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Sep 30, 2023
ThredUp Q3 2023 Earnings Report
ThredUp reported strong financial performance with revenue increase and gross profit growth.
Key Takeaways
ThredUp reported a 21% year-over-year increase in revenue, reaching $82.0 million for Q3 2023. The company's gross profit increased by 27% year-over-year, with a gross margin of 69.0%. Active buyers and orders both saw increases, and the U.S. business achieved adjusted EBITDA breakeven.
Revenue increased by 21% year-over-year, reaching $82.0 million.
Gross profit increased by 27% year-over-year, with a gross margin of 69.0%.
Active Buyers and Orders increased by 4% and 11% year-over-year, respectively, both reaching 1.8 million.
U.S. business reached quarterly adjusted EBITDA breakeven for the first time.
ThredUp
ThredUp
Forward Guidance
For the fourth quarter 2023, thredUP expects revenue in the range of $79.0 million to $81.0 million, gross margin in the range of 61.0% to 63.0%, and adjusted EBITDA loss margin in the range of 2.0% to 0.0%.
Positive Outlook
- Revenue is expected to be between $79.0 million and $81.0 million.
- Gross margin is expected to be between 61.0% and 63.0%.
- Adjusted EBITDA loss margin is expected to be between 2.0% and 0.0%.
- Full year revenue is expected to be between $319.5 million and $321.5 million.
- Full year gross margin is expected to be between 66.2% and 66.7%.
Challenges Ahead
- Revenue is only expected to increase to a maximum of $81 million
- Gross margin expected to decrease to a range of 61.0% to 63.0%.
- Adjusted EBITDA loss margin expected to remain negative, between 2.0% and 0.0%.
- The guidance is based on current market conditions and expectations, which are subject to change.
- The forward-looking statements are subject to risks and uncertainties.