Business
1stDibs Reports First Quarter 2022 Financial Results
Q1 Gross Merchandise Value Increased 3% Year-Over-Year to $117 millionQ1 Net Revenue Increased 4% Year-Over-Year to $26.6 million NEW YORK, May 11, 2022
About this update from 1stdibs.com, Inc.
[{"type":"text","content":"Q1 Gross Merchandise Value Increased 3% Year-Over-Year to $117 millionQ1 Net Revenue Increased 4% Year-Over-Year to $26.6 million NEW YORK, May 11, 2022 (GLOBE NEWSWIRE) -- 1stdibs.com, Inc. (NASDAQ: DIBS), a leading online marketplace for luxury design products, today reported financial results for its first quarter ended March 31, 2022. First Quarter 2022 Financial Highlights Net revenue was $26.6 million, an increase of 4% year-over-year.Gross profit was $18.9 million, an increase of 2% year-over-year.Gross margin was 71.1%, compared to 72.5% in the first quarter 2021.GAAP net loss was $6.4 million, compared to $2.2 million in the first quarter 2021.Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin was $(4.7) million and (17.6)%, respectively, compared to $(1.3) million and (5.3)%, respectively, in the first quarter 2021.Cash and cash equivalents totaled $161.4 million as of March 31, 2022. “We are pleased to deliver both first quarter results at the top end of our guidance range and significant progress on our strategic initiatives,” said David Rosenblatt, 1stDibs Chief Executive Officer. “Trade continues to perform well, and on the consumer side, we continue to deliver on our ambitious 2022 roadmap despite an uncertain environment. Most recently, we successfully launched a localized product in Germany ahead of schedule.” Tom Etergino, Chief Financial Officer of 1stDibs said, “Despite tough comps, our first quarter GMV growth landed squarely at the high end of our guidance range. Our gross margins remain high and our balance sheet remains strong. Over time, we expect the luxury design e-commerce market to return to long-term growth rates. As such, we have chosen to continue thoughtfully investing in our strategic initiatives to position ourselves for long-term growth.” Other Recent Business Highlights and First Quarter Key Operating Metrics Gross Merchandise Value (\"GMV\") was $117 million, an increase of 3% year-over-year.Number of Orders was approximately 39K, a decrease of 6% year-over-year.Active Buyers was approximately 71K, an increase of 10% year-over-year.Announced the expansion of our curated NFT marketplace which creates a seamless experience for digital creators and introduces a secondary market for collectors on 1stDibs.Expanded our European presence by unveiling a localized site for Germany. The site will ena...