Fashion marketplace ThredUp recorded a 31% year-over-year rise in revenue in Q1, to reach $72.7 million.

The first quarter gross margin stood at 69.1% (down from 71.3% in the first quarter of last year), while gross profit climbed by 26% year over year to stand at $50.2 million.

The company’s adjusted EBITDA loss was $13.0 million, or 17.8% of revenue, for the period, compared to a loss of $9.1 million, or 16.4% of revenue, in the first quarter of 2021.

The results came on the back of a record number of active buyers (1.7 million) and orders (1.6 million) in Q1, marking year-over-year gains of 33% and 45% respectively.

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

“We’re thrilled about the progress we’re making in the European market as well as the growing roster of brands and retailers we’re supporting through our RaaS offering. By continuing to invest in our global infrastructure, we’re confident that we’re strengthening our position in the growing resale market and making progress towards building a generation-defining company that changes the way the world shops and ushers in a new era of sustainable shopping.”

ThredUp has recently brought two new processing centers online in the U.S., in Grapevine, Texas and Lebanon, Tennessee, while works have also begun on a distribution center in Dallas, Texas, and a new facility in Sofia, Bulgaria.

Meanwhile, the California-based company continues to expand its RaaS program with new clients.

In April, it launched “Recommerce 100”, a “comprehensive and objective” review of branded recommerce that tracks brands’ adoption of resale, each program’s growth, and their environmental impact.

ThredUp competes against sites including The RealReal, Poshmark, Grailed and Depop.

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