1stdibs.com, Inc. reported a net revenue of $88.3 million for the fiscal year ending December 31, 2024, marking a 4% increase from $84.7 million in the previous year. Despite this revenue growth, the company continued to experience net losses, reporting a loss of $18.6 million compared to a loss of $22.7 million in 2023. The increase in revenue was attributed to strategic initiatives aimed at improving commission rates and enhancing seller engagement, although the Gross Merchandise Value (GMV) remained flat at approximately $362.3 million for both years.
The company saw a slight increase in its user base, reaching 7.0 million users by the end of 2024, up from 6.3 million in 2023. However, the number of unique sellers decreased to approximately 5,900 from 7,800, as 1stdibs shifted its focus to a more selective seller acquisition strategy. The average order value (AOV) on the platform was approximately $2,500, with a median order value of $1,200, indicating a consistent pricing structure across its luxury design offerings.
Operationally, 1stdibs reported approximately 64,300 active buyers, an increase from 61,000 in the previous year. The company also noted a 4% rise in sales and marketing expenses, totaling $38.1 million, driven by increased performance-based marketing efforts. Additionally, the company incurred $1.4 million in restructuring charges related to workforce reductions aimed at realigning investment priorities and reducing operational costs.
Looking ahead, 1stdibs expressed optimism about its growth potential, particularly in expanding its international presence and diversifying its product offerings. The company plans to continue investing in technology and marketing to drive future revenue growth. However, it acknowledged the ongoing challenges posed by macroeconomic factors, including inflation and market volatility, which could impact consumer spending on luxury design items. The company’s cash, cash equivalents, and short-term investments totaled $103.9 million as of December 31, 2024, providing a buffer for its operational needs in the near term.
About 1stdibs.com, Inc.
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