ThredUp (NASDAQ: TDUP) grows 2025 revenue and sharply cuts losses

Rhea-AI Filing Summary

ThredUp Inc. reported strong growth for the fourth quarter and full year 2025 while still posting GAAP losses. Q4 revenue was $79.7 million, up 18% year over year, with gross margin of 79.6% and a loss from continuing operations of $5.6 million, improved from an $8.1 million loss last year. Adjusted EBITDA from continuing operations was $2.9 million (3.7% margin), down from $5.0 million (7.4% margin) a year ago. For 2025, revenue reached $310.8 million, up 20%, while the loss from continuing operations narrowed to $20.2 million from $40.0 million. Full-year Adjusted EBITDA from continuing operations rose to $13.5 million, a 4.4% margin. Active Buyers grew 30% to 1.65 million and Orders increased 25% to 6.08 million, showing demand expansion. ThredUp ended the year with $53.1 million in cash, cash equivalents, restricted cash, and marketable securities and achieved positive annual total cash flows of $3.1 million for the first time. For 2026, the company guides to revenue of $349.0–$355.0 million, gross margin of 78–79%, and Adjusted EBITDA margin of about 6%.

Positive

• Strong 2025 growth and loss reduction: Revenue rose to $310.8 million, up 20% year over year, while loss from continuing operations narrowed to $20.2 million from $40.0 million.
• Improving profitability metrics and cash generation: 2025 Adjusted EBITDA from continuing operations increased to $13.5 million (4.4% margin), and the company achieved positive annual total cash flows of $3.1 million for the first time.
• Robust customer and order expansion: Active Buyers reached 1.65 million and Orders 6.08 million in 2025, increases of 30% and 25% respectively, supporting future revenue potential.
• Constructive 2026 outlook: Management forecasts 2026 revenue of $349.0–$355.0 million and an Adjusted EBITDA margin of approximately 6%, implying further operating leverage.

Negative

• Continuing GAAP losses: Despite improvements, ThredUp still reported a 2025 loss from continuing operations of $20.2 million and a Q4 loss of $5.6 million.
• Q4 margin compression: Adjusted EBITDA margin from continuing operations declined to 3.7% in Q4 2025 from 7.4% in the prior-year quarter, indicating shorter-term profitability pressure.

Insights

Equity Analyst

ThredUp is growing revenue rapidly, narrowing losses, and targeting higher 2026 profitability.

ThredUp delivered 2025 revenue of $310.8 million, up 20%, while cutting loss from continuing operations roughly in half to $20.2 million. Active Buyers rose 30% to 1.65 million and Orders grew 25%, indicating a larger and more engaged customer base.

Profitability metrics improved on a full-year basis: Adjusted EBITDA from continuing operations increased to $13.5 million with a 4.4% margin, and the company generated positive annual total cash flows of $3.1 million. However, Q4 Adjusted EBITDA margin slipped to 3.7% from 7.4% a year earlier, showing some near-term margin pressure.

Guidance points to continued top-line growth and better margins in 2026, with revenue expected between $349.0 million and $355.0 million and an Adjusted EBITDA margin of about 6%. Execution against these targets, including managing stock-based compensation and operating expenses, will be central to the company’s path toward sustained profitability.

FALSE000148477800014847782026-03-022026-03-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 2, 2026

ThredUp Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-40249			26-4009181
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

969 Broadway, Suite 200 Oakland, California			94607
(Address of principal executive offices)			(Zip Code)

(415) 402-5202

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

TDUP

The Nasdaq Stock Market LLC Long-Term Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02.    Results of Operations and Financial Condition

On March 2, 2026, ThredUp Inc. (the “Company”) issued a press release announcing its financial results for the quarter and full year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1. In addition, a copy of the supplemental financial information is attached hereto as Exhibit 99.2. The press release and supplemental financial information are incorporated herein by reference.

The information in this Current Report on Form 8-K and the exhibits attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.    Financial Statements and Exhibits

(d)Exhibits.

Exhibit Number						Description
99.1						Press Release dated March 2, 2026
99.2						Supplemental Financial Information dated March 2, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			THREDUP INC.
			By:			/s/ SEAN SOBERS
						Sean Sobers
						Chief Financial Officer
						(Principal Financial and Accounting Officer)

Date: March 2, 2026

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Exhibit 99.1

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, CA — March 2, 2026 — 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 Operations1: 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.

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•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 Operations1: 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 Outlook1

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.

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.

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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.

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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

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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)

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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)

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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

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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)

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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 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

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 first 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.

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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, 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

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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.

12

Exhibit 99.2

ThredUp Inc.

Fourth Quarter and Full Year 2025 Supplemental Financials

All results reported are for continuing operations, unless otherwise noted.

Key Financial Metrics for the Quarter

•Revenue of $79.7 million

◦vs. $67.3 million in 4Q24

◦Increase of 18.5% YoY

•Gross profit of $63.4 million

◦vs. $54.1 million in 4Q24

◦Increase of 17.3% YoY

•Gross margin of 79.6%

◦vs. 80.4% in 4Q24

•Loss from continuing operations of $5.6 million

◦vs. loss of $8.1 million in 4Q24

•Adjusted EBITDA from continuing operations of $2.9 million

◦vs. $5.0 million in 4Q24

•Adjusted EBITDA from continuing operations margin of 3.7%

◦vs. 7.4% in 4Q24

•Cash, cash equivalents, restricted cash and short-term marketable securities were $53.1 million at the quarter end

•Total quarter Active Buyers of 1,650 thousand

◦vs. 1,274 thousand in 4Q24

◦Increase of 29.5% YoY

•Orders of 1,561 thousand

◦vs. 1,226 thousand in 4Q24

◦Increase of 27.3% YoY

Key Financial Metrics from continuing operations for the Full Year 2025

•Revenue of $310.8 million

◦vs. $260.0 million in FY 2024

◦Increase of 19.5% YoY

•Gross profit of $246.8 million

◦vs. $207.1 million in FY 2024

◦Increase of 19.1% YoY

•Gross margin of 79.4%

◦vs. 79.7% in FY 2024

•Loss from continuing operations of $20.2 million

◦vs. loss of $40.0 million in FY 2024

•Adjusted EBITDA from continuing operations of $13.5 million

◦vs. $8.7 million in FY 2024

•Adjusted EBITDA from continuing operations margin of 4.4%

◦vs. 3.3% in FY 2024

•Orders of 6,075 thousand

◦vs. 4,850 thousand in FY 2024

◦Increase of 25.3% YoY

Financial Outlook

For first quarter 2026, ThredUp expects:

•Revenue in the range of $79.5 million to $80.5 million

•Gross margin in the range of 78.0% to 79.0%

•Adjusted EBITDA margin of approximately 3.0%

•Depreciation and amortization of approximately $3.4 million

•Stock-based compensation of approximately $6.0 million

•Weighted-average shares of approximately 128 million

For fiscal year 2026, ThredUp expects:

•Revenue in the range $349.0 million to $355.0 million

•Gross margin in the range of 78.0% to 79.0%

•Adjusted EBITDA margin of approximately 6.0%

•Depreciation and amortization of approximately $13.7 million

•Stock-based compensation of approximately $24.4 million

•Weighted-average shares of approximately 130 million

Conference Call and Webcast

•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.

1

ThredUp Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages, unaudited)
Three Months Ended						March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Revenue						$	64,533					$	66,717					$	61,514					$	67,267					$	71,291					$	77,657					$	82,161					$	79,704
Cost of revenue						12,820						14,159						12,760						13,167						14,920						15,921						16,949						16,270
Gross profit						51,713						52,558						48,754						54,100						56,371						61,736						65,212						63,434
Gross margin						80.1		%				78.8		%				79.3		%				80.4		%				79.1		%				79.5		%				79.4		%				79.6		%
Operating expenses:
Operations, product and technology						37,125						34,975						33,296						36,814						35,126						37,525						38,545						41,663
Marketing						10,851						13,258						12,912						11,618						13,143						16,206						16,186						13,447
Sales, general and administrative						16,132						13,930						13,010						13,823						13,536						13,250						14,869						15,003
Total operating expenses						64,108						62,163						59,218						62,255						61,805						66,981						69,600						70,113
Operating expenses as a % of revenue						99.3		%				93.2		%				96.3		%				92.5		%				86.7		%				86.3		%				84.7		%				88.0		%
Operating loss						(12,395)						(9,605)						(10,464)						(8,155)						(5,434)						(5,245)						(4,388)						(6,679)
Operating loss % of revenue						(19.2)		%				(14.4)		%				(17.0)		%				(12.1)		%				(7.6)		%				(6.8)		%				(5.3)		%				(8.4)		%
Interest expense						(677)						(652)						(629)						(567)						(514)						(496)						(477)						(432)
Other income, net						893						871						739						671						790						596						583						1,541
Loss before income taxes						(12,179)						(9,386)						(10,354)						(8,051)						(5,158)						(5,145)						(4,282)						(5,570)
Provision (benefit) for income taxes						11						6						4						8						57						31						(34)						5
Loss from continuing operations						(12,190)						(9,392)						(10,358)						(8,059)						(5,215)						(5,176)						(4,248)						(5,575)
Loss from continuing operations margin						(18.9)		%				(14.1)		%				(16.8)		%				(12.0)		%				(7.3)		%				(6.7)		%				(5.2)		%				(7.0)		%
Loss from discontinued operations						(4,364)						(4,562)						(14,413)						(13,648)						—						—						—						—
Net loss						$	(16,554)					$	(13,954)					$	(24,771)					$	(21,707)					$	(5,215)					$	(5,176)					$	(4,248)					$	(5,575)

2

ThredUp Inc.
Reconciliation of Loss from Continuing Operations to Adjusted EBITDA
(in thousands, except percentages, unaudited)
Three Months Ended												March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Loss from continuing operations												$	(12,190)					$	(9,392)					$	(10,358)					$	(8,059)					$	(5,215)					$	(5,176)					$	(4,248)					$	(5,575)
Stock-based compensation expense												6,911						6,719						6,162						6,055						5,520						4,500						4,439						4,544
Depreciation and amortization												3,748						3,622						3,526						6,432						3,169						3,166						3,138						3,451
Impairment of long-lived assets												—						—						—						—						—						—						—						1,070
Interest expense												677						652						629						567						514						496						477						432
Legal settlement and fees												—						—						—						—						—						—						—						250
Provision (benefit) for income taxes												11						6						4						8						57						31						(34)						5
Severance and other reorganization costs												2,731						(119)						351						(14)						(3)						—						—						—
Gain on sale of non-marketable equity investment												—						—						—						—						(234)						—						—						(1,250)
Adjusted EBITDA												$	1,888					$	1,488					$	314					$	4,989					$	3,808					$	3,017					$	3,772					$	2,927
Adjusted EBITDA margin												2.9		%				2.2		%				0.5		%				7.4		%				5.3		%				3.9		%				4.6		%				3.7		%

ThredUp Inc.
Active Buyers and Orders
(in thousands, unaudited)
Three Months Ended						March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Active Buyers						1,296						1,257						1,248						1,274						1,370						1,465						1,568						1,650
Orders						1,181						1,271						1,172						1,226						1,371						1,535						1,608						1,561

3

ThredUp Inc.
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(in thousands, except percentages, unaudited)
Three Months Ended						March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Operations, product, and technology						$	37,125					$	34,975					$	33,296					$	36,814					$	35,126					$	37,525					$	38,545					$	41,663
Marketing						10,851						13,258						12,912						11,618						13,143						16,206						16,186						13,447
Sales, general, and administrative						16,132						13,930						13,010						13,823						13,536						13,250						14,869						15,003
Total operating expenses						64,108						62,163						59,218						62,255						61,805						66,981						69,600						70,113
Less: Stock-based compensation expense						(6,911)						(6,719)						(6,162)						(6,055)						(5,520)						(4,500)						(4,439)						(4,544)
Less: Severance and other reorganization costs						(2,731)						119						(351)						14						3						—						—						—
Total non-GAAP operating expenses						$	54,466					$	55,563					$	52,705					$	56,214					$	56,288					$	62,481					$	65,161					$	65,569
Non-GAAP operating expenses % of revenue						84.4		%				83.3		%				85.7		%				83.6		%				79.0		%				80.5		%				79.3		%				82.3		%

ThredUp Inc.
Stock-Based Compensation Expense Details
(in thousands, unaudited)
Three Months Ended												March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Operations, product, and technology												$	2,513					$	2,821					$	3,046					$	3,002					$	2,645					$	2,306					$	1,982					$	2,135
Marketing												152						107						112						116						114						112						99						155
Sales, general, and administrative												4,246						3,791						3,004						2,937						2,761						2,082						2,358						2,255
Total stock-based compensation expense												$	6,911					$	6,719					$	6,162					$	6,055					$	5,520					$	4,500					$	4,439					$	4,544

4

ThredUp Inc.
Severance and Other Reorganization Costs Details
(in thousands, unaudited)
Three Months Ended												March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Operations, product, and technology												$	1,077					$	(94)					$	—					$	—					$	—					$	—					$	—					$	—
Marketing												421						—						—						—						—						—						—						—
Sales, general, and administrative												1,233						(25)						351						(14)						(3)						—						—						—
Total severance and other reorganization costs												$	2,731					$	(119)					$	351					$	(14)					$	(3)					$	—					$	—					$	—

5

ThredUp Inc.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
												March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Assets:
Current assets:
Cash and cash equivalents												$	41,057					$	40,969					$	46,218					$	38,629
Marketable securities												5,719						6,606						4,893						9,498
Accounts receivable, net												4,234						3,799						3,725						2,437
Other current assets												9,450						9,368						5,665						6,112
Total current assets												60,460						60,742						60,501						56,676
Operating lease right-of-use assets												27,773						28,496						27,337						25,376
Property and equipment, net												67,517						67,654						67,901						67,243
Goodwill												10,746						10,746						10,746						10,746
Other assets												6,004						5,965						5,984						7,204
Total assets												$	172,500					$	173,603					$	172,469					$	167,245
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable												$	13,000					$	11,159					$	12,328					$	10,329
Accrued and other current liabilities												28,381						26,934						26,279						24,511
Seller payable												15,758						16,345						17,934						18,264
Operating lease liabilities, current												4,606						4,870						5,123						5,401
Current portion of long-term debt												3,860						3,865						3,870						3,875
Total current liabilities												65,605						63,173						65,534						62,380
Operating lease liabilities, non-current												31,140						31,500						30,058						28,580
Long-term debt, net of current portion												17,184						16,216						15,247						14,276
Other non-current liabilities												2,488						2,507						2,558						2,816
Total liabilities												116,417						113,396						113,397						108,052
Commitments and contingencies
Stockholders’ equity:
Common stock												11						12						12						12
Additional paid-in capital												617,150						626,449						629,560						635,253
Accumulated other comprehensive income (loss)												(2)						(2)						—						3
Accumulated deficit												(561,076)						(566,252)						(570,500)						(576,075)
Total stockholders’ equity												56,083						60,207						59,072						59,193
Total liabilities and stockholders’ equity												$	172,500					$	173,603					$	172,469					$	167,245

6

ThredUp Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three Months Ended												March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Cash flows from continuing operating activities:
Loss from continuing operations												$	(5,215)					$	(5,176)					$	(4,248)					$	(5,575)
Adjustments to reconcile loss from continuing operations to net cash provided by (used in) continuing operating activities:
Stock-based compensation expense												5,520						4,500						4,439						4,544
Depreciation and amortization												3,169						3,166						3,138						3,451
Reduction in carrying amount of right-of-use assets												1,080						1,144						1,205						1,212
Impairment of long-lived assets												—						—						—						1,070
Other												(183)						34						66						(750)
Changes in operating assets and liabilities:
Accounts receivable, net												(667)						435						74						1,288
Other current and non-current assets												(29)						125						58						(520)
Accounts payable												4,719						(1,965)						1,622						(2,955)
Accrued and other current liabilities												(1,863)						(1,079)						(680)						(2,357)
Seller payable												617						586						1,589						330
Operating lease liabilities												(1,088)						(1,243)						(1,235)						(1,201)
Other non-current liabilities												(317)						(183)						—						—
Net cash provided by (used in) continuing operating activities												5,743						344						6,028						(1,463)
Cash flows from continuing investing activities:
Purchases of marketable securities												(3,214)						(5,875)						(3,872)						(7,762)
Sale and maturities of marketable securities												10,104						5,050						5,650						3,225
Purchases of property and equipment												(1,815)						(3,279)						(3,651)						(1,727)
Net cash provided by (used in) continuing investing activities												5,075						(4,104)						(1,873)						(6,264)
Cash flows from continuing financing activities:
Repayment of debt												(1,000)						(1,000)						(1,000)						(1,000)
Proceeds from issuance of stock-based awards												1,151						13,701						6,915						6,164
Payment of withholding taxes on stock-based awards												(1,740)						(9,029)						(8,446)						(5,113)
Net cash provided by (used in) continuing financing activities												(1,589)						3,672						(2,531)						51
Net change in cash, cash equivalents and restricted cash from continuing operations												9,229						(88)						1,624						(7,676)
Net cash flow provided by discontinued operating activities												—						—						—						—
Net cash flow used in discontinued investing activities												—						—						—						—
Net change in cash, cash equivalents and restricted cash from discontinued operations												—						—						—						—
Effect of exchange rate changes on cash, cash equivalents, and restricted cash												—						—						—						—
Net change in cash, cash equivalents, and restricted cash												9,229						(88)						1,624						(7,676)
Cash, cash equivalents, and restricted cash, beginning of period												40,488						49,717						49,629						51,253
Cash, cash equivalents, and restricted cash, end of period												$	49,717					$	49,629					$	51,253					$	43,577

7

ThredUp Inc.
Reconciliation of Net Cash Provided By (Used In) Operating Activities to Non-GAAP Free Cash Flow from Continuing Operations
(in thousands, unaudited)
Three Months Ended												March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025
Net cash provided by (used in) continuing operating activities												$	5,743					$	344					$	6,028					$	(1,463)
Purchases of property and equipment												(1,815)						(3,279)						(3,651)						(1,727)
Non-GAAP free cash flow from continuing operations												$	3,928					$	(2,935)					$	2,377					$	(3,190)

8

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 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

This financial supplement 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 financial supplement include, but are not limited to, guidance on financial results for the first 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.

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 financial supplement 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 financial supplement.

9

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.

Non-GAAP Financial Measures and Other Operating and Business Metrics

This financial supplement and the accompanying tables contain non-GAAP financial measures: Adjusted EBITDA from continuing operations, Adjusted EBITDA from continuing operations margin, Non-GAAP operating expenses, and Non-GAAP free cash flow from continuing operations. In addition to our results determined in accordance with GAAP, we believe that these non-GAAP financial measures, are useful in evaluating our operating performance. We use these non-GAAP financial measures to evaluate and assess our operating performance and the operating leverage in our business, 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. These non-GAAP financial measures 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 used by other companies.

A reconciliation is provided above for Non-GAAP Adjusted EBITDA from continuing operations to Loss from continuing operations, the most directly comparable financial measures stated in accordance with GAAP. We calculate 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.

A reconciliation is provided above for Non-GAAP operating expenses to Total operating expenses, the most directly comparable financial measures stated in accordance with GAAP. Non-GAAP operating expenses are Total operating expenses adjusted to exclude stock-based compensation expense and severance and other reorganization costs.

A reconciliation is provided above for Non-GAAP free cash flow from continuing operations to Net cash provided by (used in) 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 (used in) continuing operating activities reduced by Purchases of property and equipment.

10

ThredUp is not providing a quantitative reconciliation of forward-looking guidance of the non-GAAP measures above, including Adjusted EBITDA margin to net loss margin, the most directly comparable financial measure 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. These items are uncertain, depend on various factors, and could result in projected net loss margin being materially greater than is indicated by the currently estimated Adjusted EBITDA margin.

We encourage investors to review our results determined in accordance with GAAP and the accompanying reconciliations for more information.

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.

11

FAQ

How did ThredUp (TDUP) perform financially in full year 2025?

ThredUp grew 2025 revenue to $310.8 million, up 20% year over year, while narrowing its loss from continuing operations to $20.2 million. Adjusted EBITDA from continuing operations improved to $13.5 million, or a 4.4% margin, reflecting better underlying profitability.

What were ThredUp’s key results for Q4 2025?

In Q4 2025, ThredUp generated $79.7 million in revenue, an 18% year-over-year increase, with gross margin of 79.6%. Loss from continuing operations improved to $5.6 million, while Adjusted EBITDA from continuing operations was $2.9 million, a 3.7% margin.

How fast are ThredUp’s Active Buyers and Orders growing?

For 2025, ThredUp reported 1.65 million Active Buyers and 6.08 million Orders. These increased 30% and 25%, respectively, versus 2024, highlighting expanding customer reach and transaction volume across its online resale marketplace.

Did ThredUp generate positive cash flow in 2025?

Yes. ThredUp ended 2025 with $53.1 million in cash, cash equivalents, restricted cash, and marketable securities and achieved positive annual total cash flows of $3.1 million for the first time in its history, improving its financial flexibility.

What guidance did ThredUp give for 2026 revenue and margins?

For 2026, ThredUp expects revenue between $349.0 million and $355.0 million, implying about 13% growth at the midpoint. It projects gross margin of 78–79% and an Adjusted EBITDA margin of roughly 6%, signaling anticipated margin expansion.

How is ThredUp’s profitability evolving on a non-GAAP basis?

ThredUp’s 2025 Adjusted EBITDA from continuing operations grew to $13.5 million, up from $8.7 million in 2024, with margin rising to 4.4% from 3.3%. This indicates better operating leverage despite ongoing GAAP losses.

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