Core Insights - ThredUp reported Q2 2025 GAAP revenue of $77.7 million, exceeding analyst expectations by over $3.9 million, while still posting a net loss [1][5] - The company achieved a record increase in active buyers, with a year-over-year growth of 74%, marking the best performance in its history [6] Financial Performance - Q2 2025 GAAP revenue was $77.7 million, a 16.4% increase from $66.7 million in Q2 2024 [2] - GAAP EPS improved to $(0.04) from $(0.09) in Q2 2024 [2] - Gross margin increased to 79.5%, up from 78.8% year-over-year [2] - Adjusted EBITDA from continuing operations doubled to $3.0 million, compared to $1.5 million in Q2 2024 [2][5] - The net loss from continuing operations narrowed to $5.2 million from $9.4 million in Q2 2024 [5] Operational Highlights - Active buyers reached 1.47 million, with orders processed rising to 1.54 million, a 21% increase [6] - The company invested in AI-powered product improvements, leading to a 64% higher conversion rate for sessions using the "shop similar" feature [7] - ThredUp's scalable infrastructure processes over 100,000 unique items daily, supporting efficient operations [10] Strategic Focus - The company is focused on scaling operations and enhancing its technology-enabled marketplace through its Resale-as-a-Service (RaaS) offering [4][8] - Management emphasized the importance of data-driven personalization and automation for long-term growth and profitability [4] Financial Position - ThredUp maintained positive non-GAAP free cash flow and ended the quarter with $56.2 million in cash, securities, and equivalents [9] - Total assets were $173.6 million as of June 30, 2025, with liabilities remaining steady [9] Future Guidance - Management raised revenue expectations for the full year to between $298.0 million and $302.0 million, up from previous estimates [11] - Q3 2025 revenue is projected to be in the range of $76.0 million to $78.0 million [11] - Full-year gross margin is expected to be in the 78% to 79% range, with an adjusted EBITDA margin forecast around 4.2% [11]