Poshmark — research brief

# Poshmark — research brief

**Slug:** poshmark  
**Claimed:** 2026-10-14 (queue id 94)  
**Last updated:** 2026-10-14  
**Status:** Acquired by Naver Corp. (KRX:035420) on 2023-01-05; no longer files standalone U.S. SEC reports. Atlas full-year ranking uses the last disclosed standalone fiscal year (FY2021).

## Labels

- **FACT** — company 10-K / 10-Q / 8-K, Naver press release, Poshmark press release, or Naver earnings call transcript quoting management.
- **SECONDARY** — reputable press summarizing company statements (TechCrunch, Bloter, Modern Retail, Korea Herald).
- **INFERENCE** — ratios or structural reads computed from FACT numbers or the disclosed model.

## Ownership & status

| Item | Figure | Label | Source |
|------|--------|-------|--------|
| Deal close | Jan 5, 2023 | FACT | [Poshmark 8-K](https://www.sec.gov/Archives/edgar/data/1825480/000119312523002016/d415830d8k.htm); [Naver EN press](https://www.navercorp.com/en/media/pressReleasesDetail?seq=31026) |
| Cash per share | $17.90 | FACT | Same 8-K |
| Enterprise / total consideration | ~$1.2B EV; ~$1.31B including cash (press) | SECONDARY / FACT mix | Korea Herald / Yonhap summaries of Naver; 8-K for $17.90 |
| Brand & HQ | Continues as Poshmark; Redwood City, CA | FACT | Naver close press |
| CEO (from Oct 1, 2025) | Namsun Kim (Naver President of Investments; was Executive Chairman) | FACT | [PR Newswire, Aug 11, 2025](https://www.prnewswire.com/news-releases/poshmark-inc-announces-chief-executive-officer-transition-302525526.html) |
| Founder | Manish Chandra → board member | FACT | Same |

## Full-year figures (last standalone 10-K)

**Fiscal year:** calendar year ended December 31, 2021 (Form 10-K filed Mar 30, 2022).

| Metric | FY2021 | FY2020 | YoY | Label | Source |
|--------|--------|--------|-----|-------|--------|
| Net revenue | $326.0M | $261.6M | +25% | FACT | [Q4/FY2021 earnings exhibit](https://www.sec.gov/Archives/edgar/data/1825480/000117184322002041/exh_991.htm); [Form 10-K](https://www.sec.gov/Archives/edgar/data/1825480/000095017022005057/posh-20211231.htm) |
| GMV | $1.8B | $1.4B | +27% | FACT | Same |
| Adj. EBITDA | $7.3M (2.2% margin) | $36.0M | — | FACT | Earnings exhibit |
| GAAP (loss) income from ops | $(44.4)M | $25.2M | — | FACT | Same |
| GAAP net (loss) income | $(98.3)M | $18.8M | — | FACT | 10-K / earnings |
| Active Buyers (TTM) | 7.6M | 6.5M | +17% | FACT | Same |
| Employees (FT) | 750 | — | — | FACT | 10-K |
| Shipping-label margin in net revenue | 4% of net revenue | — | — | FACT | 10-K MD&A |

**Take rate (INFERENCE):** net revenue ÷ GMV ≈ $326M / $1.8B ≈ **18.1%** for FY2021. Matches a commission-heavy model plus shipping-label margin and incentives.

## Last public interim (pre-close)

| Metric | Q3 2022 | 9M 2022 | Label | Source |
|--------|---------|---------|-------|--------|
| Net revenue | $88.4M (+11% YoY) | $268.4M | FACT | [Form 10-Q Sep 30, 2022](https://www.sec.gov/Archives/edgar/data/1825480/000095017022024463/posh-20220930.htm) |
| GMV | $475.6M (+7%) | — | FACT | Same / earnings |
| Net loss | $(23.5)M | $(60.4)M | FACT | 10-Q |

No full FY2022 10-K was filed as a public company (deal closed early Jan 2023).

## Post-acquisition signals (no standalone full-year $)

| Signal | Detail | Label | Source |
|--------|--------|-------|--------|
| Q1 2024 | Operating-profit positive for the quarter (first under Naver) | SECONDARY (CEO on Naver call) | [Bloter](https://www.bloter.net/news/articleView.html?idxno=615817); Naver Q1 2024 press |
| Q4 2025 | Revenue and GMV each grew **>20% YoY** | FACT (management) | [Naver Q4 2025 call transcript](https://stockanalysis.com/quote/krx/035420/transcripts/400294-q4-2025/) |
| Q2 2026 | Revenue growth **>40% YoY**; AI search/recommendation cited | FACT (management) | [Naver Q2 2026 call transcript](https://stockanalysis.com/quote/krx/035420/transcripts/657443-q2-2026/) |
| FY2025 goodwill | Poshmark goodwill **KRW 1,520.4B** at Dec 31, 2025 (KRW 1,557.6B a year earlier); impairment test assumed 8.64% sales growth, 1.0% terminal growth, 11.5% discount rate. Naver booked **KRW 412.0B** of total goodwill impairment in 2025, but the per-unit table shows Wattpad (−KRW 363B) and Munpia (−KRW 60B) carrying the drops; Poshmark's small decline is consistent with FX. Some Korean blogs attributed the whole charge to Poshmark — **not supported** by the note. | FACT (balances, assumptions) / INFERENCE (attribution) | [Naver FY2025 consolidated audit report](https://www.navercorp.com/api/article/download/fb35768c-b7e8-42de-b316-47997bf32590), notes 13 |
| Cumulative | **>150M** users; **>$10B** cumulative GMV (company about text, Aug 2025) | FACT | CEO transition PR |
| Geographic focus | Australia entity liquidated 2025; UK/India under review; focus U.S./Canada | SECONDARY | Bloter / Daum reporting on Naver |

**Do not invent** a post-2021 annual revenue dollar amount — Naver does not disclose Poshmark’s standalone full-year revenue in USD.

## Fee / monetization model

| Item | Detail | Label | Source |
|------|--------|-------|--------|
| Seller commission (U.S.) | **20%** of final price for sales **$15+**; flat **$2.95** under $15; listing free | FACT (10-K); still current per secondary fee calculators after Oct 2024 reversal | 10-K; [TechCrunch Oct 21, 2024](https://techcrunch.com/2024/10/21/poshmark-reverses-decision-to-lower-selling-fees-after-sellers-experience-drop-in-sales/); [Modern Retail](https://www.modernretail.co/operations/poshmark-reverses-new-fee-structure-after-seller-backlash/) |
| Oct 2024 experiment | Briefly tried ~5.99% seller + buyer protection fee + $1–$3; **reversed Oct 24, 2024** to original 20% / $2.95 | SECONDARY | TechCrunch / Modern Retail |
| Buyer shipping | Flat prepaid USPS label (rate changes over time; was flat up to 5 lb in 10-K era) | FACT / SECONDARY | 10-K; secondary fee guides |
| Shipping-label margin | Buyer label fee sometimes exceeds USPS cost → recorded in net revenue (4% of FY2021 net revenue) | FACT | 10-K |
| Promoted Closet | Seller CPC ads on search/brand pages; weekly budget; launched May 2024; early cohort +43% sales (company claim) | FACT | [PR Newswire May 16, 2024](https://www.prnewswire.com/news-releases/poshmark-launches-promoted-closet-a-simple-and-powerful-marketing-tool-that-drives-increased-engagement-and-earnings-for-sellers-302147029.html) |
| Asset-light | No owned inventory; sellers list, ship, own goods | FACT | 10-K |

## Model read (INFERENCE)

Social C2C fashion marketplace: community engagement (shares, likes, offers, parties, shows) drives GMV; Poshmark takes ~20% seller commission (plus shipping-label margin and, since 2024, optional Promoted Closet ads). Parent Naver supplies capital, AI search/recommendation, and a C2C portfolio (SODA, Wallapop) but does not publish a clean annual Poshmark P&L in USD.

## Atlas note

Use **FY2021 net revenue $326.0M (+25%)** as the ranking full-year figure, explicitly dated. Flag that later years lack a disclosed USD full-year total; cite Naver’s growth percentages as qualitative/secondary context only.