1stdibs.com reports modest profit rise in Q1 2024

NEW YORK — Online marketplace for luxury design products 1stdibs.com today reported financial results for the first quarter ending March 31, with revenues slightly down but a modest increase in gross profit.

Financial and business metrics highlights from Q1:

  • Net revenue totaled $22.1 million, a slight 1%YoY
  • Gross profit reached $16.0 million, a 7% increase YoY.
  • Gross margin stood at 72.5%, exhibiting growth from 67.1% in the first quarter of 2023.
  • GAAP net loss was $3.3 million, improving against an $8.1 million loss in the first quarter of 2023.
  • Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin were $(1.8) million and (8.1)%, respectively, compared to $(5.3) million and (23.7)% in the first quarter of 2023.
  • As of March 31, 2024, cash, cash equivalents, and short-term investments totaled $134.2 million.
  • GMV was $91.7 million, a decrease of 6% YoY.
  • Number of Orders was approximately 35K, seeing no change from last year.
  • Active Buyers stood at approximately 61K, a decrease of 9% YoY.

“We are pleased to report that we have continued to make progress against our key goals, with demand metrics recovering across the board. The second consecutive quarter of conversion rate improvement resulted in better GMV and order growth,” said David Rosenblatt, 1stDibs CEO. “We are encouraged that our product efforts are paying off and that leading indicators of demand are picking up.”

Tom Etergino, chief financial officer, said that “over the past two years, we have taken actions to build a stronger financial foundation. In the first quarter we continued to see the impact of these efforts on our P&L with improved take rates, expanded gross margins, lower operating expenses and higher Adjusted EBITDA Margins.”

See also:

  • 1stDibs starts to see benefits of ‘re-engineered cost structure’ in Q4
  • 1stDibs’ latest list shines a light on 50 global design talents

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