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Jun 30, 2022
ThredUp Q2 2022 Earnings Report
ThredUp's Q2 2022 results demonstrated resilience with revenue growth and strategic focus amidst economic uncertainty.
Key Takeaways
ThredUp reported a 27% year-over-year increase in revenue, reaching $76.4 million for Q2 2022. The company's active buyers and orders both grew significantly, while gross profit increased by 19%. Despite these gains, the company experienced a net loss of $28.4 million and an adjusted EBITDA loss of $13.5 million.
Revenue increased by 27% year-over-year, reaching $76.4 million.
Gross profit grew by 19% year-over-year, with a gross margin of 68.9%.
Active Buyers and Orders both increased by 29% and 40% year-over-year, respectively, totaling 1.7 million each.
The company continues to expand its Resale-as-a-Service program with new clients.
ThredUp
ThredUp
Forward Guidance
For Q3 2022, thredUP anticipates revenue between $64 million and $66 million, a gross margin between 65% and 67%, and an adjusted EBITDA margin loss between 18% and 16%. For Q4 2022, thredUP expects revenue between $70 million and $72 million, a gross margin between 64% and 66%, and an adjusted EBITDA margin loss between 10% and 8%. For the full fiscal year 2022, thredUP projects revenue between $283 million and $287 million, a gross margin between 67% and 69%, and an adjusted EBITDA margin loss between 16% and 15%.
Positive Outlook
- Revenue in the range of $64 million to $66 million for Q3 2022.
- Gross margin in the range of 65% to 67% for Q3 2022.
- Adjusted EBITDA margin loss in the range of 18% to 16% for Q3 2022.
- Revenue in the range of $70 million to $72 million for Q4 2022.
- Gross margin in the range of 64% to 66% for Q4 2022.
Challenges Ahead
- Adjusted EBITDA margin loss in the range of 10% to 8% for Q4 2022.
- Revenue in the range of $283 million to $287 million for the full fiscal year 2022.
- Gross margin in the range of 67% to 69% for the full fiscal year 2022.
- Adjusted EBITDA margin loss in the range of 16% to 15% for the full fiscal year 2022.
- Uncertainty in predicting certain items such as depreciation and amortization, stock-based compensation expense, change in fair value of convertible preferred stock warrant liability and provision for income taxes.