Exhibit 99.2

ThredUp Inc.

Third Quarter 2024 Supplemental Financials

Consolidated (US + EU) Key Financial Metrics for the Quarter

•Total revenue of $73.0 million

◦vs. $82.0 million in 3Q23

◦Decline of 11.0% YoY

•Gross profit of $52.0 million

◦vs. $56.6 million in 3Q23

◦Decline of 8.2% YoY

•Gross margin of 71.2%

◦vs. 69.0% in 3Q23

•GAAP net loss of $24.8 million

◦vs. net loss of $18.1 million in 3Q23

•Adjusted EBITDA loss of $2.5 million

◦vs. loss of $3.6 million in 3Q23

•Adjusted EBITDA loss margin of 3.4%

◦vs. loss margin of 4.4% in 3Q23

•Cash, cash equivalents, restricted cash and short-term marketable securities were $60.6 million at the quarter end

•Total quarter Active Buyers of 1.632 million

◦vs. 1.763 million in 3Q23

◦A decrease of 7.4% YoY

•Orders of 1.553 million

◦vs. 1.803 million in 3Q23

◦A decrease of 13.9% YoY

U.S. Key Financial Metrics for the Quarter

•U.S. Total revenue of $61.5 million

◦vs. $68.1 million in 3Q23

◦Decline of 9.6% YoY

•U.S. Gross profit of $48.8 million

◦vs. $53.5 million in 3Q23

◦Decline of 8.8% YoY

•U.S. Gross margin of 79.3%

◦vs. 78.5% in 3Q23

•U.S. Net loss of $9.9 million

◦vs. net loss of $12.5 million in 3Q23

•U.S. Adjusted EBITDA of $0.7 million

◦vs. $0.1 million in 3Q23

•U.S. Adjusted EBITDA margin of 1.1%

◦vs. margin of 0.2% in 3Q23

•Total quarter U.S. Active Buyers of 1.248 million

◦vs. 1.346 million in 3Q23

◦A decrease of 7.3% YoY

•U.S. Orders of 1.172 million

◦vs. 1.309 million in 3Q23

◦A decrease of 10.5% YoY

1

Financial Outlook

For fourth quarter 2024, ThredUp expects:

•Total revenue in the range of $67.2 million to $69.2 million

◦U.S. Total revenue in the range of $58.0 million to $60.0 million

•Gross margin in the range of 72.3% to 73.3%

◦U.S. Gross margin in the range of 78.5% to 79.5%

•Adjusted EBITDA loss margin in the range of (4.7)% to (2.7)%

◦U.S. Adjusted EBITDA margin in the range of 0.0% to 2.0%

•Depreciation and amortization of approximately $4.6 million

◦U.S. Depreciation and amortization of approximately $3.4 million

•Stock-based compensation of approximately $6.6 million

◦U.S. Stock-based compensation of approximately $6.0 million

•Weighted-average shares of approximately 114 million

For fiscal year 2024, ThredUp expects:

•Total revenue in the range of $300 million to $302 million

◦U.S. Total revenue in the range of $250.8 million to $252.8 million

•Gross margin in the range of 70.8% to 71.0%

◦U.S. Gross margin in the range of 79.2% to 79.4%

•Adjusted EBITDA loss margin in the range of (2.6)% to (2.2)%

◦U.S. Adjusted EBITDA margin in the range of 1.6% to 2.1%

•Depreciation and amortization of approximately $19.1 million

◦U.S. Depreciation and amortization of approximately $14.3 million

•Stock-based compensation of approximately $27.3 million

◦U.S. Stock-based compensation of approximately $25.8 million

•Weighted-average shares of approximately 114 million

Conference Call and Webcast

•The live and archived webcast and all related earnings materials will be available at ThredUp’s investor relations website: ir.thredup.com/news-events/events-and-presentations.

2

ThredUp Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages, unaudited)
Three Months Ended												December 31, 2022						March 31, 2023						June 30, 2023						September 30, 2023						December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Revenue:
Consignment												$	37,470					$	46,479					$	53,415					$	57,838					$	55,877					$	61,225					$	63,855					$	59,850
Product												33,848						29,443						29,243						24,211						25,516						18,363						15,900						13,171
Total revenue												71,318						75,922						82,658						82,049						81,393						79,588						79,755						73,021
Cost of revenue:
Consignment												7,661						9,220						9,580						10,131						10,801						10,502						12,266						11,354
Product												18,691						15,609						17,346						15,291						20,239						13,760						11,369						9,687
Total cost of revenue												26,352						24,829						26,926						25,422						31,040						24,262						23,635						21,041
Gross profit												44,966						51,093						55,732						56,627						50,353						55,326						56,120						51,980
Gross margin												63.1		%				67.3		%				67.4		%				69.0		%				61.9		%				69.5		%				70.4		%				71.2		%
Operating expenses:
Operations, product and technology												33,818						38,347						39,771						40,355						38,239						41,051						38,921						37,190
Marketing												12,999						16,870						18,643						19,406						11,354						13,413						16,053						15,299
Sales, general and administrative												14,538						16,059						16,030						15,058						15,510						17,573						15,440						14,545
Impairment of long-lived assets												—						—						—						—						—						—						—						9,814
Total operating expenses												61,355						71,276						74,444						74,819						65,103						72,037						70,414						76,848
Operating expenses as a % of revenue												86.0		%				93.9		%				90.1		%				91.2		%				80.0		%				90.5		%				88.3		%				105.2		%
Operating loss												(16,389)						(20,183)						(18,712)						(18,192)						(14,750)						(16,711)						(14,294)						(24,868)
Operating loss margin												(23.0)		%				(26.6)		%				(22.6)		%				(22.2)		%				(18.1)		%				(21.0)		%				(17.9)		%				(34.1)		%
Interest expense												(41)						(77)						(721)						(732)						(709)						(677)						(652)						(629)
Other income (expense), net												(3,065)						476						685						845						841						845						998						730
Loss before income taxes												(19,495)						(19,784)						(18,748)						(18,079)						(14,618)						(16,543)						(13,948)						(24,767)
Provision (benefit) for income taxes												4						9						12						3						(5)						11						6						4
Net loss												$	(19,499)					$	(19,793)					$	(18,760)					$	(18,082)					$	(14,613)					$	(16,554)					$	(13,954)					$	(24,771)
Net loss margin												(27.3)		%				(26.1)		%				(22.7)		%				(22.0)		%				(18.0)		%				(20.8)		%				(17.5)		%				(33.9)		%

3

ThredUp Inc.
Reconciliation of Net Loss to Adjusted EBITDA
(in thousands, except percentages, unaudited)
Three Months Ended												December 31, 2022						March 31, 2023						June 30, 2023						September 30, 2023						December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Net loss												$	(19,499)					$	(19,793)					$	(18,760)					$	(18,082)					$	(14,613)					$	(16,554)					$	(13,954)					$	(24,771)
Stock-based compensation expense												6,059						9,391						7,628						7,888						6,775						7,211						7,009						6,467
Depreciation and amortization												3,816						3,681						4,836						5,364						4,851						4,933						4,865						4,699
Impairment of long-lived assets												—						—						—						—						—						—						—						9,814
Severance and other reorganization costs												(14)						—						551						507						138						2,986						(122)						698
Interest expense												41						77						721						732						709						677						652						629
Provision (benefit) for income taxes												4						9						12						3						(5)						11						6						4
Impairment of non-marketable equity investment												3,750						—						—						—						—						—						—						—
Adjusted EBITDA loss												$	(5,843)					$	(6,635)					$	(5,012)					$	(3,588)					$	(2,145)					$	(736)					$	(1,544)					$	(2,460)
Adjusted EBITDA loss margin												(8.2)		%				(8.7)		%				(6.1)		%				(4.4)		%				(2.6)		%				(0.9)		%				(1.9)		%				(3.4)		%

4

ThredUp Inc.
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(in thousands, except percentages, unaudited)
Three Months Ended						December 31, 2022						March 31, 2023						June 30, 2023						September 30, 2023						December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Operations, product, and technology						$	33,818					$	38,347					$	39,771					$	40,355					$	38,239					$	41,051					$	38,921					$	37,190
Marketing						12,999						16,870						18,643						19,406						11,354						13,413						16,053						15,299
Sales, general, and administrative						14,538						16,059						16,030						15,058						15,510						17,573						15,440						14,545
Impairment of long-lived assets						—						—						—						—						—						—						—						9,814
Total operating expenses						61,355						71,276						74,444						74,819						65,103						72,037						70,414						76,848
Less: Stock-based compensation expense						(6,059)						(9,391)						(7,628)						(7,888)						(6,775)						(7,211)						(7,009)						(6,467)
Less: Severance and other						14						—						(551)						(507)						(138)						(2,986)						122						(698)
Total non-GAAP operating expenses						$	55,310					$	61,885					$	66,265					$	66,424					$	58,190					$	61,840					$	63,527					$	69,683
Non-GAAP operating expenses % of revenue						77.6		%				81.5		%				80.2		%				81.0		%				71.5		%				77.7		%				79.7		%				95.4		%

ThredUp Inc.
Stock-Based Compensation Expense Details
(in thousands, unaudited)
Three Months Ended												December 31, 2022						March 31, 2023						June 30, 2023						September 30, 2023						December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Operations, product, and technology												$	2,193					$	3,671					$	2,913					$	2,858					$	2,625					$	2,571					$	2,867					$	3,150
Marketing												767						1,205						923						1,264						392						202						161						148
Sales, general, and administrative												3,099						4,515						3,792						3,766						3,758						4,438						3,981						3,169
Total stock-based compensation expense												$	6,059					$	9,391					$	7,628					$	7,888					$	6,775					$	7,211					$	7,009					$	6,467

ThredUp Inc.
Severance and Other Reorganization Costs Details
(in thousands, unaudited)
Three Months Ended												December 31, 2022						March 31, 2023						June 30, 2023						September 30, 2023						December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Operations, product, and technology												$	(22)					$	—					$	115					$	148					$	78					$	1,197					$	(94)					$	—
Marketing												—						—						255						243						59						537						(2)						—
Sales, general, and administrative												8						—						181						116						1						1,252						(26)						698
Total severance and other reorganization costs												$	(14)					$	—					$	551					$	507					$	138					$	2,986					$	(122)					$	698

5

ThredUp Inc.
U.S. Financial Information
(in thousands, except percentages, unaudited)
Three Months Ended																								June 30, 2023						September 30, 2023						December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Total revenue																								$	66,720					$	68,084					$	61,447					$	64,533					$	66,717					$	61,514
Gross profit																								50,986						53,454						47,622						51,713						52,558						48,754
Gross margin																								76.4		%				78.5		%				77.5		%				80.1		%				78.8		%				79.3		%
Operating expenses:
Operations, product and technology																								36,148						37,078						34,668						37,125						34,975						33,296
Marketing																								14,952						15,494						7,554						10,851						13,258						12,912
Sales, general and administrative																								14,417						13,856						13,994						16,132						13,930						13,010
Total operating expenses																								$	65,517					$	66,428					$	56,216					$	64,108					$	62,163					$	59,218
Net loss																								$	(14,272)					$	(12,470)					$	(8,041)					$	(11,722)					$	(8,912)					$	(9,862)
Stock-based compensation expense																								7,036						7,572						6,507						6,911						6,719						6,162
Depreciation and amortization																								3,654						4,171						3,665						3,748						3,622						3,526
Severance and other reorganization costs																								255						507						138						2,731						(119)						698
Interest expense																								721						732						709						677						652						629
Intercompany interest (income)/expense																								(226)						(396)						(432)						(468)						(480)						(496)
Provision (benefit) for income taxes																								12						3						(5)						11						6						4
Adjusted EBITDA (loss)																								$	(2,820)					$	119					$	2,541					$	1,888					$	1,488					$	661
Adjusted EBITDA (loss) margin																								(4.2)		%				0.2		%				4.1		%				2.9		%				2.2		%				1.1		%

6

ThredUp Inc.
Reconciliation of U.S. Financial Information to Condensed Consolidated Statement of Operations
(in thousands, except percentages, unaudited)
Three Months Ended																								September 30, 2024																		June 30, 2024
																								U.S.						EU						Total						U.S.						EU						Total
Total revenue																								$	61,514					$	11,507					$	73,021					$	66,717					$	13,038					$	79,755
Gross profit																								48,754						3,226						51,980						52,558						3,562						56,120
Gross margin																								79.3		%				28.0		%				71.2		%				78.8		%				27.3		%				70.4		%
Operating expenses:
Operations, product and technology																								33,296						3,894						37,190						34,975						3,946						38,921
Marketing																								12,912						2,387						15,299						13,258						2,795						16,053
Sales, general and administrative																								13,010						1,535						14,545						13,930						1,510						15,440
Impairment of long-lived assets																								—						9,814						9,814						—						—						—
Total operating expenses																								$	59,218					$	17,630					$	76,848					$	62,163					$	8,251					$	70,414
Net loss																								$	(9,862)					$	(14,909)					$	(24,771)					$	(8,912)					$	(5,042)					$	(13,954)
Stock-based compensation expense																								6,162						305						6,467						6,719						290						7,009
Depreciation and amortization																								3,526						1,173						4,699						3,622						1,243						4,865
Impairment of long-lived assets																								—						9,814						9,814						—						—						—
Severance and other reorganization costs																								698						—						698						(119)						(3)						(122)
Interest expense																								629						—						629						652						—						652
Intercompany interest (income) /expense																								(496)						496						—						(480)						480						—
Provision (benefit) for income taxes																								4						—						4						6						—						6
Adjusted EBITDA (loss)																								$	661					$	(3,121)					$	(2,460)					$	1,488					$	(3,032)					$	(1,544)
Adjusted EBITDA (loss) margin																								1.1		%				(27.1)		%				(3.4)		%				2.2		%				(23.3)		%				(1.9)		%

7

ThredUp Inc.
Reconciliation of U.S. Financial Information to Condensed Consolidated Statement of Operations
(in thousands, except percentages, unaudited)
Three Months Ended																								March 30, 2024																		December 30, 2023
																								U.S.						EU						Total						U.S.						EU						Total
Total revenue																								$	64,533					$	15,055					$	79,588					$	61,447					$	19,946					$	81,393
Gross profit																								51,713						3,613						55,326						47,622						2,731						50,353
Gross margin																								80.1		%				24.0		%				69.5		%				77.5		%				13.7		%				61.9		%
Operating expenses:
Operations, product and technology																								37,125						3,926						41,051						34,668						3,571						38,239
Marketing																								10,851						2,562						13,413						7,554						3,800						11,354
Sales, general and administrative																								16,132						1,441						17,573						13,994						1,516						15,510
Total operating expenses																								$	64,108					$	7,929					$	72,037					$	56,216					$	8,887					$	65,103
Net loss																								$	(11,722)					$	(4,832)					$	(16,554)					$	(8,041)					$	(6,572)					$	(14,613)
Stock-based compensation expense																								6,911						300						7,211						6,507						268						6,775
Depreciation and amortization																								3,748						1,185						4,933						3,665						1,186						4,851
Severance and other reorganization costs																								2,731						255						2,986						138						—						138
Interest expense																								677						—						677						709						—						709
Intercompany interest (income)/expense																								(468)						468						—						(432)						432						—
Provision (benefit) for income taxes																								11						—						11						(5)						—						(5)
Adjusted EBITDA (loss)																								$	1,888					$	(2,624)					$	(736)					$	2,541					$	(4,686)					$	(2,145)
Adjusted EBITDA (loss) margin																								2.9		%				(17.4)		%				(0.9)		%				4.1		%				(23.5)		%				(2.6)		%

8

ThredUp Inc.
Reconciliation of U.S. Financial Information to Condensed Consolidated Statement of Operations
(in thousands, except percentages, unaudited)
Three Months Ended																								September 30, 2023																		June 30, 2023
																								U.S.						EU						Total						U.S.						EU						Total
Total revenue																								$	68,084					$	13,965					$	82,049					$	66,720					$	15,938					$	82,658
Gross profit																								53,454						3,173						56,627						50,986						4,746						55,732
Gross margin																								78.5		%				22.7		%				69.0		%				76.4		%				29.8		%				67.4		%
Operating expenses:
Operations, product and technology																								37,078						3,277						40,355						36,148						3,623						39,771
Marketing																								15,494						3,912						19,406						14,952						3,691						18,643
Sales, general and administrative																								13,856						1,202						15,058						14,417						1,613						16,030
Total operating expenses																								$	66,428					$	8,391					$	74,819					$	65,517					$	8,927					$	74,444
Net loss																								$	(12,470)					$	(5,612)					$	(18,082)					$	(14,272)					$	(4,488)					$	(18,760)
Stock-based compensation expense																								7,572						316						7,888						7,036						592						7,628
Depreciation and amortization																								4,171						1,193						5,364						3,654						1,182						4,836
Severance and other reorganization costs																								507						—						507						255						296						551
Interest expense																								732						—						732						721						—						721
Intercompany interest (income)/expense																								(396)						396						—						(226)						226						—
Provision (benefit) for income taxes																								3						—						3						12						—						12
Adjusted EBITDA (loss)																								$	119					$	(3,708)					$	(3,588)					$	(2,820)					$	(2,192)					$	(5,012)
Adjusted EBITDA (loss) margin																								0.2		%				(26.6)		%				(4.4)		%				(4.2)		%				(13.8)		%				(6.1)		%

ThredUp Inc.

U.S. Active Buyers

(in millions, unaudited)

Three Months Ended

June 30, 2023

September 30, 2023

December 31, 2023

March 31, 2024

June 30, 2024

September 30, 2024

U.S. Active Buyers

1.332

1.346

1.357

1.296

1.257

1.248

9

ThredUp Inc.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
												December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Assets:
Current assets:
Cash and cash equivalents												$	56,084					$	50,112					$	44,755					$	43,715
Marketable securities												8,100						12,399						10,525						11,581
Accounts receivable, net												7,813						6,929						5,888						5,717
Inventory												15,687						11,582						10,313						7,375
Other current assets												6,204						5,834						6,698						4,977
Total current assets												93,888						86,856						78,179						73,365
Operating lease right-of-use assets												42,118						47,138						45,624						44,804
Property and equipment, net												87,672						85,083						82,839						76,432
Goodwill												11,957						11,677						11,608						12,121
Intangible assets												8,156						7,329						6,628						1,995
Other assets												6,176						6,196						6,333						6,227
Total assets												$	249,967					$	244,279					$	231,211					$	214,944
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable												$	9,457					$	9,133					$	10,897					$	13,125
Accrued and other current liabilities												35,934						37,541						34,210						34,170
Seller payable												21,495						21,037						19,182						19,802
Operating lease liabilities, current												5,949						5,517						5,513						5,455
Current portion of long-term debt												3,838						3,843						3,847						3,851
Total current liabilities												76,673						77,071						73,649						76,403
Operating lease liabilities, non-current												44,621						49,750						48,068						47,147
Long-term debt, net of current portion												22,006						21,044						20,080						19,116
Other non-current liabilities												2,750						2,884						2,925						3,006
Total liabilities												146,050						150,749						144,722						145,672
Commitments and contingencies
Stockholders’ equity:
Common stock												11						11						11						11
Additional paid-in capital												585,156						592,193						599,333						605,687
Accumulated other comprehensive loss												(2,375)						(3,245)						(3,472)						(2,272)
Accumulated deficit												(478,875)						(495,429)						(509,383)						(534,154)
Total stockholders’ equity												103,917						93,530						86,489						69,272
Total liabilities and stockholders’ equity												$	249,967					$	244,279					$	231,211					$	214,944

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ThredUp Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three Months Ended												December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Cash flows from operating activities:
Net loss												$	(14,613)					$	(16,554)					$	(13,954)					$	(24,771)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation expense												6,775						7,211						7,009						6,467
Depreciation and amortization												4,851						4,933						4,865						4,699
Impairment of long-lived assets impairment												—						—						—						9,814
Reduction in carrying amount of right-of-use assets												1,567						1,667						1,426						1,458
Other												798						28						(719)						96
Changes in operating assets and liabilities:
Accounts receivable, net												(1,753)						815						1,027						261
Inventory												3,082						3,825						1,204						3,276
Other current and non-current assets												125						312						(322)						1,779
Accounts payable												(2,352)						(223)						1,328						2,016
Accrued and other current liabilities												(4,761)						1,742						(3,377)						(494)
Seller payable												(46)						(442)						(1,851)						582
Operating lease liabilities												(1,669)						(1,986)						(1,599)						(1,620)
Other non-current liabilities												21						65						(9)						(216)
Net cash provided by (used in) operating activities												(7,975)						1,393						(4,972)						3,347
Cash flows from investing activities:
Purchases of marketable securities												(8,064)						(8,665)						(6,488)						(9,520)
Maturities of marketable securities												5,600						4,500						8,500						8,600
Purchases of property and equipment												(2,209)						(1,620)						(1,170)						(2,573)
Net cash used in investing activities												(4,673)						(5,785)						842						(3,493)
Cash flows from financing activities:
Repayment of debt												(1,000)						(1,000)						(1,000)						(1,000)
Proceeds from issuance of stock-based awards												1,401						727						1,061						282
Payment of withholding taxes on stock-based awards												(1,021)						(1,207)						(1,243)						(545)
Net cash used in financing activities												(620)						(1,480)						(1,182)						(1,263)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash												162						(115)						(45)						281
Net change in cash, cash equivalents, and restricted cash												(13,106)						(5,987)						(5,357)						(1,128)
Cash, cash equivalents, and restricted cash, beginning of period												74,575						61,469						55,482						50,125
Cash, cash equivalents, and restricted cash, end of period												$	61,469					$	55,482					$	50,125					$	48,997

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ThredUp Inc.
Reconciliation of Net Cash Provided By (Used In) Operating Activities to Non-GAAP Free Cash Flow
(in thousands, unaudited)
Three Months Ended												December 31, 2023						March 31, 2024						June 30, 2024						September 30, 2024
Net cash provided by (used in) operating activities												$	(7,975)					$	1,393					$	(4,972)					$	3,347
Less: Purchases of property and equipment												(2,209)						(1,620)						(1,170)						(2,573)
Non-GAAP free cash flow												$	(10,184)					$	(227)					$	(6,142)					$	774

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Investors

ir@thredup.com

Media

media@thredup.com

About ThredUp

ThredUp is transforming resale with technology and a mission to inspire the world to think secondhand first. By making it easy to buy and sell secondhand, ThredUp has become one of the world's largest online resale platforms for apparel, shoes and accessories. Sellers enjoy ThredUp because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers enjoy shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Our proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. With ThredUp’s Resale-as-a-Service, some of the world's leading brands and retailers are leveraging our platform to deliver customizable, scalable resale experiences to their customers. ThredUp has processed over 200 million unique secondhand items from 60,000 brands across 100 categories. By extending the life cycle of clothing, ThredUp is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.

Forward-Looking Statements

This financial supplement contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “looking ahead,” seeking or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this financial supplement include, but are not limited to, guidance on financial results for the fourth quarter and full year of 2024; statements about the Company’s intention to exit the European market and to seek strategic alternatives for its Remix business; statements about future operating results and our long term growth and the focus of the Company’s resources and attention in the United States; trends, consumer demand and growth in the global and U.S. online resale markets; the momentum of our business; our investments in technology and infrastructure, including with respect to AI technologies; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions, investments or reorganization activities, including our intention to reshape ThredUp into an AI-powered resale company; the impact, including on an annualized basis, of our reduction in corporate expenses and headcount; the success and expansion of our RaaS® model and the timing and plans for future RaaS® clients; our ability to attract new Active Buyers; and legal and regulatory updates.

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More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The forward-looking statements in this financial supplement are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing ThredUp’s views as of any date subsequent to the date of this financial supplement.

Additional information regarding these and other factors that could affect ThredUp's results is included in ThredUp’s SEC filings, which may be obtained by visiting our Investor Relations website at ir.thredup.com or the SEC's website at www.sec.gov.

Non-GAAP Financial Measures and Other Operating and Business Metrics

This financial supplement and the accompanying tables contain non-GAAP financial measures: Adjusted EBITDA loss, Adjusted EBITDA loss margin, Non-GAAP operating expenses, U.S. Total revenue, U.S. Gross profit, U.S. Operating expenses, U.S. Net loss, U.S. Adjusted EBITDA loss, free cash flow and other operating and business metrics. We have also included certain additional financial measures for our U.S. business above because we believe they may be helpful to investors to understand our U.S. business in light of the proposed divestiture of the Remix business. In addition to our results determined in accordance with GAAP, we believe that these non-GAAP financial measures and other operating and business metrics are useful in evaluating our operating performance and enhancing an overall understanding of our financial position. We use these measures and metrics to evaluate and assess our operating performance, and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken collectively with our GAAP results, may be helpful to investors because they provide consistency and comparability with past financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. Our non-GAAP financial measures and other operating and business metrics are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP measures and other operating and business metrics used by other companies.

A reconciliation is provided above for Adjusted EBITDA loss to net loss, the most directly comparable financial measures stated in accordance with GAAP. We calculate Adjusted EBITDA loss as Net loss adjusted to exclude, where applicable in a given period, Stock-based compensation expense, Depreciation and amortization, Impairment of long-lived assets, Severance and other reorganization costs, Interest expense, Provision (benefit) for income taxes, and Impairment of non-marketable equity investment. Adjusted EBITDA loss margin represents Adjusted EBITDA loss divided by Total revenue for the same period. In addition, for purposes of the U.S. Financial Information, we adjusted both the U.S. and Europe Adjusted EBITDA loss to exclude the effect of intercompany interest and reconcile to the Adjusted EBITDA loss.

A reconciliation is provided above for Non-GAAP operating expenses to Total operating expenses, the most directly comparable financial measures stated in accordance with GAAP. Non-GAAP operating expenses are operating expenses adjusted to exclude stock-based compensation expense and severance and other reorganization costs.

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A reconciliation is provided above for the amounts of U.S. Total revenue, U.S. Gross profit, U.S. Operating expenses, and U.S. Net loss (together, the “U.S. Financial Information”) to the amounts of Total revenue, Gross profit, Operating expenses, and Net loss, respectively, on the Condensed Consolidated Statement of Operations, the most directly comparable financial measure stated in accordance with GAAP. We calculate the amounts on the U.S. Financial Information as the amounts on the Condensed Consolidated Statement of Operations adjusted to exclude our European business.

A reconciliation is provided above for Non-GAAP free cash flow to Net cash provided by (used in) operating activities, the most directly comparable financial measure stated in accordance with GAAP. We calculate free cash flow as Net cash provided by (used in) operating activities reduced by Purchases of property and equipment.

ThredUp is not providing a quantitative reconciliation of forward-looking guidance of the Non-GAAP measures above, including Adjusted EBITDA loss margin and the U.S. Financial Information to their most directly comparable financial measures under GAAP because certain items are out of ThredUp’s control or cannot be reasonably predicted. Historically, these items have included, but are not limited to, stock-based compensation expense, depreciation and amortization, impairment of long-lived assets, severance and other reorganization costs, interest expense, provision (benefit) for income taxes, and impairment of non-marketable equity investment. Accordingly, a reconciliation for Adjusted EBITDA loss in order to calculate forward-looking Adjusted EBITDA loss margin is not available without unreasonable effort. These items are uncertain, depend on various factors, and could result in projected net loss being materially less than is indicated by the currently estimated Adjusted EBITDA loss margin. In addition, due to the inherent uncertainty of the proposed divestiture of the Remix business, it is not possible without unreasonable efforts to provide a reconciliation for forward-looking U.S. Total revenue, U.S. Gross margin and U.S. Adjusted EBITDA margin.

We encourage investors to review our results determined in accordance with GAAP and the accompanying reconciliations for more information.

An Active Buyer is a ThredUp buyer who has made at least one purchase in the last twelve months. A ThredUp buyer is a customer who has created an account and purchased in our marketplaces, including through our RaaS® clients, and is identified by a unique email address. A single person could have multiple ThredUp accounts and count as multiple Active Buyers.

Orders are defined as the total number of orders placed by buyers across our marketplaces, including through our RaaS® clients, in a given period, net of cancellations.

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