Financial Data and Key Metrics Changes - The first quarter GMV was $94.7 million, up 3% year over year, outperforming end markets that continue to contract [23] - Net revenue was $22.5 million, up 2%, with transaction revenue making up approximately 75% of total revenue [29] - Adjusted EBITDA loss was $1.7 million, compared to a loss of $1.8 million last year, with an adjusted EBITDA margin loss of 8%, flat year over year [32] Business Line Data and Key Metrics Changes - Consumer GMV grew mid-single digits, while trade GMV was flat; jewelry and fashion posted the strongest performance, both growing double digits [26] - On-platform average order value (AOV) was nearly $2,600, and median order value was approximately $12.50, both up 4% [24] - The number of listings grew to over 1.8 million, up 5%, while unique sellers decreased to approximately 5,900, down 23% year over year [20][28] Market Data and Key Metrics Changes - Organic traffic accounted for over 70% of total traffic, with improvements in SEO and direct traffic contributing to growth [12][25] - The company experienced a significant drop in conversion rates from March to April, primarily driven by changes in the macroeconomic environment [42] - The company gained market share for five consecutive quarters, as measured against syndicated credit card data for online furniture and luxury furniture markets [54] Company Strategy and Development Direction - The company aims to maintain growth and expense discipline while capturing additional market share through product-led growth strategies [4][11] - The 2025 roadmap focuses on accelerating organic traffic growth, competitive pricing, funnel optimization, and elevating service levels [11] - The company is committed to managing costs carefully and delivering on key initiatives that position it for long-term success [35] Management Comments on Operating Environment and Future Outlook - Management noted that evolving trade policies and macroeconomic effects have created a tougher demand backdrop for luxury home discretionary spending [5] - The company expects continued listings growth throughout 2025 and anticipates churn to normalize in the second quarter [28][34] - Management remains confident in the strategy and ability to deliver value through operational focus on initiatives under their control [35] Other Important Information - The company ended the quarter with a strong cash position of $101 million, down $2.9 million sequentially, which includes share repurchases [33] - The company has repurchased approximately 6.9 million shares for a total of $33.4 million since launching its first share buyback in August 2023 [33] Q&A Session Summary Question: Organic traffic and conversion gains - Management indicated that organic traffic had declined for over a year but was restored to growth in Q1, with conversion gains being stable despite a drop from March to April [40][42] Question: Churn normalization - Management confirmed that churn is expected to normalize in Q2 as they have passed the changes in the subscription pricing plan [44][45] Question: Active buyers growth - Management noted that the growth in active buyers is directly related to conversion rates, which are influenced by macroeconomic conditions [50] Question: Market share gains - Management explained that market share is measured by comparing GMV changes against syndicated credit card data, and they have seen consistent growth in market share [54] Question: ML pricing models - Management shared that ML pricing models have been rolled out across all categories, with high adoption rates for lower-priced items and ongoing improvements expected [56][58]