ThredUp Announces Fourth Quarter and Full Year 2024 Results
ThredUp reported strong Q4 2024 results with revenue reaching $67.3 million, up 9% year-over-year, and achieved a record quarterly gross margin of 80.4%. The company's full-year 2024 revenue grew 1% to $260.0 million with a record gross margin of 79.7%.
Q4 saw mixed operational metrics with Active Buyers at 1,274,000 (down 6% YoY) while Orders increased 2% to 1,226,000. The company's loss from continuing operations improved to $8.1 million in Q4 2024, compared to $8.5 million in Q4 2023.
Notable developments include the divestiture of 91% of ThredUp's European business (Remix) and strong Q4 new buyer acquisition metrics. For 2025, ThredUp projects revenue of $270-280 million (+6% YoY) with gross margins between 77-79% and stable Adjusted EBITDA margins.
ThredUp ha riportato risultati forti per il Q4 2024, con un fatturato che ha raggiunto 67,3 milioni di dollari, in aumento del 9% rispetto all'anno precedente, e ha ottenuto un margine lordo trimestrale record dell'80,4%. Il fatturato totale per l'anno 2024 è cresciuto dell'1% a 260,0 milioni di dollari, con un margine lordo record del 79,7%.
Il Q4 ha mostrato metriche operative miste, con Acquirenti Attivi a 1.274.000 (in calo del 6% rispetto all'anno precedente), mentre gli Ordini sono aumentati del 2% a 1.226.000. La perdita dell'azienda dalle operazioni continuative è migliorata a 8,1 milioni di dollari nel Q4 2024, rispetto a 8,5 milioni di dollari nel Q4 2023.
Sviluppi notevoli includono la dismissione del 91% dell'attività europea di ThredUp (Remix) e forti metriche di acquisizione di nuovi acquirenti nel Q4. Per il 2025, ThredUp prevede un fatturato di 270-280 milioni di dollari (+6% rispetto all'anno precedente) con margini lordi compresi tra il 77% e il 79% e margini EBITDA rettificati stabili.
ThredUp reportó resultados sólidos para el Q4 2024, con ingresos alcanzando 67.3 millones de dólares, un aumento del 9% interanual, y logró un margen bruto trimestral récord del 80.4%. Los ingresos totales de la compañía para el año 2024 crecieron un 1% a 260.0 millones de dólares, con un margen bruto récord del 79.7%.
El Q4 mostró métricas operativas mixtas, con Compradores Activos en 1,274,000 (una disminución del 6% interanual) mientras que los Pedidos aumentaron un 2% a 1,226,000. La pérdida de la compañía de operaciones continuas mejoró a 8.1 millones de dólares en el Q4 2024, en comparación con 8.5 millones de dólares en el Q4 2023.
Desarrollos notables incluyen la desinversión del 91% del negocio europeo de ThredUp (Remix) y fuertes métricas de adquisición de nuevos compradores en el Q4. Para 2025, ThredUp proyecta ingresos de 270-280 millones de dólares (+6% interanual) con márgenes brutos entre el 77% y el 79% y márgenes EBITDA ajustados estables.
ThredUp는 2024년 4분기 강력한 실적을 보고했으며, 수익은 6,730만 달러에 도달하여 전년 대비 9% 증가했으며, 분기별 총 매출 이익률은 80.4%로 기록을 세웠습니다. 회사의 2024년 연간 수익은 1% 증가하여 2억 6,000만 달러에 이르렀고, 총 매출 이익률은 79.7%로 기록을 세웠습니다.
4분기에는 127만 4천명의 활성 구매자가 6% 감소한 반면, 주문 수는 2% 증가하여 122만 6천 건에 달했습니다. 회사의 지속 운영에서 발생한 손실은 2024년 4분기에 810만 달러로 개선되었으며, 이는 2023년 4분기의 850만 달러와 비교됩니다.
주목할 만한 발전으로는 ThredUp의 유럽 사업(리믹스)의 91% 매각과 4분기 신규 구매자 유치 지표의 강세가 포함됩니다. 2025년을 위해 ThredUp은 수익을 2억 7천만~2억 8천만 달러(+6% 전년 대비)로 예상하며, 총 매출 이익률은 77%~79% 사이, 조정된 EBITDA 마진은 안정적일 것으로 보입니다.
ThredUp a annoncé de solides résultats pour le Q4 2024, avec des revenus atteignant 67,3 millions de dollars, en hausse de 9 % par rapport à l'année précédente, et a réalisé un chiffre d'affaires brut trimestriel record de 80,4 %. Les revenus de l'entreprise pour l'année 2024 ont augmenté de 1 % pour atteindre 260,0 millions de dollars, avec une marge brute record de 79,7 %.
Le Q4 a vu des indicateurs opérationnels mixtes, avec des Acheteurs Actifs à 1 274 000 (en baisse de 6 % par rapport à l'année précédente), tandis que les Commandes ont augmenté de 2 % pour atteindre 1 226 000. La perte de l'entreprise provenant des opérations continues s'est améliorée à 8,1 millions de dollars au Q4 2024, contre 8,5 millions de dollars au Q4 2023.
Parmi les développements notables, on trouve la cession de 91 % de l'activité européenne de ThredUp (Remix) et de solides indicateurs d'acquisition de nouveaux acheteurs au Q4. Pour 2025, ThredUp prévoit des revenus de 270 à 280 millions de dollars (+6 % par rapport à l'année précédente) avec des marges brutes comprises entre 77 % et 79 % et des marges EBITDA ajustées stables.
ThredUp berichtete über starke Ergebnisse im Q4 2024, mit einem Umsatz von 67,3 Millionen Dollar, was einem Anstieg von 9% im Jahresvergleich entspricht, und erzielte einen rekordverdächtigen quartalsweisen Bruttomargen von 80,4%. Der Gesamtumsatz des Unternehmens für das Jahr 2024 wuchs um 1% auf 260,0 Millionen Dollar, mit einer rekordverdächtigen Bruttomarge von 79,7%.
Im Q4 gab es gemischte betriebliche Kennzahlen, mit aktiven Käufern bei 1.274.000 (ein Rückgang von 6% im Jahresvergleich), während die Bestellungen um 2% auf 1.226.000 stiegen. Der Verlust des Unternehmens aus fortgeführten Betrieben verbesserte sich im Q4 2024 auf 8,1 Millionen Dollar, verglichen mit 8,5 Millionen Dollar im Q4 2023.
Bemerkenswerte Entwicklungen umfassen die Veräußerung von 91% des europäischen Geschäfts von ThredUp (Remix) und starke Kennzahlen zur Akquisition neuer Käufer im Q4. Für 2025 prognostiziert ThredUp einen Umsatz von 270-280 Millionen Dollar (+6% im Jahresvergleich) mit Bruttomargen zwischen 77% und 79% und stabilen bereinigten EBITDA-Margen.
- Record Q4 gross margin of 80.4%, up from 77.5% YoY
- Q4 revenue growth of 9% YoY to $67.3M
- Q4 Adjusted EBITDA improved to $5.0M (7.4% margin) from $2.5M
- Orders increased 2% YoY in Q4
- New buyer conversion rates reached all-time highs
- Active buyers declined 6% YoY in Q4
- Full year revenue growth only 1% YoY
- Q4 loss from operations of $8.1M
- Full year loss from operations of $40.0M
- Full year orders decreased 1% YoY
Insights
ThredUp's Q4 2024 results mark a significant turning point for the online resale platform, with revenue growing 9% year-over-year to $67.3 million and demonstrating a clear acceleration from the modest 1% full-year growth. What's particularly impressive is the company's margin expansion, achieving record gross margins of 80.4% for Q4 and 79.7% for the full year.
The company's strategic decision to divest its European business (Remix) appears aligned with a sharper focus on profitability. This streamlining is already yielding results, with Q4 Adjusted EBITDA from continuing operations reaching $5.0 million (7.4% of revenue), nearly double the $2.5 million from Q4 2023. For the full year, ThredUp reversed a $5.3 million Adjusted EBITDA loss in 2023 to post $8.7 million in positive Adjusted EBITDA for 2024.
While the 6% year-over-year decline in active buyers raises some concerns about customer acquisition and retention, the 2% increase in orders suggests higher purchase frequency among existing customers. The company's claim that Q4 delivered its strongest new buyer acquisition in history, coupled with all-time high conversion rates, indicates potential for rebuilding the customer base in 2025.
ThredUp's 2025 outlook projects continued momentum with 6% revenue growth and stable margins. The company appears to be successfully balancing growth with profitability improvements—a critical evolution for a business that previously prioritized expansion at the expense of bottom-line results. The focus on technological enhancements like Image Search (driving 85% higher conversion) demonstrates a commitment to improving the fundamental economics of the business model.
ThredUp's Q4 results reveal a company that has successfully pivoted its strategic focus. By shedding its European operations and doubling down on its core U.S. business, management has demonstrated a willingness to make tough decisions to improve financial performance. The $67.3 million revenue for Q4 represents both sequential and year-over-year growth, signaling that the company's refocusing strategy is gaining traction.
The divergence between declining active buyers (-6%) but increasing orders (+2%) points to a shift in the company's operational metrics. ThredUp appears to be extracting more value from a smaller, more engaged customer base—a healthier approach than pursuing growth at all costs. The record-high conversion rates for new buyers suggest their platform improvements are yielding quantifiable results, with Image Search functionality delivering 85% higher conversion rates than standard search.
ThredUp's marketplace model has inherent scaling advantages that are beginning to materialize in its financial results. The record 80.4% gross margin in Q4 demonstrates exceptional unit economics for an e-commerce business. This high-margin profile gives ThredUp significant operating leverage as it grows revenue, evident in the dramatic improvement in Adjusted EBITDA from continuing operations.
Looking forward, ThredUp's 6% projected revenue growth for 2025 may seem modest compared to earlier-stage marketplace businesses, but the company is wisely maintaining margin discipline rather than pursuing growth through discounting or excessive marketing spend. The flat Adjusted EBITDA margin guidance suggests they're reinvesting efficiency gains into growth initiatives—a prudent balance for a company transitioning toward sustainable profitability.
All results reported are continuing operations, unless otherwise noted
- Quarterly revenue of
$67.3 million , representing an increase of9% year-over-year. - Record fourth quarter gross margin of
80.4% . - Record full year revenue of
$260.0 million , representing1% growth year-over-year. Record full year gross margin of79.7% . - Active Buyers of 1,274 thousand and Orders of 1,226 thousand in Q4 2024, representing year-over-year decrease of
6% and increase of2% , respectively.
OAKLAND, Calif., March 03, 2025 (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, 2024.
“We are proud to have closed out 2024 with a definitive return to growth, while also delivering strong bottom-line results,” said ThredUp CEO and co-founder James Reinhart. “In 2025, we look forward to leveraging our multi-year infrastructure and technology investments to accelerate growth while making steady progress towards our long-term profitability targets.”
During the fourth quarter of 2024, we divested
Fourth Quarter 2024 Financial Highlights
- Revenue: Total revenue of
$67.3 million , an increase of9% year-over-year. - Gross Profit and Gross Margin: Gross profit totaled
$54.1 million , representing an increase of14% year-over-year. Gross margin was80.4% as compared to77.5% in the fourth quarter last year. - Loss from Continuing Operations: Loss from continuing operations was
$8.1 million , or a negative12.0% of revenue, for the fourth quarter 2024, compared to a loss of$8.5 million , or a negative13.8% of revenue, for the fourth quarter 2023. - Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations Margin1: Adjusted EBITDA from continuing operations was
$5.0 million , or a7.4% of revenue, for the fourth quarter 2024. This is compared to an Adjusted EBITDA from continuing operations of$2.5 million , or a4.1% of revenue, for the fourth quarter 2023. - Active Buyers and Orders: Active Buyers of 1,274 thousand and Orders of 1,226 thousand for the fourth quarter 2024, representing a decrease of
6% and an increase of2% , respectively, year-over-year.
Full Year 2024 Financial Highlights
- Revenue: Total revenue of
$260.0 million , an increase of1% year-over-year. - Gross Profit and Gross Margin: Gross profit totaled
$207.1 million , representing an increase of4% year-over-year. Gross margin was79.7% compared to76.8% last year. - Loss from Continuing Operations: Loss from continuing operations was
$40.0 million , or a negative15.4% of revenue, for the full year 2024, compared to a loss of$52.4 million , or a negative20.3% of revenue, for the full year 2023. - Adjusted EBITDA (Loss) from Continuing Operations and Adjusted EBITDA (Loss) from Continuing Operations Margin1: Adjusted EBITDA from continuing operations was
$8.7 million , or a3.3% of revenue, for the full year 2024, compared to the Adjusted EBITDA (loss) from continuing operations of$(5.3) million , or a negative2.1% of revenue, for the full year 2023. - Orders: Orders of 4,850 thousand for the full year 2024, a decrease of
1% year-over-year.
________________________
1 Adjusted EBITDA (loss) from continuing operations and Adjusted EBITDA (loss) from continuing operations margin are non-GAAP measures. See “Reconciliation of GAAP to Non-GAAP Financial Measures” for a detailed reconciliation of Adjusted EBITDA from continuing operations to the most directly comparable GAAP measure and “Non-GAAP Financial Measures” for a discussion of why we believe these non-GAAP measures are useful.
Recent Business Highlights
- Customer Experience Updates Drive Improved Site Metrics: Customer experience updates generated encouraging results in Q4. The quarter delivered ThredUp’s strongest Q4 for new buyer acquisition in its history. Notably, new buyer conversion rates reached all-time highs bolstered by Image Search, which drives
85% higher conversion and more than double the variety of search terms than standard search. - Completed Divestiture of European Business: ThredUp completed the transaction to divest its European business, Remix, in a management buyout. ThredUp retains a minority interest in the Remix business and prior to the closing of the transaction, paid a final cash investment of
$2 million .
Financial Outlook
For the first quarter 2025, ThredUp expects:
- Revenue in the range of
$67.5 million to$69.5 million , +6% year-over year at the midpoint - Gross margin in the range of
77.0% to79.0% - Adjusted EBITDA margin in the range of
2.5% to3.5%
For the full fiscal year 2025, ThredUp expects:
- Revenue in the range of
$270.0 million to$280.0 million , +6% year-over-year at the midpoint - Gross margin in the range of
77.0% to79.0% - Adjusted EBITDA margin flat to Full Year 2024’s result of
3.3%
ThredUp is not providing a quantitative reconciliation of forward-looking guidance of the non-GAAP measure Adjusted EBITDA margin to net loss margin, the most directly comparable financial measure under GAAP, because certain items are out of ThredUp’s control or cannot be reasonably predicted. We calculate Adjusted EBITDA as net loss adjusted to exclude, where applicable in a given period, depreciation and amortization, stock-based compensation expense, severance and other reorganization costs, interest expense and provision for income taxes. Adjusted EBITDA margin represents Adjusted EBITDA divided by Total revenue for the same period. Accordingly, a reconciliation for Adjusted EBITDA in order to calculate forward-looking Adjusted EBITDA margin is not available without unreasonable effort. However, for the first quarter of 2025 and full year 2025, depreciation and amortization is expected to be
Conference Call and Webcast Information
- The live and archived webcast and all related earnings materials will be available at ThredUp’s investor relations website: ir.thredup.com/news-events/events-and-presentations.
| ThredUp Inc. Consolidated Balance Sheets (unaudited) | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| (in thousands) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 31,851 | $ | 54,337 | ||||
| Marketable securities | 12,325 | 8,100 | ||||||
| Accounts receivable, net | 3,567 | 4,997 | ||||||
| Inventory | 690 | 2,824 | ||||||
| Other current assets | 8,489 | 6,001 | ||||||
| Current assets of discontinued operations | — | 17,629 | ||||||
| Total current assets | 56,922 | 93,888 | ||||||
| Operating lease right-of-use assets | 28,853 | 28,097 | ||||||
| Property and equipment, net | 68,480 | 77,822 | ||||||
| Goodwill | 10,746 | 11,215 | ||||||
| Other assets | 6,224 | 5,420 | ||||||
| Non-current assets of discontinued operations | — | 33,525 | ||||||
| Total assets | $ | 171,225 | $ | 249,967 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 8,326 | $ | 3,831 | ||||
| Accrued and other current liabilities | 29,856 | 29,416 | ||||||
| Seller payable | 15,142 | 20,830 | ||||||
| Operating lease liabilities, current | 4,345 | 4,610 | ||||||
| Current portion of long-term debt | 3,855 | 3,838 | ||||||
| Current liabilities of discontinued operations | — | 14,148 | ||||||
| Total current liabilities | 61,524 | 76,673 | ||||||
| Operating lease liabilities, non-current | 32,489 | 31,821 | ||||||
| Long-term debt, net of current portion | 18,151 | 22,006 | ||||||
| Other non-current liabilities | 2,760 | 2,122 | ||||||
| Non-current liabilities of discontinued operations | — | 13,428 | ||||||
| Total liabilities | 114,924 | 146,050 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Class A and B common stock, | 11 | 11 | ||||||
| Additional paid-in capital | 612,148 | 585,156 | ||||||
| Accumulated other comprehensive income (loss) | 3 | (2,375 | ) | |||||
| Accumulated deficit | (555,861 | ) | (478,875 | ) | ||||
| Total stockholders’ equity | 56,301 | 103,917 | ||||||
| Total liabilities and stockholders’ equity | $ | 171,225 | $ | 249,967 | ||||
| ThredUp Inc. Consolidated Statements of Operations (unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||
| Revenue: | ||||||||||||||||
| Consignment | $ | 64,595 | $ | 55,399 | $ | 246,186 | $ | 213,093 | ||||||||
| Product | 2,672 | 6,048 | 13,845 | 45,411 | ||||||||||||
| Total revenue | 67,267 | 61,447 | 260,031 | 258,504 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Consignment | 11,961 | 10,801 | 45,599 | 39,732 | ||||||||||||
| Product | 1,206 | 3,024 | 7,307 | 20,304 | ||||||||||||
| Total cost of revenue | 13,167 | 13,825 | 52,906 | 60,036 | ||||||||||||
| Gross profit | 54,100 | 47,622 | 207,125 | 198,468 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Operations, product and technology | 36,814 | 34,668 | 142,210 | 143,339 | ||||||||||||
| Marketing | 11,618 | 7,554 | 48,639 | 51,388 | ||||||||||||
| Sales, general and administrative | 13,823 | 13,994 | 56,895 | 56,739 | ||||||||||||
| Total operating expenses | 62,255 | 56,216 | 247,744 | 251,466 | ||||||||||||
| Operating loss | (8,155 | ) | (8,594 | ) | (40,619 | ) | (52,998 | ) | ||||||||
| Interest expense | (567 | ) | (709 | ) | (2,525 | ) | (2,239 | ) | ||||||||
| Other income, net | 671 | 826 | 3,174 | 2,900 | ||||||||||||
| Loss before income taxes | (8,051 | ) | (8,477 | ) | (39,970 | ) | (52,337 | ) | ||||||||
| Provision (benefit) for income taxes | 8 | (5 | ) | 29 | 19 | |||||||||||
| Loss from continuing operations | (8,059 | ) | (8,472 | ) | (39,999 | ) | (52,356 | ) | ||||||||
| Loss from discontinued operations, net of tax | (13,648 | ) | (6,141 | ) | (36,987 | ) | (18,892 | ) | ||||||||
| Net loss | $ | (21,707 | ) | $ | (14,613 | ) | $ | (76,986 | ) | $ | (71,248 | ) | ||||
| Weighted-average shares used to compute loss per share, basic and diluted | 114,656 | 107,716 | 111,960 | 104,875 | ||||||||||||
| Loss from continuing operations per share, basic and diluted | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.36 | ) | $ | (0.50 | ) | ||||
| Loss from discontinued operations per share, basic and diluted | $ | (0.12 | ) | $ | (0.06 | ) | $ | (0.33 | ) | $ | (0.18 | ) | ||||
| Total loss per share, basic and diluted | $ | (0.19 | ) | $ | (0.14 | ) | $ | (0.69 | ) | $ | (0.68 | ) | ||||
| ThredUp Inc. Consolidated Statements of Comprehensive Loss (unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Net loss | $ | (21,707 | ) | $ | (14,613 | ) | $ | (76,986 | ) | $ | (71,248 | ) | ||||
| Other comprehensive income, net of tax: | ||||||||||||||||
| Foreign currency translation adjustments | 2,278 | 1,549 | 2,370 | 777 | ||||||||||||
| Unrealized gain (loss) on available-for-sale securities | (3 | ) | 17 | 8 | 1,082 | |||||||||||
| Total other comprehensive income | 2,275 | 1,566 | 2,378 | 1,859 | ||||||||||||
| Total comprehensive loss | $ | (19,432 | ) | $ | (13,047 | ) | $ | (74,608 | ) | $ | (69,389 | ) | ||||
| ThredUp Inc. Consolidated Statements of Cash Flows (unaudited) | ||||||||
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| (in thousands) | ||||||||
| Cash flows from continuing operating activities: | ||||||||
| Loss from continuing operations | $ | (39,999 | ) | $ | (52,356 | ) | ||
| Adjustments to reconcile loss from continuing operations to net cash provided by (used in) continuing operating activities: | ||||||||
| Depreciation and amortization | 17,328 | 14,227 | ||||||
| Stock-based compensation expense | 25,847 | 29,652 | ||||||
| Reduction in carrying amount of right-of-use assets | 4,536 | 5,203 | ||||||
| Other | (16 | ) | 820 | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 1,482 | (2,448 | ) | |||||
| Inventory | 2,134 | 3,669 | ||||||
| Other current and non-current assets | 822 | 1,181 | ||||||
| Accounts payable | 3,907 | (642 | ) | |||||
| Accrued and other current liabilities | (561 | ) | (8,202 | ) | ||||
| Seller payable | (5,688 | ) | 5,014 | |||||
| Operating lease liabilities | (4,889 | ) | (5,936 | ) | ||||
| Net cash provided by (used in) continuing operating activities | 4,903 | (9,818 | ) | |||||
| Cash flows from continuing investing activities: | ||||||||
| Purchases of marketable securities | (31,776 | ) | (17,915 | ) | ||||
| Maturities of marketable securities | 28,100 | 77,579 | ||||||
| Purchases of property and equipment | (6,584 | ) | (13,108 | ) | ||||
| Net cash provided by (used in) continuing investing activities | (10,260 | ) | 46,556 | |||||
| Cash flows from continuing financing activities: | ||||||||
| Repayment of debt | (4,000 | ) | (4,000 | ) | ||||
| Proceeds from issuance of stock-based awards | 3,667 | 5,162 | ||||||
| Payments of withholding taxes on stock-based awards | (4,059 | ) | (4,765 | ) | ||||
| Net cash used in continuing financing activities | (4,392 | ) | (3,603 | ) | ||||
| Net change in cash, cash equivalents and restricted cash from continuing operations | (9,749 | ) | 33,135 | |||||
| Net cash flow used in discontinued operating activities | (4,005 | ) | (12,773 | ) | ||||
| Net cash flow used in discontinued investing activities | (6,641 | ) | (2,876 | ) | ||||
| Net change in cash, cash equivalents and restricted cash from discontinued operations | (10,646 | ) | (15,649 | ) | ||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (586 | ) | (68 | ) | ||||
| Net change in cash, cash equivalents and restricted cash | (20,981 | ) | 17,418 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 61,469 | 44,051 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 40,488 | $ | 61,469 | ||||
| ThredUp Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Loss from continuing operations | $ | (8,059 | ) | $ | (8,472 | ) | $ | (39,999 | ) | $ | (52,356 | ) | ||||
| Stock-based compensation expense | 6,055 | 6,507 | 25,847 | 29,652 | ||||||||||||
| Depreciation and amortization | 6,432 | 3,665 | 17,328 | 14,227 | ||||||||||||
| Interest expense | 567 | 709 | 2,525 | 2,239 | ||||||||||||
| Severance and other | (14 | ) | 138 | 2,949 | 900 | |||||||||||
| Provision (benefit) for income taxes | 8 | (5 | ) | 29 | 19 | |||||||||||
| Non-GAAP Adjusted EBITDA (loss) from continuing operations | $ | 4,989 | $ | 2,542 | $ | 8,679 | $ | (5,319 | ) | |||||||
| Free Cash Flow Reconciliation | ||||||||
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| (in thousands) | ||||||||
| Net cash provided by (used in) continuing operating activities | $ | 4,903 | $ | (9,818 | ) | |||
| Less: Purchases of property and equipment | (6,584 | ) | (13,108 | ) | ||||
| Non-GAAP free cash flow from continuing operations | $ | (1,681 | ) | $ | (22,926 | ) | ||
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media@thredup.com
About ThredUp
ThredUp is transforming resale with technology and a mission to inspire the world to think secondhand first. By making it easy to buy and sell secondhand, ThredUp has become one of the world's largest online resale platforms for apparel, shoes and accessories. Sellers enjoy ThredUp because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers enjoy shopping value, premium and luxury brands all in one place, at up to
Forward-Looking Statements
This press release contains 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 financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential”, “looking ahead”, “looking forward,” “seeking” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, guidance on financial results for the first quarter and full year of 2025; statements about future operating results, capital expenditures and other developments in our business and our long term growth; trends, consumer demand and growth in the online resale markets; the momentum of our business; our investments in technology and infrastructure, including with respect to AI technologies such as AI enabled search features and image search; the success and expansion of our RaaS® model and the timing and plans for future RaaS® clients; our ability to attract new Active Buyers, including our efforts to make resale more engaging and accessible to a wider audience through innovative shopping experiences; and our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions, investments or divestitures and legal and regulatory developments.
Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include, but are not limited to: our ability to attract new users and convert users into buyers and Active Buyers; our ability to achieve profitability; the sufficiency of our cash, cash equivalents and capital resources to meet our liquidity needs; our ability to effectively manage or sustain our growth and to effectively expand our operations; our ability to continue to generate revenue from new RaaS® offerings as sources of revenue; risks from an intensely competitive market; our ability to effectively deploy new and evolving technologies, such as artificial intelligence and machine learning, in our offerings; risks arising from economic and industry trends, including inflationary pressures, increased interest rates, changing consumer habits, climate change and general global economic uncertainty; our ability to comply with applicable laws and regulations; and our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The forward-looking statements in this release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing ThredUp’s views as of any date subsequent to the date of this press release.
Additional information regarding these and other factors that could affect ThredUp's results is included in ThredUp’s SEC filings, which may be obtained by visiting our Investor Relations website at ir.thredup.com or the SEC's website at www.sec.gov.
Channels for Disclosure of Information
ThredUp intends to announce material information to the public through the ThredUp Investor Relations website ir.thredup.com, SEC filings, press releases, public conference calls, and public webcasts. ThredUp uses these channels, as well as social media, to communicate with its investors, customers, and the public about the company, its offerings, and other issues. It is possible that the information ThredUp posts on social media could be deemed to be material information. As such, ThredUp encourages investors, the media, and others to follow the channels listed above, including the social media channels listed on ThredUp’s investor relations website, and to review the information disclosed through such channels.
Non-GAAP Financial Measures and Other Operating and Business Metrics
This press release and the accompanying tables contain non-GAAP financial measures, including: Adjusted EBITDA (loss) from continuing operations, Adjusted EBITDA (loss) from continuing operations margin, free cash flow and other operating and business metrics. In addition to our results determined in accordance with GAAP, we believe that these non-GAAP measures and other operating and business metrics, are useful in evaluating our operating performance and enhancing an overall understanding of our financial position. We use these measures and metrics to evaluate and assess our operating performance, and for internal planning and forecasting purposes. We believe that these non-GAAP measures, when taken collectively with our GAAP results, may be helpful to investors because they provide consistency and comparability with past financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. Our non-GAAP measures and other operating and business metrics are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP measures and other operating and business metrics used by other companies.
We encourage investors to review our results determined in accordance with GAAP and the accompanying reconciliations for more information.
A reconciliation is provided above for Non-GAAP Adjusted EBITDA (loss) from continuing operations to loss from continuing operations, the most directly comparable financial measure stated in accordance with GAAP. We calculate Non-GAAP Adjusted EBITDA (loss) from continuing operations as loss from continuing operations adjusted to exclude, where applicable in a given period, stock-based compensation expense, depreciation and amortization, severance and other reorganization costs, interest expense and provision for income taxes. Non-GAAP Adjusted EBITDA (loss) from continuing operations margin represents Non-GAAP Adjusted EBITDA (loss) from continuing operations divided by Total revenue for the same period.
A reconciliation is provided above for Non-GAAP free cash flow from continuing operations to cash flows from continuing operations, the most directly comparable financial measure stated in accordance with GAAP. We calculate Non-GAAP free cash flow as Net cash provided by (used in) continuing operating activities adjusted to exclude Purchases of property and equipment.
An Active Buyer is a ThredUp buyer who has made at least one purchase in the last twelve months. A ThredUp buyer is a customer who has created an account and purchased in our marketplaces, including through our RaaS® clients, and is identified by a unique email address. A single person could have multiple ThredUp accounts and count as multiple Active Buyers.
Orders are defined as the total number of orders placed by buyers across our marketplaces, including through our RaaS® clients, in a given period, net of cancellations.
FAQ
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