ThredUp Inc-A 2025年度报告

To our stockholders: Last year, I wrote about the volatility we experienced in 2024 and the set of decisions we madeto reset the business. We simplified the company, refocused our efforts, and made some hardtradeoffs in service of building a stronger foundation. 2025 was the proving ground for those decisions. I am pleased to report the meaningful progress we have made during this past year. Mostnotably, we achieved positive annual total cash flow for the first time in our history. That’s animportant milestone for us. It reflects a business that is becoming more durable and morescalable over time. There are a few things that drove this. First, focus. In late 2024, we made the decision to exit Europe and concentrate fully on the U.S.business. That gave us the ability to allocate resources more effectively and operate withgreater clarity. In 2025, that showed up in a surge of new customers, which fueled a return torevenue growth and improved bottom line financial performance. Second, the marketplace is getting stronger. We saw growth on both sides: more buyers andbetter supply. Our new buyer acquisition increased meaningfully year-over-year, driven bycontinued investment in customer acquisition and new supply. Further, the mix of inventorycontinues to improve, with Premium Kits representing a larger share of what we process. Thathas a direct impact on customer experience and average selling prices. We’re also seeing earlysigns that new channels, particularly in social commerce, can expand supply in ways that areincremental to our core business. Many of the sellers coming through these channels are new toThredUp, which is encouraging. Third, we are increasingly leveraging AI as a core driver of our customer experience andoperational efficiency. What makes this moment unique for ThredUp is not just the availability ofnew AI tools, but also how we apply them to the proprietary data and transaction layer we’vebuilt over more than a decade. Our marketplace generates rich data across supply, demand,pricing, and customer behavior. These are the inputs required to train and deploy meaningful AIapplications. We are already seeing impact across discovery, personalization, and customersupport, and we believe we are still in the early innings of what this technology can unlock. We also made a decision this year to update our brand. As the business has evolved, we feltthat it was important that how we show up to customers reflects where we’re going. Thisrebrand is about reinforcing that secondhand can be even more than just affordable and sustainable, but also stylish, relevant, and inspiring, while better reflecting the quality of theexperience we’re delivering to both buyers and sellers. The rebrand is a step in that direction. Looking ahead to 2026, the priorities are straightforward: continue to grow the marketplace,maintain discipline on costs, and reinvest where we see clear returns. We believe there is asignificant opportunity in front of us, and we also know that execution will matter more thananything else. We have more work to do, but we’re moving in the right direction and up for the challenge. Onward, James ReinhartCo-Founder and Chief Executive OfficerThredUp Inc. UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM10-K For the fiscal year ended December31, 2025 ThredUp Inc. (Exact name of registrant as specified in its charter) 26-4009181 (I.R.S. Employer Identification No.) 969Broadway, Suite200Oakland, California(Address of principal executive offices) (415) 402-5202 (Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months(or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T (§232.405 of thischapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. Seethe definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of