1Stdibs.Com (DIBS) Q4 2025 earnings summary

Executive summary

• Achieved first quarter of positive Adjusted EBITDA as a public company in Q4 2025, reflecting strategic realignment, disciplined cost management, and a major financial inflection point.

• Net revenue grew 1% year-over-year in Q4 2025 and 2% for the full year, despite a challenging macro environment.

• Gross margin improved to 73.5% in Q4 and 73.0% for the year, up from 72.3% and 71.9% respectively.

• GAAP net loss narrowed significantly both for Q4 and the full year compared to 2024.

• Entered 2026 with a leaner, more resilient financial foundation and a roadmap for sustained growth.

Financial highlights

• Q4 2025 GMV was $90.2 million, down 5% year-over-year, at the low end of guidance.

• Q4 2025 net revenue: $23.0M (+1% YoY); full year: $89.6M (+2% YoY).

• Q4 Adjusted EBITDA: $1.3M (5.6% margin), a $2.9M improvement from prior year.

• Q4 gross profit: $16.9M (+3% YoY); full year: $65.4M (+3% YoY).

• Ended Q4 with $95M in cash, equivalents, and short-term investments.

Outlook and guidance

• Q1 2026 GMV expected between $86.5M–$91.5M, a 9%–3% year-over-year decline.

• Q1 net revenue guidance: $22.1M–$23.1M, or -2% to +2% year-over-year.

• Q1 Adjusted EBITDA margin expected between breakeven and +4%.

• 2026 plan targets positive full-year Adjusted EBITDA and free cash flow, with a return to positive year-over-year GMV growth by Q4 2026.

• Ongoing investment in AI and technology to drive growth and operational efficiency.