$TDUP

ThredUp Inc.

CIK:0001484778|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 90,767	$ 77,657	$ 172,438	$ 148,948
Cost of revenue	18,243	15,921	35,254	30,841
Gross profit	72,524	61,736	137,184	118,107
Operating expenses:
Operations, product, and technology	45,115	37,525	86,190	72,651
Marketing	17,761	16,206	32,702	29,349
Sales, general, and administrative	15,761	13,250	30,994	26,786
Total operating expenses	78,637	66,981	149,886	128,786
Operating loss	(6,113)	(5,245)	(12,702)	(10,679)
Interest expense	(299)	(496)	(683)	(1,010)
Other income, net	504	596	1,029	1,386
Loss before provision for income taxes	(5,908)	(5,145)	(12,356)	(10,303)
Provision for income taxes	27	31	51	88
Net loss	$ (5,935)	$ (5,176)	$ (12,407)	$ (10,391)
Loss per share, basic (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.10)	$ (0.09)
Loss per share, diluted (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.10)	$ (0.09)
Weighted-average shares used to compute loss per share, basic (in shares)	129,854	120,275	128,779	118,496
Weighted-average shares used to compute loss per share, diluted (in shares)	129,854	120,275	128,779	118,496

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (12,407)	$ (10,391)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense	11,428	10,020
Depreciation and amortization	7,407	6,335
Reduction in carrying amount of right-of-use assets	2,316	2,224
Other	65	(149)
Changes in operating assets and liabilities:
Accounts receivable, net	(183)	(232)
Other current and non-current assets	(61)	96
Accounts payable	2,822	2,754
Accrued and other current liabilities	(168)	(2,942)
Seller payable	1,199	1,203
Operating lease liabilities	(3,214)	(2,331)
Other non-current liabilities	0	(500)
Net cash provided by operating activities	9,204	6,087
Cash flows from investing activities:
Purchases of marketable securities	(10,245)	(9,089)
Sale and maturities of marketable securities	9,553	15,154
Purchases of property and equipment	(6,778)	(5,094)
Net cash provided by (used in) investing activities	(7,470)	971
Cash flows from financing activities:
Payments on debt	(469)	(2,000)
Proceeds from issuance of stock-based awards	8,392	14,852
Payments of withholding taxes on stock-based awards	(6,117)	(10,769)
Net cash provided by financing activities	1,806	2,083
Net change in cash, cash equivalents, and restricted cash	3,540	9,141
Cash, cash equivalents, and restricted cash, beginning of period	43,577	40,488
Cash, cash equivalents, and restricted cash, end of period	$ 47,117	$ 49,629

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 42,169	$ 38,629
Marketable securities	10,261	9,498
Accounts receivable, net	2,619	2,437
Other current assets	6,159	6,112
Total current assets	61,208	56,676
Operating lease right-of-use assets	25,182	25,376
Property and equipment, net	65,901	67,243
Goodwill	10,746	10,746
Other assets	7,105	7,204
Total assets	170,142	167,245
Current liabilities:
Accounts payable	13,474	10,329
Accrued and other current liabilities	22,920	24,511
Seller payable	19,463	18,264
Operating lease liabilities, current	5,767	5,401
Current portion of long-term debt	0	3,875
Total current liabilities	61,624	62,380
Operating lease liabilities, non-current	27,120	28,580
Long-term debt, net of current portion	17,722	14,276
Other non-current liabilities	2,928	2,816
Total liabilities	109,394	108,052
Commitments and contingencies (Note 9)
Stockholders’ equity:
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of June 30, 2026 and December 31, 2025; 131,296 and 127,027 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	13	12
Additional paid-in capital	649,257	635,253
Accumulated other comprehensive income (loss)	(40)	3
Accumulated deficit	(588,482)	(576,075)
Total stockholders’ equity	60,748	59,193
Total liabilities and stockholders’ equity	$ 170,142	$ 167,245