1Stdibs.Com (DIBS) Q4 2024 earnings summary

Executive summary

• Exceeded Q4 2024 guidance with highest GMV growth since 2021, gaining market share and returning to growth in conversion, active buyers, orders, revenue, and gross profit.

• Net revenue grew 9% year-over-year in Q4 2024 to $22.8 million and 4% for the full year to $88.3 million.

• Gross profit increased 10% in Q4 and 6% for the year, with gross margin rising to 72.3% in Q4 and 71.9% for the year.

• Operating expenses declined for the second consecutive year, supporting improved Adjusted EBITDA margins.

• Strategic focus on conversion, product velocity, and reallocating resources to high-return projects.

Financial highlights

• Q4 GMV was $94.5 million, up 9% year-over-year, the fastest growth in three years; number of orders rose 7% and active buyers 6%.

• Net revenue for Q4 was $22.8 million, up 9% year-over-year.

• Gross profit was $16.5 million, up 10%, with gross margin at 72%–72.3%.

• Adjusted EBITDA loss was $1.6 million in Q4, margin improved to (7.2)%, best since IPO.

• Ended Q4 with $104 million in cash, cash equivalents, and short-term investments.

Outlook and guidance

• Q1 2025 GMV guidance: $90–$96 million; net revenue: $21.7–$22.8 million.

• Q1 Adjusted EBITDA margin loss expected between -12% and -8%.

• Expect GMV to grow year-over-year in 2025, assuming no major macro changes.

• Plan to generate operating leverage at mid-single-digit revenue growth and keep headcount flat in 2025.

• Actual results may differ materially due to various risk factors.