Allbirds, a global lifestyle brand that innovates with sustainable materials to make better products in a better way, announced the following financing agreements that are expected to optimize working capital and enhance financial flexibility to support the Company's long-term growth plans.

• A new $75 million asset-based revolving credit facility with Second Avenue Capital Partners, consisting of a $50 million tranche and a $25 million accordion feature. The new facility, which replaces the Company's previous $50 million revolving credit facility maturing in April 2026, has a maturity date of June 30, 2028 and is priced at SOFR plus 575 basis points.
• A sales agreement with TD Cowen, which may allow the Company to sell, from time to time, up to $50 million of shares of Class A common stock through an At-the-Market (ATM) program.

These agreements are part of a comprehensive financing strategy that will help support Allbirds' previously announced initiatives to reignite product and marketing, with the flow of new products beginning in the coming weeks. Highlighted initiatives include:

• An initial drop of Allbirds' new fall product lineup will be available in mid-July, the first of more than 15 new styles spanning casual, elevated and relaxed silhouettes brought to life with modern design, unique materials and Allbirds' signature comfort.
• In support of upcoming product introductions, the Company launched a new marketing strategy earlier this year, underpinned by its Allbirds by Nature brand platform, and designed to build long-term brand equity.
• The Company is focused on building a standout customer experience, both online and in-store, aimed at driving increased engagement and sales. A store refresh program commenced in the second quarter of 2025 and a broad-based website redesign is slated to launch in July.

"Our teams are laser-focused on executing our product, marketing, and customer experience strategies," said Joe Vernachio, CEO. "We’re taking deliberate steps to strengthen our financial position as we enter this next chapter, while continuing to prioritize operational discipline and focus on driving long-term, profitable growth.”

The financing strategy announced provides Allbirds with access to supplemental capital, increased liquidity and additional financial flexibility to support its growth plans. Allbirds remains in strong financial condition with $39.1 million of cash and cash equivalents on its balance sheet as of March 31, 2025.

Annie Mitchell, CFO, added, “We’re pleased to have put in place a comprehensive financing package, including a new credit facility with a higher borrowing base and improved terms. Importantly, these actions enhance our capital structure and provide the Company with increased optionality as we pursue our growth plans. We are continuing to act with financial discipline as we focus on driving long-term profitable growth and building durable value for our shareholders.”

TD Cowen acted as Exclusive Financial Advisor to Allbirds. Holland & Hart LLP served as legal counsel to Allbirds. TD Cowen is also acting as Sales Agent to Allbirds. Allen Overy Shearman Sterling US LLP served as legal counsel to TD Cowen.