ThredUp posts Q1 revenue growth of 31 percent

For the first quarter ended March 31, 2022, ThredUp Inc. reported total revenue of 72.7 million dollars, an increase of 31 percent year-over-year.

For the second quarter, ThredUp expects revenue in the range of 75 million dollars to 77 million dollars, gross margin in the range of 67 percent to 69 percent and adjusted EBITDA margin loss in the range of 19 percent to 17 percent.

For the full fiscal year, the company expects revenue in the range of 315 million dollars to 325 million dollars, gross margin in the range of 67 percent to 69 percent and adjusted EBITDA margin loss in the range of 16 percent to 14 percent.

"We kicked off 2022 with another quarter of strong financial performance, demonstrating the ongoing competitive advantages we’ve developed in our supply chain," said ThredUp CEO and co-founder James Reinhart in a release.

Highlights of ThredUp’s first quarter performance

The company’s gross profit for the quarter totaled 50.2 million dollars, representing growth of 26 percent, while gross margin was 69.1 percent as compared to 71.3 percent in the first quarter last year.

The online resale platforms for women’s and kids’ apparel, shoes, and accessories recorded GAAP net loss of 20.7 million dollars or 28.5% of revenue compared to 16.2 million dollars or 29 percent of revenue, for the first quarter 2021. Adjusted EBITDA loss was 13 million dollars or 17.8 percent of revenue compared to 9.1 million dollars or 16.4 percent of revenue, for the same quarter in 2021.

Active buyers of 1.7 million and orders of 1.6 million rose 33 percent and 45 percent, respectively, over the comparable quarter last year.