US-based e-scooter operator Bird has announced record financial results for the second quarter of 2021, with revenue up 477 per cent over the same period in 2020.
The company reported that revenue was $60 million during the second quarter, 36 per cent above expectations.
Ride profit increased by $26.4 million year on year to $27.8 million, while ride profit margin as a percentage of shared revenue was 49 per cent.
It was announced in May that Bird is set to go public after agreeing to a merger with special purpose acquisitions firm Switchback.
The news also coincided with the unveiling of the Bird Bike, the company’s new e-bike for individual use that will go on sale this Autumn.
Founded in 2017, Bird has fleets in 300 cities globally and recently partnered with Google Maps across its US cities.
“Our second quarter financial results reflect significant outperformance compared to our expectations as we continued to deliver industry-leading results driven by strong execution, tailwinds from the easing of COVID-19 restrictions in major markets, and favorable regulatory environments across cities which continue to support increased demand for eco-friendly and naturally socially distanced transportation,” Travis VanderZanden, Founder and CEO of Bird, said.
“Specifically, during the second quarter we drove a 477 per cent increase in revenue over the same period last year and a 36 per cent outperformance relative to our expectations. These results paired with our operational innovations, including our Fleet Manager operating model, and new vehicle introductions further support our ability to achieve our objectives for this fiscal year.”