The online luxury resale platform projects it will not be adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) positive until the full year 2024, chief financial officer Robert Julian said in its fourth-quarter earnings report on Thursday, Feb. 24.

Its net loss increased to $236 million last year from $176 million in 2020.

However, in the report, the company did tout improvements in adjusted EBITDA. It also said it saw its gross merchandise value, a measure of sales, increase 50 percent in 2021 compared to the year prior, reaching $1.48 billion in 2021. In the fourth quarter, it hit $437 million in gross merchandise value, a 45 percent increase compared to the same period last year.

“Our proprietary technology innovations have assisted and will continue to assist us in improving unit economics, enabling scaling of our business, and driving higher average selling prices,” chief executive Julie Wainwright said in a statement. “Despite some processing delays due to short-term operations staffing challenges in late December 2021 and early January 2022 related to COVID-19 cases, supply coming in remains healthy and we anticipate a strong 2022.”

Share prices rose 20 percent Thursday morning on the heels of the earnings report.

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