ThredUp Inc. reported its financial results for the first quarter of 2025, revealing a revenue of $71.3 million, a 10.5% increase from $64.5 million in the same period last year. The company achieved a gross profit of $56.4 million, reflecting a 9.0% year-over-year increase, although the gross margin slightly decreased to 79.1% from 80.1%. The operating loss narrowed significantly to $5.4 million, compared to a loss of $12.4 million in the first quarter of 2024. The net loss for the quarter was $5.2 million, down from $16.6 million a year earlier, indicating improved financial performance.
In terms of operational metrics, ThredUp reported 1.4 million active buyers and orders, both representing increases of 5.7% and 16.1%, respectively, compared to the previous year. The growth in revenue was attributed to a rise in active buyers and a higher average order value, which increased by 4.3%. The company continues to focus on its consignment model, which has proven to be more capital-efficient and higher-margin.
Strategically, ThredUp has undergone significant changes, including the divestiture of its European subsidiary, Remix, which was completed in November 2024. This divestiture has been classified as a discontinued operation, allowing the company to streamline its focus on its core U.S. market. The filing also noted a reclassification of revenue streams, combining consignment and product revenue into a single line item, reflecting the immateriality of product revenue following the transition to a primarily consignment model.
ThredUp's cash position improved, with cash and cash equivalents totaling $41.1 million as of March 31, 2025, up from $31.9 million at the end of 2024. The company generated positive cash flows from continuing operations of $5.7 million during the quarter, compared to $3.3 million in the same period last year. Looking ahead, ThredUp anticipates continued operating losses as it invests in growth and infrastructure, but it believes its existing cash and marketable securities will be sufficient to meet its capital requirements for at least the next 12 months. The company remains focused on expanding its resale-as-a-service (RaaS) offerings and enhancing its marketplace capabilities to drive future growth.
About ThredUp Inc.
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