The following is a summary of the ThredUp Inc. (TDUP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ThredUp reported a Q1 revenue of $79.6 million, a year-over-year increase of 5%.

• Consolidated gross margin was 69.5%, signifying an 8% gross profit increase over the previous year.

• The number of active buyers and orders grew 4% and 9% year-over-year respectively.

• Despite an adjusted EBITDA with a negative $736,000, ThredUp projects a positive outcome in Q2 and expects free cash flow on a full-year basis in 2024.

Business Progress:

• ThredUp reduced headcount and restructured several business areas to focus on AI product development, streamlining distribution centers, and enhancing marketing efforts.

• They launched a new AI search experience and developed two AI tools for customers' thrifting needs.

• ThredUp has experienced significant progress in Europe, recording new bag requests and returns weekly.

• ThredUp managed to expand its client list by eight brands in Q1, and now offers ThredUp co-branded cleanout kits in 800 retail locations across the country.

• Future plans revolve around AI product development and heightening marketing strategies.

More details: ThredUp IR

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