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ThredUp
🇺🇸 NASDAQ:TDUP
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Jun 30, 2023

ThredUp Q2 2023 Earnings Report

ThredUp's Q2 2023 financial results were announced, showcasing revenue growth and improved profitability.

Key Takeaways

ThredUp reported an 8% year-over-year increase in revenue, reaching $82.7 million. The company's gross margin was 67.4%, with gross profit increasing by 6% year-over-year. Net loss improved to $18.8 million, and the adjusted EBITDA loss was $5.0 million.

Revenue increased by 8% year-over-year, reaching $82.7 million.

Gross margin was 67.4%, with gross profit up by 6% year-over-year.

Active Buyers totaled 1.7 million, while Orders reached 1.8 million.

Expanded Resale-as-a-Service (RaaS) offering with a dozen new resale programs.

Total Revenue
$82.7M
Previous year: $76.4M
+8.2%
EPS
-$0.18
Previous year: -$0.29
-37.9%
Gross Margin
67.4%
Previous year: 68.9%
-2.2%
Active Buyers
1.7M
Previous year: 1.7M
+0.0%
Orders
1.8M
Previous year: 1.7M
+5.9%
Gross Profit
$55.7M
Previous year: $52.6M
+5.9%
Cash and Equivalents
$51.1M
Previous year: $52.2M
-2.2%
Free Cash Flow
-$17M
Previous year: -$33.1M
-48.7%
Total Assets
$276M
Previous year: $346M
-20.1%

ThredUp

ThredUp

ThredUp Revenue by Segment

Forward Guidance

For the third quarter 2023, thredUP expects: Revenue in the range of $82.0 million to $84.0 million, Gross margin in the range of 66.5% to 68.5%, Adjusted EBITDA loss margin in the range of 6.5% to 4.5%. For the fourth quarter 2023, thredUP expects: Revenue in the range of $84.5 million to $86.5 million, Gross margin in the range of 64.5% to 66.5%, Breakeven Adjusted EBITDA margin. For the full fiscal year 2023, thredUP expects: Revenue in the range of $325.0 million to $329.0 million, Gross margin in the range of 66.5% to 67.5%, Adjusted EBITDA loss margin in the range of 5.5% to 4.5%.

Positive Outlook

  • Revenue in the range of $82.0 million to $84.0 million for Q3 2023.
  • Gross margin in the range of 66.5% to 68.5% for Q3 2023.
  • Adjusted EBITDA loss margin in the range of 6.5% to 4.5% for Q3 2023.
  • Revenue in the range of $84.5 million to $86.5 million for Q4 2023.
  • Breakeven Adjusted EBITDA margin for Q4 2023.

Challenges Ahead

  • Adjusted EBITDA loss margin in the range of 6.5% to 4.5% for Q3 2023.
  • Revenue in the range of $325.0 million to $329.0 million for the full fiscal year 2023.
  • Gross margin in the range of 66.5% to 67.5% for the full fiscal year 2023.
  • Adjusted EBITDA loss margin in the range of 5.5% to 4.5% for the full fiscal year 2023.
  • Uncertainty in predicting depreciation and amortization, stock-based compensation expense, and provision for income taxes.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View ThredUp