Business
1stDibs Reports Second Quarter 2021 Financial Results
Q2 Gross Merchandise Value Increased 34% Year-Over-Year to $107 millionQ2 Net Revenue Increased 29% Year-Over-Year to $24.7 million NEW YORK, Aug. 11, 2021
About this update from 1stdibs.com, Inc.
[{"type":"text","content":"Q2 Gross Merchandise Value Increased 34% Year-Over-Year to $107 millionQ2 Net Revenue Increased 29% Year-Over-Year to $24.7 million NEW YORK, Aug. 11, 2021 (GLOBE NEWSWIRE) -- 1stdibs.com, Inc. (NASDAQ: DIBS), a leading online marketplace for luxury design products, today reported financial results for its second quarter ended June 30, 2021. Second Quarter 2021 Financial Highlights Net revenue was $24.7 million, an increase of 29% year-over-year.Seller marketplace services revenue was $23.8 million, an increase of 29% year-over-year.Gross profit was $17.4 million, an increase of 33% year-over-year.Gross margin was 70.4%, compared to 68.2% in the second quarter 2020.GAAP net loss was $4.1 million, compared to $3.3 million in the second quarter 2020.Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin was $(3.0) million and (12.3)%, respectively, compared to $(2.0) million and (10.7)%, respectively, in the second quarter 2020.Cash and cash equivalents totaled $176.1 million as of June 30, 2021. \"We are excited about the opportunity ahead of us, as luxury design continues to move online,” said David Rosenblatt, 1stDibs Chief Executive Officer. \"In addition to the secular shift to digital, we have an ambitious roadmap and are investing in multiple growth opportunities like new buyer activation and international expansion. In the second quarter, our first as a public company, we generated GMV growth of 34% year-over-year and made progress on our strategic growth initiatives.\" Tu Nguyen, Chief Financial Officer of 1stDibs said, \"We had strong GMV and net revenue growth in the second quarter of 2021. As we continue to comp strong quarters in 2020, our two-year stacked growth rates are healthy and our fundamentals are strong. We see a long runway ahead and will continue to invest for sustainable GMV growth in a disciplined and thoughtful manner.\" Other Recent Business Highlights and Key Operating Metrics Completed our initial public offering of 6,612,500 shares of common stock and received net proceeds of $123.0 million after deducting underwriters’ discounts and commissions.Gross Merchandise Value (\"GMV\") was $107 million, an increase of 34% year-over-year.Number of Orders was approximately 38K, an increase of 28% year-over-year.Active Buyers was approximately 69K, an increase of 39% year-over-year.Announced the launch of our NFT...