ThredUp Inc. TDUP
ThredUp operates one of the world's largest online resale platforms for apparel, shoes and accessories. Our mission is to inspire the world to think secondhand first. We believe in a sustainable fashion future and we are proud that our business model creates a positive impact to the benefit of our buyers, sellers, clients, employees, investors and the environment. Our custom-built operating platform consists of distributed processing infrastructure, proprietary software and systems and data science expertise. This platform is powering the rapidly emerging resale economy, one of the fastest growing sectors in retail, according to GlobalData's assessment of the secondhand market in January 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $310.8M | $260.0M | $258.5M | $288.4M | $251.8M | $186.0M | $163.8M | — |
| Cost of revenue | $64.1M | $52.9M | $60.0M | $96.0M | $73.7M | $57.9M | $51.3M | — |
| Gross profit | $246.8M | $207.1M | $198.5M | $192.3M | $178.1M | $128.1M | $112.5M | — |
| R&D | $32.1M | $31.3M | $32.6M | $37.6M | $28.7M | $20.7M | $19.0M | — |
| SG&A | $56.7M | $56.9M | $56.7M | $61.8M | $48.8M | $28.6M | $22.3M | — |
| Total operating expenses | $268.5M | $247.7M | $251.5M | $281.8M | $240.5M | $174.7M | $149.3M | — |
| Operating income | -$21.7M | -$40.6M | -$53.0M | -$89.5M | -$62.4M | -$46.6M | -$36.8M | — |
| Interest expense | $1.9M | $2.5M | $2.2M | $805.0K | $2.3M | $1.3M | $1.4M | — |
| Pre-tax income | -$20.2M | -$40.0M | -$52.3M | -$92.2M | -$63.1M | -$47.8M | -$38.2M | — |
| Income tax | $59.0K | $29.0K | $19.0K | $35.0K | $80.0K | $56.0K | $36.0K | — |
| Net income | -$20.2M | -$77.0M | -$71.2M | -$92.3M | -$63.2M | -$47.9M | -$38.2M | — |
| EPS, basic | -0.17 | -0.69 | -0.68 | -0.92 | -0.82 | -4.14 | -3.72 | — |
| EPS, diluted | -0.17 | -0.69 | -0.68 | -0.92 | -0.82 | -4.14 | -3.72 | — |
| Shares, diluted (wtd. avg.) | $121.7M | $112.0M | $104.9M | $99.8M | $77.1M | $11.6M | $10.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $38.6M | $31.9M | $61.5M | $44.1M | $91.8M | $67.5M | $87.9M | $8.0M |
| Short-term investments | $9.5M | $12.3M | $8.1M | $66.9M | $121.3M | $0 | — | — |
| Receivables | $2.4M | $3.6M | $5.0M | $4.7M | $4.1M | $1.8M | — | — |
| Inventory | — | $690.0K | $2.8M | $17.5M | $9.8M | $3.5M | — | — |
| Total current assets | $56.7M | $56.9M | $93.9M | $134.2M | $228.4M | $75.2M | — | — |
| Property, plant and equipment | $67.2M | $68.5M | $77.8M | $92.5M | $55.5M | $41.1M | — | — |
| Goodwill | $10.7M | $10.7M | $11.2M | $11.6M | $12.2M | $0 | — | — |
| Other intangibles | — | — | $8.2M | $10.5M | $13.9M | $0 | — | — |
| Total assets | $167.2M | $171.2M | $250.0M | $301.9M | $360.8M | $142.9M | — | — |
| Accounts payable | $10.3M | $8.3M | $3.8M | $7.8M | $13.3M | $9.4M | — | — |
| Short-term debt | $3.9M | $3.9M | $3.8M | $3.9M | $7.8M | $3.3M | — | — |
| Total current liabilities | $62.4M | $61.5M | $76.7M | $84.4M | $89.4M | $62.6M | — | — |
| Long-term debt | $14.3M | $18.2M | $22.0M | $25.8M | $27.6M | $31.2M | — | — |
| Total liabilities | $108.1M | $114.9M | $146.1M | $161.9M | $155.1M | $118.0M | — | — |
| Retained earnings | -$576.1M | -$555.9M | -$478.9M | -$407.6M | -$315.3M | -$252.2M | — | — |
| Total equity | $59.2M | $56.3M | $103.9M | $140.0M | $205.7M | -$222.2M | -$183.2M | -$153.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.7M | $4.9M | -$9.8M | -$52.1M | -$35.0M | -$19.1M | -$10.1M | — |
| Depreciation and amortisation | $12.9M | $17.3M | $14.2M | $14.0M | $9.2M | $5.6M | $4.3M | — |
| Stock-based compensation | $19.0M | $25.8M | $29.7M | $26.8M | $13.0M | $7.3M | $7.7M | — |
| Capital expenditure | $10.5M | $6.6M | $13.1M | $43.3M | $19.8M | $19.4M | $9.5M | — |
| Investing cash flow | -$7.2M | -$10.3M | $46.6M | $8.9M | -$169.6M | -$19.4M | -$1.3M | — |
| Financing cash flow | -$397.0K | -$4.4M | -$3.6M | -$3.9M | $229.0M | $18.2M | $91.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001484778-26-000007.
Others in SIC 5961
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | $2.79T | 36.1x | 12.4% |
| CPNG | Coupang, Inc. | $27.51B | 139.0x | 14.1% |
| CDW | CDW Corp | $19.05B | 18.9x | 6.8% |
| W | Wayfair Inc. | $13.12B | — | 5.1% |
| CHWY | Chewy, Inc. | $9.79B | 45.5x | 6.2% |
| NSIT | INSIGHT ENTERPRISES INC | $4.72B | 33.1x | -5.2% |
| PTRN | Pattern Group Inc. | $3.57B | — | 39.3% |
| GCT | GigaCloud Technology Inc | $1.89B | 14.4x | 11.1% |