Earnings Call Insights: ThredUp Inc. (TDUP) Q4 2025 Management View CEO James Reinhart emphasized the company's transition to a streamlined, U.S.-focused business, highlighting that "Q4 revenue grew 18.5% year-over-year, while gross margin was 79.6%, and adjusted EBITDA was 3.7% of revenue." Reinhart noted, "new buyer acquisition increased 57% year-over-year, while active buyers for the trailing 1...
Earnings Call Insights: ThredUp Inc. (TDUP) Q4 2025 Management View CEO James Reinhart emphasized the company's transition to a streamlined, U.S.-focused business, highlighting that "Q4 revenue grew 18.5% year-over-year, while gross margin was 79.6%, and adjusted EBITDA was 3.7% of revenue." Reinhart noted, "new buyer acquisition increased 57% year-over-year, while active buyers for the trailing 12 months were up 30% year-over-year." He stated that 2025 marked the completion of the multiyear transition to a fully consignment-based model, with "more than 90% of our business now on consignment." Reinhart highlighted product innovation, including premium listings and direct listings, and mentioned that sellers using direct listings are "listing 10x more items than we expected," with an average selling price "much, much higher, more than $70." The company launched a rebrand and invested heavily in AI, with advancements in product search, discovery, ad buying, and customer service through the Dottie AI agent. Reinhart stated, "By embedding AI into everything from discovery to service, we are building a marketplace that is not only more enjoyable for the consumer, but structurally more profitable to operate." CFO Sean Sobers said, "We are extremely proud of our Q4 and 2025 results in which we exceeded our internal expectations for revenue, gross margins and adjusted EBITDA." Sobers added, "For the fourth quarter of 2025, revenue totaled $79.7 million, an increase of 18.5% year-over-year." Outlook ThredUp expects Q1 2026 revenue in the range of $79.5 million to $80.5 million, with gross margin between 78% and 79% and adjusted EBITDA of approximately 3% of revenue. For the full year 2026, the company projects revenue in the range of $349 million to $355 million, "reflecting 13% year-over-year growth at the midpoint," with gross margin in the 78% to 79% range and adjusted EBITDA of approximately 6% of revenue. Management remains cautious on the consumer environment and expec...
The event's format is designed to foster cross-sector partnerships. Participants can expect thought leadership talks, hands-on workshops on digital tactics, forecasts on global marketing and e-tailing directions, and exhibitions showcasing solutions in these fields. With a theme of "Generate New Growth", the conference brings together marketers, brands, agencies and e-commerce experts from across ...
The event's format is designed to foster cross-sector partnerships. Participants can expect thought leadership talks, hands-on workshops on digital tactics, forecasts on global marketing and e-tailing directions, and exhibitions showcasing solutions in these fields. With a theme of "Generate New Growth", the conference brings together marketers, brands, agencies and e-commerce experts from across Asia and elsewhere, offering workshops, panels and networking sessions that could prove invaluable. Scheduled for March 19 at the Hong Kong Convention and Exhibition Centre, the event will address such pain points directly while shedding light on trends that professionals must pick up on to stay ahead of the game. Set against this backdrop, the MarketingPulse and eTailingPulse 2026 conference, organised by the Hong Kong Trade Development Council (HKTDC), emerges as a timely gathering for those who believe in the power of storytelling. And with e-commerce now a dominant global trend transforming consumer behaviour and intensifying competition, these issues demand creative and effective solutions. From integrating AI without losing the human touch to forging connections with tech-savvy younger audiences amid consumer behavioural shifts, marketing professionals and e-commerce experts face persistent challenges in growing market share across global e-commerce platforms. [The content of this article has been produced by our advertising partner.] Marketing executives and brand leaders convened at the previous edition of MarketingPulse x eTailingPulse. AI is the tool, but you’re the artist Drawing from past editions, which featured over 430 speakers from brands such as L'Oréal, Nike and Alibaba and attracted more than 13,000 attendees from 67 countries and regions, this year's line-up continues that tradition. Advertisement New AI tools emerge almost daily, adding to the already vast array available to marketers. While these are powerful instruments, what matters most is how they ...
ffikretow/iStock via Getty Images With the escalating conflict in the Middle East, we believe there is little about Crescat’s portfolio positioning that needs significant realignment. We remain substantially long undervalued high-growth precious metals mining companies across all our funds. These companies should only come more into favor in the current geopolitical environment. To a lesser degree...
ffikretow/iStock via Getty Images With the escalating conflict in the Middle East, we believe there is little about Crescat’s portfolio positioning that needs significant realignment. We remain substantially long undervalued high-growth precious metals mining companies across all our funds. These companies should only come more into favor in the current geopolitical environment. To a lesser degree, we also have long oil and gas holdings in our macro and long/short funds. Our more oil-focused holdings will likely get a boost that should provide us with a near-term ability to reduce that exposure, ideally into significant strength. Such is the current opinion of Crescat’s veteran geologist and energy advisor, Lisa Thieme, who will be featured in an upcoming Crescat Market Call video in March. For now, she believes that with the Strait of Hormuz temporarily shut down, the oil price will have a short-term spike. She just reminded us that 20-30% of all seaborne crude goes through the Strait of Hormuz. Lisa is less bullish on the sustainability of the oil price move, however, given her analysis of structural global supply and demand factors. Meanwhile, she remains highly constructive over the medium term for undervalued and natural gas producers in the US, where Crescat will likely remain positioned. Potential Major US Stock Market Top Crescat’s macro- and long-short funds have continued to maintain short exposure to overcrowded and overvalued US large cap indices, which are now dominated by the megacap tech stocks. Historic high valuations have been a warning sign for several years already for US large cap indices and megacap tech, but valuations alone have not signaled a major market top. Neither necessarily has the US military strike on Iran, though this could certainly increase the market risk premium in the near term. The real fundamental catalyst now finally at play, in our view, to raise our conviction that a major top for the megacap tech stocks already occurred o...
Netflix (NFLX +0.88%) ended the last trading day of February with a more than 13% rally after it decided to walk away from its bidding war with Paramount Skydance (PSKY 1.26%) over Warner Bros. Discovery (WBD +1.17%). With what's happened since this whole saga began, there's reason to believe that the streaming giant's rally could continue in March. Let's not make a deal The deal that Netflix was ...
Netflix (NFLX +0.88%) ended the last trading day of February with a more than 13% rally after it decided to walk away from its bidding war with Paramount Skydance (PSKY 1.26%) over Warner Bros. Discovery (WBD +1.17%). With what's happened since this whole saga began, there's reason to believe that the streaming giant's rally could continue in March. Let's not make a deal The deal that Netflix was pursuing for most of Warner Bros. Discovery's assets would have brought heavy-hitting franchises like Harry Potter, Game of Thrones, and the DC comic book universe to the streamer. Netflix could have monetized those franchises and others in a variety of ways, including by creating new shows and movies. It could have also used those franchises to attract fans to its new Netflix House destinations. The first two locations in Philadelphia and Dallas feature themed games, escape rooms, food, and merchandise based on Netflix properties such as Wednesday and Stranger Things. In addition, Netflix is expanding into video podcasting. Access to Warner Bros.' assets could have bolstered that business through sponsorships. The company could have also created exclusive video podcasts featuring actor interviews, episode recaps, and more, which would help its podcast segment attract viewers, and conceivably drive new subscriptions. The reason the stock price jumped The deal to buy the streaming and studio operations from Warner Bros. Discovery was viewed by some investors as problematic because, while it offered potential opportunities for growth, the price was high, and it didn't seem crucial to Netflix's long-term success. Even the company acknowledged this reality in its statement detailing the decision not to counter Paramount's latest offer. To paraphrase the announcement, it would have been nice to close the transaction, but the required price to do so was no longer appealing. The path forward Since early December 2025, what has been weighing on the share price has been uncertainty ...