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TDUP

ThredUp Inc.

TDUP

ThredUp Inc. • NASDAQ
$7.51 ▲ 0.20% (+0.01)
Market Cap $941.42 M
52w High $12.28
52w Low $1.21
Dividend Yield 0%
P/E -39.55
Volume 627.68K
Outstanding Shares 125.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $82.161M ▲ $66.462M ▼ $-4.248M ▲ -5.17% ▲ $-0.034 ▲ $538K ▲
Q2-2025 $77.657M ▲ $66.981M ▲ $-5.176M ▲ -6.665% ▲ $-0.043 ▼ $-1.483M ▼
Q1-2025 $71.291M ▲ $61.805M ▲ $-5.215M ▲ -7.315% ▲ $-0.04 ▲ $-1.475M ▼
Q4-2024 $27.667M ▼ $28.445M ▼ $-21.707M ▲ -78.458% ▼ $-0.19 ▲ $18.686M ▲
Q3-2024 $73.021M $76.848M $-24.771M -33.923% $-0.22 $-17.011M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $51.111M ▲ $172.469M ▼ $113.397M ▲ $59.072M ▼
Q2-2025 $47.575M ▲ $173.603M ▲ $113.396M ▼ $60.207M ▲
Q1-2025 $46.776M ▲ $172.5M ▲ $116.417M ▲ $56.083M ▼
Q4-2024 $44.176M ▼ $171.225M ▼ $114.924M ▼ $56.301M ▼
Q3-2024 $55.296M $214.944M $145.672M $69.272M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.248M ▼ $6.028M ▲ $-1.873M ▲ $-2.531M ▼ $1.711M ▲ $2.377M ▲
Q2-2025 $0 ▲ $344K ▼ $-4.104M ▼ $3.672M ▲ $-88K ▼ $-2.935M ▼
Q1-2025 $-5.215M ▲ $5.743M ▲ $5.075M ▲ $-1.589M ▼ $9.229M ▲ $3.928M ▲
Q4-2024 $-8.059M ▲ $1.13M ▼ $-8.465M ▼ $-467K ▲ $-8.509M ▼ $-91K ▼
Q3-2024 $-10.358M $3.346M $-3.492M $-1.263M $-1.04M $1.199M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Gift Card Breakage
Gift Card Breakage
 $0 ▲$0 ▲$0 ▲$0 ▲
Gift Card
Gift Card
 $0 ▲$0 ▲$0 ▲$0 ▲
Loyalty Program
Loyalty Program
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully from early years, but most recent figures show a pause and even a slight step back in sales growth. The good news is that the underlying economics of each dollar of sales appear to be improving: gross profit has steadily strengthened, indicating the core resale model is becoming more efficient. Operating losses have narrowed over time as scale and efficiency improve, though the business is still clearly not profitable. Net losses and per‑share losses remain material, and recent results show that while operating performance is better, bottom‑line profitability is not yet in sight and can still move around from year to year.

Balance Sheet

Balance Sheet The balance sheet shows a company that has invested heavily and is now leaner than a few years ago. Total assets and equity built up after the IPO and then gradually declined as losses accumulated and spending was pulled back. Cash is modest rather than abundant, and debt is present but not extreme, suggesting some financial flexibility but not a lot of room for prolonged heavy cash burn. Overall, the company is not over‑levered, but it does not have a fortress balance sheet either; future growth and resilience will depend on moving closer to sustained profitability or accessing additional capital if needed.

Cash Flow

Cash Flow Cash flow trends are moving in the right direction but remain a key watchpoint. Historically, the business consumed cash from operations and required additional investment to build out its infrastructure. More recently, operating cash flow has moved toward break‑even, and free cash flow has improved as both operating efficiency and capital spending discipline have increased. This suggests the model is becoming more self‑sustaining, but the margin for error is still thin: any slowdown in revenue or step‑up in investment could easily push cash burn higher again, so consistency over several periods will matter.

Competitive Edge

Competitive Edge ThredUp operates in a fast‑growing but crowded secondhand apparel market. Its main edge lies in being a managed marketplace with large, automated processing centers, rather than a simple peer‑to‑peer listing site. This allows it to handle a huge volume of items, maintain quality control, and offer a more curated, convenient experience for both buyers and sellers. Its data advantage and partnerships with major retailers through its resale‑as‑a‑service platform further deepen its role in the circular fashion ecosystem. At the same time, it faces intense competition from other resale platforms, traditional retailers launching their own programs, and shifting consumer tastes, so maintaining differentiation and brand trust is critical.

Innovation and R&D

Innovation and R&D Innovation is central to ThredUp’s strategy. The company leans heavily on artificial intelligence and automation to sort, price, and manage millions of unique items, and it increasingly uses AI to personalize the shopping experience, from better search and recommendations to interactive styling tools. Its resale‑as‑a‑service offering for major brands is a notable innovation, turning its technology and logistics into a platform others can plug into. ThredUp is also experimenting with a peer‑to‑peer marketplace and new product concepts, which could broaden its reach but also require continued investment. The core question is whether this technology and product innovation can translate into durable cost advantages and, ultimately, consistent profitability.

Summary

Overall, ThredUp looks like a technology‑driven resale platform that has moved from rapid build‑out and heavy losses toward a more disciplined, efficiency‑focused phase. The business model is gaining operational traction, with better unit economics and improving cash flow, but it has not yet crossed into steady profitability, and recent revenue softness highlights that growth is not guaranteed. Its competitive strengths—automation, data, partnerships, and brand recognition in sustainable fashion—are meaningful, yet the industry is competitive and evolving quickly. Future performance will hinge on balancing innovation and growth with tighter financial control, and on proving that its scale and technology can produce both growth and durable, positive cash generation over time.

NEWS

November 17, 2025 · 4:05 PM UTC

ThredUp Appoints Financial Governance Leader Kelly Bodnar Battles to Board of Directors and Audit Committee Chair

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November 3, 2025 · 4:05 PM UTC

ThredUp Announces Third Quarter 2025 Results

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October 16, 2025 · 9:15 AM UTC

ThredUp Report Reveals 40% of Holiday Budgets Will Go to Secondhand Gifts

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October 7, 2025 · 4:05 PM UTC

ThredUp to Report Third Quarter 2025 Financial Results on November 3, 2025

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September 22, 2025 · 9:00 AM UTC

ThredUp Unveils New Brand Identity to Mark Resale's Mainstream Revolution

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