10-K · March 2, 2026
ThredUp positions itself as a scaled, tech-enabled U.S. resale marketplace with a proprietary operating platform (distributed processing, software and data science) and a growing RaaS offering. Revenue expanded…
Earnings analysis · 10-Q
TDUP earnings analysis
Filed May 4, 2026 · Our reading of the company's report
The latest report
ThredUp Inc. reported a strong year-over-year revenue increase of 14.6% for Q1 2026, reaching $81.7 million. Despite this growth, net losses widened to $6.5 million, highlighting ongoing operational challenges.…
Read full summary
ThredUp Inc. reported a strong year-over-year revenue increase of 14.6% for Q1 2026, reaching $81.7 million. Despite this growth, net losses widened to $6.5 million, highlighting ongoing operational challenges. Management underscored positive performance metrics, including a rise in active buyers and orders, but noted increased operational costs as a headwind to profitability.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
- Gross margin
- 79.2%
What stood out
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Revenue Growth of 14.6%
Revenue increased from $71.3 million in Q1 2025 to $81.7 million in Q1 2026.
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Gross Margin Stability
Gross margin slightly improved to 79.2%, up from 79.1% a year ago.
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Increase in Active Buyers
Active buyers grew by 25.0%, from 1.4 million in Q1 2025 to 1.7 million in Q1 2026.
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Operational Cash Flow Positive
Generated $4.8 million in operating cash flow for Q1 2026, although this was a decrease from $5.7 million in Q1 2025.
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Adjusted EBITDA Decline
Non-GAAP Adjusted EBITDA decreased by 27.9% year-over-year, from $3.8 million to $2.7 million.
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Lower Interest Expense
Interest expense decreased by 25.3% due to reduced debt levels and lower rates.
What to watch
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Widening Net Loss
Net loss increased 24.1% year-over-year, from $5.2 million to $6.5 million.
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Increased Operational Costs
Operations, product, and technology expenses increased 16.9%, impacting margins.
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Dependence on Market Conditions
Inflationary pressures are affecting profitability and may slow revenue growth, as noted in the MD&A.
Management's outlook
No explicit numeric guidance provided; management defers forward-looking statements on growth expectations.
Earlier filings 4
10-K · March 3, 2025
ThredUp positions itself as a scaled, tech-enabled resale marketplace focused on U.S. apparel, shoes and accessories, leveraging a proprietary operating platform (distributed processing, proprietary software and data…
10-Q · May 6, 2024
ThredUp reported quarterly revenue of $79,588,000 (up $3,666,000 vs. $75,922,000 in Q1 2023) and a gross profit of $55,326,000. Operating loss narrowed to $(16,711,000) from $(20,183,000) a year ago and net loss…
10-K · March 5, 2024
ThredUp positions itself as a scaled, technology-driven resale platform focused on marketplace sales, its Remix direct‑to‑consumer business and a growing Resale‑as‑a‑Service (RaaS) offering. The 10‑K emphasizes platform…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.