ThredUp posted an 8% year-on-year increase in revenue to $82.7 million in the second quarter of the year.
Its gross margin stood at 67.4%, as against 68.9% in Q2 2022, while gross profit rose by 6% to $55.7 million during the timeframe.
ThredUp’s Q2 net loss was $18.8 million, or -22.7% of revenue, versus a net loss of $28.4 million, or -37.2% of revenue in the year-ago period.
The fashion marketplace posted an adjusted EBITDA loss of $5.0 million, or -6.1% of revenue, in Q2, compared to an adjusted EBITDA loss of $13.5 million, or -17.7% of revenue, in Q2 2022.
Its number of active buyers dropped marginally by 0.8% to 1.7 million, while order numbers climbed by 5% to 1.8 million in Q2, versus Q2 2022.
During the quarter, ThredUp said it continued to grow its Resale-as-a-Service (RaaS) client roster, launching a dozen new resale programs with brands including American Eagle, TOMS, and The Container Store.
It also announced a dual-listing on LTSE on the Long-Term Stock Exchange (LTSE), a move it described as “affirming its strategic alignment with long-term shareholders, employees, customers, and communities within a public market designed to promote sustainability, resilience, and long-term value creation.”
Calling the set of Q2 results strong, CEO and co-founder James Reinhart said, “Our performance demonstrates both the management team’s ability to forecast and manage the business amid a dynamic consumer environment as well as the sound strategy behind key company initiatives that have powered our growth and margin expansion.”
California-based ThredUp competes against sites including The RealReal, Poshmark, Grailed and Depop.