As electric scooter rental company Bird Rides looks to go public, the company recently posted a narrower than expected second-quarter loss of $43 million. Revenue for the period skyrocketed up to pre-pandemic levels due to eased COVID restrictions in global markets.
The Los Angeles-based electric scooter provider is expected to complete a merger with blank-check company Switchback II Corp, with the deal enabling Bird to go public. The merger, which should be closed by the end of the third quarter, values Bird at $2.3 billion.
Bird experienced a promising rise in revenue during the second quarter, reaching $60 million-$10.4 million more than the same period in 2020.
After enduring the massive blow of the coronavirus outbreak, Bird posted an underwhelming annual revenue of $95 million for 2020. Chief Financial Officer Yibo Ling remained confident of his company’s ability to continue its revenue growth, explaining that Bird has managed to exceed expectations “despite continued COVID headwinds and varying seasonal conditions, and we expect to see continued margin improvement as global demand returns to pre-pandemic levels.”
The company also revealed that it’ll begin selling an e-bike that has been designed in-house.
