olivLaw · US equity research
ThredUp Inc. TDUP
Retail-Catalog & Mail-Order Houses · SIC 5961 · Vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)
ThredUp is one of the largest online resale platforms for apparel, shoes and accessories in the United States, aiming to make secondhand the first choice for shoppers. The company grew revenue 19.5% in fiscal 2025 and reported 16.9% growth in the second quarter of 2026, while remaining unprofitable at the net income level.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ThredUp Inc. (TDUP) stock was 2.19 USD (+9.50% on the day), with market capitalisation 290.9 m USD, beta 1.58, 52-week range 1.99–8.72 USD. Latest reported quarter (Q3 2026): revenue of 88.2 m USD (+7.4% YoY), net income of -5.5 m USD, diluted EPS -0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.7
- neutral
- Bollinger (20, 2)
- 1.92 – 2.50
- in the lower half of the band · %B 0.47 · band width 26.5%
- SMA 50 / 200
- 2.36 / 4.10
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.9% | −1.1% | +2.0 pp | — |
| 3 months | −65.1% | −0.5% | −64.7 pp | — |
| 6 months | −56.5% | +4.4% | −60.9 pp | — |
| Year to date | −65.7% | +12.3% | −78.0 pp | — |
| 1 year | −72.1% | +13.5% | −85.7 pp | +6.8% |
| 3 years | −40.8% | +76.4% | −117.2 pp | +16.0% |
| 5 years | −88.7% | +63.7% | −152.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 67.3 m | 71.3 m | 77.7 m | 82.2 m | 79.7 m | 81.7 m | 90.8 m | 88.2 m |
| Cost of revenue | 13.2 m | 14.9 m | 15.9 m | 16.9 m | 16.3 m | 17.0 m | 18.2 m | 19.2 m |
| Gross profit | 54.1 m | 56.4 m | 61.7 m | 65.2 m | 63.4 m | 64.7 m | 72.5 m | 69.0 m |
| SG&A | 13.8 m | 13.5 m | 13.3 m | 14.9 m | 15.0 m | 15.2 m | 15.8 m | 13.7 m |
| Operating income | -8.2 m | -5.4 m | -5.2 m | -4.4 m | -6.7 m | -6.6 m | -6.1 m | -5.3 m |
| Depreciation & amortisation | 6.4 m | 3.2 m | 3.2 m ≈ | 3.1 m ≈ | 3.5 m | 3.3 m | 4.1 m ≈ | 3.2 m ≈ |
| Interest expense | 567.0 k | 514.0 k | 496.0 k | 477.0 k | 432.0 k | 384.0 k | 299.0 k | 340.0 k |
| Pre-tax income | -8.1 m | -5.2 m | -5.1 m | -4.3 m | -5.6 m | -6.4 m | -5.9 m | -5.5 m |
| Income tax | 8.0 k | 57.0 k | 31.0 k | -34.0 k | 5.0 k | 24.0 k | 27.0 k | 2.0 k |
| Net income | -21.7 m | -5.2 m | -5.2 m | -4.2 m | -5.6 m | -6.5 m | -5.9 m | -5.5 m |
| Diluted EPS | -0.19 ≈ | -0.04 | -0.04 | -0.03 | -0.04 ≈ | -0.05 | -0.05 | -0.04 |
| Operating cash flow | — | 5.7 m | 344.0 k ≈ | 6.0 m ≈ | — | 4.8 m | 4.5 m ≈ | 2.0 m ≈ |
| Capex | 2.5 m | 1.8 m | 3.3 m ≈ | 3.7 m ≈ | 1.7 m | 4.1 m | 2.7 m ≈ | 2.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 163.8 m | 186.0 m | 251.8 m | 288.4 m | 258.5 m | 260.0 m | 310.8 m |
| Revenue YoY | unavailable | +13.6% | +35.4% | +14.5% | −10.4% | +0.6% | +19.5% |
| Net income | -38.2 m | -47.9 m | -63.2 m | -92.3 m | -71.2 m | -77.0 m | -20.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -3.72 | -4.14 | -0.82 | -0.92 | -0.68 | -0.69 | -0.17 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -23.3% | -25.7% | -25.1% | -32.0% | -27.6% | -29.6% | -6.5% |
| Free cash flow | -19.6 m | -38.5 m | -54.8 m | -95.4 m | -35.7 m | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 38.6 m USD
- Financial debt
- 18.2 m USD
- Net debt
- -20.5 m USD
- Equity
- 59.2 m USD
- Total assets
- 167.2 m USD
- Debt / equity
- 0.31x
- Current ratio
- 0.91x
- ROE
- -35.0%
- ROA
- -11.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 186.0 m | 251.8 m | 288.4 m | 258.5 m | 260.0 m | 310.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 57.9 m | 73.7 m | 96.0 m | 60.0 m | 52.9 m | 64.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 128.1 m | 178.1 m | 192.3 m | 198.5 m | 207.1 m | 246.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Research & development | 20.7 m | 28.7 m | 37.6 m | 32.6 m | 31.3 m | 32.1 m | SEC (XBRL)· 02 Mar 2026verified |
| SG&A | 28.6 m | 48.8 m | 61.8 m | 56.7 m | 56.9 m | 56.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -46.6 m | -62.4 m | -89.5 m | -53.0 m | -40.6 m | -21.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 5.6 m | 9.2 m | 14.0 m | 14.2 m | 17.3 m | 12.9 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | -41.0 m ≈ | -53.2 m ≈ | -75.5 m ≈ | -38.8 m ≈ | -23.3 m ≈ | -8.8 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 1.3 m | 2.3 m | 805.0 k | 2.2 m | 2.5 m | 1.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -47.8 m | -63.1 m | -92.2 m | -52.3 m | -40.0 m | -20.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 56.0 k | 80.0 k | 35.0 k | 19.0 k | 29.0 k | 59.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -47.9 m | -63.2 m | -92.3 m | -71.2 m | -77.0 m | -20.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -4.14 | -0.82 | -0.92 | -0.68 | -0.69 | -0.17 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 11.6 m | 77.1 m | 99.8 m | 104.9 m | 112.0 m | 121.7 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 64.5 m | 84.6 m | 38.0 m | 54.3 m | 31.9 m | 38.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 1.8 m | 4.1 m | 4.7 m | 5.0 m | 3.6 m | 2.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 3.5 m | 9.8 m | 17.5 m | 2.8 m | 690.0 k | — | SEC (XBRL)· 03 Mar 2025verified |
| Current assets | 75.2 m | 228.4 m | 134.2 m | 93.9 m | 56.9 m | 56.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 41.1 m | 55.5 m | 92.5 m | 77.8 m | 68.5 m | 67.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 0 | 12.2 m | 11.6 m | 11.2 m | 10.7 m | 10.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 0 | 13.9 m | 10.5 m | 8.2 m | — | — | SEC (XBRL)· 05 Mar 2024verified |
| Total assets | 142.9 m | 360.8 m | 301.9 m | 250.0 m | 171.2 m | 167.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 9.4 m | 13.3 m | 7.8 m | 3.8 m | 8.3 m | 10.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 3.3 m | 7.8 m | 3.9 m | 3.8 m | 3.9 m | 3.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 31.2 m | 27.6 m | 25.8 m | 22.0 m | 18.2 m | 14.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 62.6 m | 89.4 m | 84.4 m | 76.7 m | 61.5 m | 62.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 118.0 m | 155.1 m | 161.9 m | 146.1 m | 114.9 m | 108.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | -222.2 m † | 205.7 m † | 140.0 m † | 103.9 m † | 56.3 m † | 59.2 m † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -19.1 m | -35.0 m | -52.1 m | -22.6 m | — | — | SEC (XBRL)· 05 Mar 2024verified |
| Capex | 19.4 m | 19.8 m | 43.3 m | 13.1 m | 6.6 m | 10.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -38.5 m ≈ | -54.8 m ≈ | -95.4 m ≈ | -35.7 m ≈ | — | — | SEC (XBRL)· 05 Mar 2024derived |
| Investing cash flow | -19.4 m | -169.6 m | 8.9 m | 43.7 m | — | — | SEC (XBRL)· 05 Mar 2024verified |
| Financing cash flow | 18.2 m | 229.0 m | -3.9 m | -3.6 m | -4.4 m | -397.0 k | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 290.9 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -61.3% | 17 (vs peers) | 29% |
| Net margin · Quality | -6.9% | 18 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 2.5% | 21 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -16.9x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.0x | 21 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partial21/100 · 1/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ThredUp Inc. (TDUP). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 310.8 m USD in 2025; YoY growth 19.5%; net margin -6.9%; ROE -39.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -61.3%
- Net margin: -6.9%
- Revenue CAGR 3Y: 2.5%
- Interest coverage: -16.9x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Catalog & Mail-Order Houses (SIC 5961) · same industry (4-digit SIC) · compared with 28 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMZNAmazon.com, Inc. | 2,876.6 bn | 21.5 | 27.4% | 16.9% | +12.4% | +14% / +82% |
| CDWCdw Corp | 21.1 bn | 19.7 | 42.5% | 4.5% | +6.8% | +17% / −20% |
| NSITInsight Enterprises, Inc. | 5.2 bn | 25.7 | 13.1% | 2.5% | −5.2% | +103% / +16% |
| JMIAJumia Technologies AG | 1.3 bn | — | -108.9% | -32.6% | +12.8% | −57% / +60% |
| BZUNBaozun Inc. | 597.0 m | — | -6.6% | -2.4% | +10.2% | +21% / +16% |
| LITBLightInTheBox Holding Co., Ltd. | 590.4 m | 68.0 | — | 3.7% | −12.1% | +42% / −63% |
| GCTGigacloud Technology Inc | 539.8 m | 13.7 | 32.3% | 10.6% | +11.1% | +56% / +495% |
| HNSTThe Honest Company, Inc. | 476.3 m | — | -6.9% | -3.6% | −1.9% | +65% / +86% |
| TDUPThredUp Inc. | 290.9 m | — | -39.2% | -6.9% | +19.5% | −72% / −41% |
| DIBS1stdibs.com, Inc. | 186.9 m | — | -9.2% | -8.5% | +1.5% | −3% / +30% |
| NXHNeighborhood Intelligence, Inc. | 163.0 m | — | -47.0% | -7.1% | −25.1% | −72% / −91% |
| AKAa.k.a. Brands Holding Corp. | 116.0 m | — | -29.5% | -4.8% | +4.4% | −26% / +9% |
| SFIXStitch Fix, Inc. | 79.5 m | — | -6.3% | -0.9% | +6.4% | −31% / −21% |
| HOURHour Loop, Inc. | 53.9 m | 37.0 | 21.8% | 1.1% | +3.0% | −28% / +3% |
| GROVGrove Collaborative Holdings, Inc. | 47.4 m | — | — | -4.1% | −14.6% | −19% / −44% |
| LVLULulu’s Fashion Lounge Holdings, Inc. | 31.0 m | — | -602.9% | -3.2% | −10.6% | +107% / −74% |
| UZXLinkage Global Inc | 21.7 m | — | -63.1% | -144.5% | −50.5% | −98% / unavailable |
| GIFTGiftify, Inc. | 21.1 m | — | -36.2% | -8.8% | −6.5% | −47% / −85% |
| CHWYChewy, Inc. | 2.3 k | 35.3 | 72.0% | 2.1% | +6.2% | −33% / +34% |
| QVCGQVC Group, Inc. | 8 | — | -6.3% | -0.2% | −7.8% | unavailable / unavailable |
| BWMXBetterware De Mexico, S.a.p.i. De C.v | — | — | 54.1% | 5.0% | +8.4% | +19% / +22% |
| HEPSD-MARKET Electronic Services & Trading | — | — | -39.7% | -2.8% | +11.1% | +19% / +100% |
| DDLDingdong (Cayman) Limited | — | — | 25.7% | 1.0% | +10.2% | +10% / −11% |
| RVLVRevolve Group, Inc. | — | 21.8 | 12.6% | 4.8% | +8.5% | −17% / +50% |
| LUXELuxExperience B.V. | — | — | 63.3% | 45.2% | +50.1% | +7% / +224% |
1- and 3-year price returns: for TDUP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
ThredUp is one of the largest online resale platforms for apparel, shoes and accessories in the United States, aiming to make secondhand the first choice for shoppers. The company grew revenue 19.5% in fiscal 2025 and reported 16.9% growth in the second quarter of 2026, while remaining unprofitable at the net income level.
SWOT
Strengths
- A proprietary single-SKU processing platform, patented automation and large storage capacity support the scalability of operations 1.
- A high and stable gross margin that stays close to 80 percent even as shipping costs rise 12.
- Steady growth in active buyers and orders through fiscal 2025 and the first half of 2026 23.
Weaknesses
Opportunities
Risks
- Profitability not assuredhigh
The company reports net losses, and the available filings show no sustained period of profitability. If this does not change, additional financing could become necessary 12.
- Demand sensitive to consumer priceshigh
Revenue depends on shoppers seeking low prices. If economic conditions worsen, these buyers could reduce orders, as management anticipated in its updated outlook 3.
- Sourcing and quality of itemsmedium
The company depends on items supplied by individual sellers. If quality or volume declines, processing costs could rise and sell-through could fall 1.
- Logistics costsmedium
Shipping and packaging are major costs. Increases could reduce gross margin, as partly happened in fiscal 2025 1.
- Data security and regulationlow
The company processes personal data of buyers and sellers. Security incidents or non-compliance with privacy rules could harm its reputation and raise costs 1.
Investment thesis
What would need to be true (bull case)
- If resale keeps growing faster than traditional retail, the platform could expand its base of buyers and sellers, and its high gross margin could turn growth into better profitability.
- Rising orders and active buyers show that the offering attracts customers who return, which could support revenue growth over the medium term 23.
- The RaaS offering and AI tools could open new sources of supply and customers without a proportional increase in fixed costs.
What would break the thesis
- The company is not yet profitable, and if marketing and technology spending keeps rising, losses could persist and require additional financing.
- The second-half outlook was lowered because of economic uncertainty, which suggests demand in the price-sensitive segment may be fragile 3.
- Competition from large platforms and low-cost retailers could limit prices and margins, especially if they expand their resale offerings quickly.
What to watch
- Delivery against the fiscal 2026 revenue guidancenext 10-K
- Trend in gross margin and shipping costsQ3 2026
- Growth in active buyers and ordersQ4 2026
- Progress of the RaaS offering and AI investments2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
ThredUp runs a managed marketplace built on proprietary distributed processing infrastructure, software and data science, which links online technology with physical operations in its distribution centers. Sellers order a Clean Out Bag, return items with a prepaid label, and the company handles selection, photography and listing on a consignment model. Revenue comes mainly from sales to buyers, net of seller payouts, discounts and returns, plus bag fees for processing Clean Out Bags 12. Through its Resale-as-a-Service offering, brands and retailers can offer their own resale services to their customers, according to the filings 1.
Cost of revenue is driven mainly by outbound shipping, outbound labor and packaging, and cost of revenue grew faster than revenue in fiscal 2025 because of higher shipping and packaging costs 1. The European operations were divested on November 30, 2024, so all continuing figures reflect only the US business 1. The company is also developing AI tools for search, recommendations and outfit creation, which could support conversion and retention, although AI investments may weigh on costs and margins in the near term 12.
Financially, the company narrowed its loss from continuing operations in fiscal 2025 and grew Adjusted EBITDA, but net income remains negative 13. It ended the second quarter of 2026 with cash, restricted cash and marketable securities of 57.4 million USD, up from the previous quarter, while stockholders' equity remains small relative to its activity 3.
Segments
Consumer marketplace (B2C)
The managed marketplace for buyers, selling brand-name items at reduced prices, is the core of the business. Orders rose 25.3% in fiscal 2025 and 21.9% in the second quarter of 2026, supported by new buyers and returning customers 12.
Resale-as-a-Service (RaaS)
The offering through which brands and retailers provide their own closet clean-out service or resale shop. Management sees it as an additional source of supply, but the available reports do not present it as a separate financial segment.
Operations and processing in distribution centers
Distribution centers in Arizona, Georgia, Pennsylvania and Texas process individual items, each tracked with its own SKU, and can hold more than 7.5 million items. Operating costs are a large part of expenses, so capacity utilization influences margins 1.
Market context
According to a GlobalData survey cited in the company's filings, resale is one of the fastest growing categories in retail 12. The US secondhand apparel market competes directly with resale platforms, thrift stores, off-price retailers and low-cost fast-fashion platforms, and demand depends heavily on the price sensitivity of consumers, which remains under economic pressure 3.
Market growth is supported by consumer interest in more responsible consumption and lower prices, but discretionary spending can shrink in periods of economic uncertainty, which could affect orders in the price-sensitive segment 3.
Trends
- Growth of resale and the circular economytailwind
The company describes resale as one of the fastest growing categories in retail, which supports demand for its platform and attracts new buyers and sellers 12.
- Economic uncertainty for price-sensitive shoppersheadwind
Management updated its outlook for the second half of 2026, citing economic uncertainty affecting the most price-sensitive buyers, which could slow order growth 3.
- Artificial intelligence in search and personalizationmixed
AI tools for search, recommendations and outfit creation could improve the shopping experience and conversion if adoption stays strong, though investments can raise operating costs before generating returns 12.
- Shipping and packaging costsheadwind
Higher shipping and packaging costs slightly reduced gross margin in fiscal 2025, and exposure to logistics costs remains a key factor for profitability 1.
Competitive position
Competitors include resale platforms such as eBay, Poshmark, The RealReal, Mercari, Vinted and Vestiaire Collective, as well as large marketplaces and discount retailers such as Amazon, Target and Walmart, plus off-price chains such as Ross and TJX. Online fast-fashion companies such as Shein and Temu compete for the same price-sensitive shoppers 1.
ThredUp differentiates itself through single-SKU processing, automation and structured data for pricing and selection, but this advantage could erode if larger competitors expand their resale offerings quickly 1.
- eBayEBAY
General online marketplace that includes secondhand categories and competes for the same buyers.
- The RealRealREAL
Luxury resale platform competing with ThredUp for shoppers interested in brand-name items.
- Poshmark
Apparel resale platform cited as a direct competitor in the secondhand category.
- Shein
Low-price online fast-fashion retailer competing for the apparel spending of price-sensitive consumers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report04 May 2026
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
- Annual report02 Mar 2026
- Current report02 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ThredUp Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ThredUp Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ThredUp Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.