Allbirds Inc. reported third quarter 2025 net revenue of $33.0 million, a decrease of 23.3% compared to the same period last year. Gross margin for the quarter declined by 1.2 percentage points to 43.2%. The company recorded a net loss of $20.3 million, or $2.49 per basic and diluted share. Adjusted EBITDA loss was $15.7 million, slightly above the company's guidance range. As of September 30, 2025, Allbirds had $23.7 million in cash and cash equivalents and $12.3 million in outstanding borrowings. Inventory stood at $43.1 million, down 25.0% year-over-year. For the full year 2025, Allbirds expects net revenue between $161 million and $166 million, reflecting the ongoing transition from a direct selling model to a distributor model in certain international markets and the closure of some U.S. stores.