ThredUp Announces Third Quarter 2026 Results

Nine-month free cash flow declined to $2.438 million from $3.370 million despite higher revenue.

Rhea-AI Summary

ThredUp (TDUP) reported third-quarter revenue of $88.2 million, up year over year, while its net loss widened. Revenue rose 7%, and gross profit increased 6% to $69.0 million. Gross margin fell to 78.2% from 79.4%. Net loss widened to $5.5 million from $4.2 million; loss per share was $0.04 versus $0.03. Adjusted EBITDA, a non-GAAP earnings measure excluding specified expenses, declined to $3.5 million from $3.8 million.

Active buyers reached 1.82 million, up 16%, and orders rose 17% to 1.89 million. Cash, restricted cash and marketable securities totaled $57.6 million, up $0.2 million sequentially. ThredUp expects fourth-quarter revenue of $77.0–$79.0 million, a 2% year-over-year decline at the midpoint, and an adjusted EBITDA margin of negative 4.0% to negative 2.0%. Its full-year outlook calls for revenue of $337.7–$339.7 million, up 9% at the midpoint, and an adjusted EBITDA margin of 2.4%–2.8%.

12 points · 0 major

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0 major · 18 points

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Positive

• Moderate pointThird-quarter revenue rose 7% year over year to $88.2 million.
• Moderate pointThird-quarter gross profit increased 6% year over year to $69.0 million.
• Moderate pointActive buyers increased 16% year over year to 1.82 million in the third quarter.
• Moderate pointThird-quarter orders increased 17% year over year to 1.89 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year revenue guidance targets $337.7–$339.7 million, 9% year-over-year growth at midpoint and 14% two-year average growth.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted EBITDA margin is expected at 2.4%–2.8%.
• Moderate pointNine-month revenue increased to $260.668 million from $231.109 million a year earlier.
• Moderate pointNine-month gross profit increased to $206.217 million from $183.319 million a year earlier.

4 minor points

• Minor pointCash, restricted cash and marketable securities reached $57.6 million, up $0.2 million from the previous quarter.
• Minor pointThird-quarter sales, general and administrative expenses fell to $13.652 million from $14.869 million a year earlier.
• Minor pointThird-quarter interest expense fell to $340,000 from $477,000 a year earlier.
• Minor pointNine-month adjusted EBITDA rose to $11.048 million from $10.597 million; margin fell to 4.2% from 4.6%.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter revenue guidance targets $77.0–$79.0 million, down 2% year over year at midpoint; two-year average growth is 8%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter adjusted EBITDA margin is expected at negative 4.0% to negative 2.0%.
• Moderate pointThird-quarter net loss widened to $5.5 million from $4.2 million; loss margin worsened to 6.2% from 5.2%.
• Moderate pointThird-quarter operations, product and technology expenses rose to $42.468 million from $38.545 million a year earlier.
• Minor pointThird-quarter loss per share widened to $0.04 from $0.03 a year earlier.

13 minor points

• Minor pointThird-quarter gross margin fell to 78.2% from 79.4% a year earlier.
• Minor pointThird-quarter adjusted EBITDA fell to $3.5 million from $3.8 million; margin declined to 4.0% from 4.6%.
• Minor pointThird-quarter operating loss widened to $5.260 million from $4.388 million a year earlier.
• Minor pointThird-quarter marketing expense rose to $18.173 million from $16.186 million a year earlier.
• Minor pointThird-quarter stock-based compensation expense increased to $4.875 million from $4.439 million a year earlier.
• Minor pointThird-quarter legal settlement and fees totaled $546,000, versus none a year earlier.
• Minor pointNine-month net loss widened to $17.877 million from $14.639 million a year earlier.
• Minor pointNine-month loss per share widened to $0.14 from $0.12 a year earlier.
• Minor pointNine-month operating loss widened to $17.962 million from $15.067 million a year earlier.
• Minor pointNine-month operating cash flow declined to $11.187 million from $12.115 million a year earlier.
• Minor pointNine-month free cash flow declined to $2.438 million from $3.370 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter stock-based compensation expense is expected at $6.0 million; full-year expense is expected at $22.3 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter depreciation and amortization is expected at $3.3 million; full-year expense is expected at $14.0 million.

News Explained

The company says projected net loss could be materially greater than its unreconciled Adjusted EBITDA margin guidance.

The quarter-end balance sheet reports 132,849 thousand Class A and B common shares issued and outstanding at September 30, 2026, versus 127,027 thousand at December 31, 2025; the higher share count reduces existing holders’ percentage ownership absent offsetting changes.

For its 2026 outlook, ThredUp says it cannot provide a quantitative reconciliation of forecast Adjusted EBITDA margin to net loss margin because certain items cannot reasonably be predicted. It forecasts depreciation and amortization of $3.3 million and stock-based compensation of $6.0 million for the fourth quarter, and $14.0 million and $22.3 million, respectively, for the full year; it says these uncertain items could make projected net loss materially greater than indicated by Adjusted EBITDA margin.

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Key Figures

Revenue: $88.2 million Gross margin: 78.2% Net loss: $5.5 million +5 more

Revenue

$88.2 million

Q3 2026; increased 7% year over year

Gross margin

78.2%

Q3 2026; compared with 79.4% a year earlier

Net loss

$5.5 million

Q3 2026; compared with a $4.2 million loss a year earlier

Adjusted EBITDA

$3.5 million

Q3 2026; compared with $3.8 million a year earlier

Active Buyers

1.82 million

Q3 2026; increased 16% year over year

Q4 revenue outlook

$77.0 million to $79.0 million

Q4 2026; 2% year-over-year decline at the midpoint

Full-year revenue outlook

$337.7 million to $339.7 million

FY2026; Q2 results had projected $344.4 million to $348.4 million

Adjusted EBITDA margin outlook

2.4% to 2.8%

FY2026; Q2 results had projected about 4.7%

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Quarterly earnings

   24h Move

   -50.5%

   Revenue grew year over year; Q4 revenue outlook was $85–$87 million, above the current outlook.

2. Nov 03

   Quarterly earnings

   24h Move

   -7.5%

   Revenue rose year over year, and the company raised its Q4 and full-year outlook.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap, free cash flow, stock-based compensation

4 terms

adjusted ebitda financial

"Adjusted EBITDA was $3.5 million, or 4.0% of revenue"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"the Non-GAAP measure Adjusted EBITDA margin"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

free cash flow financial

"not providing a quantitative reconciliation for free cash flow estimates"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

stock-based compensation financial

"Stock-based compensation expense is expected to be"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

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• Quarterly revenue of $88.2 million, representing an increase of 7% year-over-year
• Quarterly gross margin of 78.2% and an increase in gross profit of 6% year-over-year
• Record Active Buyers of 1.82 million, representing an increase of 16% year-over-year
• Ended the quarter with cash and cash equivalents, restricted cash, and marketable securities of $57.6 million, up $0.2 million from the previous quarter

OAKLAND, Calif., Nov. 04, 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 third quarter ended September 30, 2026, and updated its financial outlook for the fourth quarter and full year 2026.

“We're proud to report a record quarter for active buyers, orders and items sold, delivering clear value for our buyers in Q3," said ThredUp CEO and co-founder James Reinhart. “Even as we navigate a highly competitive environment, we remain focused on innovating across the product experience to compound our competitive advantages as a managed marketplace.”

Third Quarter 2026 Financial Highlights

• Revenue totaled $88.2 million, an increase of 7% year-over-year.
• Gross Profit and Gross Margin: Gross profit totaled $69.0 million, an increase of 6% year-over-year. Gross margin was 78.2% as compared to 79.4% in the third quarter last year.
• Net loss was $5.5 million, or a negative 6.2% of revenue, for the third quarter 2026, compared to a loss of $4.2 million, or a negative 5.2% of revenue, for the third quarter last year.
• Adjusted EBITDA¹ was $3.5 million, or 4.0% of revenue, for the third quarter 2026, compared to $3.8 million, or 4.6% of revenue, for the third quarter last year.
• Active Buyers and Orders: Active Buyers of 1.82 million and Orders of 1.89 million for the third quarter 2026, representing increases of 16% and 17%, respectively, over the third quarter last year.

Financial Outlook¹

For the fourth quarter 2026, ThredUp expects:

• Revenue in the range of $77.0 million to $79.0 million, 2% year-over-year decline at the midpoint, and an 8% two-year average growth rate
• Gross margin in the range of 76.5% to 77.5%
• Adjusted EBITDA margin in the range of (4.0)% to (2.0)%

For the full fiscal year 2026, ThredUp expects:

• Revenue in the range of $337.7 million to $339.7 million, 9% year-over-year growth at the midpoint, and a 14% two-year average growth rate
• Gross margin in the range of 78.5% to 78.7%
• Adjusted EBITDA margin in the range of 2.4% to 2.8%

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, legal settlement and fees, interest expense, 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 fourth quarter and full year 2026, Depreciation and amortization is expected to be $3.3 million and $14.0 million, respectively. In addition, for the fourth quarter and full year 2026, Stock-based compensation expense is expected to be $6.0 million and $22.3 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)
		September 30, 2026				December 31, 2025
		(in thousands)
ASSETS
Current assets:
Cash and cash equivalents		$	42,682			$	38,629
Marketable securities			12,156				9,498
Accounts receivable, net			4,925				2,437
Other current assets			5,976				6,112
Total current assets			65,739				56,676
Operating lease right-of-use assets			23,988				25,376
Property and equipment, net			64,065				67,243
Goodwill			10,746				10,746
Other assets			4,998				7,204
Total assets		$	169,536			$	167,245
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	14,210			$	10,329
Accrued and other current liabilities			22,460				24,511
Seller payable			20,366				18,264
Operating lease liabilities, current			5,764				5,401
Current portion of long-term debt			—				3,875
Total current liabilities			62,800				62,380
Operating lease liabilities, non-current			25,537				28,580
Long-term debt, net of current portion			17,741				14,276
Other non-current liabilities			2,985				2,816
Total liabilities			109,063				108,052
Commitments and contingencies
Stockholders’ equity:
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of September 30, 2026 and December 31, 2025; 132,849 and 127,027 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			13				12
Additional paid-in capital			654,491				635,253
Accumulated other comprehensive income (loss)			(79	)			3
Accumulated deficit			(593,952	)			(576,075	)
Total stockholders’ equity			60,473				59,193
Total liabilities and stockholders’ equity		$	169,536			$	167,245

ThredUp Inc. Condensed Consolidated Statements of Operations (unaudited)
		Three Months Ended								Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
		(in thousands, except per share amounts)
Revenue		$	88,230			$	82,161			$	260,668			$	231,109
Cost of revenue			19,197				16,949				54,451				47,790
Gross profit			69,033				65,212				206,217				183,319
Operating expenses:
Operations, product, and technology			42,468				38,545				128,658				111,196
Marketing			18,173				16,186				50,875				45,535
Sales, general, and administrative			13,652				14,869				44,646				41,655
Total operating expenses			74,293				69,600				224,179				198,386
Operating loss			(5,260	)			(4,388	)			(17,962	)			(15,067	)
Interest expense			(340	)			(477	)			(1,023	)			(1,487	)
Other income, net			132				583				1,161				1,969
Loss before provision (benefit) for income taxes			(5,468	)			(4,282	)			(17,824	)			(14,585	)
Provision (benefit) for income taxes			2				(34	)			53				54
Net loss		$	(5,470	)		$	(4,248	)		$	(17,877	)		$	(14,639	)
Loss per share, basic and diluted		$	(0.04	)		$	(0.03	)		$	(0.14	)		$	(0.12	)
Weighted-average shares used to compute loss per share, basic and diluted			131,827				123,903				129,806				120,318

ThredUp Inc. Condensed Consolidated Statements of Comprehensive Loss (unaudited)
		Three Months Ended								Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
		(in thousands)
Net loss		$	(5,470	)		$	(4,248	)		$	(17,877	)		$	(14,639	)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities			(39	)			2				(82	)			(3	)
Total other comprehensive income (loss)			(39	)			2				(82	)			(3	)
Total comprehensive loss		$	(5,509	)		$	(4,246	)		$	(17,959	)		$	(14,642	)

ThredUp Inc. Condensed Consolidated Statements of Cash Flows (unaudited)
		Nine Months Ended
		September 30, 2026				September 30, 2025
		(in thousands)
Cash flows from operating activities:
Net loss		$	(17,877	)		$	(14,639	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense			16,303				14,459
Depreciation and amortization			10,638				9,473
Reduction in carrying amount of right-of-use assets			3,509				3,429
Other			198				(83	)
Changes in operating assets and liabilities:
Accounts receivable, net			(2,488	)			(158	)
Other current and non-current assets			117				154
Accounts payable			4,914				4,376
Accrued and other current liabilities			(1,430	)			(3,622	)
Seller payable			2,103				2,792
Operating lease liabilities			(4,800	)			(3,566	)
Other non-current liabilities			—				(500	)
Net cash provided by operating activities			11,187				12,115
Cash flows from investing activities:
Purchases of marketable securities			(14,645	)			(12,961	)
Sale and maturities of marketable securities			12,039				20,804
Purchases of property and equipment			(8,749	)			(8,745	)
Net cash used in investing activities			(11,355	)			(902	)
Cash flows from financing activities:
Payments on debt			(469	)			(3,000	)
Proceeds from issuance of stock-based awards			10,104				21,767
Payments of withholding taxes on stock-based awards			(7,637	)			(19,215	)
Net cash provided by (used in) financing activities			1,998				(448	)
Net change in cash, cash equivalents and restricted cash			1,830				10,765
Cash, cash equivalents, and restricted cash, beginning of period			43,577				40,488
Cash, cash equivalents, and restricted cash, end of period		$	45,407			$	51,253

ThredUp Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
Adjusted EBITDA Reconciliation
		Three Months Ended								Nine Months Ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
		(in thousands)
Net loss		$	(5,470	)		$	(4,248	)		$	(17,877	)		$	(14,639	)
Stock-based compensation expense			4,875				4,439				16,303				14,459
Depreciation and amortization			3,231				3,138				10,638				9,473
Interest expense			340				477				1,023				1,487
Legal settlement and fees			546				—				546				—
Provision (benefit) for income taxes			2				(34	)			53				54
Severance and other reorganization costs			—				—				362				(3	)
Gains related to non-marketable equity investments			—				—				—				(234	)
Non-GAAP Adjusted EBITDA		$	3,524			$	3,772			$	11,048			$	10,597
Revenue		$	88,230			$	82,161			$	260,668			$	231,109
Non-GAAP Adjusted EBITDA margin			4.0	%			4.6	%			4.2	%			4.6	%

Free Cash Flow Reconciliation
		Nine Months Ended
		September 30, 2026				September 30, 2025
		(in thousands)
Net cash provided by operating activities		$	11,187			$	12,115
Purchases of property and equipment			(8,749	)			(8,745	)
Non-GAAP free cash flow		$	2,438			$	3,370

Investors
ir@thredup.com

Media
media@thredup.com

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 250 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

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 2026; 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 and premium listings 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 and maintain 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, interest rate volatility, 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, Adjusted EBITDA 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 historical Non-GAAP Adjusted EBITDA to Net loss, the most directly comparable financial measure stated in accordance with GAAP. We calculate Non-GAAP Adjusted EBITDA as Net loss adjusted to exclude, where applicable in a given period, stock-based compensation expense, depreciation and amortization, legal settlement and fees, interest expense, provision for income taxes, severance and other reorganization costs, and gains related to non-marketable equity investment. Non-GAAP Adjusted EBITDA margin represents Non-GAAP Adjusted EBITDA divided by Revenue for the same period.

A reconciliation is provided above for Non-GAAP free cash flow to Net cash provided by 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 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 and Adjusted EBITDA 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were ThredUp's third-quarter 2026 earnings results?

ThredUp reported revenue of $88.2 million, up 7% year over year, and a net loss of $5.5 million, compared with $4.2 million a year earlier. Loss per share was $0.04 versus $0.03. Adjusted EBITDA declined to $3.5 million from $3.8 million.

What is ThredUp's fourth-quarter and full-year 2026 revenue outlook?

ThredUp expects fourth-quarter revenue of $77.0 million to $79.0 million and full-year revenue of $337.7 million to $339.7 million. At the midpoints, those ranges represent a 2% year-over-year decline for the quarter and 9% growth for the year.

What gross margins does ThredUp expect for the fourth quarter and full year 2026?

ThredUp expects gross margin of 76.5% to 77.5% for the fourth quarter and 78.5% to 78.7% for the full fiscal year 2026.