Business
thredUP Announces Third Quarter 2021 Results
All-time quarterly revenue high of $63.3 million, representing 35% growth year-over-yearThird quarter gross margin of 73% and gross profit growth of 41%
About this update from Thredup Inc.
[{"type":"text","content":"All-time quarterly revenue high of $63.3 million, representing 35% growth year-over-yearThird quarter gross margin of 73% and gross profit growth of 41% year-over-yearRecord number of Active Buyers and OrdersAnnounced the newest distribution center in Texas, expected to more than double our current capacity when fully operationalEstablished new Resale-as-a-Service® (RaaS®) programs with adidas, Crocs, and Michael Stars OAKLAND, Calif., Nov. 08, 2021 (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 third quarter ended September 30, 2021. “Third-quarter marked another quarter of exceptional financial performance, with our platform demonstrating strong resilience amidst headwinds posed by the pandemic,” said James Reinhart, CEO and co-founder at thredUP. “Supply continues to appear endless, demand for secondhand is increasing with more first-time buyers trying thredUP, and we’re doubling down on infrastructure investments so we can continue providing our buyers with a vast and ever-changing selection of great brands at great prices.” Third Quarter 2021 Financial Highlights Revenue: Third quarter total revenue of $63.3 million, an increase of 35% year-over-year.Gross Profit and Gross Margin: Gross profit totaled $46.1 million representing growth of 41% year-over-year. Gross margin expanded to 73% from 70% in the comparable quarter last year.Net Loss: The GAAP net loss was $14.7 million, or 23% of revenue, for the third quarter 2021, compared to a GAAP net loss of $11.0 million, or 23% of revenue, for the third quarter 2020.Adjusted EBITDA and EBITDA Margin: The Adjusted EBITDA loss was $7.8 million, or 12% of revenue, for the third quarter 2021, compared to the Adjusted EBITDA loss of $7.5 million, or 16% of revenue, for the third quarter 2020.Active Buyers and Orders: Active Buyers of 1.4 million and Orders of 1.3 million growing 14% and 28%, respectively, over the comparable quarter last year.New Distribution Center outside Dallas, Texas: This four-level facility, which will be thredUP’s largest and most-automated distribution center to-date, is expected to boost our total distribution network capacity to 16.5 million items when fully operational, more than doubling our current capacity. R...