All results reported are for continuing operations, unless otherwise noted.
-- Quarterly revenue of $79.7 million, representing an increase of 18%
year-over-year
-- Quarterly gross margin of 79.6% and an increase in gross profit of 17%
year-over-year
-- Record Active Buyers of 1.65 million, representing an increase of 30%
year-over-year
-- Ended the quarter with cash and cash equivalents, restricted cash, and
marketable securities of $53.1 million, achieving positive annual total
cash flows of $3.1 million for the first time in company history
OAKLAND, Calif., March 02, 2026 (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 fourth quarter and full year ended December 31, 2025.
"For the full year 2025, our performance was a testament to the scalability of our infrastructure and the fundamental strength of our marketplace model," said ThredUp CEO and co-founder James Reinhart. "As we enter 2026, our focus is to build toward sustained, profitable growth by enhancing the structural drivers of our flywheel: full-funnel buyer growth, high-quality supply, and AI-driven innovation."
Fourth Quarter 2025 Financial Highlights
-- Revenue: Revenue totaled $79.7 million, an increase of 18%
year-over-year.
-- Gross Profit and Gross Margin: Gross profit totaled $63.4 million, an
increase of 17% year-over-year. Gross margin was 79.6% as compared to
80.4% in the fourth quarter last year.
-- Loss from Continuing Operations: Loss from continuing operations was
$5.6 million, or a negative 7.0% of revenue, for the fourth quarter 2025,
compared to a loss from continuing operations of $8.1 million, or a
negative 12.0% of revenue, for the fourth quarter last year.
-- Adjusted EBITDA from Continuing Operations1: Adjusted EBITDA from
continuing operations was $2.9 million, or 3.7% of revenue, for the
fourth quarter 2025, compared to $5.0 million, or 7.4% of revenue, for
the fourth quarter last year.
-- Active Buyers and Orders: Active Buyers of 1.65 million and Orders of
1.56 million for the fourth quarter 2025, representing increases of 30%
and 27%, respectively, over the fourth quarter last year.
Full Year 2025 Financial Highlights
-- Revenue: Revenue totaled $310.8 million, an increase of 20%
year-over-year.
-- Gross Profit and Gross Margin: Gross profit totaled $246.8 million, an
increase of 19% year-over-year. Gross margin was 79.4% compared to 79.7%
last year.
-- Loss from Continuing Operations: Loss from continuing operations was
$20.2 million, or a negative 6.5% of revenue, for the full year 2025,
compared to a loss from continuing operations of $40.0 million, or a
negative 15.4% of revenue, last year.
-- Adjusted EBITDA from Continuing Operations1: Adjusted EBITDA from
continuing operations was $13.5 million, or 4.4% of revenue, for the full
year 2025, compared to $8.7 million, or 3.3% of revenue, last year.
-- Active Buyers and Orders: Active Buyers of 1.65 million and Orders of
6.08 million for the full year 2025, representing increases of 30% and
25%, respectively, over last year.
Financial Outlook(1)
For the first quarter 2026, ThredUp expects:
-- Revenue in the range of $79.5 million to $80.5 million, +12%
year-over-year at the midpoint
-- Gross margin in the range of 78.0% to 79.0%
-- Adjusted EBITDA margin of approximately 3.0%
For the full fiscal year 2026, ThredUp expects:
-- Revenue in the range of $349.0 million to $355.0 million, +13%
year-over-year at the midpoint
-- Gross margin in the range of 78.0% to 79.0%
-- Adjusted EBITDA margin of approximately 6.0%
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 measures 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, stock-based compensation expense, depreciation and amortization, interest expense, impairment of long-lived assets, legal settlement and fees, provision for income taxes, severance and other reorganization costs, and gains related to non-marketable equity investment. Adjusted EBITDA margin represents Adjusted EBITDA divided by 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 2026 and full year 2026, Depreciation and amortization is expected to be $3.4 million and $13.7 million, respectively. In addition, for the first quarter of 2026 and full year 2026, Stock-based compensation expense is expected to be $6.0 million and $24.4 million, respectively. These items are uncertain, depend on various factors, and could result in projected net loss being materially greater than is indicated by the currently estimated Adjusted EBITDA margin.
ThredUp is not providing a quantitative reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.
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.
Condensed Consolidated Balance Sheets
(unaudited)
December 31, December 31,
2025 2024
-------------- ----------------
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 38,629 $ 31,851
Marketable securities 9,498 12,325
Accounts receivable, net 2,437 3,567
Other current assets 6,112 9,179
--------- ---------
Total current assets 56,676 56,922
Operating lease right-of-use assets 25,376 28,853
Property and equipment, net 67,243 68,480
Goodwill 10,746 10,746
Other assets 7,204 6,224
--------- ---------
Total assets $ 167,245 $ 171,225
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,329 $ 8,326
Accrued and other current
liabilities 24,511 29,856
Seller payable 18,264 15,142
Operating lease liabilities,
current 5,401 4,345
Current portion of long-term debt 3,875 3,855
--------- ---------
Total current liabilities 62,380 61,524
Operating lease liabilities,
non-current 28,580 32,489
Long-term debt, net of current portion 14,276 18,151
Other non-current liabilities 2,816 2,760
--------- ---------
Total liabilities 108,052 114,924
Commitments and contingencies
Stockholders' equity:
Class A and B common stock, $0.0001
par value; 1,120,000 shares
authorized as of December 31, 2025
and December 31, 2024; 127,027 and
116,134 shares issued and
outstanding as of December 31,
2025 and December 31, 2024,
respectively 12 11
Additional paid-in capital 635,253 612,148
Accumulated other comprehensive
income 3 3
Accumulated deficit (576,075) (555,861)
--------- ---------
Total stockholders' equity 59,193 56,301
--------- ---------
Total liabilities and stockholders'
equity $ 167,245 $ 171,225
========= =========
ThredUp Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended Year Ended
--------------------
December December December December
31, 2025 31, 2024 31, 2025 31, 2024
--------- --------- --------- -----------
(in thousands, except per share amounts)
Revenue $ 79,704 $ 67,267 $310,813 $260,031
Cost of revenue 16,270 13,167 64,060 52,906
(MORE TO FOLLOW) Dow Jones Newswires
March 02, 2026 16:04 ET (21:04 GMT)