ThredUp(US:TDUP)2025-11-03 21:12Financial Performance - Revenue for Q3 2025 was $82.2 million, a 33.6% increase from $61.5 million in Q3 2024[3] - Gross profit for Q3 2025 was $65.2 million, up 33.8% from $48.8 million in Q3 2024[3] - Adjusted EBITDA from continuing operations was $3.8 million in Q3 2025, compared to $0.3 million in Q3 2024[3] - The company reported a loss from continuing operations of $4.2 million in Q3 2025, an improvement from a loss of $10.4 million in Q3 2024[3] - Adjusted EBITDA margin for Q3 2025 was 4.6%, compared to 0.5% in Q3 2024[3] - ThredUp reported a loss from continuing operations of $8,059,000 for the three months ended December 31, 2024, which improved to a loss of $4,248,000 by September 30, 2025[9] - Net cash provided by continuing operating activities was $663,000 for the three months ended December 31, 2024, increasing to $6,028,000 by September 30, 2025[10] - Non-GAAP free cash flow from continuing operations was negative $2,935,000 for the three months ended December 31, 2024, but improved to positive $2,377,000 by September 30, 2025[10] Operational Metrics - Active Buyers reached 1,568 thousand in Q3 2025, representing a 25.6% year-over-year increase from 1,248 thousand in Q3 2024[3] - Orders totaled 1,608 thousand in Q3 2025, a 37.2% increase compared to 1,172 thousand in Q3 2024[3] - Gross margin for Q3 2025 was 79.4%, slightly up from 79.3% in Q3 2024[3] Future Projections - For Q4 2025, ThredUp expects revenue in the range of $76.0 million to $78.0 million[3] - For fiscal year 2025, ThredUp anticipates revenue between $307.0 million and $309.0 million[3] Cash and Assets - Cash and cash equivalents increased from $31,851,000 in December 2023 to $41,057,000 in March 2024, a growth of 29%[8] - Total current assets rose from $56,922,000 in December 2023 to $60,460,000 in March 2024, reflecting a 5.4% increase[8] - Cash, cash equivalents, and restricted cash at the end of September 30, 2025, totaled $51,253,000, up from $40,488,000 at the beginning of the period[9] Liabilities and Equity - Total liabilities decreased slightly from $114,924,000 in December 2023 to $116,417,000 in March 2024[8] - Total stockholders' equity decreased from $56,301,000 in December 2023 to $56,083,000 in March 2024[8] - The accumulated deficit stood at $(555,861,000) in December 2024, projected to increase to $(570,500,000) by September 2025[8] Expenses - Total operating expenses for Q4 2023 were $56,216,000, with a projected increase to $64,108,000 in Q1 2024, representing a 15% increase[6] - Non-GAAP operating expenses as a percentage of revenue were 80.7% in Q4 2023, expected to rise to 84.4% in Q1 2024[6] - Stock-based compensation expense for Q4 2023 was $6,162,000, with a forecasted decrease to $4,500,000 by Q3 2025[6] Market Position and Strategy - ThredUp processed over 200 million unique secondhand items from 60,000 brands across 100 categories, emphasizing its position as a leading online resale platform[11] - The company aims to enhance its technology and infrastructure, including investments in AI technologies for improved shopping experiences[12] - ThredUp's Resale-as-a-Service (RaaS) model is expanding, with plans to attract new Active Buyers through innovative shopping experiences[12] - The company anticipates growth in the online resale market, with a focus on consumer demand and long-term growth strategies[12] Cash Management - ThredUp's operating lease liabilities decreased from $801,000 in December 2024 to $1,235,000 by September 2025, indicating improved cash management[9] Guidance and Reconciliation - The company is not providing a quantitative reconciliation of forward-looking guidance for non-GAAP measures due to uncertainties in certain items[19]