Slide 1: Investor Presentation Q2 2026
Investor Presentation Q2 2026 1
Slide 2: Safe Harbor
Safe Harbor This presentation and the accompanying oral commentary contain forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future f
Slide 3: Our Mission
Our Mission: “Inspiring the world to think secondhand first” 3
Slide 4: ThredUp at-a-Glance
ThredUp at-a-Glance1 ● Founded in 2009 ● $91M | +17% Q2 2026 Revenue | YoY growth ● Headquartered in Oakland, CA ● $73M | 80% Q2 2026 Gross profit | Gross profit % ● Distribution centers in 4 strategic locations ● $5M | 5% across the U.S. Q2 2026 Adj. EBITDA | Adj. EBITDA %4 ● 66K+ brands ● $57M | $
Slide 5: Investment Thesis
Investment Thesis 2. Leverage defensible operating platform 1. Unlocking massive supply fuels growth 2 to expand margins ● Defensible supply advantage ● Data-driven marketplace model ● Reverse logistics supply chain provides ● Consignment model boasts robust gross margin sellers with an end-to-end r
Slide 6: Marketplace Model
Marketplace Model
Slide 7: ThredUp's operating system is our competitive advantage
ThredUp’s operating system is our competitive advantage Multi-year infrastructure investments scaffold ThredUp’s managed marketplace and create significant barriers to entry Patented world Powerful technology Proprietary data feeds class processing and software AI-powered systems infrastructure Mana
Slide 8: Buyers love...
Buyers love... Incredible value, up to 90% off estimated retail price Fresh, ever-changing assortment with approximately 50K+ new listings every day Wide selection of 66K+ brands and 100 categories, with one-cart checkout AI-powered search for easy-to-use discovery 8
Slide 9: Sellers love...
Sellers love... How ThredUp solves clean out problem with end-to-end service 73% of apparel is sent to landfill or incinerated, 95% of which could be reused or recycled (Source: Ellen MacArthur Foundation) Convenient Clean Out Kits Easy to order and send pre-labeled Clean Out Kit. Just order a bag,
Slide 10: Accelerating the Marketplace Flywheel
Accelerating the Marketplace Flywheel High Quality Supply Operations Processing Sourcing regular, premium and RaaS bags Increasingly automated inbound and outbound from suppliers drives new listings and buyer processing leverages years of infrastructure conversion investment to drive listings veloci
Slide 11: Operating platform: Distributed Processing Infrastructure
Operating platform: Distributed Processing Infrastructure Multi-year infrastructure investments scaffold ThredUp’s managed marketplace leading to significant barriers to entry AI-driven processing, storage and 4 U.S. distribution center fulfillment designed for resale at locations with 7.5M item sca
Slide 12: Data Science Expertise
Data Science Expertise Proprietary data has been at the center of everything we do since inception Inventory Acceptance Based Item Supply Actively Managed on Historical Selling Data Acceptance Acquisition Supplier Experience 172M+ Unique Items Personalization Processed Cumulatively1 & Curation Power
Slide 13: AI Search Tools Transform Online Resale Customer Experience
AI Search Tools Transform Online Resale Customer Experience Named “Best Inventions of 2024” by TIME, ThredUp’s AI-Powered tools aid in discovery of 4M+ items AI Powered Search Image Search Chat Search ● Customers can use natural language to find ● Customers can upload a photo, snap a ● AI-powered ch
Slide 14: Resale as a Service: How does it drive ThredUp?
Resale as a Service: How does it drive ThredUp? “RaaS” Partner Clean Out programs provide premium supply that drives our marketplace flywheel Grow targeted supply by leveraging clients’ channels (in-store Clean Out Kits) Drive faster sell-through by distributing to new audiences (which ↑ inventory t
Slide 15: Large and Growing Market Opportunity
Large and Growing Market Opportunity 2025-2030: U.S. Secondhand apparel market is expected to grow at a 7% CAGR U.S. Demand-Side Secondhand TAM1 U.S. Supply-Side Secondhand TAM U.S. secondhand market gross merchandise value (2020-2030) – $ billions The U.S. secondhand apparel market grew 13% in 2025
Slide 16: ThredUp's Competitive Advantage and Landscape
ThredUp’s Competitive Advantage and Landscape ● U.S. resale is projected to grow to $48B in 20301 ● Mass market TAM is 6X larger than luxury2 ● Supply chain moat creates greater barriers to entry Mass Fashion Peer to Peer Managed Marketplace ● End-to-end processing infrastructure, unlocks supply ● C
Slide 17: Impact
Impact
Slide 18: ThredUp's Impact at a Glance
ThredUp’s Impact at a Glance ThredUp’s comprehensive 2024 Impact Report is a available at Thredup.com/Impact 230M 1.1B 11.5B 2.1B 2.3M Secondhand Items Processed lbs of CO2e prevented Gallons of water saved kWh of energy saved Items listed through our RaaS program in 2024 $311M 2,132 1.6M 66K+ $7.6B
Slide 19: ThredUp Advocates for Circular Textile Policy
ThredUp Advocates for Circular Textile Policy ThredUp is proud to be a founding member of the American Circular Textiles policy group, whose mission is to advance circular textile policy. Co-authored the Americas Act: ThredUp collaborated on this bipartisan bill to secure $14+ billion in incentives
Slide 20: We Foster Effective Leadership and Governance
We Foster Effective Leadership and Governance “ At ThredUp, ethical and responsible practices are the bedrock of our success. Our commitment to strong governance ensures integrity across everything we do, from board oversight to daily operations. We’re building a company where every decision is guide
Slide 21: Financial Highlights
Financial Highlights
Slide 22: Quarterly Financial Snapshot
Quarterly Financial Snapshot Revenue ($ in millions) Gross Margin Adj. EBITDA1 Margin Annual +16% +34% +18% +15% +17% Growth: 1 Refer to Appendix for Adjusted EBITDA reconciliation 22
Slide 23: Quarterly Buyer & Order Growth
Quarterly Buyer & Order Growth1 TTM Active Buyers (in thousands) Total Orders (in thousands) Annual Annual +17% +26% +30% +25% +21% +21% +37% +27% +19% +22% Growth: Growth: 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quar
Slide 24: Annual Financial Snapshot
Annual Financial Snapshot1 Revenue ($ in millions) Gross Margin Adj. EBITDA2 Margin Annual +7% +1% +20% Growth: 1 Unless otherwise noted, amounts and disclosures relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business. 2 Refer to Appendix fo
Slide 25: Annual Buyer & Order Growth
Annual Buyer & Order Growth1 TTM Active Buyers (in thousands) Total Orders (in thousands) Annual +18% -9% +0% -6% +30% Annual Growth: +24% -5% +5% -1% +25% Growth: 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024
Slide 26: Long-Term Target Model
Long-Term Target Model Long-Term As % of Revenue FY 2023 FY 2024 FY 2025 Targets Gross Profit 77% 80% 79% 75-78% Non-GAAP Operations, Product & Tech Expense 51% 50% 46% 30-35% Non-GAAP Marketing Expense 18% 18% 19% 15-18% Non-GAAP SG&A 16% 16% 15% 7-9% Non-GAAP Adjusted EBITDA -2% 3% 4% 20-25% Note:
Slide 27: Appendix
Appendix
Slide 28: Our Locations
Our Locations Corporate Offices: ● Oakland, CA ● Scottsdale, AZ ● Remote/Overseas Distribution Centers: ● Phoenix, AZ - DC05 ● Suwanee, GA - DC06 ● Lancaster, TX - DC07 ● Mechanicsburg, PA - DC02 28
Slide 29: Our Business Model
Our Business Model1 $ in Millions 1: Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business. Note: excludes SBC, Severance expense and other adjustment items. Refer to Appendix for non-
Slide 30: Our Business Model - Operating Expenses
Our Business Model1 - Operating Expenses $ in Millions ● Operations, Product and Technology Expenses: Include distribution center operating costs (inbound shipping, personnel, distribution center rent, maintenance and equipment depreciation) and product and technology expenses (personnel costs for d
Slide 31: Non GAAP Adjusted EBITDA Reconciliation
Non GAAP Adjusted EBITDA Reconciliation1 $ in Millions 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business.
Slide 32: Non GAAP Operating Expenses Reconciliation
Non GAAP Operating Expenses Reconciliation1 $ in Millions 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business.
Slide 33: Key Definitions
Key Definitions Operations, Product and Include distribution center operating costs (inbound shipping, personnel, distribution center rent, maintenance and equipment depreciation) and product and technology Technology Expenses expenses (personnel costs for design and development of product and techno