$15–$20M	Management referenced anticipated FY 2023 Adjusted EBITDA but no explicit range update in Q2	Maintained (implicitly)
Free Cash Flow	FY 2023	+$5–$10M	Management referenced ability to achieve positive FCF in 2023 without explicit range update	Maintained (implicitly)

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2022, Q1 2023)	Current Period (Q2 2023)	Trend
Cost discipline / operating efficiency	Focus on improving gross margins and reducing operating expenses; AOE ≤ $100M in 2023	Continued emphasis; significant YoY Opex reductions and improved margins	Improving
Rightsized footprint / market exits	Exited unprofitable operations; Canada acquisition added profitable, cash-generating markets	“Last year we made the conscious decision to exit unprofitable markets,” driving YoY ride decline; focus on trusted city partnerships	Ongoing rightsizing; stabilizing
Liquidity / going concern	Year-end unrestricted cash $33.5M; going concern warning	Cash $6.8M at 6/30; explicit going concern warning; pursuing external capital	Deteriorated liquidity; risk elevated
Canada operations template	Template for profitable, cash-flow generating markets	Board Chair (former Bird Canada Chair) and Interim CEO underscore applying Canada learnings globally	Strategically important
City partnerships / permit environment	Emphasized collaborative approach	Reinforced “trusted partner to cities” messaging; operating in fewer markets	Stable narrative
Leadership / governance	2023 management focus outlined	CEO terminated; Interim CEO appointed; Annual meeting timing set	Transition underway

Sources for Q2 2023 call transcript: Seeking Alpha transcript (Aug 10, 2023) and MarketScreener transcript .

Management Commentary

“We will continue to focus on our mandates of acting as a trusted partner to the cities, and manage expenses in effort to achieve profitability and sustained positive free cash flow as we deliver great rider experience around the globe.” — Interim CEO Michael Washinushi .
“We remain focused on our operational execution and becoming a profitable company.” — Interim CEO Michael Washinushi .
“We are committed to Bird becoming a profitable, global e-scooter leader… we intend to apply [Canada] learnings to Bird globally.” — Chair of the Board John Bitove (regarding Interim CEO appointment) .

Q&A Highlights

Themes from analyst Q&A included cost discipline trajectory, free cash flow path, and city launch pipeline, consistent with management’s prepared remarks; management reiterated a focus on Adjusted Operating Expenses and achieving positive Free Cash Flow in 2023 .
Clarifications emphasized the impact of exiting unprofitable markets on ride volumes and utilization metrics and the intent to apply Bird Canada operational learnings globally .

Estimates Context

S&P Global consensus estimates for BRDS in Q2 2023 were unavailable via our SPGI feed; no revenue or EPS consensus comparison can be provided at this time. Values retrieved from S&P Global were unavailable due to missing mapping.

Key Takeaways for Investors

Margin trajectory is improving: consolidated gross margin at 40% and Adjusted EBITDA loss narrowed sharply; the operating model post-footprint rationalization is showing better unit economics .
Top-line recovery depends on selective growth in profitable markets; expect continued ride/utilization volatility as the footprint rightsizes .
Liquidity risk is the primary overhang: $6.8M cash at quarter-end and going concern language necessitate near-term capital actions; monitor financing developments closely .
Leadership transition raises execution questions but also signals urgency on profitability, with Canada learnings as an operational playbook .
2023 guidance (AOE ≤ $100M; Adjusted EBITDA $15–$20M; positive FCF $5–$10M) was previously reaffirmed in Q1; Q2 commentary references these targets without an explicit update. Track H2 performance against these thresholds .
Near-term trading implication: stock likely sensitive to updates on capital raising, cost reductions, and city permits/expansions; narrative is driven more by liquidity/leadership than incremental quarterly beats/misses .
Medium-term thesis: if Bird sustains margin improvements and secures adequate funding, the rightsized, city-partnered model can compound modestly with disciplined capex and opex; absent funding, scale-back or discontinuation of operations is a risk per disclosures .

Sources: Q2 2023 8-K and press release, including EX-99.1 and financial statements ; Q1 2023 8-K press release ; Q4 2022 8-K press release ; Q2 2023 call transcript references .

Bird Global, Inc. (BRDS)·Q2 2023 Earnings Summary