One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Smartbird, Inc
BIRD · NMS · Technology · Software - Infrastructure
Current price
$1.30
52-week range
$1.23 - $24.31
Market cap
$15.35M
Balance sheet
Healthy
-70.45x Concerning
Net cash $22.91M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
2 Risks
0 rewards · 2 risks
- Risk Operating margin compressed from -32.3% to -387.8% over 3 years.
- Risk Return on equity was -178.0% last year — the company lost money on shareholders' equity.
What this company does
Smartbird, Inc
Smartbird, Inc. makes and sells shoes and clothes for everyday wear, with most of its money coming from selling these items through its own website and stores, as well as through other retailers. Understanding where their money comes from helps us see how well they are doing at selling their products directly to customers versus relying on others.
How the company got here
Smartbird, Inc. was formerly known as Allbirds, Inc., a company that started in 2015 and was known for its sustainable footwear and apparel. In a significant strategic shift, the company sold its footwear assets in March 2026 and rebranded as Smartbird, Inc. This pivot was driven by the immense growth and potential seen in the artificial intelligence (AI) infrastructure market. The company raised substantial capital to fund this transformation, aiming to become a key player in providing the necessary technology backbone for AI development and deployment. This move represents a complete departure from its consumer-focused retail past to a business-to-business (B2B) model centered on advanced technology services.
What it actually does
Smartbird now provides dedicated AI infrastructure as a managed service. This means they build, deploy, and operate the complex hardware and systems that AI applications need to run, without the customer having to manage the physical infrastructure themselves. Think of it like renting a specialized, high-performance computer center designed specifically for AI tasks. This allows businesses to focus on developing their AI models and applications, rather than worrying about the underlying technology, hardware maintenance, or operational complexities.
AI Infrastructure Services
Smartbird's core business is offering AI infrastructure as a service. They provide businesses with the necessary computing power, often in the form of leased Graphics Processing Unit (GPU) clusters, which are essential for training and running complex AI models. This service is targeted at enterprises, particularly those in regulated industries like healthcare, pharmaceuticals, finance, and the public sector. These clients often require more control over their data and performance than standard cloud providers can offer, making Smartbird's dedicated, managed infrastructure a compelling solution. The company handles the entire lifecycle, from acquiring the hardware to its ongoing operation and upgrades.
What management is betting on now
Smartbird's management is betting on the massive and growing demand for AI infrastructure, especially among enterprises that need specialized, controlled environments. They believe that by offering a managed service for AI hardware, they can capture a significant share of this market. The strategy involves securing long-term contracts with businesses that require dedicated AI compute power, allowing Smartbird to focus on building and operating this infrastructure efficiently. The company is also leveraging its access to capital to invest in the necessary hardware, such as GPUs, to meet this demand.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-11.88M
FY2024 Q4
$-11.85M
FY2025 Q1
$-28.53M
FY2025 Q2
$-9.42M
FY2025 Q3
$-16.14M
FY2025 Q4
$-4.14M
FY2026 Q1
$-12.14M
FY2026 Q2
$-9.99M
Revenue
—
Net income
$-16.37M
Diluted EPS
—
Operating cash flow
$-7.30M
Free cash flow
$-9.99M
Fetching…
Sources
Revenue
—
Net income
$-20.72M
Diluted EPS
-2.37
Operating cash flow
$-12.06M
Free cash flow
$-12.14M
Fetching…
Sources
Revenue
—
Net income
$-19.58M
Diluted EPS
-2.33
Operating cash flow
$-3.27M
Free cash flow
$-4.14M
Fetching…
Sources
Revenue
—
Net income
$-20.32M
Diluted EPS
-2.49
Operating cash flow
$-15.23M
Free cash flow
$-16.14M
Fetching…
Sources
Revenue
—
Net income
$-15.50M
Diluted EPS
-1.92
Operating cash flow
$-8.69M
Free cash flow
$-9.42M
Fetching…
Sources
Revenue
—
Net income
$-21.88M
Diluted EPS
-2.73
Operating cash flow
$-27.88M
Free cash flow
$-28.53M
Fetching…
Sources
Revenue
—
Net income
$-25.68M
Diluted EPS
-8.89
Operating cash flow
$-10.84M
Free cash flow
$-11.85M
Fetching…
Sources
Revenue
—
Net income
$-21.18M
Diluted EPS
-2.68
Operating cash flow
$-11.23M
Free cash flow
$-11.88M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $1.30
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $22.9M - more cash than debt. Interest coverage -70.5x.
Net debt
$-22.91M
Interest coverage
-70.45x
Smartbird, Inc's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
BIRD
BASELINE
Smartbird, Inc
Total debt $14.47M Interest coverage -70.45x This is the baseline the peer rows are being compared against.
Total debt $4.71B Interest coverage -23.64x Neither company has much profit cushion over interest right now.
Total debt $2.76B Interest coverage -172.95x Neither company has much profit cushion over interest right now.
Total debt $1.31B Interest coverage -4.01x Neither company has much profit cushion over interest right now.
Total debt $55.01M Interest coverage -43.79x Neither company has much profit cushion over interest right now.
What you should know
The case for and against BIRD
0 Rewards
2 Risks
Rewards
Risks
-
Operating margin compressed from -32.3% to -387.8% over 3 years.
-
Return on equity was -178.0% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-0.19x
P/B
0.68x
P/S
0.10x
EV/EBITDA
0.10x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
40.3%
Operating margin
-387.8%
Net margin
-49.6%
ROE
-178.0%
ROA
-54.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.64x
Current ratio
3.70x
Quick ratio
3.45x
Total debt
$14.47M
Total cash
$37.38M
Growth
How the business has been compounding
Revenue TTM
$155.22M
Revenue 5Y CAGR
-20.0%
EPS TTM
-6.93
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-37.88M
Free CF TTM
$-58.23M
FCF margin
-37.5%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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