1stdibs.com(DIBS) - 2025 Q1 - Quarterly Results

Financial Performance - Net revenue for Q1 2025 was $22.5 million, a 2% increase year-over-year[7] - GAAP net loss was $4.8 million, compared to a net loss of $3.3 million in Q1 2024[7] - Net loss for Q1 2025 was $4,806,000, compared to a net loss of $3,303,000 in Q1 2024, representing an increase in loss of approximately 45.5%[26] - Adjusted EBITDA was $(1.7) million with an Adjusted EBITDA margin of (7.8)%, an improvement from $(1.8) million and (8.1)% in Q1 2024[7] - Adjusted EBITDA for Q1 2025 was $(1,748,000), slightly improved from $(1,794,000) in Q1 2024, indicating a reduction in adjusted loss of about 2.6%[33] - Adjusted EBITDA Margin for Q1 2025 was (7.8)%, compared to (8.1)% in Q1 2024, showing a marginal improvement in operational efficiency[33] Growth Metrics - Gross Merchandise Value (GMV) reached $94.7 million, reflecting a 3% year-over-year growth[8] - Active Buyers increased to approximately 65,000, marking a 7% year-over-year rise[8] - The number of orders remained flat year-over-year at approximately 35,000[8] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $101.0 million as of March 31, 2025[7] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $23,974,000, down from $37,330,000 at the end of Q1 2024, reflecting a decrease of approximately 35.6%[26] - Cash flows from operating activities resulted in a net cash used of $96,000 in Q1 2025, a significant decrease from $3,061,000 in Q1 2024[26] - Net cash used in investing activities was $(3,265,000) in Q1 2025, compared to a net cash provided of $1,438,000 in Q1 2024, indicating a shift in investment strategy[26] - Maturities of short-term investments in Q1 2025 were $20,050,000, down from $31,577,000 in Q1 2024, indicating a decrease of about 36.6%[26] Guidance - The company provided Q2 2025 guidance with GMV expected between $85 million and $92 million[6] - Net revenue guidance for Q2 2025 is projected to be between $21.2 million and $22.5 million[6] Expenses and Provisions - Stock-based compensation expense increased to $4,050,000 in Q1 2025 from $3,090,000 in Q1 2024, representing a rise of approximately 31%[33] - The company reported a provision for transaction losses, returns, and refunds of $35,000 in Q1 2025, a significant decrease from $434,000 in Q1 2024, reflecting improved transaction management[26] - Payments for repurchase of common stock in Q1 2025 were $1,794,000, down from $2,669,000 in Q1 2024, indicating a reduction of approximately 32.7% in stock buyback activity[26] Margins - Gross margin for Q1 2025 was 72.4%, slightly down from 72.5% in Q1 2024[7]