Exhibit 99.2

ThredUp Inc.

First Quarter 2024 Supplemental Financials

Key Financial Metrics for the Quarter

•Revenue of $79.6 million

◦vs. $75.9 million in 1Q23

◦Growth of 4.8% YoY

•Gross profit of $55.3 million

◦vs. $51.1 million in 1Q23

◦Growth of 8.3% YoY

•Gross margin of 69.5%

◦vs. 67.3% in 1Q23

•GAAP net loss of $16.6 million

◦vs. net loss of $19.8 million in 1Q23

•Adjusted EBITDA loss of $0.7 million

◦vs. loss of $6.6 million in 1Q23

•Adjusted EBITDA loss margin of 0.9%

◦vs. loss margin of 8.7% in 1Q23

•Cash, cash equivalents, restricted cash and short-term marketable securities were $67.9 million at the quarter end

•Total quarter Active Buyers of 1.729 million

◦vs. 1.668 million in 1Q23

◦A increase of 3.7% YoY

•Total Orders of 1.651 million

◦vs. 1.511 million in 1Q23

◦An increase of 9.3% 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 second quarter 2024, ThredUp expects:

•Revenue in the range of $81.0 million to $83.0 million

•Gross margin in the range of 71.0% to 73.0%

•Adjusted EBITDA margin in the range of 1.0% to 3.0%

•Depreciation and amortization of approximately $5.0 million

•Stock-based compensation of approximately $7.2 million

•Weighted-average shares of approximately 112 million

For fiscal year 2024, ThredUp expects:

•Revenue in the range of $328.0 million to $338.0 million

•Gross margin in the range of 71.0% to 72.0%

•Adjusted EBITDA margin in the range of 2.0% to 4.0%

•Depreciation and amortization of approximately $19.7 million

•Stock-based compensation of approximately $28.7 million

•Weighted-average shares of approximately 114 million

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ThredUp Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages, unaudited)
Three Months Ended	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024
Revenue:
Consignment	$	48,536		$	41,553		$	37,470		$	46,479		$	53,415		$	57,838		$	55,877		$	61,225
Product	27,885			26,392			33,848			29,443			29,243			24,211			25,516			18,363
Total revenue	76,421			67,945			71,318			75,922			82,658			82,049			81,393			79,588
Cost of revenue:
Consignment	10,218			9,087			7,661			9,220			9,580			10,131			10,801			10,502
Product	13,555			14,362			18,691			15,609			17,346			15,291			20,239			13,760
Total cost of revenue	23,773			23,449			26,352			24,829			26,926			25,422			31,040			24,262
Gross profit	52,648			44,496			44,966			51,093			55,732			56,627			50,353			55,326
Gross margin % of revenue	68.9		%	65.5		%	63.1		%	67.3		%	67.4		%	69.0		%	61.9		%	69.5		%
Operating expenses:
Operations, product and technology	43,961			38,702			33,818			38,347			39,771			40,355			38,239			41,051
Marketing	19,640			14,752			12,999			16,870			18,643			19,406			11,354			13,413
Sales, general and administrative	17,380			15,232			14,538			16,059			16,030			15,058			15,510			17,573
Total operating expenses	80,981			68,686			61,355			71,276			74,444			74,819			65,103			72,037
Operating expenses % of revenue	106.0		%	101.1		%	86.0		%	93.9		%	90.1		%	91.2		%	80.0		%	90.5		%
Operating loss	(28,333)			(24,190)			(16,389)			(20,183)			(18,712)			(18,192)			(14,750)			(16,711)
Operating loss % of revenue	(37.1)		%	(35.6)		%	(23.0)		%	(26.6)		%	(22.6)		%	(22.6)		%	(18.1)		%	(21.0)		%
Interest expense	(238)			(103)			(41)			(77)			(721)			(732)			(709)			(677)
Other income (expense), net	181			624			(3,065)			476			685			845			841			845
Loss before income taxes	(28,390)			(23,669)			(19,495)			(19,784)			(18,748)			(18,079)			(14,618)			(16,543)
Provision (benefit) for income taxes	9			9			4			9			12			3			(5)			11
Net loss	$	(28,399)		$	(23,678)		$	(19,499)		$	(19,793)		$	(18,760)		$	(18,082)		$	(14,613)		$	(16,554)
Net loss margin	(37.2)		%	(34.8)		%	(27.3)		%	(26.1)		%	(22.7)		%	(22.0)		%	(18.0)		%	(20.8)		%

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ThredUp Inc.
Reconciliation of Net Loss to Adjusted EBITDA
(in thousands, except percentages, unaudited)
Three Months Ended	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024
Net loss	$	(28,399)		$	(23,678)		$	(19,499)		$	(19,793)		$	(18,760)		$	(18,082)		$	(14,613)		$	(16,554)
Stock-based compensation expense	10,058			7,177			6,059			9,391			7,628			7,888			6,775			7,211
Depreciation and amortization	3,407			3,539			3,816			3,681			4,836			5,364			4,851			4,933
Severance and other	1,076			1,809			(14)			—			551			507			138			2,986
Interest expense	238			103			41			77			721			732			709			677
Provision (benefit) for income taxes	9			9			4			9			12			3			(5)			11
Acquisition and offering-related expenses	70			—			—			—			—			—			—			—
Impairment of non-marketable equity investment	—			—			3,750			—			—			—			—			—
Adjusted EBITDA loss	$	(13,541)		$	(11,041)		$	(5,843)		$	(6,635)		$	(5,012)		$	(3,588)		$	(2,145)		$	(736)
Adjusted EBITDA loss margin	(17.7)		%	(16.2)		%	(8.2)		%	(8.7)		%	(6.1)		%	(4.4)		%	(2.6)		%	(0.9)		%

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ThredUp Inc.
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(in thousands, except percentages, unaudited)
Three Months Ended	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024
Operations, product, and technology	$	43,961		$	38,702		$	33,818		$	38,347		$	39,771		$	40,355		$	38,239		$	41,051
Marketing	19,640			14,752			12,999			16,870			18,643			19,406			11,354			13,413
Sales, general, and administrative	17,380			15,232			14,538			16,059			16,030			15,058			15,510			17,573
Total operating expenses	80,981			68,686			61,355			71,276			74,444			74,819			65,103			72,037
Less: Stock-based compensation expense	(10,058)			(7,177)			(6,059)			(9,391)			(7,628)			(7,888)			(6,775)			(7,211)
Less: Severance and other	$	(1,076)		$	(1,809)		$	14		$	—		$	(551)		$	(507)		$	(138)		$	(2,986)
Total non-GAAP operating expenses	$	69,847		$	59,700		$	55,310		$	61,885		$	66,265		$	66,424		$	58,190		$	61,840
Non-GAAP operating expenses % of revenue	91.4		%	87.9		%	77.6		%	81.5		%	80.2		%	81.0		%	71.5		%	77.7		%

ThredUp Inc.
Stock-Based Compensation Expense Details
(in thousands, unaudited)
Three Months Ended	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Operations, product, and technology	$	3,970	$	2,480	$	2,193	$	3,671	$	2,913	$	2,858	$	2,625	$	2,571
Marketing	1,226		818		767		1,205		923		1,264		392		202
Sales, general, and administrative	4,862		3,879		3,099		4,515		3,792		3,766		3,758		4,438
Total stock-based compensation expense	$	10,058	$	7,177	$	6,059	$	9,391	$	7,628	$	7,888	$	6,775	$	7,211

ThredUp Inc.
Severance and Other Details
(in thousands, unaudited)
Three Months Ended	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Operations, product, and technology	$	634	$	1,260	$	(22)	$	—	$	115	$	148	$	78	$	1,197
Marketing	99		99		—		—		255		243		59		537
Sales, general, and administrative	343		450		8		—		181		116		1		1,252
Total severance and other	$	1,076	$	1,809	$	(14)	$	—	$	551	$	507	$	138	$	2,986

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ThredUp Inc.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Assets:
Current assets:
Cash and cash equivalents	$	51,073	$	68,552	$	56,084	$	50,112
Marketable securities	25,856		5,575		8,100		12,399
Accounts receivable, net	3,782		5,993		7,813		6,929
Inventory	20,362		18,173		15,687		11,582
Other current assets	8,238		7,199		6,204		5,834
Total current assets	109,311		105,492		93,888		86,856
Operating lease right-of-use assets	45,265		43,090		42,118		47,138
Property and equipment, net	93,786		90,270		87,672		85,083
Goodwill	11,756		11,455		11,957		11,677
Intangible assets	9,346		8,460		8,156		7,329
Other assets	6,867		6,621		6,176		6,196
Total assets	$	276,331	$	265,388	$	249,967	$	244,279
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable	$	8,780	$	12,426	$	9,457	$	9,133
Accrued and other current liabilities	43,334		40,225		35,934		37,541
Seller payable	19,471		21,516		21,495		21,037
Operating lease liabilities, current	5,834		6,383		5,949		5,517
Current portion of long-term debt	3,830		3,834		3,838		3,843
Total current liabilities	81,249		84,384		76,673		77,071
Operating lease liabilities, non-current	47,356		45,257		44,621		49,750
Long-term debt, net of current portion	23,928		22,968		22,006		21,044
Other non-current liabilities	3,200		3,231		2,750		2,884
Total liabilities	155,733		155,840		146,050		150,749
Commitments and contingencies
Stockholders’ equity:
Common stock	11		11		11		11
Additional paid-in capital	569,780		577,740		585,156		592,193
Accumulated other comprehensive loss	(3,013)		(3,941)		(2,375)		(3,245)
Accumulated deficit	(446,180)		(464,262)		(478,875)		(495,429)
Total stockholders’ equity	120,598		109,548		103,917		93,530
Total liabilities and stockholders’ equity	$	276,331	$	265,388	$	249,967	$	244,279

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ThredUp Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three Months Ended	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Cash flows from operating activities:
Net loss	$	(18,760)	$	(18,082)	$	(14,613)	$	(16,554)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,836		5,364		4,851		4,933
Stock-based compensation expense	7,628		7,888		6,775		7,211
Reduction in carrying amount of right-of-use assets	1,970		1,611		1,567		1,667
Other	250		(232)		798		28
Changes in operating assets and liabilities:
Accounts receivable, net	(94)		(2,289)		(1,753)		815
Inventory	487		1,797		3,082		3,825
Other current and non-current assets	(721)		1,754		125		312
Accounts payable	(3,925)		3,872		(2,352)		(223)
Accrued and other current liabilities	101		(2,581)		(4,761)		1,742
Seller payable	1,605		2,057		(46)		(442)
Operating lease liabilities	(2,178)		(1,186)		(1,669)		(1,986)
Other non-current liabilities	(1,580)		250		21		65
Net cash provided by (used in) operating activities	(10,381)		223		(7,975)		1,393
Cash flows from investing activities:
Purchases of marketable securities	(7,878)		(1,973)		(8,064)		(8,665)
Maturities of marketable securities	24,900		22,500		5,600		4,500
Purchases of property and equipment	(6,613)		(1,483)		(2,209)		(1,620)
Net cash provided by (used in) investing activities	10,409		19,044		(4,673)		(5,785)
Cash flows from financing activities:
Repayment of debt	(1,000)		(1,000)		(1,000)		(1,000)
Proceeds from issuance of stock-based awards	1,690		1,625		1,401		727
Payment of withholding taxes on stock-based awards	(1,247)		(1,859)		(1,021)		(1,207)
Net cash used in financing activities	(557)		(1,234)		(620)		(1,480)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	864		(554)		162		(115)
Net change in cash, cash equivalents, and restricted cash	335		17,479		(13,106)		(5,987)
Cash, cash equivalents, and restricted cash, beginning of period	56,761		57,096		74,575		61,469
Cash, cash equivalents, and restricted cash, end of period	$	57,096	$	74,575	$	61,469	$	55,482

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ThredUp Inc.
Reconciliation of GAAP Cash Flow to Non-GAAP Free Cash Flow
(in thousands, unaudited)
Three Months Ended	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Net cash provided by (used in) operating activities	$	(10,381)	$	223	$	(7,975)	$	1,393
Less: Purchases of property and equipment	(6,613)		(1,483)		(2,209)		(1,620)
Non-GAAP free cash flow	$	(16,994)	$	(1,260)	$	(10,184)	$	(227)

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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 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,” “looking ahead” 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 second quarter and full year of 2024; statements about future operating results and our long term growth; 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; 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.

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, free cash flow, Non-GAAP operating expenses, and other operating and business metrics. 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 and Non-GAAP operating expenses to total 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, stock-based compensation expense, depreciation and amortization, severance and other reorganization costs, interest expense, provision (benefit) for income taxes, acquisition and offering-related expenses, and impairment of non-marketable equity investment. Non-GAAP Adjusted EBITDA loss margin represents Non-GAAP Adjusted EBITDA loss divided by total revenue for the same period. Non-GAAP operating expenses are operating expenses adjusted to exclude stock-based compensation expense and severance and other.

A reconciliation is provided above for 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 adjusted to exclude Purchases of property and equipment.

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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