A Vienna-based marketplace for refurbished gadgets is quietly approaching a financial milestone that its flashy sales figures tend to obscure. While Refurbed regularly touts a gross merchandise value (GMV) that crossed €1 billion on an annualized basis for the first time last year, the company’s actual take from those transactions tells a very different story.
GMV represents the total sticker price of every smartphone, laptop, and tablet sold across the platform. The sellers keep most of that money. Refurbed itself operates as a middleman, connecting roughly 300 vetted refurbishers and manufacturers with buyers, without holding inventory. The company earns commission and fees, which financial analysis firm Finsur estimates at around 10.5 percent per sale. So for every euro a customer spends, Refurbed keeps roughly ten cents.
That distinction matters because the company’s reported numbers have been climbing fast. Annual financial statements filed with the Austrian company register show revenue of €61 million in 2023, €72.3 million in 2024, and €93.3 million in 2025. Growth accelerated from 19 percent to 29 percent year over year. Meanwhile, losses narrowed dramatically, from €19.8 million in 2024 to €5.3 million in 2025. Management claimed profitability starting in March 2025.
A new projection puts 2026 revenue at €120 million to €130 million, up roughly 30 to 40 percent. The forecast builds on a 40 percent GMV jump in the third quarter and a record November, when about €100 million in goods moved through the platform in a single month.
However, risks cloud that outlook. The company’s revenue share slipped slightly in 2025, likely due to seller discounts or competitive pricing pressure. An aggressive expansion from 11 to 24 markets, including France, Spain, and Britain, adds volume but burns cash on marketing and setup. Back Market, the French market leader, dwarfs Refurbed with €3 billion in GMV during 2025, though it grew more slowly at 30 percent. The next financial disclosures will reveal whether Refurbed’s take rate holds steady or erodes further.
