Key Highlights

  • Second-quarter revenue rose 17% to $90.8 million, exceeding management's expectations.
  • Active buyers reached 1.77 million, up 21% year over year.
  • Adjusted EBITDA was $4.8 million, or 5.3% of revenue, up from 3.9%.
  • Full-year 2026 guidance implies about 11% revenue growth, slower than Q2's pace.

ThredUp Inc. (NASDAQ:TDUP) reported second-quarter 2026 results on August 5 that management said exceeded its own expectations, yet it set third-quarter and fourth-quarter guidance pointing to slower growth. Revenue for the quarter ended June 30, 2026 was $90.8 million, up 17% from $77.7 million a year earlier. Chief Executive James Reinhart said the results "exceeded our expectations across the board," while the company said it was updating second-half guidance "to reflect ongoing economic uncertainty."

Growth Across Buyers and Orders

Gross profit was $72.5 million, also up 17%, with gross margin of 79.9%, compared with 79.5% a year earlier. Active buyers reached 1.77 million, up 21%, while orders rose 22% to 1.87 million. The GAAP net loss was $5.9 million, or 6.5% of revenue, against a loss of 6.7% of revenue a year earlier. Adjusted EBITDA was $4.8 million, or 5.3% of revenue, up from $3.0 million, or 3.9%. The company announced a live-shopping expansion with Whatnot on September 29.

A More Cautious Second Half

For the third quarter, ThredUp guided to revenue of $87.0 million to $89.0 million, about 7% growth at the midpoint, with gross margin of 78.0% to 79.0% and an adjusted EBITDA margin of roughly 4.0%. Fourth-quarter guidance calls for revenue of $85.0 million to $87.0 million, about 8% growth, with an adjusted EBITDA margin of about 6.0%. Full-year 2026 guidance of $344.4 million to $348.4 million implies about 11% growth at the midpoint, slower than the second quarter's 17% pace; the company attributes the more cautious tone to economic uncertainty without further detail.

Balance Sheet and Borrowing

Cash and cash equivalents were $42.2 million at June 30, 2026, plus $4.9 million of restricted cash and $10.3 million of marketable securities. The company's term loan with Western Alliance Bank carries $18.0 million of principal outstanding, maturing July 10, 2030, with interest-only payments through January 10, 2028; the loan restricts share repurchases.

Watching the Growth Deceleration

ThredUp said on October 7 it would report third-quarter results on November 4, 2026. Investors will be able to compare actual revenue, gross margin and adjusted EBITDA margin against the guided ranges. The company remains loss-making under GAAP, and the extent to which the slower second-half guidance proves conservative or accurate is the central question heading into that report.