ThredUp's revenue in Q2 reached $76.4 million! The number of active buyers increased by 29% year-on-year!

It is learned that according to foreign media reports, ThredUp, a second-hand resale e-commerce company in the United States, recently announced its financial results for the second quarter of 2022. The report shows that as the cost of living rises, consumers turn to buying second-hand goods. The company's revenue this quarter was US$76.4 million, a year-on-year increase of 27%, which is generally very strong.

1. Financial Highlights

• Total revenue was $76.4 million, up 27% year-over-year;
• Total gross profit was $52.6 million, up 19% year-over-year;
• Gross profit margin was 68.9%, down from 73.6% in the same period last year;
• GAAP net loss was $28.4 million, or 37.2% of revenues, compared to $14.4 million, or 24.0% of revenues, last year.
• Adjusted EBITDA loss was $13.5 million, or 17.7% of revenue, compared to $9 million, or 15.1% of revenue, last year.
• The number of active buyers increased by 29% year-on-year to 1.7 million;
• Total orders increased 40% year-on-year to 1.7 million.

2. Business Highlights

• Continued expansion of Resale-as-a-Service (RaaS) program: Added new clients, including Tommy Hilfiger, PacSun, Bernardo, Ozma and Oak + Fort brands.
• Released its 10th annual Resale Report: The U.S. Secondhand Market Will More Than Double to $82 Billion by 2026. The report also reveals the size of the global secondhand market, the impact of inflation on consumers, and consumer trends in the resale market over the past decade.
• Strengthening executive leadership: Hired Noelle Sadler as Chief Marketing Officer, bringing extensive e-commerce marketing and sales experience to thredUP.
• Founding member of the American Circular Textiles (ACT) policy group: thredUP teamed up with 10 other secondhand fashion retailers to create ACT, an organization that aims to bring together the secondhand community in fashion to develop policies around textile recycling and reuse.

3. Financial Outlook

For the third quarter of 2022, thredUP expects revenue between $64 million and $66 million, gross margin between 65% and 67%, and adjusted EBITDA margin loss between 16% and 18%.

For the full fiscal year 2022, thredUP expects revenue between $283 million and $287 million, gross margin between 67% and 69%, and adjusted EBITDA margin loss between 15% and 16%.

Editor ✎ Nicole/

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