TDUP · ThredUp Inc.

ThredUp's first quarter 2026 results demonstrated continued revenue growth, driven by a 25% year-over-year increase in Active Buyers to a record 1.71 million. Revenue of $81.7 million grew 15% YoY, while gross margin expanded slightly to 79.2% from 79.1%, reflecting stable unit economics. However, net loss widened to $6.5 million from $5.2 million, and Adjusted EBITDA declined to $2.7 million from $3.8 million, as operating expenses grew faster than revenue. Operating expenses rose 15.3% YoY, driven by investments in operations, product, and technology (up 17%) and marketing (up 14%). The company ended the quarter with $54.4 million in cash and marketable securities, up modestly from the prior quarter. Management highlighted a record month for new buyer acquisition and raised full-year 2026 guidance: revenue now expected at $351.2-$356.2 million (previously not disclosed), gross margin of 78.5%-79.5%, and Adjusted EBITDA margin of approximately 6.1%. For Q2, revenue guidance of $89-$91 million implies 16% YoY growth at the midpoint. The raised outlook suggests confidence in sustained momentum, though the decline in profitability metrics warrants monitoring.