Business
thredUP Announces Second Quarter 2023 Results
Quarterly revenue of $82.7 million, representing an increase of 8% year-over-year.Second quarter gross margin of 67.4% and an increase in gross profit of 6%
About this update from Thredup Inc.
[{"type":"text","content":"Quarterly revenue of $82.7 million, representing an increase of 8% year-over-year.Second quarter gross margin of 67.4% and an increase in gross profit of 6% year-over-year.Active Buyers of 1.7 million and Orders of 1.8 million in Q2 2023, representing a decrease of 0.8% and an increase of 5%, respectively, year-over-year.Continued to grow its Resale-as-a-Service (RaaS) offering, launching a dozen new resale programs in Q2 with brands including American Eagle, TOMS, and The Container Store.Published second annual Impact Report for 2022, outlining the company’s environmental, social, and governance strategy and progress made against ESG initiatives. OAKLAND, Calif., Aug. 08, 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 second quarter ended June 30, 2023. \"As we enter our third year as a public company, we're proud of our strong Q2 results,\" said thredUP CEO and co-founder James Reinhart. \"Our performance demonstrates both the management team’s ability to forecast and manage the business amid a dynamic consumer environment as well as the sound strategy behind key company initiatives that have powered our growth and margin expansion.\" Second Quarter 2023 Financial Highlights Revenue: Total revenue of $82.7 million, an increase of 8% year-over-year.Gross Profit and Gross Margin: Gross profit totaled $55.7 million, representing an increase of 6% year-over-year. Gross margin was 67.4% as compared to 68.9% for the second quarter 2022.Net Loss: Net loss was $18.8 million, or a negative 22.7% of revenue, for the second quarter 2023, compared to a net loss of $28.4 million, or a negative 37.2% of revenue, for the second quarter 2022.Adjusted EBITDA Loss and EBITDA Loss Margin1: Adjusted EBITDA loss was $5.0 million, or a negative 6.1% of revenue, for the second quarter 2023, compared to an Adjusted EBITDA loss of $13.5 million, or a negative 17.7% of revenue, for the second quarter 2022.Active Buyers and Orders: Active Buyers of 1.7 million and Orders of 1.8 million, representing a decrease of 0.8% and an increase of 5%, respectively, over the comparable quarter last year. _________________________1 Adjusted EBITDA loss and Adjusted EBITDA loss margin are non-GAAP measures. See “Reconciliat...