Business
thredUP Announces Fourth Quarter and Full Year 2022 Results
Quarterly revenue of $71.3 million, representing a 2% decline year-over-year. Fourth quarter gross margin of 63.1% and gross profit decline of 7%
About this update from Thredup Inc.
[{"type":"text","content":"Quarterly revenue of $71.3 million, representing a 2% decline year-over-year. Fourth quarter gross margin of 63.1% and gross profit decline of 7% year-over-year.Full year revenue of $288.4 million, representing 15% growth year-over-year. Full year gross margin of 66.7% and gross profit growth of 8% year-over-year.Active Buyers of 1.7 million and Orders of 1.5 million in Q4 2022, representing year-over-year declines of 2% and 8%, respectively. Record annual orders of 6.5 million, representing growth of 22% year-over-year.Reached 42 Resale-as-a-Service (RaaS) brand clients by year-end 2022, and continuing to expand the program in 2023 with J. Crew, kate spade new york, and francesca’s. OAKLAND, Calif., March 06, 2023 (GLOBE NEWSWIRE) -- ThredUp Inc. (Nasdaq: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, today announced its financial results for the fourth quarter and full year ended December 31, 2022. “We are proud to deliver strong Q4 results in what continues to be a highly competitive environment,” said thredUP CEO and co-founder James Reinhart. “By investing in growth and rigorously managing expenses, we believe we're well positioned to capture an apparel market recovery as the consumer continues to seek value in 2023.” Fourth Quarter 2022 Financial Highlights Revenue: Total revenue of $71.3 million, a 2% decline year-over-year.Gross Profit and Gross Margin: Gross profit totaled $45.0 million, representing a decline of 7% year-over-year. Gross margin was 63.1% as compared to 66.1% in the fourth quarter last year.Net Loss Attributable to Common Stockholders: GAAP net loss attributable to common stockholders was $19.5 million, or a negative 27.3% of revenue, for the fourth quarter 2022, compared to a GAAP net loss attributable to common stockholders of $17.9 million, or a negative 24.6% of revenue, for the fourth quarter 2021.Adjusted EBITDA and EBITDA Margin1: Adjusted EBITDA loss was $5.8 million, or a negative 8.2% of revenue, for the fourth quarter 2022, compared to an Adjusted EBITDA loss of $10.5 million, or a negative 14.5% of revenue, for the fourth quarter 2021.Active Buyers and Orders: Active Buyers of 1.7 million and Orders of 1.5 million, representing a decline of 2% and 8%, respectively, over the comparable quarter last year. Full Year 2022 Financial Highlights Revenue: Total...