ThredUp, an online marketplace for resale, recorded revenue of US $ 79.6 million for the first quarter of 2018, up 5 per cent from the same period last year.
The quarter’s gross profit was US $ 55.3 million, an increase of 8 per cent, and the gross margin was 69.5 per cent. Adjusted EBITDA loss improved to US $ 0.7 million, or a negative 0.9 per cent of revenue, while net loss shrank to US $ 16.6 million, or a negative 20.8 per cent.
“We delivered another quarter of strong financial performance, demonstrating healthy gross profit growth and bottom-line leverage. Looking ahead, we are focused on reshaping ThredUp into an AI-powered resale company by increasing investments in product, operations, and marketing, while reducing operating expenses and accelerating our path to free cash flow,” said ThredUp CEO and co-founder James Reinhart.
The company cut its global corporate staff by about 20 per cent and its annualised operational expenses by about US $ 17 million during the quarter. Consequently, the corporation plans to augment its investments in AI product development, optimise processing at its distribution facilities, and augment marketing expenditures.
ThredUp anticipates revenue between US $ 81 million and US $ 83 million for the second quarter of 2024, a gross margin between 71 and 73 per cent, or a six per cent dollar growth in gross profit at the midpoint of revenue and gross margin guidance, and an adjusted EBITDA margin between one and three per cent.
ThredUp anticipates revenue between US $ 328 million and US $ 338 million for the entire fiscal year 2024, a gross margin between 71 and 72 per cent, or an 11 per cent annual growth in gross profit at the midpoint of revenue and gross margin guidance, and an adjusted EBITDA margin between 2 and 4 per cent.