Smartbird, previously known as Allbirds, is worth less today than before it pivoted to AI cloud services.

Facing declining shoe sales and a cratering stock price, the company rebranded in April from Allbirds to NewBird AI and said it would become a GPU-as-a-Service provider. Shares rose 582 percent.

The former eco-wear business, once worth $4 billion, had a market cap of $21.7m just before the pivot. It sold the shoe brand to American Exchange Company for $39m, and said that it had up to $50m in funding for its vision, helping it reach a market cap of more than $150m.

After the initial market fervor, shares again began a downward trend back towards where it started. But before that could happen, NewBird AI rebranded as Smartbird in June.

It appointed a former AWS quantum exec as CEO and said that it had increased the size of its convertible financing facility from $50 million to $100m.

This rebrand and news, once again, caused shares to jump, roughly doubling in value. However, since the spike, the number has steadily declined.

The company's market cap has now fallen more than ten percent below that of its final Allbirds era number, now hitting $19.6m.

The company, which has previously disclosed a single customer bringing in $2.8m, is set to report its latest earnings later this month. In Q2, it reported a net loss of $16.37m.