NEW YORK — Online luxury marketplace 1stDibs made “steady progress” in the first quarter, delivering net revenue that was up 2% year-over-year and comparable gross margin.
“Our momentum continued in the first quarter, with strong execution, market share gains and steady progress on our roadmap,” said CEO David Rosenblatt. “While the macro environment remains unpredictable, we believe our model and strategy position us well for the road ahead.”
Net revenue for the quarter ended March 31 was $22.5 million, while gross profit was $16.3 million, an increase of 2% year-over-year. Gross margin was 72.4%, down just slightly from the 72.5% recorded in the first quarter of 2024. Non-GAAP adjusted EBITDA and adjusted EBITDA margin was down $1.7 million and 7.8% vs. being down $1.8 million and 8.1% in the same quarter a year ago.
See also: 1stDibs claims progress as 2024 wraps up with revenue, GMV and order gains
Gross merchandise value increased 3% year-over-year to $94.7 million, while orders stayed flat at about 35,000. Active buyers rose by 7% to about 65,000.
“We delivered a solid quarter,” said CFO Tom Etergino, “gaining market share while diligently managing expenses and making progress against our 2025 plan. We remain focused on executing efficiently,” he said.
Cash and cash equivalents and short-term investments were $101 million as of March 31. Total operating expenses of $22.6 million were up for the quarter vs. last year, with technology development seeing the largest increase while sales and marketing remained general and administrative remained steady.
The company’s net loss for the quarter was $4.8 million vs. $3.3 million in Q1 2024. Loss per share was 14 cents vs. 8 cents in the previous year’s first quarter.
1stDibs‘ second quarter guidance puts GMV between $85 million and $92 million, with net revenue in the $21.2 million to $22.5 million range. Adjusted EBITDA margin is expected to be down between 10% and 14%.