[Executive Summary & Outlook](index=1&type=section&id=Executive%20Summary%20%26%20Outlook) [Q1 2025 Performance Highlights](index=1&type=section&id=Q1%202025%20Performance%20Highlights) ThredUp demonstrated strong performance in Q1 2025, achieving significant year-over-year growth in revenue, gross profit, and orders, alongside improved profitability metrics Q1 2025 Key Financial and Operational Metrics (Year-over-Year) | Metric | Q1 2025 | Q1 2024 | Year-over-Year Change | | :------------------------------------------------ | :------------- | :------------- | :------- | | Revenue | $71.3 Million USD | $64.5 Million USD | +10.5% | | Gross Profit | $56.4 Million USD | $51.7 Million USD | +9.0% | | Gross Margin | 79.1% | 80.1% | -1.0 pp | | Loss from Continuing Operations | $(5.2) Million USD | $(12.2) Million USD | -57.4% | | Adjusted EBITDA from Continuing Operations | $3.8 Million USD | $1.9 Million USD | +100.0% | | Adjusted EBITDA Margin from Continuing Operations | 5.3% | 2.9% | +2.4 pp | | Active Buyers | 1,370 Thousand | 1,296 Thousand | +5.7% | | Orders | 1,371 Thousand | 1,181 Thousand | +16.1% | | Cash, Cash Equivalents, Restricted Cash, and Short-Term Marketable Securities (End of Quarter) | $55.4 Million USD | N/A | N/A | [Financial Outlook](index=1&type=section&id=Financial%20Outlook) ThredUp provided financial guidance for Q2 2025 and the full fiscal year 2025, anticipating continued revenue growth and further improvement in Adjusted EBITDA margin [Second Quarter 2025 Outlook](index=1&type=section&id=Second%20Quarter%202025%20Outlook) For Q2 2025, ThredUp projects revenue between $72.5 million and $74.5 million, a gross margin of 77.0% to 79.0%, and an Adjusted EBITDA margin of approximately 3.3% Q2 2025 Financial Guidance | Metric | Range/Amount | | :----------------------- | :---------- | | Revenue | $72.5 - $74.5 Million USD | | Gross Margin | 77.0% - 79.0% | | Adjusted EBITDA Margin | Approx. 3.3% | | Depreciation and Amortization | Approx. $3.2 Million USD | | Stock-Based Compensation Expense | Approx. $3.7 Million USD | | Weighted-Average Shares Outstanding | Approx. 119 Million shares | [Fiscal Year 2025 Outlook](index=1&type=section&id=Fiscal%20Year%202025%20Outlook) For the full fiscal year 2025, the company anticipates revenue between $281.0 million and $291.0 million, a gross margin of 77.0% to 79.0%, and an Adjusted EBITDA margin of approximately 4.0% Fiscal Year 2025 Financial Guidance | Metric | Range/Amount | | :----------------------- | :---------- | | Revenue | $281.0 - $291.0 Million USD | | Gross Margin | 77.0% - 79.0% | | Adjusted EBITDA Margin | Approx. 4.0% | | Depreciation and Amortization | Approx. $12.6 Million USD | | Stock-Based Compensation Expense | Approx. $16.0 Million USD | | Weighted-Average Shares Outstanding | Approx. 122 Million shares | [Financial Performance](index=2&type=section&id=Financial%20Performance) [Condensed Consolidated Statements of Operations](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) ThredUp's condensed consolidated statements of operations present multi-quarter trends in revenue, costs, gross profit, operating expenses, and net loss, showing a recent decline in operating losses and sustained high gross margins Q1 2025 Operating Results (Year-over-Year) | Metric | Q1 2025 (Thousand USD) | Q1 2024 (Thousand USD) | Year-over-Year Change | | :----------------------- | :--------------------- | :--------------------- | :----------- | | Revenue | $71,291 | $64,533 | +10.5% | | Cost of Revenue | $14,920 | $12,820 | +16.4% | | Gross Profit | $56,371 | $51,713 | +9.0% | | Gross Margin | 79.1% | 80.1% | -1.0 pp | | Total Operating Expenses | $61,805 | $64,108 | -3.6% | | Operating Loss | $(5,434) | $(12,395) | -56.2% | | Loss from Continuing Operations | $(5,215) | $(12,190) | -57.2% | - Operating expenses as a percentage of revenue decreased from **99.3% in Q1 2024** to **86.7% in Q1 2025**, indicating improved operational efficiency[6](index=6&type=chunk) - Operating loss as a percentage of revenue improved from **(19.2)% in Q1 2024** to **(7.6)% in Q1 2025**[6](index=6&type=chunk) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, ThredUp reported total assets of $172.5 million and total liabilities of $116.4 million, with a decrease in total current assets and an increase in accounts payable compared to June 30, 2024 Key Balance Sheet Data as of March 31, 2025 | Metric | Amount (Thousand USD) | | :-------------------------------- | :------------ | | Total Current Assets | $60,460 | | Total Assets | $172,500 | | Total Current Liabilities | $65,605 | | Total Liabilities | $116,417 | | Total Stockholders' Equity | $56,083 | - Compared to June 30, 2024, cash and cash equivalents slightly decreased from **$43,135 thousand** to **$41,057 thousand**, but showed a recovery from December 31, 2024[10](index=10&type=chunk) - Marketable securities decreased from **$10,525 thousand** to **$5,719 thousand**[10](index=10&type=chunk) - Accounts payable increased from **$6,120 thousand** to **$13,000 thousand**[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended March 31, 2025, ThredUp generated **$5.7 million** in net cash from continuing operating activities, a significant improvement from prior quarters, with a net increase of **$9.2 million** in cash, cash equivalents, and restricted cash Q1 2025 Cash Flows (Continuing Operations) | Metric | Q1 2025 (Thousand USD) | Q1 2024 (Thousand USD) | | :------------------------------------------------ | :--------------------- | :--------------------- | | Net Cash Provided by (Used in) Continuing Operating Activities | $5,743 | $(3,035) | | Net Cash Provided by (Used in) Continuing Investing Activities | $5,075 | $1,164 | | Net Cash Provided by (Used in) Continuing Financing Activities | $(1,589) | $(1,182) | | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash from Continuing Operations | $9,229 | $(3,053) | | Cash, Cash Equivalents, and Restricted Cash (End of Period) | $49,717 | $50,125 | - Net cash flow from continuing operating activities significantly improved, shifting from a **negative value in Q1 2024** to a **positive value in Q1 2025**[11](index=11&type=chunk) - Net cash flow from investing activities was positive, primarily driven by the **sale and maturity of marketable securities**[11](index=11&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) [Adjusted EBITDA (Loss) Reconciliation](index=3&type=section&id=Adjusted%20EBITDA%20%28Loss%29%20Reconciliation) ThredUp's Adjusted EBITDA from continuing operations significantly improved to **$3.8 million in Q1 2025**, doubling from **$1.9 million in Q1 2024**, with an Adjusted EBITDA margin reaching **5.3%**, after excluding non-cash and non-recurring items like stock-based compensation, depreciation, and restructuring charges Adjusted EBITDA (Loss) from Continuing Operations (Year-over-Year) | Metric | Q1 2025 (Thousand USD) | Q1 2024 (Thousand USD) | Year-over-Year Change | | :----------------------- | :--------------------- | :--------------------- | :----------- | | Loss from Continuing Operations | $(5,215) | $(12,190) | -57.2% | | Stock-Based Compensation Expense | $5,520 | $6,911 | -20.1% | | Depreciation and Amortization | $3,169 | $3,748 | -15.4% | | Adjusted EBITDA (Loss) | $3,808 | $1,888 | +101.7% | | Adjusted EBITDA (Loss) Margin | 5.3% | 2.9% | +2.4 pp | - The company has achieved **positive Adjusted EBITDA** for the fourth consecutive quarter[7](index=7&type=chunk) [Non-GAAP Operating Expenses Reconciliation](index=4&type=section&id=Non-GAAP%20Operating%20Expenses%20Reconciliation) In Q1 2025, ThredUp's non-GAAP operating expenses were **$56.3 million**, representing **79.0% of revenue**, a significant improvement from **84.4% in Q1 2024**, primarily due to the exclusion of stock-based compensation and restructuring charges Non-GAAP Operating Expenses (Year-over-Year) | Metric | Q1 2025 (Thousand USD) | Q1 2024 (Thousand USD) | Year-over-Year Change | | :----------------------- | :--------------------- | :--------------------- | :----------- | | Total Operating Expenses (GAAP) | $61,805 | $64,108 | -3.6% | | Less: Stock-Based Compensation Expense | $(5,520) | $(6,911) | -20.1% | | Less: Severance and Other Restructuring Charges | $(3) | $(2,731) | -99.9% | | Total Non-GAAP Operating Expenses | $56,288 | $54,466 | +3.3% | | Non-GAAP Operating Expenses as a Percentage of Revenue | 79.0% | 84.4% | -5.4 pp | - Stock-based compensation expense decreased year-over-year across all categories: **operations, product and technology; marketing; and selling, general and administrative**[8](index=8&type=chunk) - Severance and other restructuring charges in Q1 2025 were **negligible** compared to Q1 2024[9](index=9&type=chunk) [Non-GAAP Free Cash Flow Reconciliation](index=8&type=section&id=Non-GAAP%20Free%20Cash%20Flow%20Reconciliation) ThredUp's non-GAAP free cash flow from continuing operations reached **$3.9 million in Q1 2025**, a significant improvement from negative free cash flow in Q1 2024, indicating enhanced cash generation capability after capital expenditures Non-GAAP Free Cash Flow from Continuing Operations (Year-over-Year) | Metric | Q1 2025 (Thousand USD) | Q1 2024 (Thousand USD) | | :------------------------------------------------ | :--------------------- | :--------------------- | | Net Cash Provided by (Used in) Continuing Operating Activities | $5,743 | $(3,035) | | Less: Purchases of Property and Equipment | $(1,815) | $(848) | | Non-GAAP Free Cash Flow from Continuing Operations | $3,928 | $(3,883) | - The company has transitioned from **negative to positive free cash flow**, demonstrating stronger cash management capabilities[12](index=12&type=chunk) [Operational Metrics](index=3&type=section&id=Operational%20Metrics) [Active Buyers and Orders](index=3&type=section&id=Active%20Buyers%20and%20Orders) ThredUp achieved growth in key operational metrics in Q1 2025, with active buyers increasing **5.7% year-over-year to 1,370 thousand** and orders growing **16.1% to 1,371 thousand** Active Buyers and Orders (Year-over-Year) | Metric | Q1 2025 (Thousands) | Q1 2024 (Thousands) | Year-over-Year Change | | :----------- | :------------------ | :------------------ | :------- | | Active Buyers | 1,370 | 1,296 | +5.7% | | Orders | 1,371 | 1,181 | +16.1% | - Both metrics have shown **consistent growth** over the past several quarters, indicating expanding customer engagement and transaction volume[7](index=7&type=chunk) [Additional Information](index=9&type=section&id=Additional%20Information) [About ThredUp](index=9&type=section&id=About%20ThredUp) ThredUp is a leading online resale platform for apparel, footwear, and accessories, driving resale through technology and a 'secondhand first' mission, offering sellers an easy way to clear closets and buyers up to 90% off branded items, supported by its proprietary operating platform and Resale-as-a-Service (RaaS) model - ThredUp's mission is to inspire the world to **think secondhand first**, transforming the resale industry through technology[14](index=14&type=chunk) - The company is one of the **largest online resale platforms** for apparel, footwear, and accessories globally, having processed over **200 million unique secondhand items** across **60,000 brands and 100 categories**[14](index=14&type=chunk) - Its proprietary operating platform underpins its managed marketplace and offers a **Resale-as-a-Service (RaaS) model** to help other brands and retailers provide customizable resale experiences[14](index=14&type=chunk) [Forward-Looking Statements](index=9&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding future financial and operational performance, business developments, market trends, and strategic initiatives, which are subject to significant risks and uncertainties, and investors should note that actual results may differ materially from these projections - Forward-looking statements pertain to future events or the company's future financial or operating performance, including **Q2 and full-year 2025 financial guidance**, business developments, market trends, **AI technology investments**, RaaS model expansion, and active buyer acquisition[15](index=15&type=chunk) - These statements are subject to **significant risks and uncertainties**, and actual results may differ from expectations[15](index=15&type=chunk)[16](index=16&type=chunk) - The company undertakes no obligation to update any forward-looking statements unless required by law, with further risk information available in its **periodic reports filed with the SEC**[16](index=16&type=chunk)[17](index=17&type=chunk) [Non-GAAP Financial Measures and Other Operating and Business Metrics Definitions](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Other%20Operating%20and%20Business%20Metrics%20Definitions) This section defines non-GAAP financial measures used in the report, including Adjusted EBITDA (Loss) from continuing operations, Adjusted EBITDA (Loss) margin from continuing operations, non-GAAP operating expenses, and non-GAAP free cash flow from continuing operations, along with key operating metrics like active buyers and orders, which are used for performance evaluation and comparability but are not GAAP substitutes - Non-GAAP financial measures include **Adjusted EBITDA (Loss) from continuing operations**, **Adjusted EBITDA (Loss) margin from continuing operations**, **non-GAAP operating expenses**, and **non-GAAP free cash flow from continuing operations**[18](index=18&type=chunk) - These non-GAAP metrics are utilized for assessing **operating performance, operating leverage, internal planning, and forecasting**, and for comparability with other companies, but are not substitutes for GAAP results[18](index=18&type=chunk) - Active buyers are defined as ThredUp buyers who have made at least one purchase in the preceding twelve months, while orders represent the total number of orders placed by buyers across all marketplaces (including RaaS clients) in a given period, net of cancellations[23](index=23&type=chunk)

Core Insights - ThredUp Inc. reported strong financial results for Q1 2025, with a record quarter for new buyer acquisition and an optimistic outlook for the full year [2][3][5] Financial Highlights - Revenue for Q1 2025 was $71.3 million, a 10% increase year-over-year [6] - Gross profit reached $56.4 million, up 9% year-over-year, with a gross margin of 79.1% [6] - The company reported a loss from continuing operations of $5.2 million, improving from a loss of $12.2 million in Q1 2024 [6] - Adjusted EBITDA from continuing operations was $3.8 million, or 5.3% of revenue, compared to $1.9 million, or 2.9% of revenue, in the same quarter last year [6][21] Business Developments - ThredUp launched an AI-powered social commerce feature called Shop Social, currently in beta on the iOS app [6] - The company announced a next-generation branded resale platform, removing branded resale fees to enhance brand partnerships [6] - ThredUp's 2025 Resale Report indicated that the U.S. secondhand market grew five times faster than the broader retail clothing market in 2024, projected to reach $74 billion by 2029 [6] Future Outlook - For Q2 2025, ThredUp anticipates record revenue of $71.3 million, a gross margin of 79.1%, and an increase in active buyers to 1.37 million, reflecting a 6% year-over-year growth [5][11] - The full-year 2025 outlook has been revised upwards, with expected revenue between $281 million and $291 million, representing a 10% year-over-year increase [11]

Olivier Le Moal The following segment was excerpted from The Optimist Fund Q1 2025 Quarterly Letter. Top Contributors ThredUp (TDUP) As highlighted in our Q4 letter, ThredUp preannounced strong results in January, pointing to a meaningful acceleration in both revenue growth ...

Company Overview - ThredUp's stock experienced a rise ahead of its upcoming earnings report, reflecting positive momentum with an increase in active buyers and solid customer retention [1][2] - The company has issued mid-to-high single-digit revenue growth guidance for both Q1 and the full year, driven by new buyer acquisition and investments in AI [2] Financial Performance - ThredUp projected Q1 revenue between $67.5 million and $69.5 million, and annual revenue between $270 million and $280 million [5] - The company is expected to maintain flat year-over-year adjusted EBITDA margins despite revenue growth [2] Market Position - ThredUp's proprietary platform and logistics infrastructure provide a competitive edge in the fragmented secondhand clothing market [2] - The secondhand clothing sector is performing well, particularly during economic downturns, attracting younger consumers [4] Industry Trends - The secondhand market is benefiting from consumers seeking bargains and selling items for extra cash, while also being less affected by tariffs [3] - Analysts caution that inventory challenges may arise if consumers choose to hold onto existing items due to economic uncertainty [4]

Group 1: Market Overview - As of April 23, 2025, two stocks in the consumer discretionary sector are signaling potential warnings for momentum-focused investors [1] - The Relative Strength Index (RSI) is highlighted as a key momentum indicator, with values above 70 indicating overbought conditions [2] Group 2: Company Analysis - ThredUp Inc (TDUP) - ThredUp is set to release its Q1 financial results on May 5, with the stock having increased approximately 37% over the past month and reaching a 52-week high of $3.89 [6] - The current RSI value for ThredUp is 83.2, indicating overbought conditions, and the stock closed at $3.85 after a 15.3% gain [6] - ThredUp has a momentum score of 99.37 and a value score of 52.30 according to Edge Stock Ratings [6] Group 3: Company Analysis - Ammo Inc (POWW) - Ammo Inc completed the sale of ammunition manufacturing assets to Olin Winchester on April 18, which is seen as a pivotal moment for the company [6] - This strategic move is expected to unlock significant value and facilitate growth as a pure-play e-commerce platform [6] - Ammo's stock rose around 35% over the past five days, reaching a 52-week high of $2.86, with an RSI value of 81.4 [6] - The stock closed at $1.80 after a 15.4% increase [6]

OAKLAND, Calif., April 07, 2025 (GLOBE NEWSWIRE) -- ThredUp (NASDAQ: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, announced today that its financial results for the first quarter ended March 31, 2025 will be released on Monday, May 5, 2025 after the close of the U.S. markets. ThredUp will host a conference call and live webcast that day at 1:30 p.m. PT / 4:30 p.m. ET. The live and archived webcast and all related earnings materials will be available at T ...

Core Insights - ThredUp Inc. reported a year-over-year revenue increase in Q4 2024, meeting the Zacks Consensus Estimate, but the bottom line showed a decline, missing the Consensus Estimate [1][3]. Financial Performance - Revenue for Q4 2024 increased by 9.5% year over year to $67.3 million, driven by marketing investments, AI enhancements, and a renewed focus on core business post-European divestiture [4]. - Consignment revenues grew by 16.6% to $64.6 million, while product revenues fell by 55.8% to $2.7 million [5]. - Active buyers decreased by 6% year over year to 1.3 million, but order growth increased by 2% to 1.2 million [5]. - Gross profit rose by 14% year over year to $54.1 million, with a gross margin of 80.4%, reflecting a 290-basis-point increase [6]. - Operating expenses increased by 10.7% to $62.3 million compared to the prior year [6]. - Adjusted EBITDA for Q4 2024 was $5 million, doubling from $2.5 million in the prior year, with an adjusted EBITDA margin of 7.4% [7]. Cash Flow and Capital Expenditures - The company ended the quarter with cash and cash equivalents of $31.9 million and total stockholders' equity of $56.3 million [8]. - Net cash provided by operating activities was $4.9 million for the 52-week period ending December 31, 2024, with total capital expenditures of $2.5 million for the quarter [8]. Future Guidance - For Q1 2025, ThredUp expects revenue between $67.5 million and $69.5 million, indicating a 6% year-over-year increase at the mid-point, with a gross margin between 77% and 79% [11]. - For the full year 2025, projected revenues are between $270 million and $280 million, also implying a 6% year-over-year increase at the mid-point, with an adjusted EBITDA margin expected to remain flat at 3.3% [12].

Financial Data and Key Metrics Changes - For Q4 2024, revenue totaled $67.3 million, an increase of 9.5% year over year, driven by marketing investments and AI upgrades [33] - Gross margin was 80.4%, a 290 basis point increase from the same quarter last year, attributed to a higher percentage of sales from consignment [34] - Adjusted EBITDA was $5 million, representing 7.4% of revenue, doubling the adjusted EBITDA dollars from the previous year [35] Business Line Data and Key Metrics Changes - Active buyers reached 1.3 million, a decline of 6% year over year, while order growth reaccelerated to 1.2 million, an increase of 2% year over year [33] - Fresh listings, defined as items under 14 days old, increased by 9% year over year, indicating a growing supply of high-quality apparel [13] Market Data and Key Metrics Changes - 51% of consumers indicated that inflation impacts their spending on apparel, while 62% expressed concern that tariffs would increase apparel prices [25][26] - The company noted that secondhand goods could become more attractive to consumers seeking affordable options due to rising prices in new apparel [25] Company Strategy and Development Direction - The company aims to accelerate growth while maintaining adjusted EBITDA margins, focusing on increasing active buyers through marketing and fresh listings [38] - Investments in generative AI are expected to enhance the secondhand shopping experience, with advancements in AI search functionality driving higher conversion rates [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum from Q4 continuing into Q1 2025, despite some uncertainty in consumer behavior [52] - The company plans to reach positive free cash flow on an annual basis in 2025, indicating a strong financial position [42] Other Important Information - The company completed the divestiture of Remix in November 2024, allowing a focus on its US business [6] - The company plans to reduce stock-based compensation by over 40% in 2025 to mitigate share dilution [43] Q&A Session Summary Question: Revenue, gross margin, and EBITDA pacing through the year - Management indicated that revenue growth is expected to accelerate from Q1 to Q2 and Q2 to Q3, with gross margin rates remaining consistent throughout the year [50][51] Question: Marketing spend and stock-based compensation outlook - Marketing is expected to be about 19% of revenue on a quarterly basis, with a conscious decision to use more cash and less stock to reduce dilution [61][60] Question: Image search technology and its impact on conversion - Image search has driven higher conversion rates as customers find relevant items more easily, leading to increased utilization of the product [68][70] Question: Impact of tariffs on advertising costs and pricing algorithms - Management noted that lower advertising costs could allow for increased spending on marketing, while dynamic pricing algorithms are in place to adjust to market conditions [76][80]

Financial Data and Key Metrics Changes - For Q4 2024, revenue totaled $67.3 million, an increase of 9.5% year over year, driven by marketing investments and AI upgrades [33] - Gross margin was 80.4%, a 290 basis point increase from the same quarter last year, attributed to a higher percentage of sales from consignment [34] - Adjusted EBITDA was $5 million, representing 7.4% of revenue, doubling from the previous year and showing a 330 basis point margin improvement [35] Business Line Data and Key Metrics Changes - Active buyers reached 1.3 million, a decline of 6% year over year, while order growth reaccelerated to 1.2 million, an increase of 2% year over year [33] - Fresh listings increased by 9% year over year, indicating a growing supply of high-quality apparel [13] Market Data and Key Metrics Changes - 51% of consumers indicated that inflation impacts their spending on apparel, while 62% expressed concern about new government policies affecting apparel prices [25][26] - The company noted that secondhand goods could become more attractive to consumers seeking affordable options due to rising prices in new apparel [26] Company Strategy and Development Direction - The company aims to accelerate growth while maintaining adjusted EBITDA margins, focusing on customer acquisition and fresh listings [38] - Investments in generative AI are expected to enhance the secondhand shopping experience, with advancements in AI search functionality driving higher conversion rates [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum from Q4 2024 continuing into Q1 2025, despite some uncertainty in consumer behavior [52] - The company plans to reach positive free cash flow on an annual basis in 2025, indicating a strong financial position [42] Other Important Information - The company completed the divestiture of Remix in November 2024, focusing exclusively on its US operations [6] - The company plans to reduce stock-based compensation by over 40% in 2025 to mitigate share dilution [43] Q&A Session Summary Question: Revenue, gross margin, and EBITDA pacing through the year - Management indicated that revenue growth is expected to accelerate from Q1 to Q2, with Q4 showing growth but at a lower rate [50][52] Question: Marketing spend and stock-based compensation outlook - Marketing spend is projected to be about 19% of revenue quarterly, with a focus on improving returns on that spend [61] Question: Image search technology and its impact on conversion - Management highlighted that image search technology has significantly improved conversion rates by providing more relevant results based on visual shopping preferences [68][70] Question: Impact of tariffs on advertising costs and pricing algorithms - Management noted that tariffs could lead to lower advertising costs and potentially increase the attractiveness of secondhand goods, with dynamic pricing algorithms in place to adjust to market conditions [77][80]

INVESTOR PRESENTATION Fourth Quarter 2024 © THREDUP The following contains confidential information. Do not distribute without permission. Safe harbor This presentation and the accompanying oral commentary contains 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 forwa ...