ThredUp now forecasts $77 million to $79 million in fourth-quarter revenue, a 2% drop at the midpoint, and an adjusted EBITDA margin below zero after three positive quarters this year. CEO James Reinhart blamed weaker consumer spending and holiday discounting, but also Vinted and Depop, saying peer-to-peer rivals could spend up to $500 million in the back half of 2026 on marketing and subsidized orders, which he called “wholly irrational.” He put the competitive hit at about $5 million of fourth-quarter revenue but didn’t explain how ThredUp calculated either number. ThredUp’s third-quarter revenue rose 7% to $88.2 million and active buyers hit a record 1.82 million, but shoppers paid $18 per item on average, down from $21, because of deeper discounts on older inventory.
