1stdibs.com(US:DIBS)2024-08-06 11:04Financial Performance - Net revenue for Q2 2024 was $22.2 million, a 6% increase year-over-year[2] - Gross profit reached $15.9 million, reflecting a 9% year-over-year growth[2] - Gross margin improved to 71.7%, up from 69.8% in Q2 2023[2] - GAAP net loss narrowed to $4.4 million, compared to a net loss of $8.3 million in Q2 2023[2] - GMV for Q2 2024 was $91.5 million, a 2% increase year-over-year[3] - The number of orders increased to approximately 34,000, up 5% year-over-year[3] - Active buyers decreased to approximately 61,000, a 6% decline year-over-year[4] Guidance and Projections - Q3 2024 guidance for net revenue is projected between $20.8 million and $22.1 million[5] - Adjusted EBITDA margin for Q3 2024 is expected to be between (15%) and (10%)[5] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $110.6 million as of June 30, 2024[2] - Cash used in operating activities for the six months ended June 30, 2024, was $5,705,000, down from $9,268,000 in the same period of 2023, reflecting a 38% decrease[23] - Net cash provided by investing activities for the six months ended June 30, 2024, was $15,283,000, a significant recovery from a net cash used of $(100,292,000) in the same period of 2023[23] - Cash, cash equivalents, and restricted cash at the end of the period were $27,427,000, down from $48,745,000 at the end of June 30, 2023[23] - Maturities of short-term investments for the six months ended June 30, 2024, were $49,177,000, compared to $11,000,000 in the same period of 2023, showing a substantial increase[23] - Proceeds from the exercise of stock options for the six months ended June 30, 2024, were $786,000, compared to $35,000 in the same period of 2023, indicating a significant increase in stock option exercises[23] Loss and Adjusted EBITDA - Net loss for the six months ended June 30, 2024, was $7,740,000, a significant improvement from a net loss of $16,453,000 for the same period in 2023, representing a 53% reduction[23] - Adjusted EBITDA for the six months ended June 30, 2024, was $(3,383,000), compared to $(9,833,000) for the same period in 2023, indicating a 65% improvement[30] - Adjusted EBITDA margin for the six months ended June 30, 2024, was (7.6)%, an improvement from (22.8)% for the same period in 2023[30] Expenses - Stock-based compensation expense for the six months ended June 30, 2024, was $7,106,000, compared to $6,358,000 for the same period in 2023, reflecting a 12% increase[30] - Depreciation and amortization for the six months ended June 30, 2024, was $932,000, down from $1,366,000 in the same period of 2023, indicating a 32% decrease[30]