0001628280-26-035302 | 10-Q | XBRL Viewer

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

We compute net loss per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires net income or loss be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income or loss for the period had been distributed. The rights, including the liquidation and dividend rights and sharing of losses of the Class A common stock and Class B common stock are identical, other than voting, transfer, and conversion rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands, except share and per share data)	2026		2025
Numerator:
Net loss attributable to common stockholders	$	(20,724)	$	(21,875)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	8,736,862		8,020,013
Net loss per share attributable to common stockholders, basic and diluted	$	(2.37)	$	(2.73)

The following shares of preferred stock and common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive:


	March 31, 2026	March 31, 2025
Outstanding stock options	473,747	545,833
2021 ESPP	7,938	13,549
RSUs	403,985	502,472
PSUs	50,075	95,873
Total anti-dilutive securities	935,745	1,157,727

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax provision was $0.1 million and $0.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively. The effective tax rate for the three months ended March 31, 2026 and March 31, 2025, was 0.4% and 0.3%, respectively. The change in provision for income taxes and effective tax rate is primarily due to mix of income by geography. Our tax provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter, we update our estimate of the annual effective tax rate and make a year-to-date adjustment to the provision. As of March 31, 2026, we are subject to examination by various tax authorities for 2020 through 2025. During the quarter ending March 31, 2026, there was no material change to our uncertain tax positions. We do not expect our unrecognized tax positions to change significantly over the next twelve months.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands, except share and per share data)	2026		2025
Numerator:
Net loss attributable to common stockholders	$	(20,724)	$	(21,875)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	8,736,862		8,020,013
Net loss per share attributable to common stockholders, basic and diluted	$	(2.37)	$	(2.73)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	March 31, 2026	March 31, 2025
Outstanding stock options	473,747	545,833
2021 ESPP	7,938	13,549
RSUs	403,985	502,472
PSUs	50,075	95,873
Total anti-dilutive securities	935,745	1,157,727

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Treasury stock, at cost (in shares)	10,999	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, issued (in shares)	6,220,835	6,176,841
Common stock, outstanding (in shares)	6,220,835	6,176,841
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	2,540,391	2,542,340
Common stock, outstanding (in shares)	2,540,391	2,542,340

Benefit Plan	3 Months Ended
Benefit Plan	Mar. 31, 2026
Retirement Benefits [Abstract]
Benefit Plan	Benefit Plan We sponsor a 401(k) defined contribution plan covering eligible employees who elect to participate. We are allowed to make discretionary profit sharing and matching contributions as defined in the plan and as approved by our board of directors. No discretionary profit-sharing contributions were made for the three months ended March 31, 2026 and 2025. We made $0.2 million and $0.2 million matching contributions for the three months ended March 31, 2026 and 2025, respectively. We have no intention to terminate the plan.

Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Equity

As of March 31, 2026 and December 31, 2025, we were authorized to issue 2,220,000,000 shares of capital stock, comprised of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 20,000,000 shares of preferred stock. Each class had a par value of $0.0001 per share.

Common Stock

As of March 31, 2026 and December 31, 2025, we had two classes of common stock: Class A common stock and Class B common stock. Each class had a par value of $0.0001.

Voting—Holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, and holders of Class B common stock are entitled to 10 votes per share on all matters to be voted upon by the stockholders. The holders of our Class A common stock and Class B common stock generally vote together as a single class on all matters submitted to a vote of our stockholders, unless otherwise required by Delaware law or our amended and restated certificate of incorporation. Delaware law could require either holders of our Class A common stock or Class B common stock to vote separately as a single class in the following circumstances: (i) if we were to seek to amend our amended and restated certificate of incorporation to increase or decrease the par value of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; and (ii) if we were to seek to amend our amended and restated certificate of incorporation in a manner that alters or changes the powers, preferences or special rights of a class of our capital stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment. As a result, in these limited instances, the holders of a majority of the Class A common stock could defeat an amendment to our amended and restated certificate of incorporation. Our amended and restated certificate of incorporation does not provide for cumulative voting for the election of directors.

Dividends—Holders of Class A common stock and Class B common stock are entitled to ratably receive dividends if, as and when declared from time to time by our board of directors at its own discretion out of funds legally available for that purpose, after payment of dividends required to be paid on outstanding preferred stock, if any. Under Delaware law, we can only pay dividends either out of “surplus” or out of the current or the immediately preceding year’s net profits. Surplus is defined as the excess, if any, at any given time, of the total assets of a corporation over its total liabilities and statutory capital. The value of a corporation’s assets can be measured in a number of ways and may not necessarily equal their book value.

Right to Receive Liquidation Distributions—Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our Class A common stock and Class B common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

Conversion—Each share of our Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. Each share of our Class B common stock will convert automatically into

one share of our Class A common stock upon any transfer, whether or not for value, except for (i) certain permitted transfers to entities, to the extent the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock, and (ii) certain other permitted transfers described in our amended and restated certificate of incorporation. In addition, if held by a natural person (including a natural person serving in a sole trustee capacity), each share of our Class B common stock will convert automatically into one share of our Class A common stock upon the death or incapacity of such natural person as described in our amended and restated certificate of incorporation. All outstanding shares of our Class B common stock will convert automatically into an equivalent number of shares of our Class A common stock upon the final conversion date, defined as the later of (a) the last trading day of the fiscal quarter immediately following the tenth anniversary of September 21, 2021 and (b) the date fixed by our board of directors that is no less than 61 days and no more than 180 days following the date on which the outstanding shares of Class B common stock first represent less than 10% of the aggregate number of the then outstanding shares of Class A common stock and Class B common stock (except if the final conversion date determined according to (a) or (b) would otherwise occur on or after the record date of any meeting of stockholders and before or at the time the vote at such meeting is taken, then the final conversion date shall instead be the last trading day of the fiscal quarter during which such vote was taken).

Other Matters—The Class A common stock and Class B common stock have no preemptive rights pursuant to the terms of our amended and restated certificate of incorporation and our amended and restated bylaws. There are no redemption or sinking fund provisions applicable to the Class A common stock and Class B common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable.

Shares of common stock reserved for future issuance as of March 31, 2026 and December 31, 2025 consist of the following:


	March 31, 2026	December 31, 2025
2015 Equity Incentive Plan:
Options issued and outstanding	253,405	267,085
Shares available for future option grants	—	—
2021 Equity Incentive Plan:
Options issued and outstanding	220,342	220,342
Restricted stock units outstanding	403,985	491,544
Performance stock units outstanding	50,075	83,780
Shares available for future grants	863,865	795,645
2021 Employee Stock Purchase Plan:
Shares available for future grants	366,866	366,866
Total shares of common stock reserved for future issuance	2,158,538	2,225,262

Stock Transaction

On November 19, 2018, we received a promissory note from an employee in consideration for the early exercise of 11,000 shares of common stock options. The promissory note was secured by the underlying shares of common stock and bears interest at 2.86% per annum. In June 2023, the note was amended to no longer accrue interest after March 31, 2023 and to extend the maturity date to October 1, 2025. During the three months ended December 31, 2025, we entered into a settlement agreement pursuant to which we received a settlement payment of $50,000 in the fourth quarter of 2025 and all of the underlying shares of common stock were surrendered to the Company as treasury shares in the first quarter of 2026.

Since the note was a limited recourse note, the note receivables was not reflected in our consolidated balance sheets as of December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to period end, we determined that we intend to continue operating Allbirds, Inc. after the Asset Sale (as defined in Note 1). In continuing to operate after the Asset Sale, we intend to rename Allbirds, Inc., and operate under a new corporate name. Our Board of Directors has not yet made a final decision on a new name for the company. With respect to the renamed corporate entity, we are investigating potential opportunities in the computing infrastructure market, including the acquisition and monetization of graphics processing units, related high-performance computing infrastructure capable of supporting high workloads (whether from artificial intelligence and machine learning or other needs of potential future customers) and other related assets (which we refer to collectively as “Electronics Assets,” and such anticipated business, the “Electronics Infrastructure Business”). Facility Matters Securities Purchase Agreement On April 14, 2026, the Company entered into a Securities Purchase Agreement, which was amended and restated on April 19, 2026 (the “A&R Purchase Agreement”), pursuant to which the Company agreed to issue and sell to the holder of the Convertible Notes senior secured convertible notes in an aggregate original principal amount of up to $50.0 million (the “Convertible Notes”), convertible into shares of the Company’s Class A common stock (the “Facility”). The proceeds of the Facility are anticipated to be used primarily for the purchase of Electronics Assets by a newly formed wholly owned subsidiary of the Company (the “Lessor”) and the costs and expenses of the private placements. The A&R Purchase Agreement contains customary representations, warranties and covenants. Pursuant to the A&R Purchase Agreement, for the twenty-four months immediately following the date on which the Convertible Notes are first issued, the holders of the Convertible Notes have the right to co-invest for at least 55% of any of the Company’s future financing deals on the same terms with other investors. GPU Lease Using proceeds from the initial tranche of the Convertible Notes, the Company, through the Lessor, has purchased server equipment utilizing current-generation NVIDIA Blackwell GPUs (the “Purchased GPU Assets”). Simultaneously, the Lessor entered into an approximately $2.75 million, three-year lease agreement with a subsidiary of QumulusAI, Inc. (the “Lessee”) for the Purchased GPU Assets, with an end-of-term purchase option provided to the Lessee. Convertible Notes The Convertible Notes contain customary affirmative and negative covenants, including certain limitations on debt, liens, restricted payments, asset transfers, changes in the business and transactions with affiliates. The Convertible Notes also contain standard and customary events of default. At the initial closing, $3.25 million in aggregate principal amount of Convertible Notes was issued on April 19, 2026. The remaining Convertible Notes, if issued, will be issued in multiple closings. An additional $2.0 million in aggregate principal amount of Convertible Notes will be issued subject to the satisfaction of customary conditions and the required stockholder approval. The remaining additional tranches, in an aggregate principal amount of up to $44.75 million in Convertible Notes, may be sold solely at the option of the holders of the Convertible Notes. Unless earlier converted, or redeemed, the Convertible Notes will mature on the second anniversary of the date of issuance (the “Maturity Date”), and we are required to pay, on the Maturity Date, all outstanding principal, accrued and unpaid interest and accrued and unpaid late charges on such principal and interest, if any. The Convertible Notes bear interest at the rate of 12.0% per annum which (a) will commence accruing on the date of issuance, (b) will be computed on the basis of a 360-day year and twelve 30-day months and (c) will be payable, subject to the satisfaction of customary equity conditions, in shares of our Class A common stock or, at our option, in cash, in arrears on the first calendar day of each calendar quarter, commencing on the three month anniversary of the issuance date (each an “Interest Date”). If a holder elects to convert or redeem all or any portion of a Convertible Note prior to the Maturity Date, all accrued and unpaid interest on the amount being converted or redeemed will also be payable. The Convertible Notes are issued with a 5% original issue discount. We are required to pay a late charge not in excess of 17% on any amount of principal or other amounts that are not paid when due. The Convertible Notes will be senior secured obligations of the Company (subject only to certain permitted indebtedness, including the indebtedness of the Company and certain of its subsidiaries under the Amended Credit Agreement (as defined herein) to be paid in full concurrently with the closing of the Asset Sale), which will be secured by the Electronics Assets, and upon the closing of the Asset Sale, all the other assets of the Company and its subsidiaries. Subject to the foregoing, until such date no Convertible Notes remain outstanding, all payments due under the Convertible Notes will be senior to all of our other indebtedness and other indebtedness of any of our subsidiaries. Each holder of Convertible Notes may convert all, or any part, of the outstanding principal of the Convertible Notes, together with accrued and unpaid interest, any make-whole amount and any late charges thereon, at any time, at such holder’s option, into our Class A common stock at the then-applicable “Conversion Price.” Conversions and issuance of our Class A common stock pursuant to the Convertible Notes are prohibited if such conversion or issuance would cause the applicable holder (together with its affiliates) to beneficially own in excess of 4.99% of our Class A common stock outstanding immediately after giving effect to such conversion or issuance. The beneficial ownership percentage limitation may be increased to a maximum of 9.99%, at the option of the holder, except that any increase will only be effective upon 61-days’ prior written notice to the Company. The maximum beneficial ownership limitation may not be waived or amended and will apply to any successor holder of a Convertible Note. Credit Agreement Matters On April 19, 2026, the Company and Second Avenue Capital Partners LLC entered into a Second Amendment to Credit Agreement. The Second Amendment to Credit Agreement among other things, amends the Existing Credit Agreement to expressly permit the Company to enter into the A&R Purchase Agreement, Issue the Convertible Notes and the grant liens on the Company’s assets (including on the Electronics Assets) in favor of the holder of the Convertible Notes. In connection with the Second Amendment to Credit Agreement, on April 19, 2026, the Company, Second Avenue Capital Partners LLC, the holder of the Convertible Notes and the Lessor entered into a Subordination Agreement, to among other things, provide for the subordination of (i) the Company’s obligations to the holder of the Convertible Notes arising under the Facility to all of the Company’s obligations owing to the Agent arising under Amended Credit Agreement and (ii) the holder of the Convertible Notes security interests in the Company’s assets and property (other than the Company’s equity in the Lessor) to all of the Agent’s security interests in the Company’s assets and property. ATM Matters On April 28, 2026, the Company entered into a Class A Common Stock Sales Agreement (the “Sales Agreement”) with Chardan Capital Markets LLC (“Chardan”), to sell shares of its Class A common stock (the “ATM Shares”), from time to time, through an “at the market offering” program under which Chardan, acting as sales agent or principal (including through its affiliates), will offer and sell the ATM Shares. The sales, if any, of the ATM Shares made under the Sales Agreement will be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Sales Agreement replaces that certain Class A Common Stock Sales Agreement, dated June 30, 2025, between the Company and TD Securities (USA) LLC. The Company will pay Chardan a commission rate of up to 3% of the aggregate gross proceeds from each sale of ATM Shares. The Company will also reimburse Chardan for certain specified expenses in connection with the Sales Agreement. The Sales Agreement contains customary representations and warranties and conditions to the sale of the ATM Shares. The Company is not obligated to sell any of the ATM Shares under the Sales Agreement and may at any time suspend sales thereunder. The Sales Agreement may be terminated by either the Company or Chardan with 10 days notice, or earlier under certain circumstances. The ATM Shares will be issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-288434) filed by the Company with the SEC on June 30, 2025, and declared effective by the SEC on July 10, 2025 (the “Registration Statement”). The Company filed a prospectus supplement (the “Prospectus Supplement”), dated April 29, 2026, to the Registration Statement with the SEC in connection with the offer and sale of the ATM Shares.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2015 Equity Incentive Plan

In 2015, we adopted the 2015 Equity Incentive Plan (the “2015 Plan”) that authorized the granting of options for shares of common stock. Our 2015 Plan provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, and other stock

1 Selling, general and administrative expense consists of third-party professional fees, information technology costs, fixed and variable lease costs for corporate offices and retail stores, software and license costs, legal fees, and other administrative costs associated with operating the business.

2 Payroll and benefits expense consists of salaries, benefits, and bonuses for our corporate and retail employees. Payroll and benefits expense excludes stock-based compensation expense.

3 Other segment expenses—net consists of depreciation and amortization expense, stock-based compensation expense, impairment expense, restructuring expense, credit card and other payment processing fees, travel, meals, and entertainment expenses for employees and non-employees, net loss from the sales of businesses, other income and expense, interest income, and income tax provision.

awards. The 2015 Plan was terminated in connection with the adoption of the 2021 Equity Incentive Plan (the “2021 Plan”) in November 2021 in connection with the initial public offering (“IPO”), and we will not grant any additional awards under the 2015 Plan. However, the 2015 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder.

2021 Equity Incentive Plan

In September 2021, our board of directors adopted, and our stockholders approved, the 2021 Plan, which became effective in connection with the IPO in November 2021. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance awards, and other forms of equity compensation. In addition, the number of shares of our Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through (and including) January 1, 2031, in an amount equal to 4% of the total number of share of our common stock (both Class A and Class B) outstanding on December 31 of the immediately preceding year, except that, before the date of any such increase, our board of directors may determine that the increase for such year will be a lesser number of shares. Additionally, to the extent that any stock options outstanding under the 2015 Plan expire, terminate prior to exercise, are not issued because the award is settled in cash, are forfeited because of the failure to vest, or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price, if any, the shares of Class B common stock reserved for issuance pursuant to such equity awards will become available for issuance as shares of Class A common stock under the 2021 Plan. The maximum number of shares of our Class A common stock that may be issued on the exercise of incentive stock options under the 2021 Plan is 100,000,000 shares.

2021 Employee Stock Purchase Plan

In September 2021, our board of directors adopted, and our stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the IPO in November 2021. The 2021 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. The number of shares of our Class A common stock reserved for issuance will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through (and including) January 1, 2031, by the lesser of (1) 1% of the total number of shares of our common stock (both Class A and Class B) outstanding on December 31 of the immediately preceding year and (2) 142,500 shares, except that, before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (1) and (2). The price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of a share of our Class A common stock on the first day of the offering period, or the date of purchase, whichever is lower. Offering periods are six months long and begin on November 3 and May 3 of each year.

Stock Options

A summary of the status of the 2015 Plan and 2021 Plan as of December 31, 2025 and March 31, 2026, and changes during the three month period ended March 31, 2026, is presented below:


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025	487,427	$	69.89	5.09	$	98
Granted	—	—
Exercised	—	—			—
Forfeited	—	—
Cancelled	(13,680)	82.45
Outstanding at March 31, 2026	473,747	$	69.52	4.90	$	58
Vested and exercisable at March 31, 2026	473,747	$	69.52	4.90	$	58

There were no stock options granted for the three months ended March 31, 2026 and 2025.

2021 ESPP

The following table summarizes the weighted-average assumptions used in estimating the fair value of the 2021 ESPP grants for the following offering periods presented, using the Black Scholes option-pricing model:


	Offering Period - November 3, 2025 to May 2, 2026		Offering Period - May 3, 2025 to November 2, 2025		Offering Period - November 3, 2024 to May 2, 2025
Risk-free interest rate	3.80	%	4.26	%	4.30	%
Dividend yield	—		—		—
Volatility	37.13	%	37.13	%	37.13	%
Expected lives (years)	0.5		0.5		0.5

RSUs

After completion of the IPO in November 2021, we began granting RSUs to certain employees. The RSUs granted have service-based vesting conditions. The service-based vesting condition for awards to new employees is typically satisfied over four years, with a cliff vesting period of one year and continued vesting quarterly thereafter. The service-based vesting condition for refresh grants of RSUs to existing employees is typically satisfied over three years with vesting occurring quarterly, subject to the employees’ continued service to us. RSUs and the related stock-based compensation are recognized on a straight-line basis over the requisite service period.

RSU activity during the three months ended March 31, 2026 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2025	491,544	$	11.48
Granted	—	—
Vested	(53,044)	15.11
Forfeited	(34,515)	12.49
Unvested at March 31, 2026	403,985	$	10.92

Performance Stock Units

PSUs with Performance Conditions- In March 2025, we granted certain members of our executive leadership team 50 thousand RSUs with performance-based and service-based vesting conditions. The awards vest based on the achievement of certain financial performance targets as well as the individuals’ continued employment with us. The total grant date fair value of the awards was determined to be $0.3 million. Stock-based compensation expense is recognized on a straight-line basis over their requisite service periods, if it is probable the performance condition will be met. Stock-based compensation expense is reversed if the achievement of the performance condition does not occur.

PSUs with Market Conditions- In March 2024, in connection with the appointment of Joe Vernachio as CEO, we granted him approximately 30 thousand RSUs with market-based and service-based vesting conditions (“PSUs”). The awards vest based on the achievement of certain stock price targets as well as his continued employment with us. The total grant date fair value of the awards was determined to be $0.1 million. In May 2022, we granted a target amount of approximately 40 thousand PSUs to certain executives. The total grant date fair value of the awards was determined to be $4.0 million, with each tranche of the awards representing approximately $1.3 million, $1.4 million, and $1.4 million of the total expense, respectively.

Stock-based compensation expense is recognized on a straight-line basis over the requisite service period for each tranche, regardless of whether the market condition is ultimately satisfied. Stock-based compensation expense is not reversed if the achievement of the market condition does not occur. We recognized stock-based compensation expense of $0.0 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

PSU activity during the three months ended March 31, 2026 was as follows:


	Target Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2025	83,780	$	11.25
Granted	—	—
Vested	—	—
Forfeited	(33,705)	5.92
Unvested at March 31, 2026	50,075	$	14.84

Stock-Based Compensation Expense

Stock-based compensation expense, recognized as selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, was comprised of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Stock-based compensation, net of amounts capitalized	$	1,166	$	2,284
Capitalized stock-based compensation	2		35
Total stock-based compensation	$	1,168	$	2,319

As of March 31, 2026, there was approximately $0.6 million of total unrecognized compensation cost related to unvested stock options granted under both equity incentive plans, which is expected to be recognized over the weighted-average remaining vesting period of approximately 1.11 years. There was approximately $3.8 million of total unrecognized compensation cost related to outstanding unvested RSUs under the 2021 Plan, which is expected to be recognized over the weighted-average remaining vesting period of approximately 1.71 years. There was approximately $0.2 million in unrecognized compensation costs related to unvested PSU’s under the 2021 Plan, which is expected to be recognized over the weighted-average remaining vesting period of approximately 0.93 years.

Stock-Based Compensation - Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Unvested at beginning of period (in shares) \| shares	491,544
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(53,044)
Forfeited (in shares) \| shares	(34,515)
Unvested at end of period (in shares) \| shares	403,985
Weighted-Average Grant Date Fair Value per Share
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 11.48
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	15.11
Forfeited (in dollars per share) \| $ / shares	12.49
Unvested at end of period (in dollars per share) \| $ / shares	$ 10.92

Significant Accounting Policies - Liquidity and Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounting Policies [Abstract]
Net loss	$ 20,724	$ 21,875
Net cash used in operating activities	12,065	27,883
Cash and cash equivalents	14,397	$ 39,056	$ 26,690
Long-term debt	$ 17,443		$ 17,371

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock-based compensation, net of amounts capitalized	$ 1,166	$ 2,284
Capitalized stock-based compensation	2	35
Total stock-based compensation	$ 1,168	$ 2,319

Stock-Based Compensation - Schedule of Share-based Payment Arrangement, Performance Stock Unit, Activity (Details) - PSUs	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Target Number of Shares
Unvested at beginning of period (in shares) \| shares	83,780
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(33,705)
Unvested at end of period (in shares) \| shares	50,075
Weighted-Average Grant Date Fair Value per Share
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 11.25
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	5.92
Unvested at end of period (in dollars per share) \| $ / shares	$ 14.84

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net revenue	$ 22,319	$ 32,114
Cost of revenue	16,111	17,714
Gross profit	6,208	14,400
Operating expense:
Selling, general, and administrative expense	18,794	25,212
Marketing expense	7,128	12,018
Impairment expense	1,016	0
Restructuring expense	1,280	0
Total operating expense	28,218	37,230
Loss from operations	(22,010)	(22,830)
Interest (expense) income	(842)	293
Other income	2,207	728
Loss before provision for income taxes	(20,645)	(21,809)
Income tax provision	(79)	(66)
Net loss	$ (20,724)	$ (21,875)
Net loss per share data:
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.37)	$ (2.73)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.37)	$ (2.73)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	8,736,862	8,020,013
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	8,736,862	8,020,013
Other comprehensive income (loss):
Foreign currency translation (loss) gain	$ (41)	$ 690
Total comprehensive loss	$ (20,765)	$ (21,185)

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Balance Sheet Disclosures [Abstract]
Depreciation and amortization expense	$ 1.4	$ 1.9
Tangible asset impairment charges	$ 0.4	$ 0.0

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	935,745	1,157,727
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	473,747	545,833
2021 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,938	13,549
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	403,985	502,472
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	50,075	95,873

Balance Sheet Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025
Supplemental Balance Sheet Disclosures [Abstract]
Security deposits	$ 0	$ 748
Intangible assets	75	75
Debt issuance costs	2,165	2,407	$ 2,200
Deferred tax assets	501	509
Total other assets	$ 2,741	$ 3,739

Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Operating lease right-of-use assets, impairment charge	$ 0.6
Property and equipment, impairment charge	$ 0.4	$ 0.0

Stock-Based Compensation - Schedule of Share-based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Nov. 19, 2018	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Number of Options
Outstanding, beginning balance (in shares)		487,427
Granted (in shares)		0	0
Exercised (in shares)	(11,000)	0
Forfeited (in shares)		0
Cancelled (in shares)		(13,680)
Outstanding, ending balance (in shares)		473,747		487,427
Vested and exercisable at end of period (in shares)		473,747
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)		$ 69.89
Granted (in dollars per share)		0
Exercised (in dollars per share)		0
Forfeited (in dollars per share)		0
Cancelled (in dollars per share)		82.45
Outstanding, ending balance (in dollars per share)		69.52		$ 69.89
Vested and exercisable at end of period (in dollars per share)		$ 69.52
Weighted-Average Remaining Contractual Term (in years)
Outstanding		4 years 10 months 24 days		5 years 1 month 2 days
Vested and exercisable at end of period (in years)		4 years 10 months 24 days
Aggregate Intrinsic Value (in thousands)
Outstanding, beginning of period		$ 98
Exercised		0
Outstanding, end of period		58		$ 98
Vested and exercisable at end of period		$ 58

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (20,724)	$ (21,875)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,377	1,903
Amortization of debt issuance costs	200	0
Stock-based compensation	1,166	2,284
Inventory write-down	665	670
Impairment expense	1,016	0
Provision for bad debt	963	0
Gift card breakage	0	(1,901)
Changes in assets and liabilities:
Accounts receivable	1,497	1,100
Inventory	963	776
Prepaid expenses and other current assets	2,002	2,705
Operating lease right-of-use assets and current and noncurrent lease liabilities	(2,442)	(2,754)
Accounts payable, accrued expenses and other current liabilities	1,341	(10,379)
Deferred revenue	(89)	(412)
Net cash used in operating activities	(12,065)	(27,883)
Cash flows from investing activities:
Purchase of property and equipment	(72)	(643)
Changes in security deposits	137	44
Proceeds from sale of businesses	0	385
Net cash provided by (used in) investing activities	65	(214)
Cash flows from financing activities:
Proceeds from line of credit	1,722	0
Payments on line of credit	(1,650)	0
Proceeds from the exercise of stock options	0	7
Taxes withheld and paid on employee stock awards	0	(4)
Net cash provided by financing activities	72	3
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(19)	420
Net decrease in cash, cash equivalents, and restricted cash	(11,947)	(27,674)
Cash, cash equivalents, and restricted cash—beginning of period	27,552	67,584
Cash, cash equivalents, and restricted cash—end of period	15,605	39,910
Supplemental disclosures of cash flow information:
Cash paid for interest	4	25
Cash paid for taxes	0	69
Noncash investing and financing activities:
Purchase of property and equipment included in accounts payable	0	48
Stock-based compensation included in capitalized internal-use software	2	38
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	14,397	39,056
Restricted cash included in prepaid expenses and other current assets	1,208	854
Total cash, cash equivalents, and restricted cash	$ 15,605	$ 39,910

Significant Accounting Policies - Inventory (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Inventory write-down and adjustments	$ 0.7	$ 0.7

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Supplemental Balance Sheet Disclosures [Abstract]

Balance Sheet Components

Inventory

Inventory consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Inventory	$	39,171	$	40,525
Reserve to reduce inventories to net realizable value	(1,972)		(1,650)
Total inventory	$	37,199	$	38,875

Property and Equipment - Net

Property and equipment consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Leasehold improvements	$	2,215	$	17,604
Furniture and fixtures	1,415		10,695
Internal-use software	27,793		27,667
Machinery and equipment	640		640
Computers and equipment	1,505		2,144
Total property and equipment - gross	33,568		58,750
Less: accumulated depreciation and amortization	(24,616)		(48,237)
Total property and equipment - net	$	8,952	$	10,513

Depreciation and amortization expense for the three months ended March 31, 2026 and 2025 was $1.4 million and $1.9 million, respectively, recognized as selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss.

Impairment expense related to property and equipment for the three months ended March 31, 2026 and 2025 was $0.4 million and $0.0 million, respectively, and is recognized as impairment expense in the consolidated statement of operations and comprehensive loss.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Prepaid expenses	$	2,643	$	3,403
Inventory returns receivable	240		501
Security deposits	794		185
Taxes receivable	3,890		4,537

Restricted cash	1,208		862
Deferred offering costs	—		224
Total prepaid expenses and other current assets	$	8,775	$	9,712

Other Assets

Other assets consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Security deposits	$	—	$	748
Intangible assets	75		75
Debt issuance costs	2,165		2,407
Deferred tax assets	501		509
Total other assets	$	2,741	$	3,739

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Sales-refund reserve	$	941	$	1,494
Taxes payable	1,507		1,052
Employee-related liabilities	1,053		1,349
Accrued expenses	6,886		10,506
Total accrued expenses and other current liabilities	$	10,387	$	14,401

Significant Accounting Policies - Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Restructuring charges	$ 1,280	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation—The accompanying unaudited condensed consolidated financial statements have been presented in U.S. dollars and prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026 (“Form 10-K”). In our opinion, the accompanying unaudited condensed interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements at that date, but does not include all of the disclosures required by GAAP. Certain monetary amounts, percentages, and other figures included elsewhere in these condensed consolidated financial statements and accompanying notes have been subject to rounding adjustments. As such, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
Principles of Consolidation	Principles of Consolidation—The condensed consolidated financial statements include the accounts of Allbirds, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
Segments	Segments—We operate as one operating segment. Our Chief Executive Officer is our chief operating decision maker who evaluates performance and makes operating decisions about allocating resources based on consolidated financial data. Refer to Note 7 for more information on our segments and geographic information.
Foreign Currency Transactions	Foreign Currency Transactions—Our reporting currency is the U.S. dollar. The functional currency for each subsidiary included in these condensed consolidated financial statements that is domiciled outside of the United States is generally the applicable local currency of that country or the U.S. dollar. The translation of foreign currencies into U.S. dollars is performed for assets and liabilities using current foreign currency exchange rates in effect at the balance sheet date and for revenue and expense accounts using average foreign currency exchange rates during the period. Capital accounts are translated at historical foreign currency exchange rates. Translation gains and losses are included in stockholders’ equity as a component of accumulated other comprehensive income or loss. Adjustments that arise from foreign currency exchange rate changes on transactions denominated in a currency other than the functional currency are included in other income or expense on the condensed consolidated statements of operations and comprehensive loss.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash—We consider all highly liquid investments with an original maturity date of three months or less as cash equivalents. Cash and cash equivalents are comprised primarily of domestic and foreign bank accounts and money market funds. These cash and cash equivalents are valued based on Level 1 inputs, which consist of quoted prices in active markets. We place our cash and cash equivalents with several high credit quality financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. We have not experienced any losses in such accounts and periodically evaluate the credit worthiness of the financial institutions. Our foreign bank accounts are not subject to FDIC insurance. Restricted cash serves as collateral for a bond with the United States Customs and Border Protection (“CBP”), which allows us to take possession of our inventory before all formalities with the CBP are completed for imported products. Restricted cash is included in prepaid expenses and other current assets on the condensed consolidated balance sheets.
Accounts Receivable	Accounts Receivable—Accounts receivable consist primarily of amounts due from customers, which results from sales to customers including credit card deposits in transit at the balance sheet date, the majority of which are settled within two to three business days, and wholesale accounts receivable, which are settled per the terms of the sale.
Inventory	Inventory—Inventory consists of finished goods, stated at the lower of cost or net realizable value. We value our inventory using the weighted-average cost method and include product costs from our suppliers, freight, import duties and other landing costs. We periodically review inventory and make write-downs as necessary to appropriately value end of life, slow-moving, damaged, and excess inventory. To determine if the value of inventory requires a write-down, we estimate the net realizable value of inventory by considering current and anticipated demand, customer preferences and buying trends, and the age of the merchandise. Inventory write-downs are recognized as cost of revenue in the condensed consolidated statements of operations and comprehensive loss.
Revenue Recognition	Revenue Recognition—Our primary source of revenue is from sales of footwear and apparel products. In the normal course of business, payment may be collected from the customer prior to recognizing revenue and such cash receipts are included in deferred revenue in the consolidated balance sheets until control has transferred to the customer. As of March 31, 2026 and December 31, 2025, we had $0.3 million and $0.3 million in cash collections of purchases via our digital channel which had not yet shipped, respectively. We offer non-expiring gift cards and merchandise credits to our customers. Proceeds from the sale of gift cards are initially deferred and recognized within deferred revenue on the consolidated balance sheets, and are recognized as revenue when the product is received by the customer after the gift card has been tendered for payment. We recognize breakage revenue for the portion of gift card values that are not expected to be redeemed. In the first quarter of 2025, with more historical data available, we updated our breakage estimate to be based upon historical customer redemption patterns. As a result, in the first quarter of 2025, we recorded a change in accounting estimate relating to expected redemption of outstanding gift cards and recognized a cumulative adjustment which increased net revenues and gross profit and decreased net operating loss by approximately $1.9 million. Estimating future breakage rates requires judgment based on current and historical patterns of redemption and the actual breakage rates may vary from the estimate. As of March 31, 2026 and December 31, 2025, we had $1.3 million and $1.4 million, for each period, respectively, in gift card liabilities included in deferred revenue in the condensed consolidated balance sheets. Our sales policy allows customers to return merchandise within 30 days of receipt for an exchange or refund. We record a reserve for estimated product returns, based upon historical returns, impact of seasonality, current economic and market trends, current business practices, and changes in customer demand and acceptance of our products, in each reporting period as an offsetting decrease of net revenue, with an increase to our sales-refund reserve in accrued expenses. We have also recorded a related inventory returns receivable, less expected costs to recover, in prepaid expenses and other current assets with an offsetting decrease to cost of revenue as of March 31, 2026 and December 31, 2025 in the condensed consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements—Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. We record cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses at cost. The carrying values of these instruments approximate their fair value due to their short‐term maturities. We hold certain assets that are required to be measured at fair value on both a recurring and non-recurring basis, which are outlined in Note 4, Fair Value Measurements.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets—We evaluate the recoverability of property and equipment, operating lease right-of-use assets, and identifiable intangible assets with definite lives (“long-lived assets”) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When a triggering event occurs, a test for recoverability is performed, comparing projected undiscounted future cash flows to the carrying value of the asset group. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value. Long-lived assets are reviewed for recoverability at the lowest level in which there are identifiable cash flows (“asset group”). We determined that our asset groupings are at the individual store level. The carrying amount of a store asset group includes stores’ operating lease right-of-use assets and property and equipment, which consists primarily of leasehold improvements. We evaluate corporate assets or other long-lived assets that are not store-specific at the consolidated level. We determined that triggering events, including a current-period and history of operating cash flow losses, occurred during the first quarter of 2026 and required an impairment review of our long-lived assets and corporate asset group.
Restructuring Charges	Restructuring Charges—In the first quarter of 2026, we announced the closure of our U.S. full price retail store fleet. As part of this effort, we have incurred severance and other employee-related benefits, professional fees, and other related charges which are included within restructuring expense in the condensed consolidated statements of operations and comprehensive loss.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides a practical expedient that permits entities to assume that conditions existing as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. The Company adopted ASU 2025-05 as of January 1, 2026, and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements of a variety of topics in the ASC in order to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification. The effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. We are evaluating the potential impact of this guidance on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). This ASU improves financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual periods beginning after December 15, 2026, for interim reporting periods beginning after December 15, 2027, with early adoption is permitted. We are evaluating the potential impact of this guidance on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this Update remove all references to prescriptive and sequential software development stages, providing more consistent operability of software capitalization guidance. This ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning after December 15, 2027, with early adoption is permitted. We are evaluating the potential impact of this guidance on our consolidated financial statements and related disclosures.

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Thousands	Apr. 28, 2026	Apr. 19, 2026
Subsequent Event [Line Items]
Lessor, lease agreement value		$ 2,750
Lessor, lease agreement term		3 years
Chardan Capital Markets LLC
Subsequent Event [Line Items]
Selling commission percent	3.00%
Notice to terminate agreement period	10 days
A&R Purchase Agreement
Subsequent Event [Line Items]
Proceeds from convertible debt		$ 3,250
A&R Purchase Agreement \| Convertible Debt
Subsequent Event [Line Items]
Aggregate original principal amount		$ 50,000
Right to co-invest, period of time following issuance		24 months
Right to co-invest, rate of future financing deals		55.00%
Potential additional issuance subject to conditions		$ 2,000
Potential additional issuance, investor option		$ 44,750
Interest rate		12.00%
Debt instrument, issuance discount rate		5.00%
Debt instrument, covenant, late payment rate		17.00%
Beneficial ownership threshold		4.99%
Increase in beneficial ownership threshold		9.99%
Prior written notice period		61 days

Leases - Schedule of Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease costs	$ 1,121	$ 2,654
Variable lease costs	21	30
Short-term lease costs	0	14
Sublease income	(43)	(68)
Total lease costs	$ 1,099	$ 2,630
Weighted-average remaining lease term (in years)	4 years 7 months 20 days	5 years 8 months 1 day
Weighted-average discount rate	4.78%	5.43%

Segments and Geographic Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net revenue	$ 22,319	$ 32,114
Cost of revenue	16,111	17,714
Marketing expense	7,128	12,018
Net loss	(20,724)	(21,875)
Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	22,319	32,114
Cost of revenue	16,111	17,714
Selling, general, and administrative expense	7,715	9,275
Payroll and benefits expense	6,834	10,660
Marketing expense	7,128	12,018
Other segment expenses - net	5,255	4,322
Net loss	$ (20,724)	$ (21,875)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segments and Geographic Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments and Geographic Information

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. Our CODM is our Chief Executive Officer. Specifically, our CODM uses consolidated net loss as the measure of segment profit or loss for evaluating performance and allocating resources through comparison of actual amounts against budgeted and prior period amounts. The measure of segment assets is reported on the consolidated balance sheets as “Total assets.” Therefore, we operate as one operating and reportable segment as our CODM reviews consolidated financial information in managing the business.

The following table sets forth significant expense categories and other specified amounts included in consolidated net loss that are otherwise regularly provided to the CODM for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Net revenue	$	22,319	$	32,114
Cost of revenue	16,111		17,714
Selling, general, and administrative expense1	7,715		9,275
Payroll and benefits expense2	6,834		10,660
Marketing expense	7,128		12,018
Other segment expenses—net3	5,255		4,322
Segment and consolidated net loss	$	(20,724)	$	(21,875)

Geographic Information

The following table disaggregates our net revenue by geographic area, where no individual foreign country contributed in excess of 10% of net revenue for the three months ended March 31, 2026 and 2025. We recognized the following net revenue by geographic area based on the primary shipping address of the customer for digital or third-party sales, and based on the physical store location for retail store sales:


	Three Months Ended March 31,
(in thousands)	2026		2025
United States	$	18,374	$	25,625
International	3,945		6,489
Total net revenue	$	22,319	$	32,114

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Long-Term Debt (Details) - USD ($)		3 Months Ended
Long-Term Debt (Details) - USD ($)	Jun. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Mar. 29, 2026	Mar. 28, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Proceeds from line of credit		$ 1,722,000	$ 0
Debt issuance costs	$ 2,200,000	2,165,000				$ 2,407,000
Payments on line of credit		1,650,000	$ 0
Long-term debt		17,443,000				$ 17,371,000
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000.0
Accordion feature, increase limit	$ 25,000,000.0
Commitment fee percentage	0.45%
Proceeds from line of credit	$ 5,000,000.0	1,700,000
Covenant, minimum unrestricted cash balance				$ 7,500,000	$ 10,000,000
Covenant, unsecured indebtedness basket restriction				11,000,000	2,500,000
Payments on line of credit		1,600,000
Long-term debt		$ 17,400,000
Revolving Credit Facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.15%
Revolving Credit Facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	5.75%
Letter of Credit \| Credit Agreement
Debt Instrument [Line Items]
Covenant, basket for indebtedness restriction				$ 1,206,905	$ 855,000

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Balance Sheet Disclosures [Abstract]

Schedule of Inventory

Inventory consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Inventory	$	39,171	$	40,525
Reserve to reduce inventories to net realizable value	(1,972)		(1,650)
Total inventory	$	37,199	$	38,875

Schedule of Property and Equipment

Property and equipment consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Leasehold improvements	$	2,215	$	17,604
Furniture and fixtures	1,415		10,695
Internal-use software	27,793		27,667
Machinery and equipment	640		640
Computers and equipment	1,505		2,144
Total property and equipment - gross	33,568		58,750
Less: accumulated depreciation and amortization	(24,616)		(48,237)
Total property and equipment - net	$	8,952	$	10,513

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Prepaid expenses	$	2,643	$	3,403
Inventory returns receivable	240		501
Security deposits	794		185
Taxes receivable	3,890		4,537

Restricted cash	1,208		862
Deferred offering costs	—		224
Total prepaid expenses and other current assets	$	8,775	$	9,712

Schedule of Other Assets

Other assets consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Security deposits	$	—	$	748
Intangible assets	75		75
Debt issuance costs	2,165		2,407
Deferred tax assets	501		509
Total other assets	$	2,741	$	3,739

Schedule of Accrued Liabilities

Accrued expenses and other current liabilities consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Sales-refund reserve	$	941	$	1,494
Taxes payable	1,507		1,052
Employee-related liabilities	1,053		1,349
Accrued expenses	6,886		10,506
Total accrued expenses and other current liabilities	$	10,387	$	14,401

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 19, 2018 shares	Mar. 31, 2026 class vote $ / shares shares	Dec. 31, 2025 USD ($) class $ / shares shares
Class of Stock [Line Items]
Capital stock authorized (in shares)		2,220,000,000	2,220,000,000
Preferred stock, authorized (in shares)		20,000,000	20,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Number of classes of common stock \| class		2	2
Common stock, reclassification ratio		1
Common stock, percentage of Class B outstanding (less than)		10.00%
Exercise of stock options (in shares)	11,000	0
Proceeds from settlement payment \| $			$ 50
Promissory Note
Class of Stock [Line Items]
Interest rate	2.86%
Minimum
Class of Stock [Line Items]
Conversion of common stock, date fixed by the board of directors, period		61 days
Maximum
Class of Stock [Line Items]
Conversion of common stock, date fixed by the board of directors, period		180 days
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		2,000,000,000	2,000,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Number of votes per share for common stock \| vote		1
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		200,000,000	200,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Number of votes per share for common stock \| vote		10

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Preparation—The accompanying unaudited condensed consolidated financial statements have been presented in U.S. dollars and prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026 (“Form 10-K”). In our opinion, the accompanying unaudited condensed interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements at that date, but does not include all of the disclosures required by GAAP. Certain monetary amounts, percentages, and other figures included elsewhere in these condensed consolidated financial statements and accompanying notes have been subject to rounding adjustments. As such, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Liquidity and Going Concern—Accounting Standards Codification (ASC) 205-40, Presentation of Financial Statements - Going Concern requires management to evaluate an entity’s ability to continue as a going concern for the twelve-month period following the date on which the financial statements are available for issuance. Such an evaluation indicated certain negative conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern. During the three months ended March 31, 2026 and 2025, the Company incurred net losses of $20.7 million and $21.9 million, respectively and net cash used in operating activities in the three months ended March 31, 2026 was $12.1 million. As of March 31, 2026, the Company had $14.4 million in cash and cash equivalents. $17.4 million outstanding on its asset-based revolving credit facility (refer to Note 4, for further information). The Company expects to continue to incur net losses and negative cash flows from operating activities, and the Company does not expect to continue its existing footwear business operations following the completion of the Asset Sale (as defined in Note 1). Additionally, the cash flows for the Company's Asset Infrastructure Business are uncertain. If the Asset Sale is not completed for any reason and the Asset Infrastructure Business is not successful, we do not anticipate we would be able to meet our future liquidity needs without accessing additional capital or engaging in strategic transactions which are not within our control and are subject to various risks and uncertainties. The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company's unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Principles of Consolidation—The condensed consolidated financial statements include the accounts of Allbirds, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates—The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Risks and Uncertainties—We continue to monitor and respond to evolving developments about recent macroeconomic events, including elevated inflation, the U.S. Federal Reserve adjusting interest rates, bank failures, supply chain disruptions, fluctuations in currency exchange rates, tariffs, and geopolitical conflicts, which have led to economic uncertainty in the global economy. These macroeconomic conditions have had and are likely to continue to have adverse consequences on consumer spending, including the buying patterns of our customers and prospective customers. The conditions caused by the aforementioned recent macroeconomic events could affect the rate of consumer spending and could adversely affect demand for our products, lengthen our sales cycles, reduce the value of inventory, reduce expected spending from new customers, and affect our suppliers, all of which could adversely affect our business, results of operations, and financial condition. As of the date of the issuance of the financial statements, we are not aware of any specific event or circumstance related to the aforementioned macroeconomic events that would require us to update our estimates or judgments or adjust the carrying value of our assets or liabilities. Actual results could differ from those estimates and any such differences may be material to the consolidated financial statements. Segments—We operate as one operating segment. Our Chief Executive Officer is our chief operating decision maker who evaluates performance and makes operating decisions about allocating resources based on consolidated financial data. Refer to Note 7 for more information on our segments and geographic information. Foreign Currency Transactions—Our reporting currency is the U.S. dollar. The functional currency for each subsidiary included in these condensed consolidated financial statements that is domiciled outside of the United States is generally the applicable local currency of that country or the U.S. dollar. The translation of foreign currencies into U.S. dollars is performed for assets and liabilities using current foreign currency exchange rates in effect at the balance sheet date and for revenue and expense accounts using average foreign currency exchange rates during the period. Capital accounts are translated at historical foreign currency exchange rates. Translation gains and losses are included in stockholders’ equity as a component of accumulated other comprehensive income or loss. Adjustments that arise from foreign currency exchange rate changes on transactions denominated in a currency other than the functional currency are included in other income or expense on the condensed consolidated statements of operations and comprehensive loss. Cash, Cash Equivalents, and Restricted Cash—We consider all highly liquid investments with an original maturity date of three months or less as cash equivalents. Cash and cash equivalents are comprised primarily of domestic and foreign bank accounts and money market funds. These cash and cash equivalents are valued based on Level 1 inputs, which consist of quoted prices in active markets. We place our cash and cash equivalents with several high credit quality financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. We have not experienced any losses in such accounts and periodically evaluate the credit worthiness of the financial institutions. Our foreign bank accounts are not subject to FDIC insurance. Restricted cash serves as collateral for a bond with the United States Customs and Border Protection (“CBP”), which allows us to take possession of our inventory before all formalities with the CBP are completed for imported products. Restricted cash is included in prepaid expenses and other current assets on the condensed consolidated balance sheets. Accounts Receivable—Accounts receivable consist primarily of amounts due from customers, which results from sales to customers including credit card deposits in transit at the balance sheet date, the majority of which are settled within two to three business days, and wholesale accounts receivable, which are settled per the terms of the sale. Wholesale account receivables, consisting of receivables from wholesale customers and third-party distributors, net of allowances, were $3.6 million and $6.0 million as of March 31, 2026 and December 31, 2025, respectively. Credit card receivables were $0.6 million and $0.7 million as of March 31, 2026 and December 31, 2025, respectively. Other receivables were $0.2 million and $0.1 million as of March 31, 2026 and December 31, 2025, respectively. Inventory—Inventory consists of finished goods, stated at the lower of cost or net realizable value. We value our inventory using the weighted-average cost method and include product costs from our suppliers, freight, import duties and other landing costs. We periodically review inventory and make write-downs as necessary to appropriately value end of life, slow-moving, damaged, and excess inventory. To determine if the value of inventory requires a write-down, we estimate the net realizable value of inventory by considering current and anticipated demand, customer preferences and buying trends, and the age of the merchandise. Inventory write-downs are recognized as cost of revenue in the condensed consolidated statements of operations and comprehensive loss. We recorded $0.7 million and $0.7 million of inventory write-downs for the three months ended March 31, 2026 and 2025, respectively Revenue Recognition—Our primary source of revenue is from sales of footwear and apparel products. In the normal course of business, payment may be collected from the customer prior to recognizing revenue and such cash receipts are included in deferred revenue in the consolidated balance sheets until control has transferred to the customer. As of March 31, 2026 and December 31, 2025, we had $0.3 million and $0.3 million in cash collections of purchases via our digital channel which had not yet shipped, respectively. We offer non-expiring gift cards and merchandise credits to our customers. Proceeds from the sale of gift cards are initially deferred and recognized within deferred revenue on the consolidated balance sheets, and are recognized as revenue when the product is received by the customer after the gift card has been tendered for payment. We recognize breakage revenue for the portion of gift card values that are not expected to be redeemed. In the first quarter of 2025, with more historical data available, we updated our breakage estimate to be based upon historical customer redemption patterns. As a result, in the first quarter of 2025, we recorded a change in accounting estimate relating to expected redemption of outstanding gift cards and recognized a cumulative adjustment which increased net revenues and gross profit and decreased net operating loss by approximately $1.9 million. Estimating future breakage rates requires judgment based on current and historical patterns of redemption and the actual breakage rates may vary from the estimate. As of March 31, 2026 and December 31, 2025, we had $1.3 million and $1.4 million, for each period, respectively, in gift card liabilities included in deferred revenue in the condensed consolidated balance sheets. Our sales policy allows customers to return merchandise within 30 days of receipt for an exchange or refund. We record a reserve for estimated product returns, based upon historical returns, impact of seasonality, current economic and market trends, current business practices, and changes in customer demand and acceptance of our products, in each reporting period as an offsetting decrease of net revenue, with an increase to our sales-refund reserve in accrued expenses. We have also recorded a related inventory returns receivable, less expected costs to recover, in prepaid expenses and other current assets with an offsetting decrease to cost of revenue as of March 31, 2026 and December 31, 2025 in the condensed consolidated balance sheets. Fair Value Measurements—Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. We record cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses at cost. The carrying values of these instruments approximate their fair value due to their short‐term maturities. We hold certain assets that are required to be measured at fair value on both a recurring and non-recurring basis, which are outlined in Note 4, Fair Value Measurements. Impairment of Long-Lived Assets—We evaluate the recoverability of property and equipment, operating lease right-of-use assets, and identifiable intangible assets with definite lives (“long-lived assets”) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When a triggering event occurs, a test for recoverability is performed, comparing projected undiscounted future cash flows to the carrying value of the asset group. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value. Long-lived assets are reviewed for recoverability at the lowest level in which there are identifiable cash flows (“asset group”). We determined that our asset groupings are at the individual store level. The carrying amount of a store asset group includes stores’ operating lease right-of-use assets and property and equipment, which consists primarily of leasehold improvements. We evaluate corporate assets or other long-lived assets that are not store-specific at the consolidated level. We determined that triggering events, including a current-period and history of operating cash flow losses, occurred during the first quarter of 2026 and required an impairment review of our long-lived assets and corporate asset group. Based on the results of our analysis, we recorded an impairment charge of $0.6 million related to our operating lease right-of-use assets and $0.4 million related to property and equipment for the three months ended March 31, 2026. Restructuring Charges—In the first quarter of 2026, we announced the closure of our U.S. full price retail store fleet. As part of this effort, we have incurred severance and other employee-related benefits, professional fees, and other related charges which are included within restructuring expense in the condensed consolidated statements of operations and comprehensive loss. We incurred $1.3 million and $— million in restructuring charges for the three months ended March 31, 2026 and 2025, respectively. Emerging Growth Company—As an “emerging growth company,” the Jumpstart Our Business Startups Act, or JOBS Act, allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. For certain pronouncements, we have elected to use the adoption dates applicable to private companies. As a result, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. Smaller Reporting Company—We are currently a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act and therefore qualify for reduced disclosure requirements for smaller reporting companies. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides a practical expedient that permits entities to assume that conditions existing as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. The Company adopted ASU 2025-05 as of January 1, 2026, and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements of a variety of topics in the ASC in order to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification. The effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. We are evaluating the potential impact of this guidance on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). This ASU improves financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual periods beginning after December 15, 2026, for interim reporting periods beginning after December 15, 2027, with early adoption is permitted. We are evaluating the potential impact of this guidance on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this Update remove all references to prescriptive and sequential software development stages, providing more consistent operability of software capitalization guidance. This ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning after December 15, 2027, with early adoption is permitted. We are evaluating the potential impact of this guidance on our consolidated financial statements and related disclosures.

Segments and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended March 31,
	2026		2025
Net revenue	$	22,319	$	32,114
Cost of revenue	16,111		17,714
Selling, general, and administrative expense1	7,715		9,275
Payroll and benefits expense2	6,834		10,660
Marketing expense	7,128		12,018
Other segment expenses—net3	5,255		4,322
Segment and consolidated net loss	$	(20,724)	$	(21,875)

Schedule of Long-Lived Assets, by Geographical Areas and Disaggregation of Revenue


	Three Months Ended March 31,
(in thousands)	2026		2025
United States	$	18,374	$	25,625
International	3,945		6,489
Total net revenue	$	22,319	$	32,114

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,797	$ 4,111
Right of use assets obtained in exchange for lease liabilities	16	106
Right of use assets given up for reduction of lease liabilities	$ (3,289)	$ (5,491)

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Information

The components of lease costs, recognized as selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss, along with the weighted-average lease term and weighted-average discount rate for operating leases, are as follows:


	Three Months Ended March 31,
(in thousands, except for lease term and discount rate)	2026			2025
Operating lease costs	$	1,121		$	2,654
Variable lease costs	21			30
Short-term lease costs	—			14
Sublease income	(43)			(68)
Total lease costs	$	1,099		$	2,630

	March 31, 2026			March 31, 2025
Weighted-average remaining lease term (in years)	4.64			5.67
Weighted-average discount rate	4.78		%	5.43		%

Supplemental cash flow information related to operating leases is as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,797	$	4,111
Right of use assets obtained in exchange for lease liabilities	16		106
Right of use assets given up for reduction of lease liabilities	(3,289)		(5,491)

Schedule of Commitments for Minimum Lease Payments Under Noncancelable Operating Leases

Future minimum lease payments under non-cancelable operating leases with initial lease terms in excess of one year, included in our lease liabilities as of March 31, 2026, are as follows:


(in thousands)	Operating Lease Payments
Fiscal year ended December 31,
Remainder of 2026	$	5,225
2027	3,610
2028	2,668
2029	1,958
2030	2,017
Thereafter	2,009
Total undiscounted operating lease payments	$	17,487
Less: imputed discount	1,665
Total operating lease liabilities	$	15,822

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings We are subject to various claims and legal proceedings that arise in the ordinary course of our business activities. Although the outcome of any legal proceedings cannot be predicted with certainty, as of March 31, 2026, our ultimate liability, if any, is not expected to have a material effect on our financial position or operations. On April 13, 2023, and on May 16, 2023, we and certain of our executive officers and directors were named as defendants in two substantially similar securities class action lawsuits, captioned Shnayder v. Allbirds, Inc., et al., Case No. 23-cv-01811-AMO and Delgado v. Allbirds, Inc., et al., Case No. 23-cv-02372-AMO, filed in the United States District Court for the Northern District of California. These lawsuits allege that we violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5, 17 C.F.R. § 240.10b-5, promulgated thereunder, and Sections 11 and 15 of the Securities Act of 1933 by making materially false and/or misleading statements about our business, operations and prospects. The plaintiffs seek damages in an unspecified amount. On July 25, 2023, the court entered an order consolidating the two cases, appointing lead plaintiffs, and approving lead plaintiffs’ selection of lead counsel. On September 15, 2023, lead plaintiffs filed a consolidated amended complaint against the same group of defendants and asserting the same claims. We filed a motion to dismiss the consolidated complaint, which the court granted on May 10, 2024, but provided plaintiffs leave to amend the complaint. A second amended complaint was filed on June 24, 2024. We filed a motion to dismiss the second amended complaint, which the court granted on June 21, 2025, but provided plaintiffs leave to amend the complaint. Plaintiffs filed a third amended complaint on July 14, 2025 and we filed a motion to dismiss on August 27, 2025 and full briefing was completed. On February 27, 2026, the consolidated action was dismissed with prejudice. Plaintiffs filed a notice of appeal with the Ninth Circuit on March 26, 2026. We intend to vigorously defend against this lawsuit. On October 3, 2023, we and certain of our executive officers and directors were named as defendants in a shareholder derivative suit, captioned Park v. Zwillinger, et al., Case No. 23-cv-01092-CFC, filed in the United States District Court for the District of Delaware. This lawsuit alleges violations of Section 14(a) of the Exchange Act, contribution under Section 21D of the Exchange Act, breach of fiduciary duties, and aiding and abetting based on allegations that are substantially similar to those asserted in the securities class action. On October 13, 2023, we and certain of our past and current executive officers and directors were named as defendants in a substantially similar shareholder derivative suit, captioned Junker v. Zwillinger, et al., Case No. 23-cv-01152-CFC, filed in the United States District Court for the District of Delaware. This lawsuit alleges breach of fiduciary duties, unjust enrichment, violations of Section 10(b) of the Exchange Act, contribution under Section 11(f) of the Securities Act and Section 21D of the Exchange Act, and waste of corporate assets based on allegations that are substantially similar to those asserted in the securities class action. These cases are currently stayed pending the outcome of the Shnayder and Delgado cases. We intend to vigorously defend against these lawsuits.

Benefit Plan (Details) - USD ($)	3 Months Ended
Benefit Plan (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Discretionary profit-sharing contributions	$ 0	$ 0
Matching contributions	$ 200,000	$ 200,000

Commitments and Contingencies (Details) - lawsuit	1 Months Ended
Commitments and Contingencies (Details) - lawsuit	May 16, 2023	Jul. 25, 2023
Commitments and Contingencies Disclosure [Abstract]
Number of suits filed	2
Number of pending claims		2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Supplemental Balance Sheet Disclosures [Abstract]
Sales-refund reserve	$ 941	$ 1,494
Taxes payable	1,507	1,052
Employee-related liabilities	1,053	1,349
Accrued expenses	6,886	10,506
Total accrued expenses and other current liabilities	$ 10,387	$ 14,401

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024				5,456,072	2,542,365
Beginning balance at Dec. 31, 2024	$ 101,685			$ 1	$ 0	$ 591,882	$ (5,681)	$ (484,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)					2,292
Exercise of stock options	3					3
Vesting of restricted stock units (in shares)				56,904
Conversion of Class B shares into Class A common stock (in shares)				2,292	(2,292)
Stock-based compensation	2,319					2,319
Comprehensive income (loss)	690						690
Net loss	(21,875)							(21,875)
Ending balance (in shares) at Mar. 31, 2025				5,515,268	2,542,365
Ending balance at Mar. 31, 2025	82,822			$ 1	$ 0	594,204	(4,991)	(506,392)
Beginning balance (in shares) at Dec. 31, 2025		6,176,841	2,542,340	6,176,841	2,542,340
Beginning balance at Dec. 31, 2025	$ 35,914			$ 1	$ 0	601,587	(3,874)	(561,800)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	0
Vesting of restricted stock units (in shares)				53,044
Conversion of Class B shares into Class A common stock (in shares)				1,949	(1,949)
Acquisition of treasury stock (in shares)				(10,999)
Amortization of issuance costs under public offerings	$ (41)					(41)
Stock-based compensation	1,168					1,168
Comprehensive income (loss)	(41)						(41)
Net loss	(20,724)							(20,724)
Ending balance (in shares) at Mar. 31, 2026		6,220,835	2,540,391	6,220,835	2,540,391
Ending balance at Mar. 31, 2026	$ 16,276			$ 1	$ 0	$ 602,714	$ (3,915)	$ (582,524)

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance as of March 31, 2026 and December 31, 2025 consist of the following:


	March 31, 2026	December 31, 2025
2015 Equity Incentive Plan:
Options issued and outstanding	253,405	267,085
Shares available for future option grants	—	—
2021 Equity Incentive Plan:
Options issued and outstanding	220,342	220,342
Restricted stock units outstanding	403,985	491,544
Performance stock units outstanding	50,075	83,780
Shares available for future grants	863,865	795,645
2021 Employee Stock Purchase Plan:
Shares available for future grants	366,866	366,866
Total shares of common stock reserved for future issuance	2,158,538	2,225,262

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Supplemental Balance Sheet Disclosures [Abstract]
Inventory	$ 39,171	$ 40,525
Reserve to reduce inventories to net realizable value	(1,972)	(1,650)
Total inventory	$ 37,199	$ 38,875

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Supplemental Balance Sheet Disclosures [Abstract]
Prepaid expenses	$ 2,643	$ 3,403
Inventory returns receivable	240	501
Security deposits	794	185
Taxes receivable	3,890	4,537
Restricted cash	1,208	862	$ 854
Deferred offering costs	0	224
Total prepaid expenses and other current assets	$ 8,775	$ 9,712

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2026
Accounting Policies [Abstract]
Description of Business	Description of Business Allbirds, Inc. (“Allbirds” and, together with its wholly owned subsidiaries, the “Company,” “we,” or “our”) was incorporated in the state of Delaware on May 6, 2015. Headquartered in San Francisco, California, Allbirds has historically been a global lifestyle brand that innovates with sustainable materials to make better footwear and apparel products in a better way, while treading lighter on our planet. The majority of our revenue has historically been from sales directly to consumers via our digital and retail channels. On March 29, 2026, the Company entered into an Asset Purchase Agreement (“Asset Purchase Agreement”) with Allbirds IP LLC, an affiliate of American Exchange Group (the “Buyer”), pursuant to which Buyer will (a) acquire certain of the Company’s assets, including those related to intellectual property assets (including global trademarks, trade names, copyrights, patents, domain names, social media accounts, customer lists, and related IP), inventory, certain accounts receivable, and certain prepaid expenses (the “Purchase Assets,” all of which relate to the existing footwear business); and (b) assume certain liabilities, including those related to certain accounts payable, certain scheduled current liabilities, and intellectual property transfer costs and expenses, subject to certain exceptions (collectively, the foregoing, the “Asset Sale”). All of the assets and liabilities to be acquired and assumed pursuant to the Asset Sale relate to our existing footwear business. Pursuant to the Asset Purchase Agreement, Buyer will pay Allbirds an aggregate purchase price of $39.0 million upon the closing of the Asset Sale, subject to standard purchase price adjustments as set forth in the Asset Purchase Agreement, and less the amount of funds in escrow. The Asset Sale is expected to close in the second quarter of 2026, but the exact timing of the completion of the Asset Sale is not certain. As described in Note 13, we intend to continue operating Allbirds, Inc. after the Asset Sale. In continuing to operate after the Asset Sale, we intend to rename Allbirds, Inc., and operate under a new corporate name. Our Board of Directors has not yet made a final decision on a new name for the company. With respect to the renamed corporate entity, we are investigating potential opportunities in the computing infrastructure market, including the acquisition and monetization of graphics processing units, related high-performance computing infrastructure capable of supporting high workloads (whether from artificial intelligence and machine learning or other needs of potential future customers) and other related assets (which we refer to collectively as “Electronics Assets,” and such anticipated business, the “Electronics Infrastructure Business”).

Leases - Schedule of Minimum Lease Payments Under Noncancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Operating Lease Payments
Remainder of 2026	$ 5,225
2027	3,610
2028	2,668
2029	1,958
2030	2,017
Thereafter	2,009
Total undiscounted operating lease payments	17,487
Less: imputed discount	1,665
Total operating lease liabilities	$ 15,822

Segments and Geographic Information - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Net revenue	$ 22,319	$ 32,114
United States
Disaggregation of Revenue [Line Items]
Net revenue	18,374	25,625
International
Disaggregation of Revenue [Line Items]
Net revenue	$ 3,945	$ 6,489

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On June 30, 2025, we entered into a secured $50.0 million revolving credit agreement with Second Avenue Capital Partners LLC (the “Credit Agreement”). The borrowing capacity is subject to a borrowing base formula, and under the revolving credit facility may be increased up to an additional $25.0 million, subject to obtaining additional lender commitments and satisfying certain conditions. The Credit Agreement will mature on June 30, 2028. Interest on borrowings under the revolving credit facility accrues at a variable rate equal to (i) the sum of the Term Secured Overnight Financing Rate (“SOFR”), plus (ii) 0.15%, plus (ii) a margin of 5.75% per annum. The commitment fee under the Credit Agreement is 0.45% per annum on the average daily unused portion of each lender’s commitment. The Credit Agreement contains customary representations and warranties, and affirmative covenants and negative covenants applicable to the Company and certain of its subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions of assets, dividends and other distributions, minimum unrestricted cash, and minimum consolidated EBITDA. In addition, the Credit Agreement contains certain customary events of default including, but not limited to, failure to pay interest, principal and fees or other amounts when due, material misrepresentations or misstatements in any representation or warranty, covenant defaults, certain cross defaults to other material indebtedness, certain judgment defaults and events of bankruptcy or insolvency. Concurrently with entry into the Credit Agreement, we drew down $5.0 million on the revolving credit facility. The borrowings were used to, among other things, pay third-party debt issuance costs in the amount of $2.2 million. On March 29, 2026, the Company and Second Avenue Capital Partners LLC entered into a Consent and First Amendment to Credit Agreement (the “First Amendment to Credit Agreement”). The First Amendment to Credit Agreement provides consent to the Company’s entry into the Asset Sale and amends the Credit Agreement dated as of June 30, 2025. The First Amendment to Credit Agreement among other things, (i) lowers the minimum amount of Unrestricted Cash required to be held by the Company and its Subsidiaries to avoid the commencement of a Cash Dominion Period from $10,000,000 to $7,500,000, (ii) increases the basket for Indebtedness consisting of reimbursement obligations in respect of the Existing Cash Collateralized Letter of Credit from $855,000 to $1,206,905, (iii) increases the unsecured Indebtedness basket from $2,500,000 to $11,000,000, (iv) extends the delivery date for the Consolidated Statements for the Fiscal Year ended December 31, 2025 from March 31, 2026 to April 15, 2026, (v) requires delivery by Borrower of certain financial and other information with respect to the Asset Sale, and (vi) replaces the Minimum Consolidated EBITDA financial covenant, and corresponding equity cure right, with a minimum Consolidated Liquidity financial covenant. Subsequent to the period ended, the Company and Second Avenue Capital Partners LLC entered into a Second Amendment to Credit Agreement and Other Loan Documents. See Note 13, Subsequent Events. During the three months ended March 31, 2026, we drew approximately $1.7 million on our revolving credit, inclusive of interest and fees and made payments of approximately $1.6 million. As of March 31, 2026, there was $17.4 million outstanding under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	May 31, 2022	Sep. 30, 2021	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					0	0
Stock-based compensation, net of amounts capitalized					$ 1,166	$ 2,284
Unrecognized compensation cost related to unvested share-based compensation arrangements granted					$ 600
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					0
Unrecognized compensation cost, period for recognition (in years)					1 year 8 months 15 days
Unrecognized compensation costs					$ 3,800
RSUs \| New Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					4 years
Award cliff vesting period (in years)					1 year
RSUs \| Existing Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
PSUs With Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	50,000
Total grant date fair value	$ 300
PSUs With Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value			$ 4,000
Number of shares granted (in shares)			40,000
PSUs With Market Conditions \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period			$ 1,300
PSUs With Market Conditions \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period			1,400
PSUs With Market Conditions \| Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period			$ 1,400
PSUs With Market Conditions \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value		$ 100
Number of shares granted (in shares)		30,000
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					0
Stock-based compensation, net of amounts capitalized					$ 0	$ 100
Unrecognized compensation cost, period for recognition (in years)					11 months 4 days
Unrecognized compensation costs					$ 200
Outstanding stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition (in years)					1 year 1 month 9 days
2021 Equity Incentive Plan:
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, period for increase in shares (in years)				10 years
Percent of outstanding shares				4.00%
2021 Equity Incentive Plan: \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, maximum number of shares available for issue on the exercise of incentive stock options (in shares)				100,000,000
2021 Employee Stock Purchase Plan: \| 2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, period for increase in shares (in years)				10 years
Percent of outstanding shares				1.00%
Stock-based compensation, number of additional shares allowable under the plan (in shares)				142,500
Stock-based compensation, purchase period (in months)				6 months
2021 Employee Stock Purchase Plan: \| Class A Common Stock \| 2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, discount percentage from market price, beginning of period				85.00%

Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Options issued and outstanding (in shares)	473,747	487,427
Total shares of common stock reserved for future issuance (in shares)	2,158,538	2,225,262
2015 Equity Incentive Plan:
Class of Stock [Line Items]
Options issued and outstanding (in shares)	253,405	267,085
Shares available for future grants (in shares)	0	0
2021 Equity Incentive Plan:
Class of Stock [Line Items]
Options issued and outstanding (in shares)	220,342	220,342
Shares available for future grants (in shares)	863,865	795,645
2021 Equity Incentive Plan: \| Restricted stock units
Class of Stock [Line Items]
Stock units outstanding (in shares)	403,985	491,544
2021 Equity Incentive Plan: \| PSUs
Class of Stock [Line Items]
Stock units outstanding (in shares)	50,075	83,780
2021 Employee Stock Purchase Plan:
Class of Stock [Line Items]
Shares available for future grants (in shares)	366,866	366,866

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

We lease various office and retail spaces under non-cancelable operating leases with various expiration dates through fiscal 2032, certain of which contain renewal provisions. These renewal provisions are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. We have no lease agreements that are classified as finance leases.


	Three Months Ended March 31,
(in thousands, except for lease term and discount rate)	2026			2025
Operating lease costs	$	1,121		$	2,654
Variable lease costs	21			30
Short-term lease costs	—			14
Sublease income	(43)			(68)
Total lease costs	$	1,099		$	2,630

	March 31, 2026			March 31, 2025
Weighted-average remaining lease term (in years)	4.64			5.67
Weighted-average discount rate	4.78		%	5.43		%

Supplemental cash flow information related to operating leases is as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,797	$	4,111
Right of use assets obtained in exchange for lease liabilities	16		106
Right of use assets given up for reduction of lease liabilities	(3,289)		(5,491)

Future minimum lease payments under non-cancelable operating leases with initial lease terms in excess of one year, included in our lease liabilities as of March 31, 2026, are as follows:


(in thousands)	Operating Lease Payments
Fiscal year ended December 31,
Remainder of 2026	$	5,225
2027	3,610
2028	2,668
2029	1,958
2030	2,017
Thereafter	2,009
Total undiscounted operating lease payments	$	17,487
Less: imputed discount	1,665
Total operating lease liabilities	$	15,822

Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - 2021 ESPP	6 Months Ended
	May 02, 2026	Nov. 02, 2025	May 02, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		4.26%	4.30%
Dividend yield		0.00%	0.00%
Volatility		37.13%	37.13%
Expected lives (years)		6 months	6 months
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.80%
Dividend yield	0.00%
Volatility	37.13%
Expected lives (years)	6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounting Policies [Abstract]
Cash collections of purchases via digital channel not yet shipped	$ 300		$ 300
Deferred taxes	0	$ 1,901
Gift card liabilities	$ 1,300		$ 1,400
Sales return period	30 days

Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment - gross	$ 33,568	$ 58,750
Less: accumulated depreciation and amortization	(24,616)	(48,237)
Total property and equipment - net	8,952	10,513
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment - gross	2,215	17,604
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment - gross	1,415	10,695
Internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment - gross	27,793	27,667
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment - gross	640	640
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment - gross	$ 1,505	$ 2,144

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Option, Activity

A summary of the status of the 2015 Plan and 2021 Plan as of December 31, 2025 and March 31, 2026, and changes during the three month period ended March 31, 2026, is presented below:


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025	487,427	$	69.89	5.09	$	98
Granted	—	—
Exercised	—	—			—
Forfeited	—	—
Cancelled	(13,680)	82.45
Outstanding at March 31, 2026	473,747	$	69.52	4.90	$	58
Vested and exercisable at March 31, 2026	473,747	$	69.52	4.90	$	58

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions


	Offering Period - November 3, 2025 to May 2, 2026		Offering Period - May 3, 2025 to November 2, 2025		Offering Period - November 3, 2024 to May 2, 2025
Risk-free interest rate	3.80	%	4.26	%	4.30	%
Dividend yield	—		—		—
Volatility	37.13	%	37.13	%	37.13	%
Expected lives (years)	0.5		0.5		0.5

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

RSU activity during the three months ended March 31, 2026 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2025	491,544	$	11.48
Granted	—	—
Vested	(53,044)	15.11
Forfeited	(34,515)	12.49
Unvested at March 31, 2026	403,985	$	10.92

Schedule of Share-Based Payment Arrangement, Performance Shares, Activity

PSU activity during the three months ended March 31, 2026 was as follows:


	Target Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2025	83,780	$	11.25
Granted	—	—
Vested	—	—
Forfeited	(33,705)	5.92
Unvested at March 31, 2026	50,075	$	14.84

Schedule of Stock-based Compensation Expense


	Three Months Ended March 31,
(in thousands)	2026		2025
Stock-based compensation, net of amounts capitalized	$	1,166	$	2,284
Capitalized stock-based compensation	2		35
Total stock-based compensation	$	1,168	$	2,319

Net Loss Per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss attributable to common stockholders, basic	$ (20,724)	$ (21,875)
Net loss attributable to common stockholders, diluted	$ (20,724)	$ (21,875)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	8,736,862	8,020,013
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	8,736,862	8,020,013
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.37)	$ (2.73)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.37)	$ (2.73)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	May 01, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40963
Entity Registrant Name	Allbirds, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3999983
Entity Address, Address Line One	530 Washington St.
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	628
Local Phone Number	225-4848
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	BIRD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001653909
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,274,827
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,531,224

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax provision	$ 79	$ 66
Effective tax rate (as percent)	(0.40%)	0.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Wholesale accounts receivable	$ 3.6	$ 6.0
Credit card receivables	0.6	0.7
Other receivables	$ 0.2	$ 0.1
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, settlement period (in days)	2 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, settlement period (in days)	3 days

Description of Business (Details) $ in Millions	3 Months Ended
Description of Business (Details) $ in Millions	Jun. 30, 2026 USD ($)
Forecast
Property, Plant and Equipment [Line Items]
Proceeds from sale of productive assets	$ 39.0

Segments and Geographic Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Significant Accounting Policies - Segments (Details)	3 Months Ended
Significant Accounting Policies - Segments (Details)	Mar. 31, 2026 segment
Accounting Policies [Abstract]
Number of operating segments	1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 14,397	$ 26,690
Accounts receivable	4,375	6,839
Inventory	37,199	38,875
Prepaid expenses and other current assets	8,775	9,712
Total current assets	64,746	82,116
Property and equipment—net	8,952	10,513
Operating lease right-of-use assets	8,290	13,051
Other assets	2,741	3,739
Total assets	84,729	109,419
Current liabilities:
Accounts payable	23,195	17,768
Accrued expenses and other current liabilities	10,387	14,401
Current lease liabilities	5,589	6,777
Deferred revenue	1,606	1,696
Total current liabilities	40,777	40,642
Non-current liabilities:
Non-current lease liabilities	10,233	15,492
Long-term debt	17,443	17,371
Total non-current liabilities	27,676	32,863
Total liabilities	68,453	73,505
Commitments and contingencies (Note 11)
Stockholders’ equity:
Treasury stock (10,999 shares as of March 31, 2026 and no shares as of December 31, 2025)	0	0
Additional paid-in capital	602,714	601,587
Accumulated other comprehensive loss	(3,915)	(3,874)
Accumulated deficit	(582,524)	(561,800)
Total stockholders’ equity	16,276	35,914
Total liabilities and stockholders’ equity	84,729	109,419
Class A Common Stock
Stockholders’ equity:
Common stock	1	1
Class B Common Stock
Stockholders’ equity:
Common stock	$ 0	$ 0