Business
thredUP Announces Third Quarter 2022 Results
Quarterly revenue of $67.9 million, representing 7% growth year-over-year.Third quarter gross margin of 65.5% and gross profit decline of 3%
About this update from Thredup Inc.
[{"type":"text","content":"Quarterly revenue of $67.9 million, representing 7% growth year-over-year.Third quarter gross margin of 65.5% and gross profit decline of 3% year-over-year.Active Buyers of 1.7 million and Orders of 1.6 million in Q3 2022, representing year-over-year growth of 18% and 24%, respectively.Released our inaugural Impact Report for 2021, reaffirming the company's commitment to environmental, social, and governance (ESG) initiatives and highlighting its impact on our people, our communities, and our planet. OAKLAND, Calif., Nov. 14, 2022 (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, 2022. “We are proud to deliver strong Q3 results in what continues to be a highly dynamic environment,\" said thredUP CEO and co-founder James Reinhart. “Even as the retail landscape becomes increasingly competitive and our customer is faced with economic uncertainty, we remain confident in our ability to flex our marketplace model and make progress towards profitability.” Third Quarter 2022 Financial Highlights Revenue: Total revenue of $67.9 million, an increase of 7% year-over-year.Gross Profit and Gross Margin: Gross profit totaled $44.5 million, representing a decline of 3% year-over-year. Gross margin was 65.5% as compared to 72.8% in the third quarter last year.Net Loss: Net loss was $23.7 million, or a negative 34.8% of revenue, for the third quarter 2022, compared to a net loss of $14.7 million, or a negative 23.3% of revenue, for the third quarter 2021.Adjusted EBITDA and EBITDA Margin1: Adjusted EBITDA loss was $11.0 million, or a negative 16.2% of revenue, for the third quarter 2022, compared to an Adjusted EBITDA loss of $7.8 million, or a negative 12.4% of revenue, for the third quarter 2021.Active Buyers and Orders: Active Buyers of 1.7 million and Orders of 1.6 million growing 18% and 24%, respectively, over the comparable quarter last year. Recent Business Highlights Resale-as-a-Service® (“RaaS®”): thredUP continues to expand its RaaS program with new clients, including Hot Topic and Francesca’s, and the expansion of its Athleta and Vera Bradley relationships.Released Inaugural Impact Report: thredUP released its inaugural Impact Report, which outlines the compan...