Business
thredUP Announces First Quarter 2023 Results
Quarterly revenue of $75.9 million, representing an increase of 4% year-over-year.First quarter gross margin of 67.3% and an increase in gross profit of 2%
About this update from Thredup Inc.
[{"type":"text","content":"Quarterly revenue of $75.9 million, representing an increase of 4% year-over-year.First quarter gross margin of 67.3% and an increase in gross profit of 2% year-over-year.Active Buyers of 1.7 million and Orders of 1.5 million in Q1 2023, representing a decrease of 3% and 8%, respectively, year-over-year.Published the 11th Annual Resale Report in April, revealing that the global secondhand market is projected to nearly double by 2027, reaching $350 billion. OAKLAND, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- ThredUp Inc. (Nasdaq: TDUP) (LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, announced today its financial results for the first quarter ended March 31, 2023. “Demonstrating the strength and flexibility of our marketplace model, we are extremely proud of our Q1 results,” said thredUP CEO and co-founder James Reinhart. “Even as the consumer environment remains dynamic, we are confident in our ability to flex our marketplace, invest in strategic growth opportunities, and make progress towards profitability.” First Quarter 2023 Financial Highlights Revenue: Total revenue of $75.9 million, an increase of 4% year-over-year.Gross Profit and Gross Margin: Gross profit totaled $51.1 million, representing an increase of 2% year-over-year. Gross margin was 67.3% as compared to 69.1% for the first quarter 2022.Net Loss: Net loss was $19.8 million, or a negative 26.1% of revenue, for the first quarter 2023, compared to a net loss of $20.7 million, or a negative 28.5% of revenue, for the first quarter 2022.Adjusted EBITDA and EBITDA Margin1: Adjusted EBITDA loss was $6.6 million, or a negative 8.7% of revenue, for the first quarter 2023, compared to an Adjusted EBITDA loss of $13.0 million, or a negative 17.8% of revenue, for the first quarter 2022.Active Buyers and Orders: Active Buyers of 1.7 million and Orders of 1.5 million, representing a decrease of 3% and 8%, respectively, over the comparable quarter last year. ______________________ 1 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See “Reconciliation of GAAP to Non-GAAP Financial Measures” for a detailed reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure and “Non-GAAP Financial Measures” for a discussion of why we believe these non-GAAP measures are useful. Recent Business Highlights Resale-a...