All results reported are continuing operations, unless otherwise noted
- Quarterly revenue of $67.3 million, representing an increase of 9% year-over-year.
- Record fourth quarter gross margin of 80.4%.
- Record full year revenue of $260.0 million, representing 1% growth year-over-year. Record full year gross margin of 79.7%.
- Active Buyers of 1,274 thousand and Orders of 1,226 thousand in Q4 2024, representing year-over-year decrease of 6% and increase of 2%, respectively.
"We are proud to have closed out 2024 with a definitive return to growth, while also delivering strong bottom-line results,” said ThredUp CEO and co-founder James Reinhart. "In 2025, we look forward to leveraging our multi-year infrastructure and technology investments to accelerate growth while making steady progress towards our long-term profitability targets.”
During the fourth quarter of 2024, we divested 91% of our European business and Bulgarian subsidiary, Remix Global EAD ("Remix”), meeting the requirements for reporting Remix as a discontinued operation. Accordingly, our unaudited condensed consolidated financial statements reflect Remix's business as a discontinued operation for all periods presented. Unless otherwise noted, amounts and disclosures below relate to our continuing operations.
Fourth Quarter 2024 Financial Highlights
- Revenue: Total revenue of $67.3 million, an increase of 9% year-over-year.
- Gross Profit and Gross Margin: Gross profit totaled $54.1 million, representing an increase of 14% year-over-year. Gross margin was 80.4% as compared to 77.5% in the fourth quarter last year.
- Loss from Continuing Operations: Loss from continuing operations was $8.1 million, or a negative 12.0% of revenue, for the fourth quarter 2024, compared to a loss of $8.5 million, or a negative 13.8% of revenue, for the fourth quarter 2023.
- Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations Margin1: Adjusted EBITDA from continuing operations was $5.0 million, or a 7.4% of revenue, for the fourth quarter 2024. This is compared to an Adjusted EBITDA from continuing operations of $2.5 million, or a 4.1% of revenue, for the fourth quarter 2023.
- Active Buyers and Orders: Active Buyers of 1,274 thousand and Orders of 1,226 thousand for the fourth quarter 2024, representing a decrease of 6% and an increase of 2%, respectively, year-over-year.
- Revenue: Total revenue of $260.0 million, an increase of 1% year-over-year.
- Gross Profit and Gross Margin: Gross profit totaled $207.1 million, representing an increase of 4% year-over-year. Gross margin was 79.7% compared to 76.8% last year.
- Loss from Continuing Operations: Loss from continuing operations was $40.0 million, or a negative 15.4% of revenue, for the full year 2024, compared to a loss of $52.4 million, or a negative 20.3% of revenue, for the full year 2023.
- Adjusted EBITDA (Loss) from Continuing Operations and Adjusted EBITDA (Loss) from Continuing Operations Margin1: Adjusted EBITDA from continuing operations was $8.7 million, or a 3.3% of revenue, for the full year 2024, compared to the Adjusted EBITDA (loss) from continuing operations of $(5.3) million, or a negative 2.1% of revenue, for the full year 2023.
- Orders: Orders of 4,850 thousand for the full year 2024, a decrease of 1% year-over-year.
1 Adjusted EBITDA (loss) from continuing operations and Adjusted EBITDA (loss) from continuing operations margin are non-GAAP measures. See "Reconciliation of GAAP to Non-GAAP Financial Measures” for a detailed reconciliation of Adjusted EBITDA from continuing operations to the most directly comparable GAAP measure and "Non-GAAP Financial Measures” for a discussion of why we believe these non-GAAP measures are useful.
Recent Business Highlights
- Customer Experience Updates Drive Improved Site Metrics: Customer experience updates generated encouraging results in Q4. The quarter delivered ThredUp's strongest Q4 for new buyer acquisition in its history. Notably, new buyer conversion rates reached all-time highs bolstered by Image Search, which drives 85% higher conversion and more than double the variety of search terms than standard search.
- Completed Divestiture of European Business: ThredUp completed the transaction to divest its European business, Remix, in a management buyout. ThredUp retains a minority interest in the Remix business and prior to the closing of the transaction, paid a final cash investment of $2 million.
For the first quarter 2025, ThredUp expects:
- Revenue in the range of $67.5 million to $69.5 million, +6% year-over year at the midpoint
- Gross margin in the range of 77.0% to 79.0%
- Adjusted EBITDA margin in the range of 2.5% to 3.5%
- Revenue in the range of $270.0 million to $280.0 million, +6% year-over-year at the midpoint
- Gross margin in the range of 77.0% to 79.0%
- Adjusted EBITDA margin flat to Full Year 2024's result of 3.3%
Conference Call and Webcast Information
- The live and archived webcast and all related earnings materials will be available at ThredUp's investor relations website: ir.thredup.com/news-events/events-and-presentations.
| ThredUp Inc. Consolidated Balance Sheets (unaudited) | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| (in thousands) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 31,851 | $ | 54,337 | ||||
| Marketable securities | 12,325 | 8,100 | ||||||
| Accounts receivable, net | 3,567 | 4,997 | ||||||
| Inventory | 690 | 2,824 | ||||||
| Other current assets | 8,489 | 6,001 | ||||||
| Current assets of discontinued operations | - | 17,629 | ||||||
| Total current assets | 56,922 | 93,888 | ||||||
| Operating lease right-of-use assets | 28,853 | 28,097 | ||||||
| Property and equipment, net | 68,480 | 77,822 | ||||||
| Goodwill | 10,746 | 11,215 | ||||||
| Other assets | 6,224 | 5,420 | ||||||
| Non-current assets of discontinued operations | - | 33,525 | ||||||
| Total assets | $ | 171,225 | $ | 249,967 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 8,326 | $ | 3,831 | ||||
| Accrued and other current liabilities | 29,856 | 29,416 | ||||||
| Seller payable | 15,142 | 20,830 | ||||||
| Operating lease liabilities, current | 4,345 | 4,610 | ||||||
| Current portion of long-term debt | 3,855 | 3,838 | ||||||
| Current liabilities of discontinued operations | - | 14,148 | ||||||
| Total current liabilities | 61,524 | 76,673 | ||||||
| Operating lease liabilities, non-current | 32,489 | 31,821 | ||||||
| Long-term debt, net of current portion | 18,151 | 22,006 | ||||||
| Other non-current liabilities | 2,760 | 2,122 | ||||||
| Non-current liabilities of discontinued operations | - | 13,428 | ||||||
| Total liabilities | 114,924 | 146,050 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of December 31, 2024 and 2023; 116,134 and 108,784 shares issued and outstanding as of December 31, 2024 and 2023, respectively | 11 | 11 | ||||||
| Additional paid-in capital | 612,148 | 585,156 | ||||||
| Accumulated other comprehensive income (loss) | 3 | (2,375 | ) | |||||
| Accumulated deficit | (555,861 | ) | (478,875 | ) | ||||
| Total stockholders' equity | 56,301 | 103,917 | ||||||
| Total liabilities and stockholders' equity | $ | 171,225 | $ | 249,967 | ||||
| ThredUp Inc. Consolidated Statements of Operations (unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31,
2023 | |||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||
| Revenue: | ||||||||||||||||
| Consignment | $ | 64,595 | $ | 55,399 | $ | 246,186 | $ | 213,093 | ||||||||
| Product | 2,672 | 6,048 | 13,845 | 45,411 | ||||||||||||
| Total revenue | 67,267 | 61,447 | 260,031 | 258,504 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Consignment | 11,961 | 10,801 | 45,599 | 39,732 | ||||||||||||
| Product | 1,206 | 3,024 | 7,307 | 20,304 | ||||||||||||
| Total cost of revenue | 13,167 | 13,825 | 52,906 | 60,036 | ||||||||||||
| Gross profit | 54,100 | 47,622 | ()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")});
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