1Stdibs.Com (DIBS) Q2 2025 earnings summary

Executive summary

• Q2 2025 GMV was $89.9 million, with net revenue at $22.1 million and adjusted EBITDA at $(1.8) million, reflecting resilience amid a challenging luxury home goods market.

• Gross profit was $15.9 million with a gross margin of 71.8%, both flat year-over-year.

• Operating expenses declined 4% year-over-year, driven by cost management and workforce reductions.

• Active buyers increased 5% to approximately 64,400, while unique sellers declined 21% due to subscription pricing changes.

• Cash, cash equivalents, and short-term investments totaled $94.3 million as of June 30, 2025, with no debt outstanding.

Financial highlights

• Net revenue was $22.1 million, flat year-over-year; transaction revenue comprised 75% of total revenue.

• Adjusted EBITDA margin was (7.9)% in Q2 2025, compared to (7.1)% in Q2 2024.

• Net loss for Q2 2025 was $4.3 million, a slight improvement from $4.4 million in Q2 2024.

• Number of orders declined 3% to approximately 33,000 year-over-year.

• Weighted average shares outstanding for Q2 2025 were 35.8 million.

Outlook and guidance

• Q3 2025 GMV guidance: $83 million to $89 million.

• Q3 2025 net revenue guidance: $21.0 million to $22.1 million.

• Q3 2025 adjusted EBITDA margin expected between (12%) and (8%).

• Guidance reflects continued conversion growth and a modest rebound in average order value, but is subject to macroeconomic and geopolitical risks.

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