Refurbed Is on Track to Top €100 Million in Revenue in 2026

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Billions of euros sound like a lot, but only a fraction of that ends up in Refurbed’s bank account. The Vienna-based scale-up for refurbished electronics likes to communicate its gross merchandise value (G.M.V.), which grew 40 percent year over year in the third quarter of 2026 and, on an annualized basis, topped €1 billion for the first time, according to Chief Executive Peter Windischhofer, who shared the figures on LinkedIn. Actual revenue is much smaller but is also growing strongly. A Trending Topics projection based on the company’s annual financial statements and its latest growth figures shows that Refurbed is likely to generate well over €100 million in revenue for the first time in 2026. Company representatives declined to comment on the figures when asked.

G.M.V. vs. Revenue: The Difference

Refurbed is a marketplace. The refurbished smartphones, laptops and tablets are sold on the platform by retailers and refurbishers, and Refurbed itself usually does not hold the devices in stock. That has consequences for the numbers:

• G.M.V. (gross merchandise value): This is the total value of all products sold on the platform. It shows how big a marketplace is, but most of it goes to the sellers. At Refurbed, these are mainly professional refurbishers, specialized companies that buy, test, repair and recondition used devices, along with a few manufacturers running their own refurbished programs. Partners are vetted by Refurbed before they can sell; at the start of 2025, there were about 300 of them, according to the company.
• Revenue: What stays with the company is mainly the commission Refurbed keeps on each sale, plus fees and additional services. According to an analysis of the company’s accounts by Finsur, the average commission is about 10.5 percent, based on the merchant guidelines.

As a rule of thumb, then, about 10 cents of every euro customers spend on Refurbed stays with the company as revenue.

Revenue in Previous Years

The figures come from the annual financial statements of Refurbed Marketplace GmbH, the group’s marketplace company, which are available in the Austrian company register:

• 2023: €61 million in revenue
• 2024: €72.3 million in revenue, up about 19 percent
• 2025: €93.3 million in revenue, up about 29 percent

Growth has therefore accelerated recently. At the same time, the loss narrowed sharply, from €19.8 million in 2024 to €5.3 million in 2025. Refurbed itself reported in 2025 that it had been profitable since March, so the full-year loss is likely to stem mainly from the first few months.

How the Forecast Works

Refurbed does not publish an annual G.M.V., but it does publish growth rates. According to Mr. Windischhofer, Refurbed achieved the 40 percent increase in the third quarter despite an already strong quarter a year earlier. G.M.V. also grew by about 40 percent in 2025, according to Refurbed. Then there is the fourth quarter, traditionally Refurbed’s strongest: Black Friday and the holiday season are likely to deliver a strong finish to the year. In November 2025 alone, the platform sold goods worth about €100 million, according to the company.

That leaves three scenarios for 2026 revenue:

• Revenue grows in line with G.M.V.: If its share of G.M.V. stays stable, revenue will also rise by about 40 percent, to roughly €130 million.
• Revenue grows as in 2025: If revenue rises by about 29 percent, as it did last year, Refurbed will land at roughly €120 million.
• Revenue grows as in 2024: Even with growth of only 19 percent, as in 2024, Refurbed would still reach about €111 million.

In all three cases, revenue would come in well above the €100 million mark, most likely between €120 million and €130 million.

What Could Get in the Way

The calculation is not without uncertainty. In 2025, revenue grew 29 percent, more slowly than G.M.V. at about 40 percent, meaning the share of merchandise value that Refurbed keeps fell slightly. If that trend continues, for example because of discounts for sellers or competitive price pressure, revenue will come in lower. Then there is the expansion: Refurbed recently grew from 11 to 24 markets, including France, Spain and Britain. New markets bring volume but initially cost money for marketing and setup. That is financed in part by a €50 million funding round from the fall of 2025.

Competition is fierce as well. The French market leader Back Market reported G.M.V. of more than €3 billion in 2025 alone, making it about three times as large as Refurbed on an annual basis, though it grew more slowly, at 30 percent.