ThredUp Inc. Reports Net Loss of $19.8 Million for the First Quarter of 2023

ThredUp Inc.(TDUP), a leading online con signment and thrift store, released its unaudited condensed consolidated financial statements for the first quarter of 2023. The company reported a net loss of $19.8 million and generated $75.9 million in revenue during the quarter. Let's take a closer look at ThredUp's financial performance and key highlights from the financial statements.

Net Loss and Revenue Performance

ThredUp Inc. faced a net loss of $19.8 million for the three months ended March 31, 2023, compared to a net loss of $20.7 million in the same period last year. This indicates a slight improvement in the company's financial performance. The loss per share, both basic and diluted, was reported at $0.19 for the first quarter of 2023.

Despite the net loss, ThredUp managed to generate $75.9 million in revenue during the first quarter of 2023, reflecting a positive trend compared to the previous year. The revenue consisted of $46.5 million from consignment sales and $29.4 million from product sales. The company's consignment revenue slightly decreased from $47.4 million in the same period last year, while product sales showed growth from $25.3 million.