The luxury rental company reported revenue of $67.1 million for the first quarter of 2022, up from $33.5 million in 2021. Gross margin was up by 9 points year-over year. Active users rose year-over-year from 74,018 to 134,998, slightly above pre-pandemic levels. Net loss, too, was up compared to 2021: $42.5 million versus $42.3 million.

Rent the Runway still projects 45 to 50 percent year-over-year revenue growth in 2022, representing $295 million to $305 million.

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Rent the Runway’s Long Road Ahead to Profitability

The rental platform’s revenue is up from last year — with the number of active subscribers more than doubling — but both figures still remain below pre-pandemic levels.