ThredUp records Q1 revenue growth of 15 percent

US resale platform ThredUp has announced its financial results for the first quarter ended March 31, 2026, reporting revenue of 81.70 million dollars. This represents a 15 percent increase year-over-year (YoY) as the company achieved a record month for new buyer acquisition.

Gross profit for the period totaled 64.70 million dollars, also reflecting a 15 percent increase compared to the same quarter in the previous year. The company maintained a stable gross margin of 79.2 percent, a slight improvement from 79.1 percent in the first quarter of 2025.

ThredUp CEO and co-founder James Reinhart stated: “We are proud to deliver Q1 out-performance, including a record month for new buyer acquisition. As we look ahead, we remain focused on executing our growth plan amidst an ever-changing consumer environment, and building a marketplace that delivers clear value to buyers and convenience for sellers.”

Net loss and updated outlook

The platform reported a net loss of 6.50 million dollars, or negative 7.9 percent of revenue. This compares to a loss of 5.20 million dollars, or negative 7.3 percent of revenue, for the first quarter last year. Adjusted EBITDA reached 2.70 million dollars, representing 3.4 percent of revenue, down from 3.80 million dollars and a 5.3 percent margin in the prior year.

For the second quarter 2026, the company expects revenue in the range of 89 million dollars to 91 million dollars, representing a 16 percent YoY increase at the midpoint. Gross margin is projected to remain between 78.5 percent and 79.5 percent, with an adjusted EBITDA margin of approximately 5.2 percent.

Looking at the full fiscal year 2026, ThredUp forecasts total revenue between 351.20 million dollars and 356.20 million dollars. This would result in a 14 percent increase YoY at the midpoint of the range. Reinhart and the executive team anticipate full year gross margins to hold steady between 78.5 percent and 79.5 percent, while the adjusted EBITDA margin is expected to reach approximately 6.1 percent.