In Q2 2022, Bird was averaging about $5.93 per vehicle per ride, but in the same quarter last year, the company was delivering $6.30 per vehicle per ride. Bird had 109,900 vehicles deployed in the second quarter of 2022, compared to 69,500 last year and 78,900 last quarter, which actually shows an alarming drop in rides of nearly 20% per vehicle.īird’s balance sheet also shows a decrease in average fare YoY. Bird’s total number of rides did increase, but so did the sheer number of vehicles Bird put on the ground.

And in the warmer seasons, that number should be much higher. While that’s an increase from last quarter’s 1x average rides per vehicle per day, many experts say a shared micromobility company should really be averaging 2x rides per vehicle per day to turn a profit. It’s also a massive improvement from Bird’s Q1 revenue of $38 million, which is to be expected, given spring and summer are usually any micromobility company’s most profitable seasons.įrom quarter to quarter, the number of rides about doubled to 14.5 million, with average rides per vehicle per day at 1.5x, which is a decrease of 19% from last year’s rides. This is an increase of 28% from the same quarter the previous year.

Bird’s Q2 2022 financialsīird just missed Wall Street analyst expectations of $80.96 million in revenue, instead bringing in $76.7 million for the quarter. “That said, we have to contend with any evolving macro environment, including significant near-term inflation pressures on discretionary spending and resulting lower consumer sentiment and adjust our cost structure to be agile to economic headwinds.”īird’s stock is up 3.72% after hours, trading at $0.65. “Absent temporary distortions caused by the pandemic these longer-term trends point to the attractive demographic tailwinds for this industry as consumer spending preferences shift from goods to services,” said VanderZanden on Monday’s earnings call. The company announced plans to dismantle its retail business, shut down operations in unprofitable markets, had a corporate shakeup involving Bird’s CEO Travis VanderZanden stepping down as president, laid off close to 140 employees and got a warning from the New York Stock Exchange for trading too low.īird, one of two public micromobility companies that debuted via a special purpose acquisition, presented its Q2 earnings for the year after the bell, showing an increase in revenue year over year and quarter over quarter, but also an increase in spending that doesn’t yet square up to the moves Bird has made to reduce costs. Shared micromobility company Bird has had a tumultuous second quarter.

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