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Dec 31, 2022
ThredUp Q4 2022 Earnings Report
ThredUp announced its Q4 2022 earnings, with revenue declining 2% year-over-year and a gross margin of 63.1%.
Key Takeaways
ThredUp's Q4 2022 financial results revealed a slight decrease in revenue compared to the previous year, alongside a decline in gross profit. The company reported a net loss, but also highlighted the expansion of its Resale-as-a-Service program and the opening of a new distribution center.
Q4 revenue totaled $71.3 million, a 2% decrease year-over-year.
Gross profit was $45.0 million, down 7% year-over-year, with a gross margin of 63.1%.
Active Buyers reached 1.7 million, and Orders totaled 1.5 million, both declining by 2% and 8% respectively.
Adjusted EBITDA loss was $5.8 million, an improvement compared to the previous year's loss of $10.5 million.
Forward Guidance
For the first quarter 2023, thredUP expects revenue in the range of $71 million to $73 million, gross margin in the range of 66.0% to 68.0%, and Adjusted EBITDA loss margin in the range of 12.0% to 10.0%. For the full fiscal year 2023, thredUP expects revenue in the range of $310 million to $320 million, gross margin in the range of 66.0% to 68.0%, and Adjusted EBITDA loss margin in the range of 8.0% to 6.0%.
Positive Outlook
- Revenue in the range of $71 million to $73 million for Q1 2023.
- Gross margin in the range of 66.0% to 68.0% for Q1 2023.
- Adjusted EBITDA loss margin in the range of 12.0% to 10.0% for Q1 2023.
- Revenue in the range of $310 million to $320 million for FY 2023.
- Gross margin in the range of 66.0% to 68.0% for FY 2023.
Challenges Ahead
- Adjusted EBITDA loss margin in the range of 8.0% to 6.0% for FY 2023.
- Uncertainty in predicting certain items such as depreciation and amortization.
- Uncertainty in predicting stock-based compensation expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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