Business
ThredUP Announces First Quarter 2022 Results
Quarterly revenue of $72.7 million, representing 31% growth year-over-year.First quarter gross margin of 69.1% and gross profit growth of 26%
About this update from Thredup Inc.
[{"type":"text","content":"Quarterly revenue of $72.7 million, representing 31% growth year-over-year.First quarter gross margin of 69.1% and gross profit growth of 26% year-over-year.Record number of Active Buyers of 1.7 million in Q1 2022 and Orders of 1.6 million in Q1 2022, representing growth of 33% and 45% year-over-year, respectively.Launched the “Recommerce 100” in April, a comprehensive and objective review of branded recommerce that tracks brands’ adoption of resale and their potential impact on the planet. OAKLAND, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- ThredUp Inc. (Nasdaq: TDUP), one of the largest online resale platforms for women’s and kids’ apparel, shoes, and accessories, announced today its financial results for the first quarter ended March 31, 2022. \"We kicked off 2022 with another quarter of strong financial performance, demonstrating the ongoing competitive advantages we’ve developed in our supply chain,\" said thredUP CEO and co-founder James Reinhart. \"We're thrilled about the progress we're making in the European market as well as the growing roster of brands and retailers we're supporting through our RaaS offering. By continuing to invest in our global infrastructure, we're confident that we're strengthening our position in the growing resale market and making progress towards building a generation-defining company that changes the way the world shops and ushers in a new era of sustainable shopping.\" First Quarter 2022 Financial Highlights Revenue: Total revenue of $72.7 million, an increase of 31% year-over-year.Gross Profit and Gross Margin: Gross profit totaled $50.2 million, representing growth of 26% year-over-year. Gross margin was 69.1% as compared to 71.3% in the first quarter last year.Net Loss: GAAP net loss was $20.7 million, or 28.5% of revenue, for the first quarter 2022, compared to a GAAP net loss of $16.2 million, or 29.0% of revenue, for the first quarter 2021.Adjusted EBITDA and EBITDA Margin: Adjusted EBITDA loss was $13.0 million, or 17.8% of revenue, for the first quarter 2022, compared to the Adjusted EBITDA loss of $9.1 million, or 16.4% of revenue, for the first quarter 2021.Active Buyers and Orders: Active Buyers of 1.7 million and Orders of 1.6 million growing 33% and 45%, respectively, over the comparable quarter last year. Recent Business Highlights Expanded network-wide processing power: Brought ...