Business
1stDibs Reports Second Quarter 2024 Financial Results
NEW YORK--(BUSINESS WIRE)-- 1stdibs.com, Inc. (NASDAQ: DIBS), a leading online marketplace for luxury design products ("1stDibs" or the "Company"), today
About this update from 1stdibs.com, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\n1stdibs.com, Inc. (NASDAQ: DIBS), a leading online marketplace for luxury design products (\"1stDibs\" or the \"Company\"), today reported financial results for its second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nNet revenue was $22.2 million, an increase of 6% year-over-year.\n\n\n\n\nGross profit was $15.9 million, an increase of 9% year-over-year.\n\n\n\n\nGross margin was 71.7%, compared to 69.8% in the second quarter 2023.\n\n\n\n\nGAAP net loss was $4.4 million compared to a net loss of $8.3 million in the second quarter 2023.\n\n\n\n\nNon-GAAP Adjusted EBITDA and Adjusted EBITDA Margin was $(1.6) million and (7.1)%, respectively, compared to $(4.6) million and (21.9)%, respectively, in the second quarter 2023.\n\n\n\n\nCash, cash equivalents and short-term investments totaled $110.6 million as of June 30, 2024.\n\n\n\n“We are thrilled to report a return to GMV and revenue growth, marking a significant turning point for the business,” said David Rosenblatt, 1stDibs Chief Executive Officer. “During the second quarter, we achieved a number of positive developments in addition to returning to growth, including accelerating order growth, continued conversion rate expansion and sequential active buyer growth. All are positive signals that our roadmap and strategy are working.”\n\n\nTom Etergino, Chief Financial Officer of 1stDibs said, “Over the past two years, we have improved monetization, expanded gross margins and meaningfully reduced our operating expenses. The second quarter marks another significant step forward, delivering our best Adjusted EBITDA margins as a public company.”\n\n\nOther Recent Business Highlights and Second Quarter Key Operating Metrics\n\n\n\nGMV was $91.5 million, an increase of 2% year-over-year.\n\n\n\n\nNumber of Orders was approximately 34K, an increase of 5% year-over-year.\n\n\n\n\nActive Buyers was approximately 61K, a decrease of 6% year-over-year.\n\n\n\nFinancial Guidance and Outlook\n\n\nThe Company’s third quarter 2024 guidance is below.\n\n\n\n\n \n\n\n\n\n\n\nQ3 2024 Guidance\n\n\n\n\n\n\n\n\nGMV\n\n\n\n\n\n\n$84 million - $91 million\n\n\n\n\n\n\n\n\nNet revenue\n\n\n\n\n\n\n$20.8 million - $22.1 million\n\n\n\n\n\n\n\n\nAdjusted EBITDA margin (non-GAAP)\n\n\n\n\n\n\n(15%) - (10%)\n\n\n\n\n\n\n\nActual results may d...