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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.
Balance Sheet and Assets
As of March 31, 2023, ThredUp's total assets were reported at $294.8 million, slightly lower than the December 31, 2022, figure of $301.9 million. The company's current assets, including cash and cash equivalents, marketable securities, accounts receivable, inventory, and other current assets, amounted to $125.0 million.
ThredUp's balance sheet also included operating lease right-of-use assets worth $45.2 million and property and equipment, net, valued at $95.8 million. The company held goodwill of $11.8 million and intangible assets of $10.0 million, among other assets.
Liabilities and Stockholders' Equity
ThredUp reported total liabilities of $163.7 million as of March 31, 2023, compared to $161.9 million at the end of 2022. The current liabilities, including accounts payable, accrued and other current liabilities, seller payable, operating lease liabilities (current), and current portion of long-term debt, amounted to $88.3 million.
The company's long-term liabilities, consisting of non-current operating lease liabilities, long-term debt (net of current portion), and other non-current liabilities, totaled $75.4 million.
ThredUp's stockholders' equity stood at $131.1 million as of March 31, 2023, compared to $140.0 million at the end of 2022. This includes common stock, additional paid-in capital, accumulated other comprehensive loss, and accumulated deficit.
ThredUp Inc. experienced a net loss of $19.8 million in the first quarter of 2023, accompanied by a total revenue of $75.9 million. Despite the loss, the company's revenue showed positive growth compared to the previous year. ThredUp continues to leverage its online consignment and thrift store platform to attract customers and expand its market presence.