Margin vs mission: Allbirds sold $100–$110 merino-wool and tree-fiber sneakers direct, printed a carbon number on every shoe, and became a public benefit corporation → it raised ~$303M at its 2021 IPO (≈$4B day-one value) and peaked at $297.8M revenue in 2022 → but it lost money every year (≈$510M cumulative 2019–2025), gross margin slid from ~53% to 41%, and marketing ate ~30% of revenue → stores went 60 → 23 → 4 and in June 2026 the brand was sold for $40.7M to American Exchange Group + WSG Brands, who plan wholesale and licensing, while the listed shell became Smartbird, an AI-infrastructure company (FACT SEC filings).
Click any of the 9 blocks below for a plain-language story of how that part of the model works for Allbirds — and how it connects to the others.
Static handout preview — use Downloads in the top bar for PDF, PNG, poster HTML, or the research brief. The interactive canvas above is the primary experience.
