管理層發言
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the ThredUp Second Quarter 2026 Earnings Conference Call. I would now like to turn the conference over to Lauren Frasch, Investor Relations. Please go ahead.
Good afternoon, and thank you for joining us on today's conference call to discuss ThredUp's fourth quarter and 2025 financial results. With me are James Reinhart, ThredUp's CEO and Co-Founder, and Sean Sobers, CFO. We posted our press release and supplemental financial information on our investor relations website at ir.thredup.com. This call is being webcast on our IR website, and a replay of this call will be available on the site shortly. Before we begin, I'd like to remind you that we will make forward-looking statements during the course of this call. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our earnings release, the supplemental financial information, and our Forms 10-K and 10-Q for more information on these expectations, assumptions, and related risk factors. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release and supplemental financial information, which are distributed and available to the public through our investor relations website located at ir.thredup.com. Now I'd like to turn the call over to James. James?
Good afternoon, everyone. I'm James Reinhart, CEO and Co-Founder of ThredUp. Thank you for joining our second quarter 2026 earnings call. Today I'll walk through our Q2 results, the key drivers behind them, and how we're thinking about the back half of the year. I'll then hand it over to Sean Sobers, our Chief Financial Officer, to walk through the financials in more detail and provide our outlook for Q3, Q4, and the full year. We'll close with a question and answer session. First, let me start with the results. In the second quarter, revenue was $90.8 million, up 16.9% year-over-year. Gross margin was 79.9%, up 40 basis points. Net loss was $5.9 million, and adjusted EBITDA was $4.8 million, or 5.3% of revenue. Active buyers on a trailing 12-month basis also grew 21% year-over-year, while orders were up 22%. All of these metrics exceeded our expectations. We're pleased with our Q2 results, but this was a tougher consumer environment than we would have expected at the beginning of the year. Despite a record quarter for new buyers acquired and record active buyers, we had to be incrementally promotional to drive conversion among our most price-sensitive shoppers. This approach in Q2 led to lower ASPs and average revenue per buyer, and ultimately we estimate a $3 million headwind to our top-line results in Q2. Turning to the back half of the year, as we continue to move throughout 2026, our focus remains on the 3 strategic priorities that I outlined last quarter: continuing to grow and retain high-value buyers, scaling high-quality premium supply from a diverse group of sellers, and developing AI technology that helps customers discover and shop across our vast marketplace. New buyer growth was again strong, up 13% in the quarter, lapping the 72% growth from the prior year quarter. Q2 was our strongest quarter on record for new buyers acquired. This is especially promising due to the higher expected LTVs of these new buyers, and is consistent with our ongoing shift to a more premium buyer. We are continuing to reduce spend on Google PMax in favor of Meta and Pinterest, where LTVs are higher, customer acquisition costs are coming down, and volume is scaling quickly. As such, new customer volume on Meta and Pinterest grew 130% and 145% year-over-year respectively. Brand is a big part of why that shift is working. We believe that those who discover secondhand through creators and culture rather than through search or promotions tend to be stickier over time. Our most recent campaign, Dress the Party, generated hundreds of millions of earned impressions this June, proof that we can create an owned cultural moment, not just buy media around one. On the supply side, active sellers grew to record levels with quality keeping pace. The volume of premium bag items was up 32% year-over-year, representing 12% of the overall mix. We're targeting an even stronger mix by year-end through seller incentives, new acquisition channels for premium sellers, and continued investment in the seller experience. In June, we opened Direct Listings, our peer-to-peer offering, to everyone in our marketplace. Since then, items listed are up 89% month-over-month, and there are now more than 100,000 items listed, with an average listing price of $80. While just a small fraction of total available items, we're pleased with the steady organic growth and premium mix of these items. Let me turn to Resale-as-a-Service. This quarter we launched 3 new brand storefronts: Steve Madden, Dolce Vita, and Betsey Johnson. As a reminder, each new brand gives us access to an entirely new set of sellers, customers with real affinity for that brand who send us their Clean Out Kits because they trust the storefront sharing a name they already shop. That's a distribution advantage we don't get from any other channel, and it compounds every time we add a new brand to the roster. Now let me talk about the product experience. We're now more than 2 years into our AI transformation work. No longer do we merely "work on AI products", rather they are the foundation of everything we build across the enterprise. I'm often asked what's the biggest impact short and long term. On the short term, it's efficiency and cost leverage. I'm confident that advancements in AI technology will provide significant cost savings for the business by reducing the need to grow headcount as fast and by helping our teams to be more productive. But the phase we're entering now is closer to what I think the long-term impact will be: speed. The speed at which we can test, learn, adapt is accelerating. The rate at which we can develop next-generation product experiences, test pricing algorithms, and design new back-end operations processes is unlike anything I've seen in my years running the business. Of course, many companies will speed up, and the rate of change we will see across consumer experiences will likely accelerate. But we think that will only make our unique, defensible competitive advantages more pronounced. Generative AI will commoditize a lot of the technology stack, but it will not replace the fact that we still put real clothes on every day. Our continued investments in our supply chain and processing infrastructure, our compounding data advantage, and our trusted marketplace enable us to build world-class buyer and seller experiences. With that context, let me turn to recent product advancements. Over the past several calls, I've walked you through individual features that use AI to make a 5 million single-SKU catalog feel more easily shoppable. I believe the most powerful example for where our technology is going now is with our real-time personalization engine. We see more than 250,000 anonymous sessions a day. Historically, the experience stayed largely static until our systems adapted for the shopper's next visit. Our new real-time engine reads intent within seconds and retailors the feed on the very next fetch of inventory. In our first A/B test, it drove a 5% lift in item engagement and a 7% lift in profit per buyer for new customers. It's early, but it's a real signal on what this system can unlock. We've also now widely deployed several AI-driven product experiences to cut down the overwhelm of shopping secondhand. Clustering, Exact Match, and Notify Me all get at reducing cognitive shopping friction and are especially effective for newer customers. Clustering brings visually similar items together into a single browsing experience, keying off buyer intent and preference. Exact Match goes further and aggregates listings of the exact same item into a single product page, where 1 item means 1 page where a user chooses their size, color, or condition, rather than seeing the same item show up as 10 near-identical listings. Both features remove visual redundancy and bring secondhand shopping closer to a traditional e-commerce experience, critical technology for scaling our marketplace. This advancement also unlocks a Notify Me feature. Notify Me turns a sold-out single-SKU item from a dead end into a reason to come back once it's restocked. And opt-ins for Notify Me have grown more than 50% week-over-week since its launch. For someone new to resale, this makes our marketplace feel as easy to shop as buying new. Taken together, this is why we believe that advancements in AI create a structural advantage for us. It makes our marketplace more fun to shop and more efficient for us to run. Now let's look ahead. While Sean will discuss our second half guidance in more detail, I want to be clear that we likely could have maintained our original second half outlook. However, doing so would have required just about every variable to fall in our favor: gas prices to come back down, uncertainty to abate, seasonal acceleration that has proved to be unpredictable the last few years, and flawless execution of price, promotion, and customer targeting. This seemed a high bar and one that could risk investor confidence if even one of these things moved against us. Our view is that the business is executing at a high level with growing active buyers, strong new buyer and seller growth fundamentals, and an exceptional product pipeline. Even with our updated guidance, our 2-year average revenue growth rate in the second half of the year is projected to be 16.6%. Our current approach now allows us to stay committed to building durable, compounding performance over time without compromising our long-term vision for short-term gains. With that, I'll turn it over to Sean.
Thanks, James. I'll begin with an overview of our results and follow up with guidance for the third and fourth quarters and full year of 2026. I will discuss non-GAAP results throughout my remarks. We're pleased with our second quarter results. Despite a more challenging consumer and macroeconomic environment than we had anticipated, we delivered strong revenue growth, gross margin, and adjusted EBITDA, all of which exceeded our internal expectations. For the second quarter of 2026, revenue totaled $90.8 million, an increase of 16.9% year-over-year. Our performance was primarily driven by strong buyer trends and higher repurchase rates supported by elevated promotional activity. These drivers resulted in another record quarter for new buyers acquired, with new buyer acquisitions up 13.1% year-over-year. We finished the quarter with 1.8 million active buyers for the trailing 12 months, up 21% over last year, while we had 1.9 million orders in the second quarter, up 22% year-over-year. For the second quarter of 2026, gross margin was 79.9%, a 40 basis point increase versus the same quarter last year as a result of improved efficiency and logistics. The second quarter of 2026 GAAP net loss was $5.9 million compared to GAAP net loss of $5.2 million in the same quarter last year. Adjusted EBITDA was $4.8 million, or 5.3% of revenue for the second quarter of 2026, outperforming our internal expectations. Our Q2 result represented a 140 basis point increase over last year. Turning to the balance sheet, we began the quarter with $54.4 million in cash and securities and ended the quarter with $57.4 million. We invested $2.7 million on CapEx and generated $3 million in cash in Q2. We continue to expect similar levels of CapEx investment in 2026 as of last year or 2025. Now I'd like to turn to guidance. As James noted, our underlying fundamentals remain strong. In this environment, we are choosing to prioritize buyer engagement, and that means investing more in promotions in the second half. We believe protecting buyer engagement is essential to long-term value creation. Because we expect these elevated promotions to create a revenue headwind of approximately $7 million in the second half, we are updating our revenue and EBITDA margin expectations for the balance of the year. In the third quarter, we now expect revenue in the range of $87 million to $89 million, representing 7% year-over-year growth at the midpoint and a 20.3% 2-year average growth rate. Gross margin in the range of 78% to 79%, adjusted EBITDA of approximately 4% of revenue, and basic weighted average shares outstanding of approximately 132 million shares. In the fourth quarter, we now expect revenue in the range of $85 million to $87 million, representing 8% year-over-year growth at the midpoint and a 13.2% 2-year average growth rate. Gross margins in the range of 77.5% to 78.5%, adjusted EBITDA of approximately 6% of revenue, and basic weighted average shares outstanding of approximately 133 million shares. For the full year of 2026, we now expect revenue in the range of $344.4 million to $348.4 million, reflecting 11% year-over-year growth at the midpoint and a 15.5% 2-year average growth rate. Gross margin in the range of 78.7% to 79.1%. Adjusted EBITDA approximately 4.7% of revenue, representing approximately 30 basis points expansion versus last year. And basic weighted average shares outstanding of approximately 131 million shares. Lastly, we expect to continue to be cash flow positive for the full year. As we progress through the back half of 2026 and throughout 2027, we will balance growth investments while planning to drive EBITDA expansion. Despite the temporary macroeconomic friction outside of our control, we remain confident in the core fundamentals of our marketplace, our proven ability to engage buyers, and our path forward towards long-term growth and profitability. James and I are now ready for your questions. Operator, please open the line.
分析師問答
Our first question will come from the line of Dylan Carden with William Blair.
I'm curious, just sort of coming off the quarter that you had, and with the idea that you're sort of engaging a stickier buyer and presumably incentivizing or stimulating demand through a higher promo, why sort of the level of caution that you're embedding in the guide? Maybe if you can speak to what you're kind of currently seeing in the business, that would be very helpful.
Q2, we beat all of our internal expectations. But it was grindy in June. It was more challenging to get customers to convert. We saw lots of visitors and lots of traffic, but people needed incentives and promotions to convert. We noticed that through June, and into July we saw some of that same behavior coming out of 4th of July through the first couple of weeks. We probably could have powered through it, but it would be challenging with some segments of customers that have been more price-sensitive. We decided to be a little more cautious with the back half of the year, knowing we will have to be incrementally promotional to maintain buyer engagement. The most important thing when you hit these types of points is to maintain strong cohorts and strong buyers, and we made a conscious decision to be more promotional, especially to the segment of more budget shoppers. To emphasize, it's really that segment of our customer base, which is less than 20% at this point, customers making under $60,000 a year. That's where this is landing. We think that will be temporary, and we're continuing to shift our mix of customers out of that, but it will be a headwind in the back half of the year. That's why we made the change we did.
Yep, and just two follow-ups from that. When you say more promotional, do you mean adjusting price or actually kind of going out with real more traditional types of discounts or offers? And then just to confirm the hit on the EBITDA margin line, what's driving that as far as your prior outlook for the year?
On price promotion, we're emphasizing discounts on aging inventory. We used to be able to sell items that were 60 or 90 days old at higher prices, but we want to protect marketplace willingness to pay for fresh inventory and new listings. So we're not discounting that product; we're discounting older inventory. That's what's causing these elevated pricing promotions. The reason we could have squeezed through the back half was that we would have had to discount our best fresh inventory in ways that are unnatural and would hurt us in 2027 with customer expectations and willingness to pay. We believe the strategy to protect fresh inventory pricing and discount older inventory is the right approach for the long term.
And Dylan, on the EBITDA side, the biggest hit is the revenue and the flow-through from there. If you take the revenue down to the new level and a gross margin rate around 79% to 80%, the piece that makes it a little more impactful is that we are staying in investment mode in marketing and processing because we believe in the business and we're confident this is temporary. Those two together have an impact on EBITDA in the short term in Q3 and Q4.
Our next question comes from the line of Oliver Chen with TD Cowen.
On your comments, what's driving your thoughts that this could be temporary in terms of what you're seeing lately on that price-sensitive consumer? And also, as we think about ASP, what's happening with how we should model ASP in light of what you're seeing as well?
We think the higher gas prices from conflict in the Middle East are weighing on the budget customer. We consider this temporary because we are shifting our mix away from that budget customer. On a percentage basis, that budget customer is as low as a percent of our overall mix as it has been in a very long time. Customers making $100,000 to $150,000 a year are growing at a significantly higher rate. We're shifting the business toward that more premium segment—not luxury, but more premium. That strategy reduces exposure over time. As for average selling prices, I wouldn't move them for 2027. We'll be more promotional with some older inventory in the back half of 2026. In general, the mix of goods is improving and prices are going up, but we're discounting some aging inventory. On mix strategy, what's limiting faster improvement is that it doesn't happen overnight. The channel shift into Meta and Pinterest is proving valuable—those customers have significantly higher LTVs than Google PMax customers. On the AI front, the most impactful work is real-time personalization: we're seeing lift for window shoppers and new buyers. Part of why the acquisition engine is working is conversion rates of new visitors, and that new visitor conversion rate is being amplified by the AI work. So AI is helping and we will continue executing against that.
Our next question will come from the line of Ike Boruchow with Wells Fargo.
This is Robert on for Ike. I just want to clarify. So it sounds like you guys are maintaining the investment into the brand creation. So as we look towards the back half of the year, should it be more like average order value being impacted from promotions? And while orders or active buyers continue to maintain the same level? Is that how we should be thinking about it?
Yes, that's right. You should see average order values come down a little bit, while orders and buyers continue to be strong. We're working every day to refine that and improve it, and if the environment gets a little better and seasonal acceleration happens, we would have room to take average order values up. But that's the way to model it right now.
Yes, and just as a follow-up, usually you pull back in marketing in Q4; is that going to be the case here, or are you going to ramp up for Q4 or the back half?
Right now we're not planning to do anything different than we did last year on the marketing side, so I would not characterize it as a ramp-up or a big ramp-down. Q4 last year was stronger than our expectations, and we feel well positioned for Q4 in the guide that we provided.
Our next question will come from the line of Matt Koranda with ROTH Capital.
Can you just clarify how much of the guidance cut is attributed? It sounds like mostly you're attributing it to weakness with your lower-end customer, but it also sounds like there's a bit of an assortment reset going on where you're trying to get rid of some older inventory and maybe reprioritize some new elements in the assortment that may be higher AOV over time to cater to a higher-end customer. Maybe just parse that out for us? I want to make sure I understand what's going on there.
Both things are true. The weakness we're seeing is largely from the cohort making under $60,000 a year. We can see it clearly in the data—purchasing behavior, frequency, what they're buying, and what types of promotions and credits drive them. That's how we can estimate the quantum of the impact. We were testing this in June to understand discount elasticity for that lower-income cohort. At the same time, we are shifting the mix and improving fresh product coming online. If that mix becomes a larger part of the business, there is potential upside. But we know we need to move older inventory, and we can do it effectively with the budget shopper. We're choosing not to discount our best fresh product because discounting new attractive product is a slippery slope; it degrades brand equity and willingness to pay over time. We'll maintain standards for new product and push on older stock.
And Matt, to add to that, the weakness in the lower-income customer and the mix shift that we're doing are both driven by macroeconomic conditions. Both are the forces behind our updated guidance.
Okay, fair enough. How long do you think the assortment reset takes? Can it be completed by the third quarter so that theoretically you could see growth in AOVs and maybe better top-line growth by the fourth quarter if you've baked in enough conservatism here? How should we think about timing?
I wouldn't characterize it as a reset of the assortment. We're continuing to put more product online than ever; the ops engine and processing are strong. The challenge in late June and into July is that you need to be more promotional on older items to move customers to purchase in a weaker environment. We're trying to avoid discounting the freshest product. We're weaponizing older inventory to drive engagement and conversion from the more budget consumer, rather than discounting new arrivals. So it's more of a tactical approach over a couple of quarters rather than a complete assortment reset.
Our next question will come from the line of Bobby Brooks with Northland Capital Markets.
I thought it was really interesting to hear the average listing price coming through the peer-to-peer model was $80. Is it fair to think that this supply funnel is skewing more to the premium than what is coming through the Clean Out bags? Also, on the peer-to-peer piece, have you seen the sell-through rates? Is it comparable to what the managed marketplace is seeing? Any differences there?
The stuff coming through Direct Listings is definitely more premium. We're still making a lot of progress on premium core marketplace bags; premium brand items are up 32% year-over-year. Direct Listings items are higher priced by design: we don't accept certain low-quality brands and we don't allow pricing below $20, so we put guardrails in to create conditions for an improving assortment as we grow that part of the business. Sell-through is slower in Direct Listings, which is consistent with other peer-to-peer sites. Sellers tend to overprice relative to market clearing price data, so sell-through is slower, but we're continuing to educate sellers.
Got it. And maybe just on the broader marketing plan, given the dichotomy between more stressed consumers versus more affluent consumers gravitating to the site, are there different approaches to targeting those two groups, or is it largely the same strategy?
The consistent shift all year has been away from Google PMax customers, who tend to have lower LTVs, toward Meta and Pinterest where customers have significantly higher LTVs and CACs are lower than we expected six months ago. The paybacks in those channels are strong, and customer acquisition is robust. That shift supports our movement toward a more premium customer. We need more premium supply to feed that engine, but the premium customer is growing faster than our budget shoppers. The June weakness was primarily among the budget shopper, and we're transitioning through that.
Our next question comes from the line of Dana Telsey with Telsey Advisory Group.
In this environment where it seems like the focus is more on a wardrobe update than core replenishment, with the_products you're talking about and the lower-income consumer, is there a difference between what the lower-income consumer spends on by category versus what your $100,000-plus income consumers spend on? And what does this mean for the RaaS business? Getting Steve Madden, Dolce Vita—those are growthy brands— is there more there? Anything you're seeing by category?
I don't have nuanced category data on hand, but the instincts are right. Customers who are doing better in this K-shaped economy are buying for fun and delight—travel and vacation wardrobes—whereas the budget shopper is buying staples and basics. Our discounting approach moves some staples to the budget shopper at lower prices than a year ago. The data shows the difference in behavior between the groups. We need to keep inching the assortment and the buyer base up, and we've been doing that over the last couple of years, but it's not complete. On RaaS, we're focused on more elevated brands. We did a big push with Reformation in the spring and plan similar efforts with several brands in the fall. RaaS is in a nice rhythm of adding clients and getting them active, and I'm feeling good about that momentum.
And this concludes the question-and-answer session. I'll hand the call back over to James Reinhart for any closing comments.
Well, thank you all for joining us today. Thank you especially to the ThredUp team for your continued hard work in this operating environment, and I look forward to seeing you all on our next call. Thank you.
That will conclude today's call. Thank you all for joining. You may now disconnect.