ThredUp Announces Fourth Quarter and Full Year 2025 Results

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 Operations
  1
  : 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 Operations
  1
  : 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

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, 2025				December 31, 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 31, 2025				December 31, 2024				December 31, 2025				December 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
Gross profit			63,434				54,100				246,753				207,125
Operating expenses:
Operations, product, and technology			41,663				36,814				152,859				142,210
Marketing			13,447				11,618				58,982				48,639
Sales, general, and administrative			15,003				13,823				56,658				56,895
Total operating expenses			70,113				62,255				268,499				247,744
Operating loss			(6,679	)			(8,155	)			(21,746	)			(40,619	)
Interest expense			(432	)			(567	)			(1,919	)			(2,525	)
Other income, net			1,541				671				3,510				3,174
Loss before provision for income taxes			(5,570	)			(8,051	)			(20,155	)			(39,970	)
Provision for income taxes			5				8				59				29
Loss from continuing operations			(5,575	)			(8,059	)			(20,214	)			(39,999	)
Loss from discontinued operations, net of tax			—				(13,648	)			—				(36,987	)
Net loss		$	(5,575	)		$	(21,707	)		$	(20,214	)		$	(76,986	)
Weighted-average shares used to compute loss per share, basic and diluted			125,773				114,656				121,693				111,960
Loss from continuing operations per share, basic and diluted		$	(0.04	)		$	(0.07	)		$	(0.17	)		$	(0.36	)
Loss from discontinued operations per share, basic and diluted			—				(0.12	)			—				(0.33	)
Loss per share, basic and diluted		$	(0.04	)		$	(0.19	)		$	(0.17	)		$	(0.69	)

ThredUp Inc.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)
		Three Months Ended								Year Ended
		December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
		(in thousands)
Net loss		$	(5,575	)		$	(21,707	)		$	(20,214	)		$	(76,986	)
Other comprehensive income, net of tax:
Foreign currency translation adjustments			—				2,278				—				2,370
Unrealized gain (loss) on available-for-sale securities			3				(3	)			—				8
Total other comprehensive income			3				2,275				—				2,378
Total comprehensive loss		$	(5,572	)		$	(19,432	)		$	(20,214	)		$	(74,608	)

ThredUp Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
		Year Ended
		December 31, 2025				December 31, 2024
		(in thousands)
Cash flows from continuing operating activities:
Loss from continuing operations		$	(20,214	)		$	(39,999	)
Adjustments to reconcile loss from continuing operations to net cash provided by continuing operating activities:
Stock-based compensation expense			19,003				25,847
Depreciation and amortization			12,924				17,328
Reduction in carrying amount of right-of-use assets			4,641				4,536
Impairment of long-lived assets			1,070				—
Other			(833	)			(16	)
Changes in operating assets and liabilities:
Accounts receivable, net			1,130				1,482
Other current and non-current assets			(366	)			2,956
Accounts payable			1,421				3,907
Accrued and other current liabilities			(5,979	)			(561	)
Seller payable			3,122				(5,688	)
Operating lease liabilities			(4,767	)			(4,889	)
Other non-current liabilities			(500	)			—
Net cash provided by continuing operating activities			10,652				4,903
Cash flows from continuing investing activities:
Purchases of marketable securities			(20,723	)			(31,776	)
Sale and maturities of marketable securities			24,029				28,100
Purchases of property and equipment			(10,472	)			(6,584	)
Net cash used in continuing investing activities			(7,166	)			(10,260	)
Cash flows from continuing financing activities:
Repayment of debt			(4,000	)			(4,000	)
Proceeds from issuance of stock-based awards			27,931				3,667
Payments of withholding taxes on stock-based awards			(24,328	)			(4,059	)
Net cash used in continuing financing activities			(397	)			(4,392	)
Net change in cash, cash equivalents and restricted cash from continuing operations			3,089				(9,749	)
Net cash flow used in discontinued operating activities			—				(4,005	)
Net cash flow used in discontinued investing activities			—				(6,641	)
Net change in cash, cash equivalents and restricted cash from discontinued operations			—				(10,646	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			—				(586	)
Net change in cash, cash equivalents, and restricted cash			3,089				(20,981	)
Cash, cash equivalents, and restricted cash, beginning of period			40,488				61,469
Cash, cash equivalents, and restricted cash, end of period		$	43,577			$	40,488

ThredUp Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
Adjusted EBITDA Reconciliation
		Three Months Ended								Year Ended
		December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
		(in thousands)
Loss from continuing operations		$	(5,575	)		$	(8,059	)		$	(20,214	)		$	(39,999	)
Stock-based compensation expense			4,544				6,055				19,003				25,847
Depreciation and amortization			3,451				6,432				12,924				17,328
Impairment of long-lived assets			1,070				—				1,070				—
Interest expense			432				567				1,919				2,525
Legal settlement and fees			250				—				247				—
Provision for income taxes			5				8				59				29
Severance and other reorganization costs			—				(14	)			—				2,949
Gains related to non-marketable equity investments			(1,250	)			—				(1,484	)			—
Non-GAAP Adjusted EBITDA from continuing operations		$	2,927			$	4,989			$	13,524			$	8,679
Revenue		$	79,704			$	67,267			$	310,813			$	260,031
Non-GAAP Adjusted EBITDA from continuing operations margin			3.7	%			7.4	%			4.4	%			3.3	%

Free Cash Flow Reconciliation
		Year Ended
		December 31, 2025				December 31, 2024
		(in thousands)
Net cash provided by continuing operating activities		$	10,652			$	4,903
Purchases of property and equipment			(10,472	)			(6,584	)
Non-GAAP free cash flow from continuing operations		$	180			$	(1,681	)

Investors

Media

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 90% off estimated retail price. Our proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. With ThredUp’s Resale-as-a-Service, some of the world's leading brands and retailers are leveraging our platform to deliver customizable, scalable resale experiences to their customers. ThredUp has processed over 200 million unique secondhand items from 60,000 brands across 100 categories. By extending the life cycle of clothing, ThredUp is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.

Forward-Looking Statements

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 from continuing operations, Adjusted EBITDA from continuing operations margin, free cash flow from continuing operations, and other operating and business metrics. In addition to our results determined in accordance with GAAP, we believe that these non-GAAP financial 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 financial 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 financial 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 financial 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 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 from continuing operations as loss from continuing operations 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. Non-GAAP Adjusted EBITDA from continuing operations margin represents Non-GAAP Adjusted EBITDA from continuing operations divided by Revenue for the same period.

A reconciliation is provided above for Non-GAAP free cash flow from continuing operations to Net cash provided by continuing operating activities, the most directly comparable financial measure stated in accordance with GAAP. We calculate Non-GAAP free cash flow from continuing operations as Net cash provided by continuing operating activities reduced by 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.

_____________________

Adjusted EBITDA from continuing operations and Adjusted EBITDA from continuing operations margin are non-GAAP measures. See “Reconciliation of GAAP to Non-GAAP Financial Measures” for a detailed reconciliation of these non-GAAP measures to the most directly comparable GAAP measures and “Non-GAAP Financial Measures and Other Operating and Business Metrics” for a discussion of why we believe these non-GAAP measures are useful.