ThredUp Inc. reported a revenue of $81.7 million for the first quarter of 2026, marking a 14.6% increase from $71.3 million in the same period of 2025. The company's gross profit also rose to $64.7 million, up 14.7% year-over-year, resulting in a gross margin of 79.2%, slightly higher than the 79.1% recorded in the previous year. However, ThredUp experienced a net loss of $6.5 million, compared to a loss of $5.2 million in the first quarter of 2025, reflecting a 24.1% increase in losses year-over-year. The company's non-GAAP Adjusted EBITDA decreased to $2.7 million, or 3.4% of revenue, down from $3.8 million, or 5.3% of revenue, in the prior year.
The increase in revenue was primarily driven by a 19.3% rise in orders, which totaled 1.6 million, and a 25% increase in active buyers, reaching 1.7 million. Despite this growth, the average order value decreased by 1.6%, attributed to a higher mix of orders from newer buyer cohorts who typically place smaller orders. The company noted that its core marketplace business remains strong, supported by ongoing efforts to enhance platform growth.
Operationally, ThredUp's expenses rose, with costs associated with operations, product, and technology increasing by 16.9% to $41.1 million, largely due to higher personnel-related costs and increased shipping expenses. Marketing expenses also grew by 13.7% to $14.9 million, reflecting investments in customer engagement initiatives. The company’s sales, general, and administrative expenses rose by 12.5% to $15.2 million, driven by higher personnel costs and payment processing fees.
As of March 31, 2026, ThredUp's total assets amounted to $172.4 million, up from $167.2 million at the end of 2025. The company reported cash and cash equivalents of $39.0 million, alongside marketable securities of $10.5 million. ThredUp's liquidity position remains stable, with positive cash flows from operating activities of $4.8 million for the quarter. Looking ahead, the company anticipates that its existing cash, cash equivalents, and marketable securities will be sufficient to meet its capital requirements for at least the next 12 months, although it acknowledges potential challenges from inflation and market conditions that could impact future performance.
About ThredUp Inc.
ThredUp Inc. operates a leading online resale platform for apparel, shoes, and accessories, facilitating secondhand transactions through a managed marketplace and Resale-as-a-Service (RaaS) solutions. It connects buyers and sellers, offering high-quality, branded items at significant discounts. The company leverages proprietary technology, automation, and data science to scale operations, enhance customer experience, and promote sustainable fashion in a competitive global market.
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