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THREDUP Investor Presentation Q2 2026
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2 Safe Harbor This presentation and the accompanying oral commentary contain 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 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. These risks and uncertainties include, but are not limited to: our ability to attract new users and convert users into buyers, Active Buyers, and sellers; our ability to achieve and maintain profitability; the sufficiency of our cash, cash equivalents and capital resources to meet our liquidity needs; our ability to effectively manage or sustain our growth and to effectively expand our operations; risks from an intensely competitive market; our ability to effectively deploy new and evolving technologies, such as artificial intelligence and machine learning, in our offerings; risks arising from economic and industry trends, including tariffs, inflationary pressures, interest rate volatility, changing consumer habits, climate change and general global economic uncertainty; our ability to comply with applicable laws and regulations; and our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments. Additional information regarding these and other factors that could affect the Company's results is included 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 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; the implementation and success of our direct selling and premium listings offerings; the impact of tariffs and other changes to global trade policies; 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 presentation. 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 contains 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. These 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 in the Appendix of this presentation 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.
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3 Our Mission: “Inspiring the world to think secondhand first”
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● Founded in 2009 ● Headquartered in Oakland, CA ● Distribution centers in 4 strategic locations across the U.S. ● 66K+ brands ● 100 different categories ● 9M unique items of capacity ● $91M | +17% Q2 2026 Revenue | YoY growth ● $73M | 80% Q2 2026 Gross profit | Gross profit % ● $5M | 5% Q2 2026 Adj. EBITDA | Adj. EBITDA %4 ● $57M | $18M Q2 2026 EOQ Cash2 | EOQ Debt ● 1.1B pounds of carbon emissions saved3 ● 2.1B kWH of energy saved3 ● 11.5B gallons of water saved3 ThredUp at-a-Glance1 1 Unless otherwise noted, data as of June 30, 2026. 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, 2024. 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. 4See Appendix for Non-GAAP reconciliation. ● 1.8M | 21% Q2 2026 TTM active buyers | YoY growth ● 1.9M | 22% Q2 2026 orders | YoY growth
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5 Investment Thesis 1 2 3 2. Leverage defensible operating platform to expand margins ● Data-driven 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 1. Unlocking massive supply fuels growth ● 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 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
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Marketplace Model
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7 ThredUp’s operating system is our competitive advantage Multi-year infrastructure investments scaffold ThredUp’s managed marketplace and create significant barriers to entry Managed marketplace We’ve made it easy for consumers to buy and sell secondhand clothing. Patented world class processing infrastructure Powerful technology and software Proprietary data feeds AI-powered systems
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8 Buyers love... Incredible value, up to 90% off estimated retail price Fresh, ever-changing assortment with approximately 50K+ new listings every day Wide selection of 66K+ brands and 100 categories, with one-cart checkout AI-powered search for easy-to-use discovery
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9 Sellers love... How ThredUp solves clean out problem with end-to-end service 73% of apparel is sent to landfill or incinerated, 95% of which could be reused or recycled (Source: Ellen MacArthur Foundation) Convenient Clean Out Kits Easy to order and send pre-labeled Clean Out Kit. Just order a bag, fill it up, send it back Making money by doing good Unique seller offering, end-to-end service for lower price points items ThredUp inspects, photographs, prices, lists, and ships your items Easy processing 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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High Quality Supply Sourcing regular, premium and RaaS bags from suppliers drives new listings and buyer conversion 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 Marketing Improved contribution margin enables further investments in acquisition spend within a 12-month payback period, retaining and driving buyers to the marketplace Accelerating the Marketplace Flywheel Operations Processing Increasingly automated inbound and outbound processing leverages years of infrastructure investment to drive listings velocity, delight customers and improve contribution margin Marketing Improved contribution margin enables further investments in acquisition spend within a 12-month payback period, retaining and driving buyers to the marketplace Source: Company information (All data as of Dec 31, 2025 unless otherwise indicated)
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11 Operating platform: Distributed Processing Infrastructure Multi-year infrastructure investments scaffold ThredUp’s managed marketplace leading to significant barriers to entry Data as of June 30, 2026 1 We believe we operate the 4 largest item on-hanger systems in the U.S. AI-driven processing, storage and fulfillment designed for resale at scale; purpose-built for “single SKU” logistics 4 U.S. distribution center locations with 7.5M item storage capacity 4 largest item on-hanger systems1 in the U.S. Dallas, TX distribution center will ultimately increase storage capacity by +150%, Dallas DC currently at approx 25% capacity
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12 Data Science Expertise Inventory Acceptance Based on Historical Selling Data 172M+ Unique Items Processed Cumulatively1 66K+ 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 Maximizes Contribution Margin Proprietary data has been at the center of everything we do since inception Source: Company information; Note: All data as of Dec 31, 2024 unless otherwise indicated. 1As of December 31, 2022. Item Acceptance Supply Acquisition Dynamic Pricing Customer Acquisition Sales & Retention Margin Optimization
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AI Search Tools Transform Online Resale Customer Experience 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 Named “Best Inventions of 2024” by TIME, ThredUp’s AI-Powered tools aid in discovery of 4M+ items
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14 Resale as a Service: How does it drive ThredUp? Grow targeted supply by leveraging clients’ channels (in-store Clean Out Kits) Drive faster sell-through by distributing to new audiences (which ↑ inventory turns and ↑ return on assets) Grow ThredUp’s revenue & bottom line through premium supply Grow the pie via “free” marketing that amplifies awareness of ThredUp and resale “RaaS” Partner Clean Out programs provide premium supply that drives our marketplace flywheel
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Large and Growing Market Opportunity 2025-2030: U.S. Secondhand apparel market is expected to grow at a 7% CAGR U.S. Demand-Side Secondhand TAM1 U.S. secondhand market gross merchandise value (2020-2030) – $ billions The U.S. secondhand apparel market grew 13% in 2025 – 4X faster than the broader retail clothing market ~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 U.S. Supply-Side Secondhand TAM 1 Source: GlobalData 2026 Market Survey 2 Company estimate based in part by information from the Environmental Protection Agency Clothing and Footwear Waste Estimates
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16 ● End-to-end processing infrastructure, unlocks supply ● Creates data-driven, liquid market ● Enables consistent user-friendly buying and selling experience ● “Management” of supply chain enables Resale-as-a-Service ● U.S. resale is projected to grow to $48B in 20301 ● Mass market TAM is 6X larger than luxury2 ● Supply chain moat creates greater barriers to entry Mass Fashion Peer to Peer Managed Marketplace Luxury 1 GlobalData 2025 Market Sizing and Growth Estimates 2 GlobalData Luxury and Mass Apparel Study, January 2024 ThredUp’s Competitive Advantage and Landscape
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Impact
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18 230M Secondhand Items Processed $311M Total revenue from continuing operations in 2025 1.1B lbs of CO2e prevented 2,132 Total employees in 2025 11.5B Gallons of water saved 1.6M Active buyers in 2025 2.1B kWh of energy saved 66K+ Brands listed 2.3M Items listed through our RaaS program in 2024 $7.6B Saved by our buyers off est. retail prices Cumulative all-time data as of 12/31/2024 unless otherwise noted. Sustainability estimates are sourced from a carbon study conducted by independent research firm Green Story Inc. and represent a comparison between new and secondhand apparel carbon emission estimates. ThredUp’s Impact at a Glance ThredUp’s comprehensive 2024 Impact Report is a available at Thredup.com/Impact
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19 ThredUp Advocates for Circular Textile Policy ThredUp is proud to be a founding member of the American Circular Textiles policy group, whose mission is to advance circular textile policy. Lobbied for the Americas Act: ThredUp participated in a D.C. policy tour, including meeting with five Congressional offices, to highlight the bill's benefits for the U.S. economy. Launched a campaign to end Secondhand Sales Tax: ThredUp initiated a national consumer call-to-action to stop the sales tax on pre-owned items, eliminating double taxation that discourages sustainable shopping. Co-authored the Americas Act: ThredUp collaborated on this bipartisan bill to secure $14+ billion in incentives for the U.S. circular fashion economy, aiming to create green jobs and reduce reliance on foreign supply chains.
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20 We Foster Effective Leadership and Governance Board-level Oversight of ESG Strategy At ThredUp, ethical and responsible practices are the bedrock of our success. Our commitment to strong governance ensures integrity across everything we do, from board oversight to daily operations. We’re building a company where every decision is guided by these principles, fostering sustainable growth that benefits all our stakeholders.” - Patricia Nakache, chairperson of the board and Nominating and ESG Committee “ ” We embedded board-level oversight of ESG into our Nominating and ESG Committee charter Board Independence All directors, other than CEO, independent according to Nasdaq listing standards Ethical Culture Whistleblower program for compliance, ethics and fraud, cyber security awareness trainings, customer privacy compliance
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Financial Highlights
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22 Revenue ($ in millions) Gross Margin Adj. EBITDA1 Margin 1 Refer to Appendix for Adjusted EBITDA reconciliation Quarterly Financial Snapshot Annual Growth: +17%+15%+34%+16% +18%
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23 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. TTM Active Buyers (in thousands) Quarterly Buyer & Order Growth1 Total Orders (in thousands) Annual Growth: +21%+26%+17% +30% Annual Growth: +22%+19%+37%+21% +27%+25%
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24 Revenue ($ in millions) Gross Margin Adj. EBITDA2 Margin 1 Unless otherwise noted, amounts and disclosures 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 Annual Growth: +20%+7% +1%
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25 TTM Active Buyers (in thousands) Annual Buyer & Order Growth1 Total Orders (in thousands) 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. Annual Growth: +18% +0%-9% -6% Annual Growth: +24% +25%+5%-5% -1%+30%
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26 Long-Term Target Model Note: excludes SBC and Severance expense. Refer to Appendix for non-GAAP Reconciliation. 77% 51% 18% 16% -2% 80% 50% 18% 16% 3% 75-78% 30-35% 15-18% 7-9% 20-25% Gross Profit Non-GAAP Operations, Product & Tech Expense Non-GAAP Marketing Expense Non-GAAP SG&A Non-GAAP Adjusted EBITDA As % of Revenue FY 2023 FY 2024 Long-Term Targets 79% 46% 19% 15% 4% FY 2025
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Appendix
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28 ● Oakland, CA ● Scottsdale, AZ ● Remote/Overseas ● Phoenix, AZ - DC05 ● Suwanee, GA - DC06 ● Lancaster, TX - DC07 ● Mechanicsburg, PA - DC02 Corporate Offices: Distribution Centers: Our Locations
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Our Business Model1 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. Note: excludes SBC, Severance expense and other adjustment items. Refer to Appendix for non-GAAP Reconciliation. $ in Millions
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Our Business Model1 - Operating Expenses $ 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. 2 Each expense item also includes an allocation of corporate facilities and information technology costs such as equipment, depreciation and rent. Refer to Appendix for non-GAAP Reconciliation. ● 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
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Non GAAP Adjusted EBITDA Reconciliation1 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. $ in Millions
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Non GAAP Operating Expenses Reconciliation1 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. $ in Millions
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33 Key Definitions 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). Operations, Product and Technology Expenses Includes advertising, public relations expenditures and personnel costs for employees engaged in marketing.Marketing Expense Includes personnel costs for employees involved in general corporate functions, customer service and retail stores, payment processing fees and professional fees.Sales, General and Administrative Expenses An Active Buyer is a ThredUp buyer who has made at least one purchase in the last 12 months, has created an account, purchased in our marketplaces (including through our RaaS clients) and is identified by a unique email address (a single person could have multiple ThredUp accounts and count as multiple Active Buyers.) Active Buyers “Orders” means the total number of orders placed across our marketplaces, including through our RaaS clients, in a given period, net of cancellations.Orders 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.Estimated Retail Price Non-GAAP Adjusted EBITDA loss means net loss from continuing operations adjusted to exclude, where applicable in a given period, stock-based compensation expense, depreciation and amortization, interest expense, impairment of long-lived assets, legal settlement and fees, provision for income taxes, severance and other reorganization costs, and gains related to non-marketable equity investment. Non-GAAP Adjusted EBITDA loss margin represents Non-GAAP Adjusted EBITDA loss divided by Total revenue. Non-GAAP Adjusted EBITDA Loss and Margin