Business
1stDibs Reports Third Quarter 2021 Financial Results
Q3 Gross Merchandise Value Increased 25% Year-Over-Year to $109 millionQ3 Net Revenue Increased 22% Year-Over-Year to $25.6 million NEW YORK, Nov. 10, 2021
About this update from 1stdibs.com, Inc.
[{"type":"text","content":"Q3 Gross Merchandise Value Increased 25% Year-Over-Year to $109 millionQ3 Net Revenue Increased 22% Year-Over-Year to $25.6 million NEW YORK, Nov. 10, 2021 (GLOBE NEWSWIRE) -- 1stdibs.com, Inc. (NASDAQ: DIBS), a leading online marketplace for luxury design products, today reported financial results for its third quarter ended September 30, 2021. Third Quarter 2021 Financial Highlights Net revenue was $25.6 million, an increase of 22% year-over-year.Gross profit was $18.1 million, an increase of 23% year-over-year.Gross margin was 70.6%, compared to 69.9% in the third quarter 2020.GAAP net loss was $6.6 million, compared to $1.4 million in the third quarter 2020.Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin was $(5.4) million and (21.0)%, respectively, compared to $(0.5) million and (2.2)%, respectively, in the third quarter 2020.Cash and cash equivalents totaled $167.1 million as of September 30, 2021. \"While the macro environment remains unpredictable, we delivered GMV above the high-end of our guidance range and made progress on our strategic initiatives during the third quarter,\" said David Rosenblatt, 1stDibs Chief Executive Officer. \"As we look forward, we’re well positioned to benefit from the continued shift to digital and the extensibility of our platform, which allows us to efficiently enter adjacent markets, launch new features, and potentially unlock large GMV opportunities.\" Tu Nguyen, Chief Financial Officer of 1stDibs said, \"Marketplace dynamics remained healthy in the third quarter with traffic, average order value, and conversion all increasing year-on-year. Growing GMV in a disciplined manner remains our top priority and we are investing against our opportunities. Our asset-light business model, highly variable cost structure, and stable buyer cohort behavior gives us the confidence to invest for the long term.\" Other Recent Business Highlights and Key Operating Metrics Announced the launch of 1stDibs Auctions which allows buyers to bid on their favorite items—spanning furniture, home décor, art, fine jewelry, watches, handbags, and fashion.Gross Merchandise Value (\"GMV\") was $109 million, an increase of 25% year-over-year.Number of Orders was approximately 37K, an increase of 16% year-over-year.Active Buyers was approximately 72K, an increase of 35% year-over-year. Financial Guidance and Outlook T...