"Allbirds built its reputation on sustainable sneakers made from materials like tree fiber and wool. Investors bought the story at the 2021 IPO, when the company commanded a $2.2 billion valuation that later peaked near $4.16 billion."
"Yesterday, though, the market cap stood at just $21.68 million. That represents a 99% decline in value since the November 2021 peak. Full-year 2025 results show net revenue of $152.47 million, down 19.7% from $189.76 million the prior year."
"On March 30, Allbirds signed a definitive agreement to sell its intellectual property and certain assets to American Exchange Group for an estimated $39 million transaction value. The deal is expected to close in the second quarter."
Allbirds is transitioning from its struggling footwear business to AI compute infrastructure, executing a $50 million financing facility and selling assets to American Exchange Group. The company aims to become a GPU-as-a-Service provider. Despite a 238% increase in stock price, Allbirds' market cap has plummeted 99% since its peak in 2021. Full-year 2025 results show a 19.7% revenue decline and a net loss of $77.28 million. The sale of intellectual property is expected to close soon, with proceeds going to shareholders.
Read at 24/7 Wall St.
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