1Stdibs.Com, Inc. ( (DIBS) ) has released its Q3 earnings. Here is a breakdown of the information 1Stdibs.Com, Inc. presented to its investors.
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1stDibs.com, Inc. is a premier online marketplace that connects design enthusiasts with sellers and creators of luxury vintage, antique, and contemporary furniture, home décor, art, jewelry, watches, and fashion.
In the third quarter of 2024, 1stDibs reported a modest revenue growth of 3% year-over-year, reaching $21.2 million. However, the company faced challenges with a net loss of $5.7 million, widening from the previous year’s loss of $3.3 million. Despite these challenges, the company showcased its strategic initiatives and resource alignment towards sustainable growth.
The report highlighted a decrease in gross profit to $15.0 million and a drop in gross margin to 71% from 73.3% the previous year. Additionally, the company’s non-GAAP Adjusted EBITDA showed a decline, recording a loss of $3.0 million. Notably, the Gross Merchandise Value (GMV) decreased by 5% to $84.6 million, while the number of orders increased by 7% year-over-year.
Looking forward, 1stDibs aims to return to GMV growth by the fourth quarter, despite facing ongoing challenges in the luxury housing market. The company continues to focus on conversion and efficiency improvements to drive growth and profitability.
1stDibs’ management remains optimistic about the future, as they continue to assess business operations for efficiency improvements and operational leverage, aligning resources towards achieving sustainable growth and profitability.
