Operating cash flow remains deeply negative with an FCF margin of -54.4% in 2026Q1, highlighting a persistent inability to generate self-sustaining liquidity.
Smartbird, Inc (BIRD) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -41.7M | -55.08M | -63.86M | -30.22M | -90.58M | -50.85M | -34.58M | 42K |
| Operating CF Margin % | - | -36.13% | -33.65% | -11.9% | -30.42% | -18.33% | -15.77% | 0.02% |
| Operating CF Growth % | 62.88% | 13.74% | -111.3% | 66.64% | -78.14% | -47.06% | -82428.57% | - |
| Net Income | -77M | -77.28M | -93.32M | -152.46M | -101.35M | -45.37M | -25.86M | -14.53M |
| Depreciation & Amortization | 6.97M | 8.02M | 12.4M | 21M | 14.68M | 9.65M | 7.09M | 3.38M |
| Stock-Based Compensation | 3.36M | 7.76M | 11.47M | 19.35M | 19.87M | 11.24M | 6.78M | 4.25M |
| Deferred Taxes | 65K | 65K | 912K | -474K | -898K | 252K | -39K | 3.04M |
| Other Non-Cash Items | 4.89M | 5.85M | 4.95M | 38.53M | 17.77M | 10.67M | -700K | 1.17M |
| Working Capital Changes | 16.42M | 500K | -275K | 43.83M | -40.65M | -37.3M | -21.85M | 2.74M |
| Change in Receivables | 1.04M | -643K | 1.96M | 1M | 1.6M | -9.11M | -740K | -57K |
| Change in Inventory | 2.61M | 3.01M | 6.9M | 47.53M | -24.74M | -48.48M | -13.87M | -10.83M |
| Change in Payables | 15.5M | 2.59M | 1.02M | -6.71M | -37.59M | 19.02M | 1.25M | 16.16M |
| Cash from Investing | 35.06M | -1.9M | 2.12M | -7.71M | -32.29M | -25.64M | -16.28M | -15.18M |
| Capital Expenditures | -4.53M | -3.15M | -4.09M | -10.87M | -31.36M | -24.18M | -14.35M | -13.12M |
| CapEx % of Revenue | 4.29% | 2.06% | 2.16% | 4.28% | 10.53% | 8.71% | 6.54% | 6.78% |
| Acquisitions | 0 | 0 | 0 | 2.18M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 39.59M | 1.24M | 6.21M | 810K | -929K | -1.21M | 69K | -2.06M |
| Cash from Financing | 12.07M | 16.07M | 287K | 640K | 3.58M | 238.15M | 102.19M | 25.7M |
| Debt Issued (Net) | 20.21M | 17.37M | 0 | 0 | 539K | 0 | 0 | 0 |
| Equity Issued (Net) | 15.8M | 1.82M | 288K | 1.22M | 3.21M | 236.96M | 101.75M | 24.97M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -23.94M | -3.12M | -1K | -581K | -166K | 1.19M | 440K | 733K |
| Net Change in Cash | 4.59M | -40.03M | -63.09M | -37.09M | -120.81M | 161.32M | 52.24M | 10.53M |
| Free Cash Flow | -46.23M | -58.23M | -67.95M | -41.09M | -121.95M | -75.03M | -48.93M | -13.08M |
| FCF Margin % | -43.72% | -38.19% | -35.81% | -16.17% | -40.95% | -27.04% | -22.31% | -6.75% |
| FCF Growth % | 25.06% | 14.31% | -65.37% | 66.3% | -62.53% | -53.35% | -274.07% | - |
| FCF per Share | -5.04 | -7.14 | -8.64 | -5.42 | -16.40 | -21.65 | -7.71 | -2.06 |
| FCF Conversion (FCF/Net Income) | 0.60x | 0.71x | 0.68x | 0.20x | 0.89x | 1.12x | 1.34x | -0.00x |
| Interest Paid | 8K | 0 | 124K | 111K | 88K | 118K | 235K | 55K |
| Taxes Paid | 0 | 0 | 1.67M | 1.78M | 1.42M | 438K | 110K | 179K |
Quick answers to the most common questions about buying BIRD stock.
Smartbird, Inc (BIRD) generated $-55.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Smartbird, Inc (BIRD) reported negative free cash flow of $58.2M in 2025, indicating capital requirements exceeded cash from operations.
Smartbird, Inc (BIRD) spent $3.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and solvency risk
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Reality
According to the provided cash flow statements, Allbirds consistently reports negative net income alongside operating cash outflows, with the OCF/NI ratio fluctuating significantly, reaching 0.58 in 2026Q1, which suggests that accounting losses are not being mitigated by non-cash adjustments or meaningful improvements in core operational cash generation.
The persistent gap between net income and operating cash flow indicates that the company is struggling to convert its business model into actual liquidity. Investors should monitor this divergence, as it suggests that the underlying operational burn is not merely an accounting artifact but a reflection of structural cash leakage.
Negative Free Cash Flow Trajectory
As reported in financial statements, Allbirds has maintained a consistently negative free cash flow trajectory, with FCF margins reaching -54.4% in 2026Q1, highlighting a severe inability to generate self-sustaining cash flow despite ongoing efforts to rationalize the company's cost structure and reduce capital expenditures.
The negative FCF trend appears to be accelerating relative to revenue, suggesting that the company's pivot to wholesale has yet to yield the necessary cash flow stability. This trajectory warrants further investigation into whether the current business model can ever reach a cash-flow-positive state without significant further dilution.
Working Capital Volatility Masks Burn
Based on reported figures, working capital changes have been highly volatile, swinging from a $9.0M outflow in 2025Q1 to a $7.7M inflow in 2025Q4, which suggests that the company is relying on aggressive inventory management and payables timing to temporarily mask the underlying cash burn.
This reliance on working capital fluctuations to manage liquidity appears unsustainable and may indicate that the company is struggling to balance inventory levels with declining consumer demand. Investors should be cautious, as these temporary inflows do not represent a fundamental improvement in the company's cash-generating capabilities.
Capital Intensity Amidst Revenue Decline
As indicated by the provided data, Allbirds has maintained a CapEx/Revenue ratio that, while low in absolute terms, remains a persistent drain on liquidity, with 2026Q1 capital expenditures of $72.0K occurring against a backdrop of significant revenue contraction and limited cash reserves of $26.7M.
The continued capital spending, even at reduced levels, suggests that the company is still attempting to maintain its infrastructure despite the clear need for capital preservation. This may indicate a lack of operational flexibility in scaling down the physical footprint of the business.