ThredUp Q3 revenues decline by 11 percent

ThredUp third quarter revenue of 73 million dollars, decreased by 11 percent, while US revenue of 61.5 million dollars, decreased by 10 percent year-over-year.

Net loss widened to 24.8 million dollars, while net loss in the US was 9.9 million dollars. Adjusted EBITDA loss was 2.5 million dollars and adjusted EBITDA in the US was 0.7 million dollars.

“Though we know there is still work ahead, we have made clear progress in course-correcting in the US since last quarter. With momentum in our marketplace, we are pleased to be raising our US Q4 and 2024 revenue outlook and are excited for the opportunities in front of us,” said ThredUp CEO and co-founder James Reinhart.

The company said in a statement that gross profit for the quarter reached 52 million dollars, a decrease of 8 percent, while gross margin was 71.2 percent compared to the third quarter of 2023.

Active buyers of 1.632 million and orders of 1.553 million decreased by 7 percent and 14 percent, respectively.

For the fourth quarter, ThredUp expects revenue in the range of 67.2 million dollars to 69.2 million dollars and US revenue in the range of 58 million dollars to 60 million dollars. Gross margin is expected to be in the range of 72.3 percent to 73.3 percent and adjusted EBITDA loss margin in the range of negative 4.7 percent to negative 2.7 percent.

For the full fiscal year, ThredUp expects revenue in the range 300 million to 302 million dollars and USl revenue in the range of 250.8 million to 252.8 million dollars. Gross margin in the range of 70.8 percent to 71 percent and adjusted EBITDA loss margin in the range of negative 2.6 percent to negative 2.2 percent.