1Stdibs.Com (DIBS) Q1 2025 earnings summary

Executive summary

• Achieved solid execution and steady market share gains in Q1 2025, with GMV and revenue exceeding guidance midpoints and adjusted EBITDA margins above the high end.

• Net revenue grew 2% year-over-year to $22.5 million, with gross profit up 2% to $16.3 million and gross margin stable at 72.4%.

• GMV increased 3% year-over-year to $94.7 million; active buyers rose 7% to approximately 65,000, while order volume was flat.

• Net loss widened to $4.8 million from $3.3 million year-over-year; Adjusted EBITDA loss was $1.7 million, nearly flat from prior year.

• Cash, cash equivalents, and short-term investments totaled $101.0 million as of March 31, 2025.

Financial highlights

• GMV was $94.7 million, up 3% year-over-year, with net revenue at $22.5 million (+2%) and gross profit at $16.3 million (+2%).

• Gross margin was 72.4%, nearly unchanged year-over-year.

• Net loss was $4.8 million, or $(0.14) per share, compared to $3.3 million, or $(0.08) per share, year-over-year.

• Adjusted EBITDA loss was $1.7 million, with margin at (7.8)%.

• Ended the quarter with $101 million in cash, cash equivalents, and short-term investments.

Outlook and guidance

• Q2 2025 GMV guidance: $85M–$92M; net revenue guidance: $21.2M–$22.5M; adjusted EBITDA margin loss expected at (14%)–(10%).

• Guidance reflects steady traffic, softening conversion, and moderating AOV growth due to increased consumer caution.

• Management expects continued operating losses and negative cash flows as investments in growth persist.

• Current liquidity is expected to fund operations and capital needs for at least the next 12 months.

• Macro environment remains unpredictable; actual results may differ materially.