Bird Burns $43.7 million in Q2 as Revenue Rebounds 477% From Pandemic Plunge

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Bird Burns $43.7 million in Q2 as Revenue Rebounds 477% From Pandemic Plunge

Scooter startup Bird is still losing money hand over fist, though the losses are slowing slightly and revenue is picking up as pandemic restrictions ease.

With plans to go public via a SPAC, the Santa Monica company released its second-quarter results for 2021 today and net losses in the quarter dropped to $43.7 million compared to $50 million the same time last year. But revenue soared 477% from $60 million during the same quarter last year , thanks in no small part to riders returning from lockdowns.


In the runup to Bird's New York Stock Exchange debut, scrutiny hasramped up. The company's release today strikes a tone of reassurance.

"We expect to see continued margin improvement as global demand returns to pre-pandemic levels," said Chief Financial Officer Yibo Ling, who noted that ride profit margins have stayed above 35% in the past four quarters.

Plus Bird said its second quarter revenue topped internal expectations by 36%.

Alongside today's news, Bird is kicking off sales of its first e-bike, which features a range of 50 miles and a removable 36v battery. The company told dot.LA that its Bird Bike was created to be "an alternative to carbon-heavy, short distance car trips."

Bird e-bike

Founded in 2017, Bird leads its competitors Lime, Spin and Lyft by scooter-rental revenue. The firm has grown quickly, but after the pandemic hit it laid off 406 people in two minutes via a Zoom webinar.

So far this year, Bird has expanded into e-bikes and introduced what it calls "the industry's most eco-friendly shared e-scooter," though electric scooters were found to be less green than they might seem in a 2019 study conducted by North Carolina State University researchers.

Also this year, Bird launched in New York City, debuted on Google Maps and notched another milestone as it grew to serve 300 cities. Bird has yet to go public, but the Los Angeles business plans to do so during its third quarter in a blank-check deal that implies a $2.3 billion valuation.

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Energy Shares Wants to Offer You a Chance to Invest in Green Energy Startups

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Energy Shares Wants to Offer You a Chance to Invest in Green Energy Startups
Photo by Red Zeppelin on Unsplash

The Inflation Reduction Act contains almost $400 billion in funding for clean energy initiatives. There’s $250 billion for energy projects. $23 billion for transportation and EVs. $46 billion for environment. $21 billion for agriculture, and so on. With so much cash flowing into the sector, the possibilities for investment and growth are gigantic.

These investment opportunities, however, have typically been inaccessible for everyday retail investors until much later in a company’s development–after an IPO, usually. Meaning that the best returns are likely to be captured by banks and other institutions who have the capital and financing to invest large sums of money earlier in the process.

That’s where Pasadena-based Energy Shares comes in. The company wants to help democratize access to these investment opportunities and simultaneously give early-stage utility-scale energy projects another revenue stream.

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Why These Ukrainian Entrepreneurs Are Making LA Their Home

Aisha Counts
Aisha Counts is a business reporter covering the technology industry. She has written extensively about tech giants, emerging technologies, startups and venture capital. Before becoming a journalist she spent several years as a management consultant at Ernst & Young.
Why These Ukrainian Entrepreneurs Are Making LA Their Home
Joey Mota

Fleeing war and chasing new opportunities, more than a dozen Ukrainian entrepreneurs have landed in Los Angeles, finding an unexpected community in the city of dreams. These entrepreneurs have started companies that are collectively worth more than $300 million, in industries ranging from electric vehicle charging stations to audience monetization platforms to social networks.

Dot.LA spent an evening with this group of Ukrainian citizens, learning what it was like to build startups in Ukraine, to cope with the unimaginable fear of fleeing war, and to garner the resilience to rebuild.

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