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© THREDUP The following contains confidential information. Do not distribute without permission. INVESTOR PRESENTATION Second Quarter 2025
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2© THREDUP This presentation and the accompanying oral commentary contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “possible” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this presentation include, but are not limited to statements about future operating results, capital expenditures and other developments in our business and our long term growth; the momentum of our business; our impairment assessments of goodwill and other intangible assets, including the assumptions used therein and the results thereof; our investments in technology and infrastructure, including our AI-powered search experience; the success and expansion of our RaaS model and the timing and plans for future RaaS clients; and our ability to attract new Active Buyers. Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Forward-looking statements in this presentation include, but are not limited to, guidance on financial results for the third quarter and full year of 2025; statements about future operating results, capital expenditures and other developments in our business and our long term growth; trends, consumer demand and growth in the online resale markets; the momentum of our business; our investments in technology and infrastructure, including with respect to AI technologies such as AI enabled search features and image search; the success and expansion of our RaaS® model and the timing and plans for future RaaS® clients; our ability to attract new Active Buyers, including our efforts to make resale more engaging and accessible to a wider audience through innovative shopping experiences; and legal and regulatory developments.The forward-looking statements in this presentation are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing ThredUp’s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect ThredUp's results is included in ThredUp’s SEC filings, which may be obtained by visiting our Investor Relations website at ir.thredup.com or the SEC's website at www.sec.gov. This presentation also contain estimates and other statistical data made by third parties and by the Company relating to market size, growth, sustainability metrics and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by third parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the third parties and by the Company. In addition to our results determined in accordance with GAAP, this presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Operations, Product and Technology Expense, non-GAAP Marketing Expense and non-GAAP SG&A Expense and other operating and business metrics like Active Buyers and Orders, which we believe are useful in evaluating our operating performance. We use these non-GAAP measures and other metrics to evaluate and assess our operating performance and enhancing an overall understanding of our financial position, and for internal planning and forecasting purposes. We believe that these non-GAAP measures, when taken collectively with our GAAP results, may be helpful to investors because they provide consistency and comparability with past financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. Theses non-GAAP measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP measures used by other companies. A reconciliation is provided below for these non-GAAP measures to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review our results determined in accordance with GAAP and the reconciliation of these non-GAAP measures. Safe harbor
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@ThredUp 3 ThredUp’s mission is to inspire the world to think secondhand first.
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4© THREDUP ThredUp at-a-glance1 $78M | 16% Q2 2025 Revenue | YoY growth $62M | 79% Q2 2025 Gross profit | Gross profit % $3M | 4% Q2 2025 Adj. EBITDA | Adj. EBITDA % $56M | $20M Q2 2025 EOQ Cash2 | EOQ Debt 1.5M | 17% Q2 2025 active buyers | YoY growth 1.5M | 21% Q2 2025 orders | YoY growth 666M pounds of carbon emissions saved3 1.3BkWH of energy saved3 7B gallons of water saved3 Founded in 2009 Headquartered in Oakland, CA 55K+ brands 100 different categories Distribution centers in 4 strategic locations across the U.S. 9M unique items of capacity Note: All data as of June 30, 2025 unless otherwise indicated. 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business. 2 Inclusive of cash, restricted cash and investments 3 As of December 31, 2022. Sustainability estimates based in part on info provided by GreenStory Inc. and represent a comparison between new and secondhand apparel carbon emission, energy and water usage estimates.
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5© THREDUP Compelling investment opportunity 2 Leverage defensible operating platform to expand margins 1 Unlocking massive supply fuels growth Investment thesis 3 Marketplace flywheel drives demand ● Our platform provides an ever-widening moat as we leverage multi-year infrastructure investments purpose built for single-SKU logistics at scale ● Operating platform includes world-class infrastructure, proprietary software, AI-powered systems and our deep data science expertise fuel the buyer and seller experience and processing capabilities ● Ongoing innovations and automation in processing technology grow capacity and reduce costs ● Minimal cap ex needs going forward as revenue grows into current DC capacity ● Data-driven managed marketplace model ● Consignment model boasts robust gross margin profile and minimizes inventory risk ● Proprietary data set drives marketplace management, including item acceptance, merchandising, photography, pricing and marketing ● Favorable negative net working capital dynamic ● Defensible supply advantage ● Reverse logistics supply chain provides sellers with an end-to-end resale service, unlocking value for items with lower average selling prices ● Quality supply drives traffic and conversion, provides buyers with high-quality items at great prices
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© THREDUP 6 MARKETPLACE MODEL
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7© THREDUP ThredUp’s operating system is our competitive advantage Managed marketplace We’ve made it easy for consumers to buy and sell secondhand clothing. Multi-year infrastructure investments scaffold ThredUp’s managed marketplace and create significant barriers to entry Patented world-class processing infrastructure Powerful technology and software Proprietary data feeds AI-powered systems
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8© THREDUP Buyers love... VALUE PROPOSITION • BUYER EXPERIENCE Incredible value, up to 90% off estimated retail price Fresh, ever-changing assortment with approximately 50K+ new listings every day Wide selection of 55K+ brands and 100 categories, with one-cart checkout AI-powered search for easy-to-use discovery 8
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9© THREDUP Making money by doing good Convenient Clean Out Kits © THREDUP Easy processing Sellers love... VALUE PROPOSITION • SELLER EXPERIENCE Solves clean out problem with end-to-end service 1 Source: Ellen MacArthur Foundation ● 73% of apparel is sent to landfill or incinerated, 95% of which could be reused or recycled 1 ● Easy to order and send pre-labeled Clean Out Kit ● Order a bag, fill it up, send it back ● Unique seller offering, end-to-end service for lower price points items ● ThredUp inspects, photographs, prices, lists, and ships your items ● Earn cash or credit to partner retailers (e.g. Gap, Madewell, J. Crew) ● Monetize lower-priced items that are typically donated
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10© THREDUP Accelerating the Marketplace Flywheel Source: Company information All data as of June 30, 2025 unless otherwise indicated 10 Operations Processing Increasingly automated inbound and outbound processing leverages years of infrastructure investment to drive listings velocity, delight customers and improve contribution margin High Quality Supply Sourcing regular, premium and RAAS bags from suppliers drive new listings and buyer conversion Marketing Improved contribution margin enables further investments in acquisition spend within a 12-month payback period, retaining and driving buyers to the marketplace Customer Experience AI-Powered shopping experience makes it easy for customers to browse, where they find everyday deals that maximize contribution margin and payouts for suppliers
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11© THREDUP Operating platform: Distributed processing infrastructure Data as of March 31, 2025 1 We believe we operate the 4 largest item on-hanger systems in the U.S. Distribution centers Offices AI-driven processing, storage and fulfillment designed for resale at scale; purpose-built for “single SKU” logistics 4 U.S. distribution center locations with 9M item storage capacity 4 largest item on-hanger systems1 Dallas, TX distribution center will ultimately increase storage capacity by +150%, Dallas DC currently at approx 25% capacity Multi-year infrastructure investments are a core competitive advantage
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12© THREDUP Inventory Acceptance Based on Historical Selling Data Data Science Expertise Source: Company information Note: All data as of Dec 31, 2024 unless otherwise indicated. 1As of December 31, 2022. 172M+ Unique Items Processed Cumulatively1 55K+ Brands 100 Categories Millions of Data Points Target 12‐Month Payback Period on Ad Spend Actively Managed Supplier Experience Personalization & Curation Powered by AI Search Maximize Pricing Early & Drive Velocity Item Acceptance Supply Acquisition Dynamic Pricing Customer Acquisition Margin Optimization Sales & Retention Proprietary data has been at the center of everything we do since inception Maximizes Contribution Margin
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13© THREDUP AI Search Tools Transform Online Resale Customer Experience Named “Best Inventions of 2024” by TIME Magazine, ThredUp’s AI-Powered shopping tools aid in discovery of 4M+ unique items AI Powered Search ● Customers can use natural language to find exactly what they are looking for ● Search for "floral dresses" or "light pink knee-length dress with ruffles," or "tank tops for the 4th of July" Image Search ● Customers can upload a photo, snap a picture, or share an Instagram post to find matching or similar items in ThredUp's inventory Chat Search ● AI-powered chatbot helps create complete outfits ● Customers can provide a prompt, such as "Outfit for a fall wedding," and the chatbot will generate a complete look ● Refine results by adjusting parameters using natural language
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14© THREDUP DEMANDThredUp core marketplace SUPPLY RaaS: How does it drive ThredUp? “Resale As A Service” Partner Clean Out programs provide premium supply that drives our marketplace flywheel DEMAND SUPPLY 1. Grow targeted supply by leveraging clients’ channels (in-store Clean Out Kits) 2. Drive faster sell-through by expanding distribution to new audiences (which ↑ inventory turns and ↑ return on assets) 3. Grow ThredUp’s revenue & bottom line through premium supply 4. Grow the pie via “free” marketing that amplifies awareness of ThredUp and resale RAAS 1 3 2 4
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15© THREDUP Large and Growing Market Opportunity U.S. Demand-Side Secondhand TAM1 U.S. secondhand market gross merchandise value (2019-2029) – $ billions U.S. Supply-Side Secondhand TAM ~17 BILLION Pounds of apparel thrown away in the U.S. that could be recycled and reused2 The equivalent of ~1 BILLION ThredUp Clean Out Kits Thrift and Donation Resale 1 Source: GlobalData 2025 Market Survey 2 Company estimate based in part by information from the Environmental Protection Agency Clothing and Footwear Waste Estimates 2024-2029: U.S. Secondhand apparel market is expected to grow at a 9% CAGR The U.S. secondhand apparel market grew 14% in 2024 – 5X faster than the broader retail clothing market
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16© THREDUP ThredUp’s Competitive Advantage and Landscape 1 GlobalData 2024 Market Sizing and Growth Estimates 2 GlobalData Luxury and Mass Apparel Study, January 2024 MASS PEER TO PEER MANAGED MARKETPLACE LUXURY Managed marketplace ● End-to-end processing infrastructure, unlocks supply ● Creates data-driven, liquid market ● Platform extensibility ● “Management” of supply chain enables Resale-as-a-Service Mass fashion ● U.S. resale is projected to grow to $44B in 20281 ● Mass market TAM is 6X larger than luxury2 ● Supply chain moat creates greater barriers to entry
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© THREDUP 17 IMPACT
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18© THREDUP The Impact Report1 includes comprehensive view of ThredUp’s ESG strategy 1 ThredUp's 2023 Impact Report includes activities undertaken during the reporting period from January 1, 2023 to December 31, 2023. Highlights ● Overview of our ESG strategy ● Commitment to UN Sustainable Development Goals ● Coverage of 12 material ESG factors ● Snapshot of our Public Policy efforts Links ● Full Report ● SASB & GRI Disclosuresthredup.com/impact
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19© THREDUP ThredUp’s impact on the planet is significant 1 As of December 31, 2023. Sustainability estimates based in part on information provided by GreenStory Inc. and represent a comparison between new and secondhand apparel carbon emission estimates. ESG SPOTLIGHT: ENVIRONMENTAL
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20© THREDUP ThredUp advocates for circular textile policy 2023 Advocacy Highlights: The coalition published a policy paper to highlight the economic opportunities of textile reuse and recycling. ThredUp participated in a Congressional Briefing to discuss improving textile circularity. ACT provided public commentary for the FTC Green Guides, CA SB 707, EPA Plastics Pollution, and Biden's Sustainable Procurement Rule. ACT signed a letter from AAFA about digitizing labeling requirements for textile products. ThredUp is proud to be a founding member of the American Circular Textiles (ACT) policy group, whose mission is to advance circular textile policy. ESG SPOTLIGHT: ENVIRONMENTAL
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21© THREDUP ThredUp fosters an inclusive workforce and gives back to its community 1 Company information as of December 31, 2023 2 Company survey in 2023. Employee Satisfaction ● 90% of employees say their proud to tell others they work at ThredUp2 ● 87% of employees say they feel empowered to make decisions at work2 Community giving & volunteerism in 2023: ● Our sellers donated $43K spread across 6 charity partners. ● In year two (of three), we pledged a total of $298,000 to enable the Oakland Roots Sports Club, a purpose-driven men’s soccer team. ● We donated $64,297 to benefit benefit nonprofits through the Future Fund, our employee-led social impact arm. ESG SPOTLIGHT: SOCIAL 2023 Diversity in Leadership & Workforce1 ● We believe that a unique perspective is critical to solving complex problems and inspiring the world to think secondhand first. ● We are proud to maintain a workforce that is majority female and underrepresented minorities.
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22© THREDUP We foster effective leadership and governance Board-level oversight of ESG strategy We embedded board-level oversight of ESG into our Nominating and ESG Committee charter Board independence All directors, other than CEO, independent according to Nasdaq listing standards Upholding an ethical culture Whistleblower program for compliance, ethics and fraud, cyber security awareness trainings, customer privacy compliance 1 Company information as of August 2024. ESG SPOTLIGHT: GOVERNANCE
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© THREDUP 23 FINANCIAL HIGHLIGHTS
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24© THREDUP Quarterly Financial Snapshot1 $ in millions Revenue Gross Margin Adj. EBITDA2 Margin 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business. 2 Refer to Appendix for Adjusted EBITDA reconciliation Annual Growth: -10%+0% +10%+9% +16%
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25© THREDUP Total Orders and Growth Quarterly Buyer and Order Growth1 Active Buyers and Growth Annual Growth: -10% +21%Annual Growth: -6% +6% +17% +0%-7% +2% +16%-6% 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business.
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26© THREDUP Revenue Gross Margin Adj. EBITDA1 Margin Annual Growth: +7%+29%+14% +0% +1% 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business. 2 Refer to Appendix for Adjusted EBITDA reconciliation Annual Financial Snapshot1 $ in millions
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27© THREDUP Total Orders and Growth Annual Buyer and Order Growth1 Active Buyers and Growth Annual Growth: +27% -5%+24%Annual Growth: +26% -9%+20% +0% +5%-6% -1% 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business.
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28© THREDUP Long-Term Target Model Note: excludes SBC and Severance expense. Refer to Appendix for non-GAAP Reconciliation.
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APPENDIX
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30© THREDUP 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business. Our Business Model1 $ in millions
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31© THREDUP ● Operations, Product and Technology Expenses: Include distribution center operating costs (inbound shipping, personnel, distribution center rent, maintenance and equipment depreciation) and product and technology expenses (personnel costs for design and development of product and technology, merchandise science, website development and related expenses) ● Marketing Expense: Includes advertising, public relations expenditures and personnel costs for employees engaged in marketing ● Sales, General and Administrative Expenses: Include personnel costs for employees involved in general corporate functions, customer service and retail stores, payment processing fees and professional fees Key Definitions Operating Expenses2 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business. 2 Each expense item also includes an allocation of corporate facilities and information technology costs such as equipment, depreciation and rent. Our Business Model1 $ in millions
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32© THREDUP Non GAAP Expense Reconciliation1 $ in millions 1 Unless otherwise noted, amounts and disclosures herein relate to our continuing U.S only operations following the fourth quarter 2024 divestment of our European business.
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33© THREDUP Active Buyers ● An Active Buyer is a ThredUp buyer who has made at least one purchase in the last 12 months. ● A ThredUp buyer is a customer who has created an account and purchased in our marketplaces, including through our RaaS clients. ● A ThredUp buyer is identified by a unique email address and a single person could have multiple ThredUp accounts and count as multiple Active Buyers. Orders ● Orders means the total number of orders placed across our marketplaces, including through our RaaS clients, in a given period, net of cancellations. Estimated Retail Price ● The Estimated Retail Price of an item is based on the estimated original retail price of a comparable item of the same quality, construction and material offered elsewhere in new condition. Our estimated original retail prices are set by our team of merchants who periodically monitor market prices for the brands and styles that we offer on our marketplace. ● Non-GAAP Adjusted EBITDA loss means net loss adjusted to exclude, where applicable in a given period, stock-based compensation expense, depreciation and amortization, interest expense, severance and other charges, provision for income taxes, and gain on sale of non-marketable equity investments. ● Non-GAAP Adjusted EBITDA loss margin represents Non-GAAP Adjusted EBITDA loss divided by Total revenue. Non-GAAP Adjusted EBITDA Loss and Margin Key Definitions