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ThredUp
🇺🇸 NASDAQ:TDUP
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•
Mar 31, 2024

ThredUp Q1 2024 Earnings Report

ThredUp's Q1 2024 financial performance showed revenue growth and improved profitability.

Key Takeaways

ThredUp reported a 5% year-over-year increase in revenue, reaching $79.6 million. The company's gross margin improved to 69.5%, with gross profit increasing by 8% year-over-year. Net loss decreased compared to the previous year, and the company is focusing on becoming an AI-powered resale company.

Revenue increased by 5% year-over-year, reaching $79.6 million.

Gross margin improved to 69.5%, with gross profit up by 8% year-over-year.

Active Buyers and Orders increased by 4% and 9% year-over-year, respectively.

The company is reorganizing to support an AI-driven operating model, reducing operating expenses and investing in AI product developments.

Total Revenue
$79.6M
Previous year: $75.9M
+4.8%
EPS
-$0.15
Previous year: -$0.19
-21.1%
Gross Margin
69.5%
Previous year: 67.3%
+3.3%
Active Buyers
1.73M
Previous year: 1.7M
+1.7%
Orders
1.65M
Previous year: 1.5M
+10.1%
Gross Profit
$55.3M
Previous year: $51.1M
+8.3%
Cash and Equivalents
$50.1M
Previous year: $50.7M
-1.2%
Free Cash Flow
-$227K
Previous year: -$10.1M
-97.8%
Total Assets
$244M
Previous year: $295M
-17.1%

ThredUp

ThredUp

ThredUp Revenue by Segment

Forward Guidance

For Q2 2024, ThredUp expects revenue in the range of $81.0 million to $83.0 million, gross margin in the range of 71.0% to 73.0%, and Adjusted EBITDA margin in the range of 1.0% to 3.0%. For the full fiscal year 2024, ThredUp expects revenue in the range of $328.0 million to $338.0 million, gross margin in the range of 71.0% to 72.0%, and Adjusted EBITDA margin in the range of 2.0% to 4.0%.

Positive Outlook

  • Revenue is expected to be in the range of $81.0 million to $83.0 million for Q2 2024.
  • Gross margin is projected to be between 71.0% and 73.0% for Q2 2024.
  • Adjusted EBITDA margin is expected to be in the range of 1.0% to 3.0% for Q2 2024.
  • Full year revenue is anticipated to be in the range of $328.0 million to $338.0 million.
  • Full year gross margin is projected to be between 71.0% and 72.0%.

Challenges Ahead

  • The company is not providing a quantitative reconciliation of forward-looking guidance of Adjusted EBITDA loss to net loss.
  • Reconciliation for Adjusted EBITDA loss in order to calculate forward-looking Adjusted EBITDA loss margin is not available without unreasonable effort.
  • ThredUp is not providing a quantitative reconciliation for free cash flow estimates on a forward-looking basis.
  • The forward-looking statements are based on information available as of the date of the release and are subject to risks and uncertainties.
  • The company's reorganization actions may not have the desired effects on its business.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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