ThredUp(TDUP) - 2024 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2024 was $79.6 million, a 4.8% increase from $75.9 million in Q1 2023[5] - Gross profit for Q1 2024 was $55.3 million, reflecting an 8.3% growth compared to $51.1 million in Q1 2023[5] - GAAP net loss narrowed to $16.6 million from a net loss of $19.8 million in Q1 2023[5] - Adjusted EBITDA loss improved to $0.7 million, significantly better than the loss of $6.6 million in Q1 2023[5] - For Q2 2024, revenue is expected to be between $81.0 million and $83.0 million, with a gross margin forecasted between 71.0% and 73.0%[5] - For fiscal year 2024, revenue guidance is set between $328.0 million and $338.0 million, with a gross margin of 71.0% to 72.0%[5] Operational Metrics - Total Active Buyers reached 1.729 million, up 3.7% from 1.668 million in Q1 2023[5] - Total Orders increased to 1.651 million, a 9.3% rise from 1.511 million in Q1 2023[5] Cash and Assets - Cash and cash equivalents at the end of Q1 2024 totaled $67.9 million[5] - Cash and cash equivalents decreased to $50.1 million by March 31, 2024, down from $56.1 million on December 31, 2023[9] - Total current assets were $86.9 million as of March 31, 2024, a decline from $93.9 million on December 31, 2023[9] - Total cash, cash equivalents, and restricted cash at the end of September 30, 2023, was $74,575 thousand, up from $57,096 thousand at the beginning of the period[11] Liabilities and Equity - Total liabilities increased slightly to $150.7 million by March 31, 2024, compared to $146.1 million on December 31, 2023[9] - The accumulated deficit grew to $495.4 million by March 31, 2024, up from $478.9 million on December 31, 2023[9] - Total stockholders' equity decreased to $93.5 million as of March 31, 2024, down from $103.9 million on December 31, 2023[9] Expenses - Total operating expenses for Q2 2023 were $74.4 million, a 4.5% increase from Q1 2023[8] - Non-GAAP operating expenses as a percentage of revenue decreased to 80.2% in Q2 2023 from 81.5% in Q1 2023[8] - Marketing expenses for Q2 2023 were $18.6 million, a 10.5% increase from Q1 2023[8] - The company reported a total of $66.4 million in non-GAAP operating expenses for Q2 2023, reflecting a 5.5% increase from Q1 2023[8] Cash Flow - Net loss for the three months ended September 30, 2023, was $18,082 thousand, compared to a net loss of $18,760 thousand for the previous quarter[11] - Non-GAAP free cash flow for the three months ended September 30, 2023, was $(1,260) thousand, a significant improvement from $(16,994) thousand in the previous quarter[12] - Cash provided by operating activities was $223 thousand for the three months ended September 30, 2023, a recovery from $(10,381) thousand in the previous quarter[11] Strategic Initiatives - ThredUp has processed over 172 million unique secondhand items from 55,000 brands across 100 categories, highlighting its extensive market presence[13] - The company aims to reshape itself into an AI-powered resale company, indicating a strategic focus on technology and innovation[14] - ThredUp's Resale-as-a-Service (RaaS) model is expected to expand, with plans for future RaaS clients to enhance revenue streams[14] - The company anticipates trends in consumer demand and growth in the global and U.S. online resale markets to positively impact its long-term growth[14] - Adjusted EBITDA loss margin for the latest quarter reflects ongoing investments in technology and infrastructure[16] - The company is focused on reducing corporate expenses and headcount to improve financial performance moving forward[14]