In 2021 when Allbirds’ stock went public, the shoemaker could do no wrong. Riding on the popularity of its eco-friendly wool sneakers among Silicon Valley venture capitalists and other tech bros, it had been a sensation since its founding six years earlier. Its shares nearly doubled on their debut.
Allbirds’ fast growth up until then helped Wall Street brush aside concerns about deep losses—at first. Since then, Allbirds’ shares have lost more than 95% of their value. And after hitting a peak of $297.8 million in 2022, revenue fell by more than a third through 2024, despite a healthy broader market for comfortable shoes. The company on Thursday reported that sales fell 23% in its second fiscal quarter, showing just how daunting a task Allbirds faces in making a comeback.
