Thredup Stock Earnings Reports

ThredUp reported a strong Q1 2026 with revenue up 14.6% YoY to $81.7M, gross margin of 79.2%, adjusted EBITDA of $2.7M (3.4% of revenue), and a 25% YoY increase in active buyers (1.7M TTM). March was the company’s best month ever for buyer acquisition and new buyer flows remain robust. Management highlighted early signs of a slightly more discerning consumer—ASP down ~3% and conversion for existing customers down ~5% since early March—and has incorporated those trends into guidance. Key strategic priorities are: (1) grow and retain high-value buyers, (2) deploy AI/agentic experiences and reinforcement learning to personalize discovery and boost conversion (initial rollout beginning with dresses), and (3) scale higher-quality supply via paid seller acquisition (notably TikTok Shop), improved onboarding, premium kits, and seller tools (pricing, relisting). Listings were up 17% YoY and seven-day sell-through rose >15% YoY, signaling demand outpacing supply and motivating investments in inbound processing. Guidance: Q2 revenue $89–$91M (~16% YoY at midpoint), gross margin 78.5%–79.5%, adjusted EBITDA ~5.2% of revenue. Full-year revenue guidance $351.2–$356.2M (~14% YoY midpoint), gross margin 78.5%–79.5%, adjusted EBITDA ~6.1%. Management will reinvest any upside into growth (processing, marketing). Cash/securities ended Q1 at $54.4M.