Bird overstated shared electric scooter revenue for two years
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/ The company was improperly counting preloaded ‘wallet’ balances as revenue after the completion of certain scooter trips. Now it says its financial reports for 2020 and 2021 can ‘no longer be relied upon.’ Photo by Ty O’Neil/SOPA Images/LightRocket via Getty Images Bird overstated the revenue it received from its shared electric scooters for at least two years, the company admitted in documents filed (PDF) with the US Securities and Exchange Commission Monday. The phantom revenue was discovered after an audit of financial statements from 2020 and 2021 in which Bird found it was counting as revenue customers’ preloaded “wallet”