Kansas City Transit Teachable Moment: Bird Teeters On Brink Of Bankruptcy

Before the pandemic . . .

A small gaggle of local hipster dudes in their 30s & 40s told Kansas City that electric scooters offered a glimpse at "sustainable" transit future. 

The KC ATA even got in on the act and worked to brand their own scooter efforts. 

Now . . . At the outset of yet another "dark winter" for Americans . . .

Recently . . .

BIRD SCOOTER REVEALED SKETCHY FINANCES AND THEY MIGHT NOT MAKE IT THROUGH THE UPCOMING RECESSION!!!

This tough financial fact of life should give us a moment of pause BEFORE WE BELIEVE THE NEXT LOCAL TRANSIT SCHEME offered to locals . . .

And/or before KC decides to cover local streets with bike/scooter lanes despite a dearth of demand.

Downplayed by local media . . . Here's a headline that's worth going back to pick-up . . .

Bird closed out the third quarter with $38.5 million in free cash flow. Without additional funding, the company said it would be unable to meet its obligations over the next year. Bird points to “factors beyond its control” like current market volatility that could impact if and how Bird receives further equity or debt financing.

“Accordingly, the Company plans to continue to closely monitor its operating forecast, reduce its operating expenses, and pursue additional sources of outside capital,” reads the filing. “Along with this global footprint realignment, the Company is targeting additional reductions in its operating expenses.”

Read more via www.TonysKansasCity.com link . . .

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Bird may not have enough funds to continue shared micromobility business

Micromobility company Bird issued a going concern warning with the SEC. The company doesn't have the funds to operate over the next year.

Scooter Company Bird May Go Bankrupt, or Even Out of Business, After an 'Overstatement' of Revenue

The scooter startup Bird, which also does business in San Francisco as Scoot, is getting its wings clipped after reportedly overstating revenue for two years, and is now mulling bankruptcy, or discontinuing business altogether. You'd be forgiven for confusing the names of the three app-powered scooter companies permitted to do business in San Francisco (I know I do).

Developing . . .