ThredUp Inc.

Listed Company

TDUPCIK 0001484778NasdaqEmerging GrowthRetail-Catalog & Mail-Order HousesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$310.81M

Net Income

$-20.21M

Total Assets

$167.25M

Equity

$59.19M

Shares Out

127.03M

Op. Cash Flow

$10.65M

Business

ThredUp Inc. operates one of the world’s largest online resale platforms for apparel, shoes and accessories, facilitating the buying and selling of secondhand items. It offers a managed marketplace, Clean Out Kits for sellers, consignment and direct product sales, bag fees, and Resale-as-a-Service (RaaS) including the Resale 360 suite. Key business segments include its consumer marketplace, RaaS offerings for brands and retailers, and a proprietary operating platform combining distributed processing infrastructure, proprietary software and data science. ThredUp primarily serves buyers and sellers in the United States via its website, mobile app, national distribution centers and retailer partnerships.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	311	260	259	288	252
Cost of revenue	64	53	60	96	74
Gross profit	247	207	198	192	178
Operations, product and technology	153	142	143	156	128
Marketing	59	49	51	64	64
Sales, general and administrative	57	57	57	62	49
Total operating expenses	268	248	251	282	241
Operating loss	−22	−41	−53	−89	−62
Interest expense	−2	−3	−2	—	—
Other income, net	4	3	3	−2	−2
Loss before provision for income taxes	−20	−40	−52	−92	−63
Provision for income taxes	59,000	29,000	19,000	35,000	80,000
Loss from continuing operations	−20	−40	−52	—	—
Loss from discontinued operations, net of tax	0	−37	−19	—	—
Net loss	−20	−77	−71	−92	−63
Weighted-average shares used to compute loss per share, basic (in shares)	122	112	105	100	77
Weighted-average shares used to compute loss per share, diluted (in shares)	122	112	105	100	77
Loss from continuing operations per share, basic (in dollars per share)	−0.17	−0.36	−0.5	—	—
Loss from continuing operations per share, diluted (in dollars per share)	−0.17	−0.36	−0.5	—	—
Loss from discontinued operations per share, basic (in dollars per share)	0	−0.33	−0.18	—	—
Loss from discontinued operations per share, diluted (in dollars per share)	0	−0.33	−0.18	—	—
Total loss per share, basic (in dollars per share)	−0.17	−0.69	−0.68	−0.92	−0.82
Total loss per share, diluted (in dollars per share)	−0.17	−0.69	−0.68	−0.92	−0.82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	39	32	54	38	85
Marketable securities	9	12	8	67	121
Accounts receivable, net	2	4	5	5	4
Other current assets	6	9	6	7	9
Total current assets	57	57	94	134	228
Operating lease right-of-use assets	25	29	28	46	39
Property and equipment, net	67	68	78	92	55
Goodwill	11	11	11	12	12
Other assets	7	6	5	7	12
Total assets	167	171	250	302	361
Accounts payable	10	8	4	8	13
Accrued and other current liabilities	25	30	29	50	45
Seller payable	18	15	21	16	19
Operating lease liabilities, current	5	4	5	6	4
Current portion of long-term debt	4	4	4	4	8
Total current liabilities	62	62	77	84	89
Operating lease liabilities, non-current	29	32	32	49	37
Long-term debt, net of current portion	14	18	22	26	28
Other non-current liabilities	3	3	2	3	1
Total liabilities	108	115	146	162	155
Commitments and contingencies (Note 10)	—	—	—	—	—
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of December 31, 2025 and 2024; 127,027 and 116,134 shares issued and outstanding as of December 31, 2025 and 2024, respectively	12,000	11,000	11,000	10,000	10,000
Additional paid-in capital	635	612	585	552	522
Accumulated other comprehensive income	3,000	3,000	−2	−4	−1
Accumulated deficit	−576	−556	−479	−408	−315
Total stockholders equity	59	56	104	140	206
Total liabilities and stockholders equity	167	171	250	302	361

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	13	17	14	14	9
Stock-based compensation expense	19	26	30	27	13
Reduction in carrying amount of right-of-use assets	5	5	5	6	4
Impairment of long-lived assets	1	0	—	—	—
Other	−833,000	−16,000	820,000	6	2
Accounts receivable, net	1	1	−2	−530,000	−1
Other current and non-current assets	−366,000	3	1	893,000	−6
Accounts payable	1	4	−642,000	−4	871,000
Accrued and other liabilities	−6	−561,000	−8	2	9
Seller payable	3	−6	5	−3	5
Operating lease liabilities	−5	−5	−6	924,000	−4
Other non-current liabilities	−500,000	0	−54,000	−960,000	−1
Net cash provided by continuing operating activities	11	5	−10	—	—
Purchases of marketable securities	−21	−32	−18	−3	−125
Sale and maturities of marketable securities	24	28	—	—	—
Purchases of property and equipment	−10	−7	−13	−43	−20
Net cash used in continuing investing activities	−7	−10	47	—	—
Repayment of debt	−4	−4	−4	−6	−4
Proceeds from issuance of stock-based awards	28	4	5	4	7
Payments of withholding taxes on stock-based awards	−24	−4	−5	−2	−347,000
Net cash used in continuing financing activities	−397,000	−4	−4	−4	229
Net change in cash, cash equivalents and restricted cash from continuing operations	3	−10	33	—	—
Net cash flow used in discontinued operating activities	0	−4	−13	—	—
Net cash flow used in discontinued investing activities	0	−7	−3	—	—
Net change in cash, cash equivalents and restricted cash from discontinued operations	0	−11	−16	—	—
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	−586,000	—	—	—
Net change in cash, cash equivalents and restricted cash	3	−21	17	−48	24
Cash paid for interest	2	2	3	2	2
Purchases of property and equipment included in accounts payable and accrued liabilities	2	681,000	100,000	6	4
Right-of-use assets obtained in exchange for new lease liabilities	2	5	0	13	20

Filings

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