Business
ThredUp Announces Fourth Quarter and Full Year 2023 Results
Quarterly revenue of $81.4 million, representing an increase of 14% year-over-year.Fourth quarter gross margin of 61.9% and an increase in gross profit of 12%
About this update from Thredup Inc.
[{"type":"text","content":"Quarterly revenue of $81.4 million, representing an increase of 14% year-over-year.Fourth quarter gross margin of 61.9% and an increase in gross profit of 12% year-over-year, which included a $1.9 million inventory write-off in Europe, an impact of 230 basis points to gross margin.Record full year revenue of $322.0 million, representing 12% growth year-over-year. Full year gross margin of 66.4% and gross profit growth of 11% year-over-year.Record Active Buyers of 1.8 million and Orders of 1.8 million in Q4 2023, representing year-over-year growth of 9% and 17%, respectively. Record annual orders of 6.9 million, representing growth of 6% year-over-year. OAKLAND, Calif., March 04, 2024 (GLOBE NEWSWIRE) -- ThredUp Inc. (Nasdaq: TDUP, LTSE: 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, 2023. “We closed out 2023 with another quarter of strong financial performance, demonstrating healthy top-line growth and bottom-line leverage,” said ThredUp CEO and co-founder James Reinhart. “Looking ahead, we are confident that by focusing on strategic growth drivers in the U.S. and applying our proven resale playbook in Europe, we can deliver adjusted EBITDA breakeven on an annual basis in 2024.” Fourth Quarter 2023 Financial Highlights Revenue: Total revenue of $81.4 million, an increase of 14% year-over-year.Gross Profit and Gross Margin: Gross profit totaled $50.4 million, representing an increase of 12% year-over-year. Gross margin was 61.9% as compared to 63.1% in the fourth quarter last year. Gross profit included a $1.9 million inventory write-off in Europe, an impact of 230 basis points to gross margin.Net Loss: Net loss was $14.6 million, or a negative 18.0% of revenue, for the fourth quarter 2023, compared to a net loss of $19.5 million, or a negative 27.3% of revenue, for the fourth quarter 2022.Adjusted EBITDA Loss and Adjusted EBITDA Loss Margin1: Adjusted EBITDA loss was $2.1 million, or a negative 2.6% of revenue, for the fourth quarter 2023. This is compared to an Adjusted EBITDA loss of $5.8 million, or a negative 8.2% of revenue, for the fourth quarter 2022.Active Buyers and Orders: Active Buyers of 1.797 million and Orders of 1.807 million, representing increases of 9% and 17%, respectively, over...