Exhibit 99.2

ThredUp Inc.

Third Quarter 2023 Supplemental Financials

Key Financial Metrics for the Quarter

•Revenue of $82.0 million

◦vs. $67.9 million in 3Q22

◦Growth of 20.8% YoY

•Gross profit of $56.6 million

◦vs. $44.5 million in 3Q22

◦Growth of 27.3% YoY

•Gross margin of 69.0%

◦vs. 65.5% in 3Q22

•GAAP net loss of $18.1 million

◦vs. net loss of $23.7 million in 3Q22

•Adjusted EBITDA loss of $3.6 million

◦vs. loss of $11.0 million in 3Q22

•Adjusted EBITDA loss margin of 4.4%

◦vs. loss margin of 16.2% in 3Q22

•Cash, cash equivalents, restricted cash and short-term marketable securities were $80.2 million at the quarter end

•Total quarter Active Buyers of 1.763 million

◦vs. 1.694 million in 3Q22

◦A decrease of 4.1% YoY

•Total Orders of 1.803 million

◦vs. 1.618 million in 3Q22

◦An increase of 11.4% YoY

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.

Financial Outlook

For fourth quarter 2023, thredUP expects:

•Revenue in the range of $79 million to $81 million

•Gross margin in the range of 61.0% to 63.0%

•Adjusted EBITDA loss margin in the range of 2.0% to 0.0%

•Depreciation and amortization of approximately $4.8 million

•Stock-based compensation of approximately $7.7 million

•Weighted-average shares of approximately 108 million

For fiscal year 2023, thredUP expects:

•Revenue in the range of $319.5 million to $321.5 million

•Gross margin in the range of 66.2% to 66.7%

•Adjusted EBITDA loss margin in the range of 5.3% to 4.7%

•Depreciation and amortization of approximately $18.7 million

•Stock-based compensation of approximately $32.6 million

•Weighted-average shares of approximately 105 million

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ThredUp Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages, unaudited)
Three Months Ended	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Revenue:
Consignment	$	44,758		$	47,435		$	48,536		$	41,553		$	37,470		$	46,479		$	53,415		$	57,838
Product	28,121			25,260			27,885			26,392			33,848			29,443			29,243			24,211
Total revenue	72,879			72,695			76,421			67,945			71,318			75,922			82,658			82,049
Cost of revenue:
Consignment	10,257			10,049			10,218			9,087			7,661			9,220			9,580			10,131
Product	14,434			12,418			13,555			14,362			18,691			15,609			17,346			15,291
Total cost of revenue	24,691			22,467			23,773			23,449			26,352			24,829			26,926			25,422
Gross profit	48,188			50,228			52,648			44,496			44,966			51,093			55,732			56,627
Gross margin % of revenue	66.1		%	69.1		%	68.9		%	65.5		%	63.1		%	67.3		%	67.4		%	69.0		%
Operating expenses:
Operations, product and technology	36,624			39,161			43,961			38,702			33,818			38,347			39,771			40,355
Marketing	15,281			16,978			19,640			14,752			12,999			16,870			18,643			19,406
Sales, general and administrative	14,608			14,664			17,380			15,232			14,538			16,059			16,030			15,058
Total operating expenses	66,513			70,803			80,981			68,686			61,355			71,276			74,444			74,819
Operating expenses % of revenue	91.3		%	97.4		%	106.0		%	101.1		%	86.0		%	93.9		%	90.1		%	91.2		%
Operating loss	(18,325)			(20,575)			(28,333)			(24,190)			(16,389)			(20,183)			(18,712)			(18,192)
Operating loss % of revenue	(25.1)		%	(28.3)		%	(37.1)		%	(35.6)		%	(23.0)		%	(26.6)		%	(22.6)		%	(22.6)		%
Interest expense	524			423			238			103			41			77			721			732
Other expense (income), net	(961)			(303)			(181)			(624)			3,065			(476)			(685)			(845)
Loss before provision for income taxes	(17,888)			(20,695)			(28,390)			(23,669)			(19,495)			(19,784)			(18,748)			(18,079)
Provision for income taxes	23			13			9			9			4			9			12			3
Net loss	$	(17,911)		$	(20,708)		$	(28,399)		$	(23,678)		$	(19,499)		$	(19,793)		$	(18,760)		$	(18,082)
Net loss margin	(24.6)		%	(28.5)		%	(37.2)		%	(34.8)		%	(27.3)		%	(26.1)		%	(22.7)		%	(22.0)		%

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ThredUp Inc.
Adjusted EBITDA Reconciliation
(in thousands, except percentages, unaudited)
Three Months Ended	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Net loss	$	(17,911)		$	(20,708)		$	(28,399)		$	(23,678)		$	(19,499)		$	(19,793)		$	(18,760)		$	(18,082)
Interest expense	524			423			238			103			41			77			721			732
Provision for income taxes	23			13			9			9			4			9			12			3
Depreciation and amortization	3,008			3,271			3,407			3,539			3,816			3,681			4,836			5,364
Stock-based compensation expense	3,570			3,523			10,058			7,177			6,059			9,391			7,628			7,888
Acquisition and offering-related expenses	251			204			70			—			—			—			—			—
Severance and other	—			311			1,076			1,809			(14)			—			551			507
Impairment of non-marketable equity investment	—			—			—			—			3,750			—			—			—
Adjusted EBITDA loss	$	(10,535)		$	(12,963)		$	(13,541)		$	(11,041)		$	(5,843)		$	(6,635)		$	(5,012)		$	(3,588)
Adjusted EBITDA loss margin	(14.5)		%	(17.8)		%	(17.7)		%	(16.2)		%	(8.2)		%	(8.7)		%	(6.1)		%	(4.4)		%

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ThredUp Inc.
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(in thousands, except percentages, unaudited)
Three Months Ended	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Operations, product, and technology	$	36,624		$	39,161		$	43,961		$	38,702		$	33,818		$	38,347		$	39,771		$	40,355
Marketing	15,281			16,978			19,640			14,752			12,999			16,870			18,643			19,406
Sales, general, and administrative	14,608			14,664			17,380			15,232			14,538			16,059			16,030			15,058
Total operating expenses	66,513			70,803			80,981			68,686			61,355			71,276			74,444			74,819
Less: Stock-based compensation expense	(3,570)			(3,523)			(10,058)			(7,177)			(6,059)			(9,391)			(7,628)			(7,888)
Total non-GAAP operating expenses	$	62,943		$	67,280		$	70,923		$	61,509		$	55,296		$	61,885		$	66,816		$	66,931
Non-GAAP operating expenses % of revenue	86.4		%	92.6		%	92.8		%	90.5		%	77.5		%	81.5		%	80.8		%	81.6		%

ThredUp Inc.
Stock-Based Compensation Expense Details
(in thousands, unaudited)
Three Months Ended	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Operations, product, and technology	$	883	$	1,392	$	3,970	$	2,480	$	2,193	$	3,671	$	2,913	$	2,858
Marketing	338		333		1,226		818		767		1,205		923		1,264
Sales, general, and administrative	2,349		1,798		4,862		3,879		3,099		4,515		3,792		3,766
Total stock-based compensation expense	$	3,570	$	3,523	$	10,058	$	7,177	$	6,059	$	9,391	$	7,628	$	7,888

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ThredUp Inc.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
	December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Assets:
Current assets:
Cash and cash equivalents	$	38,029	$	50,739	$	51,073	$	68,552
Marketable securities	66,902		42,733		25,856		5,575
Accounts receivable, net	4,669		4,232		3,782		5,993
Inventory	17,519		20,933		20,362		18,173
Other current assets	7,076		6,338		8,238		7,199
Total current assets	134,195		124,975		109,311		105,492
Operating lease right-of-use assets	46,153		45,180		45,265		43,090
Property and equipment, net	92,482		95,806		93,786		90,270
Goodwill	11,592		11,805		11,756		11,455
Intangible assets	10,499		10,044		9,346		8,460
Other assets	7,027		6,960		6,867		6,621
Total assets	$	301,948	$	294,770	$	276,331	$	265,388
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable	$	7,800	$	12,747	$	8,780	$	12,426
Accrued and other current liabilities	50,155		47,976		43,334		40,225
Seller payable	16,166		17,868		19,471		21,516
Operating lease liabilities, current	6,413		5,792		5,834		6,383
Current portion of long-term debt	3,879		3,882		3,830		3,834
Total current liabilities	84,413		88,265		81,249		84,384
Operating lease liabilities, non-current	48,727		47,521		47,356		45,257
Long-term debt, net of current portion	25,788		24,831		23,928		22,968
Other non-current liabilities	3,019		3,066		3,200		3,231
Total liabilities	161,947		163,683		155,733		155,840
Commitments and contingencies
Stockholders’ equity:
Common stock	10		10		11		11
Additional paid-in capital	551,852		561,577		569,780		577,740
Accumulated other comprehensive loss	(4,234)		(3,080)		(3,013)		(3,941)
Accumulated deficit	(407,627)		(427,420)		(446,180)		(464,262)
Total stockholders’ equity	140,001		131,087		120,598		109,548
Total liabilities and stockholders’ equity	$	301,948	$	294,770	$	276,331	$	265,388

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ThredUp Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three Months Ended	December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Cash flows from operating activities:
Net loss	$	(19,499)	$	(19,793)	$	(18,760)	$	(18,082)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,816		3,681		4,836		5,364
Stock-based compensation expense	6,059		9,391		7,628		7,888
Reduction in carrying amount of right-of-use assets	1,653		1,207		1,970		1,611
Other	4,184		41		250		(232)
Changes in operating assets and liabilities:
Accounts receivable, net	(1,325)		1,010		(94)		(2,289)
Inventory	(1,664)		(3,157)		487		1,797
Other current and non-current assets	2,625		22		(721)		1,754
Accounts payable	(985)		4,102		(3,925)		3,872
Accrued and other current liabilities	(5,166)		(1,851)		101		(2,581)
Seller payable	(2,565)		1,696		1,605		2,057
Operating lease liabilities	(1,472)		(2,062)		(2,178)		(1,186)
Other non-current liabilities	(827)		1,255		(1,580)		250
Net cash provided by (used in) operating activities	(15,166)		(4,458)		(10,381)		223
Cash flows from investing activities:
Purchases of marketable securities	—		—		(7,878)		(1,973)
Maturities of marketable securities	19,820		24,579		24,900		22,500
Purchases of property and equipment	(3,935)		(5,679)		(6,613)		(1,483)
Net cash provided by (used in) investing activities	15,885		18,900		10,409		19,044
Cash flows from financing activities:
Proceeds from debt, net of discount	(100)		—		—		—
Repayment of debt	(1,000)		(1,000)		(1,000)		(1,000)
Proceeds from issuance of stock-based awards	324		446		1,690		1,625
Payment of withholding taxes on stock-based awards	(238)		(638)		(1,247)		(1,859)
Net cash used in financing activities	(1,014)		(1,192)		(557)		(1,234)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	246		(540)		864		(554)
Net change in cash, cash equivalents, and restricted cash	(49)		12,710		335		17,479
Cash, cash equivalents, and restricted cash, beginning of period	44,100		44,051		56,761		57,096
Cash, cash equivalents, and restricted cash, end of period	$	44,051	$	56,761	$	57,096	$	74,575

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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 a new generation of consumers 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 love 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 love 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 172 million unique secondhand items from 55,000 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” 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 2023; statements about future operating results and our long term growth; the momentum of our business; the growth rates in the markets in which we compete; the impact of inflationary pressures, increased interest rates, climate change and general global economic uncertainty on consumer behavior and our business; our investments in technology and infrastructure; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions, investments or restructuring activities; the success and expansion of our RaaS® model and the timing and plans for future RaaS® clients; and our ability to attract new Active Buyers.

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.

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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.

Operating Metrics

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.

Non-GAAP Financial Measures

This financial supplement and the accompanying tables contain non-GAAP financial measures: Adjusted EBITDA loss, Adjusted EBITDA loss margin, and Non-GAAP operating expenses. In addition to our results determined in accordance with GAAP, we believe that Adjusted EBITDA loss, Adjusted EBITDA loss margin, and non-GAAP operating expenses, non-GAAP measures, are useful in evaluating our operating performance. We use Adjusted EBITDA loss, Adjusted EBITDA loss margin, and Non-GAAP operating expenses to evaluate and assess our operating performance and the operating leverage in our business, and for internal planning and forecasting purposes. We believe that Adjusted EBITDA loss, Adjusted EBITDA loss margin, and Non-GAAP operating expenses, 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. Adjusted EBITDA loss, Adjusted EBITDA loss margin, and Non-GAAP operating expenses 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 used by other companies.

A reconciliation is provided above for Adjusted EBITDA loss to net loss and Non-GAAP operating expenses to reported operating expenses, 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, interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, and severance and other. Non-GAAP operating expenses are operating expenses adjusted to exclude stock-based compensation expense.

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Investors are encouraged to review our results determined in accordance with GAAP and the reconciliation of Adjusted EBITDA loss to net loss. thredUP is not providing a quantitative reconciliation of forward-looking guidance of Adjusted EBITDA loss to net loss because certain items are out of thredUP’s control or cannot be reasonably predicted. Historically, these items have included, but are not limited to, depreciation and amortization, stock-based compensation expense, change in fair value of convertible preferred stock warrant liability and provision for income taxes. Accordingly, a reconciliation for Adjusted EBITDA loss in order to calculate forward-looking Adjusted EBITDA loss margin is not available without unreasonable effort. However, for the fourth quarter of 2023 and full year 2023, depreciation and amortization is expected to be $4.8 million, and $18.7 million, respectively. In addition, for the fourth quarter of 2023 and full year 2023, stock-based compensation expense is expected to be $7.7 million, and $32.6 million, respectively. 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.

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