1stDibs Reports Fourth Quarter and Full Year 2024 Financial Results

1stDibs.com, Inc., a leading online marketplace for luxury design products, has released its financial results for the fourth quarter and full year ending December 31, 2024. The company has shown notable growth in several key financial metrics, despite facing a challenging market environment.

Financial Highlights

For the fourth quarter of 2024, 1stDibs reported a net revenue of $22.8 million, marking a 9% increase year-over-year. The gross profit for the quarter was $16.5 million, up 10% from the same period in 2023, with a gross margin of 72.3%. However, the company also reported a GAAP net loss of $5.2 million, compared to a net loss of $2.9 million in the fourth quarter of 2023. The Non-GAAP Adjusted EBITDA was $(1.6) million, showing a slight improvement from $(1.7) million in the previous year.

For the full year 2024, net revenue reached $88.3 million, a 4% increase from 2023. The gross profit for the year was $63.4 million, up 6% year-over-year, with a gross margin of 71.9%. The GAAP net loss for the year was $18.6 million, an improvement from the $22.7 million loss in 2023. The Non-GAAP Adjusted EBITDA for the year was $(8.0) million, compared to $(13.3) million in 2023.

Business and Operational Highlights

1stDibs reported a Gross Merchandise Value (GMV) of $94.5 million for the fourth quarter, a 9% increase year-over-year. The number of orders placed was approximately 37,000, a 7% increase from the previous year. The company also saw a 6% increase in active buyers, reaching approximately 64,000.

Strategic Initiatives and Corporate Developments

In 2024, 1stDibs focused on reducing operating expenses for the second consecutive year, achieving its strongest Adjusted EBITDA margins since becoming a public company. The company also maintained a strong cash position, with cash, cash equivalents, and short-term investments totaling $103.9 million as of December 31, 2024.

Management's Perspective

David Rosenblatt, CEO of 1stDibs, highlighted the company's market share gains and return to revenue growth as clear indicators that their strategy is working. CFO Tom Etergino emphasized the significant progress made in reducing operating expenses and delivering strong Adjusted EBITDA margins.

Future Outlook

For the first quarter of 2025, 1stDibs has provided guidance with GMV expected to be between $90 million and $96 million, and net revenue projected to be between $21.7 million and $22.8 million. The Adjusted EBITDA margin is expected to be between (12%) and (8%).

SEC Filing: 1stdibs.com, Inc. [ DIBS ] - 8-K - Feb. 28, 2025