Business
thredUP Announces First Quarter 2021 Results
Completed IPO and began trading on the Nasdaq Global Select Market under the symbol "TDUP" in late MarchRecord quarterly revenue of $56 millionRecord gross
About this update from Thredup Inc.
[{"type":"text","content":"Completed IPO and began trading on the Nasdaq Global Select Market under the symbol \"TDUP\" in late MarchRecord quarterly revenue of $56 millionRecord gross profit of $40 million and gross margin of 71%Record number of 1.29 million Active Buyers and 1.13 million OrdersRaised $175.5 million dollars in the company’s IPO OAKLAND, Calif., May 12, 2021 (GLOBE NEWSWIRE) -- ThredUp Inc. (Nasdaq: TDUP), one of the world’s largest resale platforms for women’s and children’s apparel, shoes, and accessories, announced today its financial results for the first quarter ended March 31, 2021. “thredUP is pleased to share our strong first quarter 2021 results and report for the first time as a public company,” said CEO and co-founder James Reinhart. “We continue to be optimistic about resale’s long-term growth, and are seeing early signals of an uptick in purchasing enthusiasm as the US economy reopens. The supply chain dynamics in our marketplace continue to improve as we inch further away from the volatility caused by Covid-19. Our investments in technology and infrastructure continue to enhance our ability to offer a modern, fresh, and frictionless resale experience for both buyers and sellers. We are focused on delivering incredible value to our buyers and sellers, furthering thredUP’s mission to inspire a new generation to think secondhand first.” First Quarter 2021 Company Highlights Revenue: Total revenue was a record at $55.7 million, an increase of 15.2% year-over-year.Gross Profit and Margin: Gross profit totaled $39.7 million representing growth of 21.7% year-over-year. Gross margin expanded to 71% from 68% in the comparable quarter last year.Net Loss: GAAP net loss was $16.2 million, or 29% of revenue, for the first quarter 2021, compared to a GAAP net loss of $13.2 million, or 27.4% of revenue, for the first quarter 2020.Adjusted EBITDA: The Adjusted EBITDA loss was $9.1 million, or 16.4% of revenue, for the first quarter 2021, compared to the Adjusted EBITDA loss of $10.4 million, or 21.6% of revenue, for the first quarter 2020.Active Buyers and Orders: Total first quarter Active Buyers of 1.29 million and Orders of 1.13 million grew 14% and 18%, respectively, over the comparable quarter last year.Board Appointments: thredUP announced that Mandy Ginsberg, the former CEO of Match Group Inc., and Marcie Vu, the former head of consu...