ThredUp Q2 revenue $79.8M (-4% YoY); Europe exit; guides FY2024 $298-302M

ThredUp Inc.

2024-Q2 EPS reported -$0.28 revenue$159,343,000

Q2 revenue $79.8M (down 4% YoY); U.S. flat at $66.7M, Europe down 18% to $13.0M.
Gross margin improved to 70.4% (up 300bps); net loss narrowed to $14.0M from $18.8M.
Evaluating strategic alternatives to exit European (Remix) business; FY2023 Remix revenue $63.5M, gross margin 24.2%.
Active Buyers 1.666M (-3%), Orders 1.686M (-6%); cash and securities $60.7M.
Q3 guidance: revenue $69-71M, U.S. adj. EBITDA margin (1%)-1%; FY2024 revenue $298-302M.

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