Core Insights - ThredUp Inc. (TDUP) reported a year-over-year increase in both revenue and earnings for the fourth quarter of 2025, with earnings meeting the Zacks Consensus Estimate and revenues exceeding it [1] Quarterly Performance: Key Metrics & Insights - The company reported a quarterly loss of 4 cents per share, which improved by 42.9% year over year from a loss of 7 cents per share in the previous year [2] - Quarterly revenues reached $79.7 million, reflecting an 18.5% increase from $67.3 million a year ago, surpassing the Zacks Consensus Estimate of $79.6 million [3] - The number of active buyers increased to a record 1.65 million, up 29.5% year over year, exceeding the Zacks Consensus Estimate of 1.5 million [3] Order and Customer Engagement - The company processed 1.56 million orders in the fourth quarter, marking a 27.3% increase year over year and surpassing the Zacks Consensus Estimate of 1.36 million [4] Margin & Cost Performance - Adjusted gross profit rose by 17.3% to $63.4 million from $54.1 million in the prior year, driven by higher average selling prices [5] - Adjusted gross margin declined by 80 basis points to 79.6% from 80.4% [5] - Adjusted SG&A expenses increased by 8.5% year over year to $15 million from $13.8 million [5] Financial Health Snapshot - The company ended the year with $53.1 million in cash and securities, achieving its first full year of positive free cash flow [7] - Capital expenditures for the year totaled $10.5 million, indicating a balance between growth investments and positive cash flow generation [7] Future Expectations - For the first quarter of 2026, TDUP expects revenues between $79.5 million and $80.5 million, representing a 12% year-over-year growth at the midpoint [11] - For the full year 2026, the company anticipates revenues ranging from $349 million to $355 million, reflecting a 13% year-over-year growth at the midpoint [12] - Gross margin is projected to remain between 78.0% and 79.0%, with an adjusted EBITDA margin of about 6.0% for 2026 [12]

Core Insights - ThredUp Inc. (NASDAQ:TDUP) is recognized by analysts as one of the best penny stocks to buy on NASDAQ, emphasizing its marketplace model and focus on profitable growth in 2026 [1][5]. Financial Performance - In Q4 2025, ThredUp reported an 18% year-over-year revenue increase to $79.7 million, with a gross profit of $63.4 million and a narrower loss of $5.6 million [2]. - For the full year 2025, revenue reached $310.8 million, up 20% from the previous year, with losses reduced to $20.2 million from $40 million in 2024 [2]. - Adjusted EBITDA improved to $13.5 million, and total orders rose by 25% to 6.08 million [2]. Future Outlook - ThredUp anticipates Q1 2026 revenue between $79.5 million and $80.5 million, and full-year 2026 revenue of $349 million to $355 million, with gross margins projected around 78% to 79% and adjusted EBITDA margins near 6% [3]. - The company is experiencing strong momentum as it scales its resale platform and drives innovation [3]. Company Overview - Founded in 2009 and based in Oakland, California, ThredUp operates an online resale platform in the U.S. for buying and selling secondhand apparel, shoes, and accessories [4].

Core Viewpoint - ThredUp's fourth-quarter earnings report showed solid revenue growth, but the company's ongoing net loss and expectations of slowing growth have led to a significant decline in its stock price [1][5][8]. Financial Performance - Revenue for the fourth quarter increased by 18% to $79.7 million, surpassing estimates of $77.2 million [6]. - Active buyers rose by 30% to a record 1.65 million [6]. - Gross margin decreased from 80.4% to 79.6% [6]. - Adjusted EBITDA fell from $5 million to $2.9 million [6]. - The GAAP loss per share was reported at $0.04, aligning with consensus expectations [6]. Future Guidance - ThredUp anticipates revenue growth of 12% for the upcoming quarter, projecting revenue between $79.5 million and $80.5 million [7]. - Full-year revenue is expected to be between $349 million and $355 million, reflecting a 13% increase from 2025 [7]. - The company aims for an adjusted EBITDA margin of 6%, up from 4.4% in 2025 [7]. Market Reaction - Despite the positive revenue figures, the stock has fallen approximately 70% from its peak last August, indicating that the market is concerned about the company's ability to meet growth expectations [5][8].

ThredUp (NasdaqGS:TDUP) Q4 2025 Earnings call March 02, 2026 04:30 PM ET Company ParticipantsDana Telsey - CEO and Chief Research OfficerJames Reinhart - CEO and Co-founderLauren Frasch - Head of Investor RelationsSean Sobers - CFOConference Call ParticipantsBobby Brooks - AnalystDylan Carden - AnalystIke Boruchow - AnalystJulia Shelanski - AnalystMatt Koranda - AnalystOperatorGood afternoon, ladies and gentlemen, and welcome to the TDUP 4th quarter 2025 earnings conference call. At this time, all lines are ...

ThredUp (NasdaqGS:TDUP) Q4 2025 Earnings call March 02, 2026 04:30 PM ET Company ParticipantsDana Telsey - CEO and Chief Research OfficerJames Reinhart - CEO and Co-founderLauren Frasch - Head of Investor RelationsSean Sobers - CFOConference Call ParticipantsBobby Brooks - AnalystDylan Carden - AnalystIke Boruchow - AnalystJulia Shelanski - AnalystMatt Koranda - AnalystOperatorGood afternoon, ladies and gentlemen, and welcome to the TDUP 4th quarter 2025 earnings conference call. At this time, all lines are ...

ThredUp (NasdaqGS:TDUP) Q4 2025 Earnings call March 02, 2026 04:30 PM ET Speaker6Good afternoon, ladies and gentlemen, and welcome to the TDUP 4th quarter 2025 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press *0 for the operator. This call is being recorded in Monday, March 2, 2026. I would now like to turn the conference over to ...

Investor Presentation 2025 1 Safe Harbor This presentation and the accompanying oral commentary contain forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) Commission File Number: 001-40249 ThredUp Inc. (Exact name of registrant as specified in its charter) Delaware 26-4009181 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 969 Broadway, Suite 200 Oakland, California 94607 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION ...

Financial Performance - Revenue for Q4 2025 was $79.7 million, an increase of 18.5% YoY compared to $67.3 million in Q4 2024[5] - Gross profit for Q4 2025 was $63.4 million, reflecting a 17.3% YoY increase from $54.1 million in Q4 2024[5] - For FY 2025, revenue was $310.8 million, a 19.5% increase from $260.0 million in FY 2024[5] - Gross margin for FY 2025 was 79.4%, slightly down from 79.7% in FY 2024[5] - The company expects Q1 2026 revenue to be in the range of $79.5 million to $80.5 million[6] - For FY 2026, revenue is projected to be between $349.0 million and $355.0 million[6] Operational Metrics - Total Active Buyers reached 1,650 thousand in Q4 2025, up 29.5% YoY from 1,274 thousand in Q4 2024[5] - Adjusted EBITDA from continuing operations for Q4 2025 was $2.9 million, down from $5.0 million in Q4 2024[5] - Loss from continuing operations for FY 2025 was $20.2 million, improved from a loss of $40.0 million in FY 2024[5] - Active buyers decreased to 1,248,000 in the three months ended September 30, 2024, down from 1,257,000 in the previous quarter[8] - The company expects active buyers to increase to 1,370,000 by March 31, 2025, and further to 1,650,000 by December 31, 2025[8] Expenses and Cash Flow - Total operating expenses for the three months ended March 31, 2024, were $64,108,000, with non-GAAP operating expenses at $54,466,000, representing 84.4% of revenue[9] - Stock-based compensation expense was $6,911,000 for the three months ended March 31, 2024[9] - Severance and other reorganization costs amounted to $2,731,000 for the three months ended March 31, 2024[10] - The company anticipates total operating expenses to rise to $70,113,000 by December 31, 2025[9] - Non-GAAP free cash flow from continuing operations was $(3,190) thousand for the three months ended December 31, 2025, compared to $2,377 thousand in March 2025, representing a significant decline[13] Market Presence and Strategy - The company processed over 200 million unique secondhand items from 60,000 brands, highlighting its significant market presence in the online resale sector[14] - ThredUp aims to enhance its Resale-as-a-Service (RaaS) model, focusing on expanding partnerships with leading brands and retailers to deliver customizable resale experiences[15] - The company plans to invest in technology and infrastructure, including AI technologies, to improve operational efficiency and customer engagement[15] - Future guidance includes expectations for improved free cash flow and operating results, with a focus on attracting new active buyers through innovative shopping experiences[15] Financial Position - Total current assets for ThredUp Inc. decreased to $56,676 thousand by December 31, 2025, down from $60,501 thousand in September 2025, reflecting a decline of approximately 6.1%[11] - The company reported a loss from continuing operations of $5,575 thousand for the three months ended December 31, 2025, compared to a loss of $4,248 thousand in September 2025, indicating a worsening of approximately 31.2%[12] - Cash and cash equivalents at the end of the period were $43,577 thousand, down from $51,253 thousand at the end of September 2025, a decrease of approximately 15%[12] - Total liabilities increased to $116,417 thousand by March 31, 2025, up from $113,397 thousand in September 2025, marking an increase of about 2.8%[11] - ThredUp's accumulated deficit reached $(576,075) thousand by December 31, 2025, reflecting ongoing challenges in achieving profitability[11] Non-GAAP Measures - ThredUp calculates Non-GAAP Adjusted EBITDA from continuing operations as Loss from continuing operations adjusted for various expenses, including stock-based compensation and depreciation[19] - Non-GAAP operating expenses exclude stock-based compensation and severance costs, providing a clearer view of operational efficiency[20] - Non-GAAP free cash flow from continuing operations is calculated as Net cash provided by operating activities minus Purchases of property and equipment[21] - ThredUp does not provide a quantitative reconciliation for forward-looking guidance of non-GAAP measures due to uncertainties beyond its control[23] Customer Engagement - An Active Buyer is defined as a customer who has made at least one purchase in the last twelve months, highlighting customer engagement[24] - Total orders placed by buyers across ThredUp's marketplaces are net of cancellations, indicating the volume of transactions[24]

Core Insights - ThredUp Inc. reported strong financial results for Q4 and full year 2025, highlighting the scalability of its infrastructure and marketplace model, with a focus on sustainable, profitable growth in 2026 [2][4]. Financial Highlights - **Fourth Quarter 2025**: Revenue reached $79.7 million, an 18% increase year-over-year, with gross profit of $63.4 million, up 17% year-over-year. Gross margin was 79.6%, down from 80.4% in Q4 2024. The loss from continuing operations was $5.6 million, or -7.0% of revenue, an improvement from a loss of $8.1 million, or -12.0% of revenue, in the previous year [5][4]. - **Full Year 2025**: Total revenue was $310.8 million, a 20% increase year-over-year, with gross profit of $246.8 million, up 19% year-over-year. Gross margin was 79.4%, slightly down from 79.7% the previous year. The loss from continuing operations was $20.2 million, or -6.5% of revenue, compared to a loss of $40.0 million, or -15.4% of revenue, in 2024 [5][4]. Active Buyers and Orders - The number of active buyers reached 1.65 million in Q4 2025, a 30% increase year-over-year, with total orders of 1.56 million, up 27% from the previous year. For the full year, active buyers also totaled 1.65 million, with total orders of 6.08 million, representing a 25% increase year-over-year [5][4]. Financial Outlook - For Q1 2026, ThredUp expects revenue between $79.5 million and $80.5 million, reflecting a 12% year-over-year increase at the midpoint. The gross margin is anticipated to be between 78.0% and 79.0%, with an adjusted EBITDA margin of approximately 3.0% [4][11].