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THREDUP thredUP Announces Second Quarter 2021 Results August 10 , 2021 • Another record - setting quarter with 27 % year - over - year revenue growth • Gross margins expanded to a record 74 % and gross profit grew 34 % year - over - year to a record $ 44 million • All - time high Active Buyers of 1.34 million and Orders of 1.22 million • Announced the initial phase of international expansion with the planned acquisition of Remix in Europe • Established new resale programs enabled by Resale - as - a - Service® ( RaaSⓇ ) with consumer brands including Madewell , FARFETCH , Fabletics , Vera Bradley , and LG – the first non - fashion brand to leverage RaaSⓇ • Published our ninth annual Resale Report , which includes a new thredUP Impact Section detailing our ESG progress and commitment OAKLAND , Calif . , Aug. 10 , 2021 ( GLOBE NEWSWIRE ) -- ThredUp Inc. ( Nasdaq : TDUP ) , one of the largest online resale platforms for women's and kids ' apparel , shoes , and accessories , announced today its financial results for the second quarter ended June 30 , 2021 . " thredUP is pleased to share another strong quarter with a further proofpoint of secondhand's strength as evidenced by our better - than - expected revenue growth . In addition , our industry - leading infrastructure is reflected by our strong gross margin trends , " said CEO and co - founder James Reinhart . " Beyond our core marketplace growth , we announced thredUP's entrance into Europe through the planned acquisition of Remix and further growth of our RaaSⓇ client base including the first white - label resale shop created for Madewell . We also released thredUP's ninth annual Resale Report , which revealed that the secondhand opportunity is continuing to grow . We believe thredUP is well - positioned to capture growth and fuel the rapidly emerging resale ecosystem . " Second Quarter 2021 Financial Highlights • Revenue : Total revenue was a record at $ 60 million , an increase of 26.7 % year - over - year . • Gross Profit and Gross Margin : Gross profit totaled $ 44.1 million representing growth of 33.7 % year - over - year . Gross margin expanded to 73.6 % from 69.7 % in the comparable quarter last year . • Net Loss : GAAP net loss was $ 14.4 million , or 24 % of revenue , for the second quarter 2021 , compared to a GAAP net loss of $ 6.7 million , or 14.1 % of revenue , for the second quarter 2020 . • Adjusted EBITDA and EBITDA Margin : The Adjusted EBITDA loss was $ 9 million , or 15.1 % of revenue , for the second quarter 2021 , compared to the Adjusted EBITDA loss of $ 3.3 million , or 6.9 % of revenue , for the second quarter 2020 . • Active Buyers and Orders : Active Buyers of 1.34 million and Orders of 1.22 million grew 8 % and 22 % , respectively , over the comparable quarter last year . Recent Business Highlights • International Expansion : thredUP intends to expand its footprint into Europe with the planned acquisition of Remix , and the transaction is expected to close in the fourth quarter of 2021 . • Resale Report : In June , thredUP released its comprehensive and frequently - cited industry report , the 2021 Resale Report . The ninth annual edition found that the secondhand market is projected to more than double from $ 36 billion in 2021 to $ 77 billion in 2025. The report also includes a new thredUP Impact Section detailing thredUP's significant progress and commitments to ESG . • RaaSⓇ Deals : Most recently , thredUP announced RaaSⓇ agreements with Madewell , Farfetch , LG , Fabletics , and Vera Bradley . These new RaaSⓇ deals underscore thredUP's ability to deliver resale at scale for high - profile brands and signal that companies across industries are participating in the apparel resale economy . • Follow - On Offering : On August 2 , we closed a follow - on offering consisting of shares sold by thredUP and certain selling stockholders . Net proceeds from the shares sold by thredUP are expected to be used for working capital and general corporate purposes . Financial Outlook Third quarter 2021 and fiscal year 2021 guidance is not pro - forma for the acquisition of Remix . The Remix acquisition is expected to close during the fourth quarter of 2021 and is subject to closing conditions . For the third quarter 2021 , thredUP expects : • Revenue in the range of $ 60 million to $ 62 million • Gross margin in the range of 71.5 % to 72.5 %