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ThredUp revenues hit 63.3 million dollars

By Kristopher Fraser

9 Nov 2021

Business

Image: thredup.com

ThredUp has reported that their third quarter revenues have reached a high of 63.3 million dollars, representing 35 percent growth-over-year. They have also reported a third quarter gross margin of 73 percent and gross profit growth of 41 percent year-over-year.

ThredUp’s growth has been helped by the addition of a new distribution center in Texas, expected to more than double ThredUp’s current capacity when fully operational. The company has also established Resale-as-a-Service (RaaS) program with Adidas, Crocs, and Michael Stars.

“Third-quarter marked another quarter of exceptional financial performance, with our platform demonstrating strong resilience amidst headwinds posed by the pandemic,” said James Reinhart, CEO, and co-founder at ThredUP, in a statement. “Supply continues to appear endless, demand for secondhand is increasing with more first-time buyers trying ThredUp, and we’re doubling down on infrastructure investments so we can continue providing our buyers with a vast and ever-changing selection of great brands at great prices.”

ThredUp’s GAAP net loss was 14.7 million dollars, or 23 percent of revenue, for third quarter 2021, compared to a GAAP net loss of 11 million dollars, or 23 percent of revenue for the third quarter 2020. Adjusted EBITDA loss was 7.8 million dollars, or 12 percent of revenue, for the third quarter 201, compared to adjusted EBITDA loss of 7.5 million, or 16 percent of revenue, for the third quarter 2020.

ThredUp has also seen an increase in active buyers totaling 1.4 million and orders of 1.3 million, growing 14 percent and 28 percent over the comparable quarter last year. ThredUp’s recent acquisition of Remix is also expected to help their international expansion. ThredUp has also completed a strategic investment in Vopero, a resale marketplace serving Latin America.