ThredUp Announces Third Quarter 2025 Results
ThredUp (NASDAQ: TDUP) reported Q3 2025 revenue of $82.2M, up 34% YoY, and gross margin of 79.4%. Gross profit was $65.2M (+34% YoY). Active buyers reached 1.57M (+26% YoY) with orders of 1.61M (+37% YoY) and record new-buyer growth of 54% YoY. Loss from continuing operations narrowed to $4.2M (‑5.2% of revenue). Adjusted EBITDA from continuing operations was $3.8M (4.6% margin). Ending cash, restricted cash, and marketable securities totaled $56.1M. Company raised its Q4 and full‑year 2025 revenue outlook.
ThredUp (NASDAQ: TDUP) ha riportato un fatturato del Q3 2025 di 82,2 milioni di dollari, in aumento del 34% su base annua, e un margine lordo del 79,4%. Utile lordo stato di 65,2 milioni di dollari (+34% YoY). Acquirenti attivi hanno raggiunto 1,57 milioni (+26% YoY) con 1,61 milioni di ordini (+37% YoY) e una crescita record dei nuovi acquirenti di 54% YoY. La perdita dalle operazioni continuing si è ridotta a 4,2 milioni di dollari (‑5,2% dei ricavi). L'EBITDA rettificato dalle operazioni continue è stato 3,8 milioni di dollari (margine 4,6%). La liquidità finale, contanti vincolati e titoli negoziabili ammontavano a 56,1 milioni di dollari. L'azienda ha aumentato le previsioni di ricavo per il Q4 e per l'anno completo 2025.
ThredUp (NASDAQ: TDUP) informó ingresos del 3T 2025 de 82,2 millones de dólares, un aumento del 34% interanual, y un margen bruto del 79,4%. La ganancia bruta fue de 65,2 millones (+34% interanual). Compradores activos alcanzaron 1,57 millones (+26% interanual) con pedidos de 1,61 millones (+37% interanual) y un crecimiento récord de nuevos compradores de 54% interanual. La pérdida de operaciones continuas se redujo a 4,2 millones de dólares (-5,2% de los ingresos). El EBITDA ajustado de operaciones continuas fue de 3,8 millones de dólares (margen 4,6%). Efectivo final, efectivo restringido y valores de negociación totalizaron 56,1 millones de dólares. La compañía eleva sus pronósticos de ingresos para el Q4 y el año completo 2025.
ThredUp (NASDAQ: TDUP)는 2025년 3분기 매출 8,220만 달러를 기록했고 이는 전년 대비 34% 상승이며 총이익률 79.4%를 보였습니다. 매출총이익은 6,520만 달러로 전년 대비 34% 증가했습니다. 활성 구매자는 157만 명으로 증가했고 주문 건수는 161만 건 (+37% YoY)이며 신규 구매자 성장은 54% YoY로 사상 최대치였습니다. 계속 사업의 손실은 420만 달러로 축소되었고 매출의 5.2%에 해당합니다. 계속 사업에서 조정 EBITDA는 380만 달러로 마진 4.6%였습니다. 종료 현금, 제한 현금, 시장성 있는 증권은 합계 5610만 달러였습니다. 회사는 4분기 및 2025년 전체의 매출 전망을 상향 조정했습니다.
ThredUp (NASDAQ : TDUP) a enregistré un chiffre d'affaires du T3 2025 de 82,2 millions de dollars, en hausse de 34 % sur un an, et une marge brute de 79,4 %. Le bénéfice brut s’élevait à 65,2 millions de dollars (+34 % sur un an). Acheteurs actifs atteignaient 1,57 million (+26 % sur un an) avec 1,61 million de commandes (+37 % sur un an) et une croissance record des nouveaux acheteurs de 54 % sur un an. La perte des opérations en cours s’est réduite à 4,2 millions de dollars (-5,2 % du chiffre d’affaires). L’EBITDA ajusté des opérations en cours était de 3,8 millions de dollars (marge 4,6 %). La trésorerie finale, la trésorerie restreinte et les valeurs mobilières cotées totalisaient 56,1 millions de dollars. L’entreprise a relevé ses prévisions de revenus pour le Q4 et pour l’année complète 2025.
ThredUp (NASDAQ: TDUP) meldete Umsatz im Q3 2025 von 82,2 Mio. USD, ein Anstieg von 34 % gegenüber dem Vorjahr, und eine Bruttomarge von 79,4 %. Der Bruttogewinn betrug 65,2 Mio. USD (+34 % YoY). Aktive Käufer erreichten 1,57 Mio. (+26 % YoY) mit Bestellungen von 1,61 Mio. (+37 % YoY) und einem rekordverdächtigen Zuwachs bei Neukunden von 54 % YoY. Der Verlust aus fortgeführten Geschäftsbereichen verringerte sich auf 4,2 Mio. USD (-5,2 % des Umsatzes). Das bereinigte EBITDA aus fortgeführten Geschäftsbereichen betrug 3,8 Mio. USD (Marge 4,6 %). Das Endguthaben, restringiertes Guthaben und Marktwerte belief sich auf 56,1 Mio. USD. Das Unternehmen hob seine Umsatzprognose für Q4 und das gesamte Jahr 2025 an.
ThredUp (ناسداك: TDUP) أبلغت عن إيرادات الربع الثالث 2025 82.2 مليون دولار، بارتفاع 34% سنويًا، وبـهامش إجمالي 79.4%. كان الربح الإجمالي 65.2 مليون دولار (+34% سنويًا). بلغ عدد المشترين النشطين 1.57 مليون (+26% سنويًا) مع طلبات بنحو 1.61 مليون (+37% سنويًا) ونمو قياسي للمشترين الجدد بنسبة 54% سنويًا. تقلصت الخسارة من العمليات المستمرة إلى 4.2 مليون دولار (-5.2% من الإيرادات). كان EBITDA المعدل من العمليات المستمرة 3.8 مليون دولار (هامش 4.6%). احتياطي النقد النهائي، النقد المقيد، والأوراق المالية القابلة للتسويق بلغ مجموعها 56.1 مليون دولار. رفعت الشركة توقعاتها للإيرادات للربع الرابع ولـسنة 2025 كاملة.
- Revenue +34% YoY to $82.2M
- Adjusted EBITDA $3.8M (4.6% margin)
- Active buyers +26% YoY to 1.57M
- Ending cash roughly $56.1M, stable QoQ
- Loss from continuing operations $4.2M in Q3
- Operating expenses +17.5% YoY to $69.6M
Insights
ThredUp shows accelerating top-line growth, improving margins, and positive adjusted EBITDA amid steady liquidity.
Revenue reached a record
Profitability metrics improved: gross margin held at
Key dependencies and risks include sustaining new-buyer acquisition and converting acquisition into repeat orders while containing operating expenses; management flagged that projected net loss could differ materially from Adjusted EBITDA due to uncertain items like stock-based compensation and depreciation. Watch the guidance and near-term milestones: fourth-quarter revenue midpoint of
All results reported are for continuing operations, unless otherwise noted.
- Record quarterly revenue of
$82.2 million , representing an increase of34% year-over-year - Quarterly gross margin of
79.4% and an increase in gross profit of34% year-over-year - Active Buyers of 1.57 million, representing growth of
26% year-over-year, with new buyer growth of54% year-over-year, reflecting ThredUp’s best quarter for new buyer acquisition in its history - Ended the quarter with cash and cash equivalents, restricted cash, and marketable securities of
$56.1 million , substantially consistent with the$56.2 million reported last quarter - Issued a revised fourth quarter and full year 2025 financial outlook, raising revenue expectations
OAKLAND, Calif., Nov. 03, 2025 (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 third quarter ended September 30, 2025 and updated full year 2025 financial outlook.
“In Q3, we are proud to have delivered our fourth consecutive quarter of accelerating revenue growth, driven by exceptional new buyer acquisition and order growth,” said ThredUp CEO and co-founder James Reinhart. “This quarter, we launched a fully rebranded ThredUp experience, with new products and features that create a more personalized and engaging way to buy and sell secondhand. These advancements are enabled by years of investment in our data and technology infrastructure, positioning us to innovate faster and strengthen our competitive moat in the growing resale market.”
Third Quarter 2025 Financial Highlights1
- Revenue: Revenue totaled
$82.2 million , an increase of34% year-over-year. - Gross Profit and Gross Margin: Gross profit totaled
$65.2 million , an increase of34% year-over-year. Gross margin was79.4% as compared to79.3% in the third quarter last year. - Loss from Continuing Operations: Loss from continuing operations was
$4.2 million , or a negative5.2% of revenue, for the third quarter 2025, compared to a loss from continuing operations of$10.4 million , or a negative16.8% of revenue, for the third quarter last year. - Adjusted EBITDA from Continuing Operations1: Adjusted EBITDA from continuing operations was
$3.8 million , or4.6% of revenue, for the third quarter 2025, compared to$0.3 million , or0.5% of revenue, for the third quarter last year. - Active Buyers and Orders: Active Buyers of 1.57 million and Orders of 1.61 million for the third quarter 2025, representing increases of
26% and37% , respectively, over the third quarter last year.
Financial Outlook
For the fourth quarter 2025, ThredUp expects:
- Revenue in the range of
$76.0 million to$78.0 million , +14% year-over-year at the midpoint - Gross margin in the range of
78.0% to79.0% - Adjusted EBITDA margin of approximately
3.0%
For the full fiscal year 2025, ThredUp expects:
- Revenue in the range of
$307.0 million to$309.0 million , +18% year-over-year at the midpoint - Gross margin in the range of
79.0% to79.2% - Adjusted EBITDA margin of approximately
4.2%
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, provision (benefit) for income taxes, severance and other reorganization costs, and gain on sale of 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 fourth quarter of 2025 and full year 2025, Depreciation and amortization is expected to be
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) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| (in thousands) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 46,218 | $ | 31,851 | ||||
| Marketable securities | 4,893 | 12,325 | ||||||
| Accounts receivable, net | 3,725 | 3,567 | ||||||
| Other current assets | 5,665 | 9,179 | ||||||
| Total current assets | 60,501 | 56,922 | ||||||
| Operating lease right-of-use assets | 27,337 | 28,853 | ||||||
| Property and equipment, net | 67,901 | 68,480 | ||||||
| Goodwill | 10,746 | 10,746 | ||||||
| Other assets | 5,984 | 6,224 | ||||||
| Total assets | $ | 172,469 | $ | 171,225 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 12,328 | $ | 8,326 | ||||
| Accrued and other current liabilities | 26,279 | 29,856 | ||||||
| Seller payable | 17,934 | 15,142 | ||||||
| Operating lease liabilities, current | 5,123 | 4,345 | ||||||
| Current portion of long-term debt | 3,870 | 3,855 | ||||||
| Total current liabilities | 65,534 | 61,524 | ||||||
| Operating lease liabilities, non-current | 30,058 | 32,489 | ||||||
| Long-term debt, net of current portion | 15,247 | 18,151 | ||||||
| Other non-current liabilities | 2,558 | 2,760 | ||||||
| Total liabilities | 113,397 | 114,924 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Class A and B common stock, | 12 | 11 | ||||||
| Additional paid-in capital | 629,560 | 612,148 | ||||||
| Accumulated other comprehensive income | — | 3 | ||||||
| Accumulated deficit | (570,500 | ) | (555,861 | ) | ||||
| Total stockholders’ equity | 59,072 | 56,301 | ||||||
| Total liabilities and stockholders’ equity | $ | 172,469 | $ | 171,225 | ||||
| ThredUp Inc. Condensed Consolidated Statements of Operations (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||
| Revenue | $ | 82,161 | $ | 61,514 | $ | 231,109 | $ | 192,764 | ||||||||
| Cost of revenue | 16,949 | 12,760 | 47,790 | 39,739 | ||||||||||||
| Gross profit | 65,212 | 48,754 | 183,319 | 153,025 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Operations, product, and technology | 38,545 | 33,296 | 111,196 | 105,396 | ||||||||||||
| Marketing | 16,186 | 12,912 | 45,535 | 37,021 | ||||||||||||
| Sales, general, and administrative | 14,869 | 13,010 | 41,655 | 43,072 | ||||||||||||
| Total operating expenses | 69,600 | 59,218 | 198,386 | 185,489 | ||||||||||||
| Operating loss | (4,388 | ) | (10,464 | ) | (15,067 | ) | (32,464 | ) | ||||||||
| Interest expense | (477 | ) | (629 | ) | (1,487 | ) | (1,958 | ) | ||||||||
| Other income, net | 583 | 739 | 1,969 | 2,503 | ||||||||||||
| Loss before provision (benefit) for income taxes | (4,282 | ) | (10,354 | ) | (14,585 | ) | (31,919 | ) | ||||||||
| Provision (benefit) for income taxes | (34 | ) | 4 | 54 | 21 | |||||||||||
| Loss from continuing operations | (4,248 | ) | (10,358 | ) | (14,639 | ) | (31,940 | ) | ||||||||
| Loss from discontinued operations, net of tax | — | (14,413 | ) | — | (23,339 | ) | ||||||||||
| Net loss | $ | (4,248 | ) | $ | (24,771 | ) | $ | (14,639 | ) | $ | (55,279 | ) | ||||
| Weighted-average shares used to compute loss per share, basic and diluted | 123,903 | 112,854 | 120,318 | 111,054 | ||||||||||||
| Loss from continuing operations per share, basic and diluted | $ | (0.03 | ) | $ | (0.09 | ) | $ | (0.12 | ) | $ | (0.29 | ) | ||||
| Loss from discontinued operations per share, basic and diluted | — | (0.13 | ) | — | (0.21 | ) | ||||||||||
| Loss per share, basic and diluted | $ | (0.03 | ) | $ | (0.22 | ) | $ | (0.12 | ) | $ | (0.50 | ) | ||||
| ThredUp Inc. Condensed Consolidated Statements of Comprehensive Loss (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Net loss | $ | (4,248 | ) | $ | (24,771 | ) | $ | (14,639 | ) | $ | (55,279 | ) | ||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||
| Foreign currency translation adjustments | — | 1,187 | — | 92 | ||||||||||||
| Unrealized gain (loss) on available-for-sale securities | 2 | 13 | (3 | ) | 11 | |||||||||||
| Total other comprehensive income (loss) | 2 | 1,200 | (3 | ) | 103 | |||||||||||
| Total comprehensive loss | $ | (4,246 | ) | $ | (23,571 | ) | $ | (14,642 | ) | $ | (55,176 | ) | ||||
| ThredUp Inc. Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||
| Nine Months Ended | ||||||||
| September 30, 2025 | September 30, 2024 | |||||||
| (in thousands) | ||||||||
| Cash flows from continuing operating activities: | ||||||||
| Loss from continuing operations | $ | (14,639 | ) | $ | (31,940 | ) | ||
| Adjustments to reconcile loss from continuing operations to net cash provided by continuing operating activities: | ||||||||
| Stock-based compensation expense | 14,459 | 19,792 | ||||||
| Depreciation and amortization | 9,473 | 10,896 | ||||||
| Reduction in carrying amount of right-of-use assets | 3,429 | 3,444 | ||||||
| Other | (83 | ) | (685 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (158 | ) | 927 | |||||
| Other current and non-current assets | 154 | 3,798 | ||||||
| Accounts payable | 4,376 | 4,393 | ||||||
| Accrued and other current liabilities | (3,622 | ) | (272 | ) | ||||
| Seller payable | 2,792 | (2,025 | ) | |||||
| Operating lease liabilities | (3,566 | ) | (4,088 | ) | ||||
| Other non-current liabilities | (500 | ) | — | |||||
| Net cash provided by continuing operating activities | 12,115 | 4,240 | ||||||
| Cash flows from continuing investing activities: | ||||||||
| Purchases of marketable securities | (12,961 | ) | (24,673 | ) | ||||
| Sale and maturities of marketable securities | 20,804 | 21,600 | ||||||
| Purchases of property and equipment | (8,745 | ) | (4,121 | ) | ||||
| Net cash used in continuing investing activities | (902 | ) | (7,194 | ) | ||||
| Cash flows from continuing financing activities: | ||||||||
| Repayment of debt | (3,000 | ) | (3,000 | ) | ||||
| Proceeds from issuance of stock-based awards | 21,767 | 2,070 | ||||||
| Payments of withholding taxes on stock-based awards | (19,215 | ) | (2,995 | ) | ||||
| Net cash used in continuing financing activities | (448 | ) | (3,925 | ) | ||||
| Net change in cash, cash equivalents and restricted cash from continuing operations | 10,765 | (6,879 | ) | |||||
| Net cash flow used in discontinued operating activities | — | (4,472 | ) | |||||
| Net cash flow used in discontinued investing activities | — | (1,242 | ) | |||||
| Net change in cash, cash equivalents and restricted cash from discontinued operations | — | (5,714 | ) | |||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | — | 121 | ||||||
| Net change in cash, cash equivalents, and restricted cash | 10,765 | (12,472 | ) | |||||
| Cash, cash equivalents, and restricted cash, beginning of period | 40,488 | 61,469 | ||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 51,253 | $ | 48,997 | ||||
| ThredUp Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) | ||||||||||||||||
| Adjusted EBITDA Reconciliation | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Loss from continuing operations | $ | (4,248 | ) | $ | (10,358 | ) | $ | (14,639 | ) | $ | (31,940 | ) | ||||
| Stock-based compensation expense | 4,439 | 6,162 | 14,459 | 19,792 | ||||||||||||
| Depreciation and amortization | 3,138 | 3,526 | 9,473 | 10,896 | ||||||||||||
| Interest expense | 477 | 629 | 1,487 | 1,958 | ||||||||||||
| Provision (benefit) for income taxes | (34 | ) | 4 | 54 | 21 | |||||||||||
| Severance and other reorganization costs | — | 351 | (3 | ) | 2,963 | |||||||||||
| Gain on sale of non-marketable equity investment | — | — | (234 | ) | — | |||||||||||
| Non-GAAP Adjusted EBITDA from continuing operations | $ | 3,772 | $ | 314 | $ | 10,597 | $ | 3,690 | ||||||||
| Revenue | $ | 82,161 | $ | 61,514 | $ | 231,109 | $ | 192,764 | ||||||||
| Non-GAAP Adjusted EBITDA from continuing operations margin | 4.6 | % | 0.5 | % | 4.6 | % | 1.9 | % | ||||||||
| Free Cash Flow Reconciliation | ||||||||
| Nine Months Ended | ||||||||
| September 30, 2025 | September 30, 2024 | |||||||
| (in thousands) | ||||||||
| Net cash provided by continuing operating activities | $ | 12,115 | $ | 4,240 | ||||
| Less: Purchases of property and equipment | (8,745 | ) | (4,121 | ) | ||||
| Non-GAAP free cash flow from continuing operations | $ | 3,370 | $ | 119 | ||||
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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 fourth quarter and full year of 2025; statements about future free cash flow, 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; the impact of tariffs and other changes to global trade on our business; the success and expansion of our RaaS® model and the timing and plans for future RaaS® clients; the implementation and success of direct selling on ThredUp; 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, such as the launch of our rebrand; 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, Active Buyers, and sellers; 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; 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 tariffs, inflationary pressures, changes in 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 from continuing operations, Adjusted EBITDA 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 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, provision (benefit) for income taxes, severance and other reorganization costs, and gain on sale of 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 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.
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1 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.
FAQ
What were ThredUp (TDUP) Q3 2025 revenue and gross margin?
How many active buyers did TDUP report in Q3 2025 and what was the growth rate?
Did ThredUp (TDUP) report positive Adjusted EBITDA in Q3 2025?
What guidance did ThredUp give for Q4 and full‑year 2025?
How much cash did ThredUp have at quarter end (Q3 2025)?
Why did ThredUp not provide a quantitative reconciliation of forward Adjusted EBITDA to GAAP net loss?
