Allbirds reported $78.2 million in second-quarter revenue — a 15% increase from the same period last year and a 55% increase from 2020.

The jump was primarily attributed to an increase in the number of orders and average order value. Allbirds surpassed $1 billion in lifetime revenue during the quarter.

In the three months ending June 30, 2022, Allbirds launched its third performance running shoe, the Tree Flyer. The company says performance footwear sales now make up 24% of net revenue.

The sustainable lifestyle brand’s gross profit fell 26.1% year-over-year to $28.2 million, partially due to higher distribution center and logistic costs, a lower mix of international sales, and “unfavorable foreign exchange rates.”

While international revenue was flat at $18.9 million, Allbirds reported significant growth in the U.S., including the opening of five new stores during the quarter.

• Net revenue in the U.S. jumped 21% year-over-year to $59.3 million.
• U.S. physical retail channel sales ballooned nearly 120% year-over-year.

Allbirds also introduced SwiftFoam, a new material platform featuring an estimated 20% lower carbon footprint than petroleum-based synthetic alternatives.

Allbirds in Flight

The company expects full-year revenue to reach between $305 million and $315 million, representing growth between 10% to 14%.

On Aug. 2, Allbirds announced it would lay off 23 of its employees after its stock dropped 70%. As of December 2021, it employed 710 people.

The Big Ten is reportedly nearing broadcasting deals with CBS and NBC, and an agreement could be reached by the end of the week.

The networks would reportedly split the conference’s “B” package, with each expected to pay around $350 million per year.

• CBS would take games during the 3:30 p.m. ET window.
• NBC would broadcast primetime games, streaming some games on Peacock.

Amazon reportedly bid on the package, but Sports Business Journal claims that NBC and CBS are “clear front-runners.” Apple has reportedly shown interest.

Fox Sports reportedly entered a deal for the conference’s “A” package a few months ago, which includes a football game at noon ET, as well as football games on its FS1 and Big Ten Network.

Sources told Front Office Sports earlier this month that the Big Ten hopes to bring in $1.5 billion annually from the deals, making it the richest rights deal package in all of college sports.

ESPN’s Exit 

The news comes as ESPN declined the conference’s final offer for a seven-year deal worth $380 million annually — the ABC-owned network won’t air the Power 5 conference’s games for the first time in 40 years.

Industry sources told Front Office Sports that ESPN is now eyeing the upcoming negotiations for renewing NCAA championship rights — it currently pays roughly $34 million annually for 29 Division I championships.

In 2020, the network also signed an exclusive 10-year deal for SEC football and basketball rights worth $3 billion annually, which starts in 2024.

Overtime is looking to launch new leagues — and now it has an extra $100 million to make it happen.

The company raised nine digits in a Series D round led by Formula 1 and Atlanta Braves parent company Liberty Media and Morgan Stanley’s Counterpoint Global team.

Overtime created the basketball league Overtime Elite and the football league OT7. The company generates revenue through sponsorships, licensing, e-commerce, and media rights.

• Existing investors including Jeff Bezos, Sapphire Sport, and Blackstone upped their stakes.
• Overtime has raised $250 million to date and claims over 6% of active NBA players have invested, including Kevin Durant, Carmelo Anthony, and Trae Young.
• Other investors include Winslow Capital, Spark Capital, Black Capital, Alexis Ohanian, Drake, Quavo, and Micromanagement Ventures, co-founded by late former NBA commissioner David Stern.

“This significant investment co-led by Liberty Media, who has fostered the explosive growth of Formula 1, is a real validation of the disruptive sports IP that we have created over the past year,” said Overtime CEO and co-founder Dan Porter.

Leagues of Their Own

Overtime said it will use the new capital to grow its two existing leagues and launch new ones. It will devote resources to e-commerce and Web3 while continuing to invest in content around football, basketball, soccer, gaming, and sneakers.

The company boasts 65 million social followers and 2 billion monthly video views.