Allbirds
Allbirds, a sustainable sneaker company, made its first public filing on Tuesday.
Allbirds detailed its commitment towards sustainability and provided financial results in the filing.
Bloomberg reports that the company had a target valuation of $2 billion by June.
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Allbirds, a direct-to-consumer shoe company that focuses on sustainability, took the first steps to make its S-1 submission to the SEC on Tuesday.
According to a Bloomberg report, the company was valued at $1.7billion in its most recent funding round. It was also aiming for a minimum of $2billion in June.
Allbirds outlined in the S-1 filing their plans to launch a "sustainable equity offering," which is "an expression our belief and commitment that environmental credentials are not in contradiction with phenomenal financial outcomes."
In its filing, the company stated that it is committed "rigorous and objective ESG criteria" and holds itself accountable for meeting them. According to the filing, the criteria set by the company are meant to be evaluated by a third party. They can then be easily reproduced by other companies in their own IPOs.
Allbirds stated in its filing that it seeks to "reward investors by eye-popping long-term returns," and that it will "work its tails off" to achieve that goal.
To delight investors, Allbirds will need to become profitable. According to the S-1 filing Allbirds' net loss in 2019 was $14.5 million, which ballooned into $25.9 million in 2020 during the COVID-19 pandemic.
Allbirds' revenue is increasing despite the rapid losses. It jumped to $219.3 Million in 2020, up from $193.7 Million in 2019. Allbirds has recorded $117.5 billion in the first six months 2021.
Allbirds has 27 stores in its physical location, but 89% of its revenue comes from the internet. According to the filing, Allbirds expects to increase its store count by "hundreds".
Allbirds will trade under the ticker symbol BIRD and list its shares on Nasdaq.
