Jul 15, 2019 - Energy & Environment
Bird CEO counters report of $100 million Q1 loss
In an effort to counter a report from The Information that his scooter company posted a $100 million loss in Q1, Bird CEO Travis VanderZanden released a comparison spreadsheet on Twitter.
What it means: While the comparisons are incomplete and most certainly not apples to apples, Bird's revenues and margins are impressive, even given the truncated timeframe, analysts told Axios.
- VanderZanden added that the $100 million loss was a one-time "accounting write off" from depreciated vehicles purchased in 2018 and not a net loss.
- Bird chief product officer Ryan Fujiu, who previously worked for Uber and Lyft, also posted the comparison on social media.
What he's not saying: Neither Fujiu nor VanderZanden denied The Information's claim that Bird is down to $100 million in cash, after raising $700 million, and is seeking $300 million in new funding.