1stDibs is an online marketplace whose 2024 results included $88.257 million in net revenue, $362.274 million in gross merchandise volume (GMV), 139,239 orders, and 64,306 active buyers. The company remained loss-making, but its reported operating loss and net loss were lower than in 2023. These figures come from the 1stDibs 2024 10-K and the 1stDibs Q4 2024 earnings release; the financial comparisons below refer to fiscal years ended December 31 unless a different period is stated.
Contents
- Revenue, gross profit, and margins
- GMV, orders, and active buyers
- Buyer mix and marketplace geography
- Revenue streams and marketplace fees
- Operating expenses and profitability
- Assets, liquidity, and cash flow
Revenue, gross profit, and margins
1stDibs reported 2024 net revenue of $88.257 million, compared with $84.684 million in 2023. The 2024 10-K described that change as a 4% year-over-year increase. Revenue growth was therefore positive even as GMV was broadly flat over the same comparison.
Gross profit was $63.426 million in 2024, up from $59.573 million in 2023, according to the Q4 2024 earnings release. The 2024 gross margin was 71.9%, compared with 70.3% in 2023, as reported in the 2024 10-K. Cost of revenue was $24.831 million in 2024 and $25.111 million in 2023.
The following comparison brings the main revenue and profitability measures together. Dollar amounts are in millions, and the periods are fiscal 2023 and fiscal 2024.
| Measure | 2023 | 2024 |
|---|---|---|
| Net revenue | $84.684 million | $88.257 million |
| Gross profit | $59.573 million | $63.426 million |
| Gross margin | 70.3% | 71.9% |
| Cost of revenue | $25.111 million | $24.831 million |
| Loss from operations | $31.027 million | $26.215 million |
| Net loss | $22.699 million | $18.633 million |
Source: 1stDibs 2024 10-K and 1stDibs Q4 2024 earnings release.
GMV, orders, and active buyers
GMV was $362.274 million in 2024, compared with $362.316 million in 2023 and $425.375 million in 2022. The 2024 figure was nearly unchanged from 2023 and below the 2022 amount. GMV measures the value of merchandise transacted through the marketplace, while net revenue is the amount reported by 1stDibs under its revenue model.
The number of orders moved differently from GMV. 1stDibs recorded 139,239 orders in 2024, compared with 133,072 in 2023 and 148,399 in 2022. Active buyers were 64,306 in 2024, versus 60,716 in 2023 and 67,598 in 2022.
| Marketplace measure | 2022 | 2023 | 2024 |
|---|---|---|---|
| GMV | $425.375 million | $362.316 million | $362.274 million |
| Orders | 148,399 | 133,072 | 139,239 |
| Active buyers | 67,598 | 60,716 | 64,306 |
Source: 1stDibs 2024 10-K. The 10-K supplies the three-year comparison; the figures are not forecasts.
On-platform GMV was $346.3 million, or 96% of total GMV, in 2024. It was $346.6 million, also 96%, in 2023, and $409.4 million, or 96%, in 2022. The reported share shows that on-platform transactions made up the same rounded proportion of GMV across all three years.
Buyer mix and marketplace geography
In 2024, new buyers accounted for 38% of GMV and returning buyers accounted for 62%. In 2023, the corresponding shares were 35% and 65%. In 2022, new buyers represented 37% of GMV and returning buyers represented 63%.
These figures describe the composition of GMV by buyer status, not the number of buyers in each group. They show a larger new-buyer share in 2024 than in 2023, while returning buyers still represented the majority of GMV in both years.
The 2024 10-K also reported a cohort-retention measure. 1stDibs retained 23% of 2023 on-platform GMV from buyers acquired in 2023 during 2024. It also reported retaining 23% of 2022 on-platform GMV from buyers acquired in 2022 during 2023. Those measurements refer to different buyer cohorts and different follow-up years, so they should not be treated as a single current-year retention rate.
The United States accounted for approximately 82% of on-platform marketplace transaction net revenue in 2024. The comparable shares were approximately 83% in 2023 and approximately 84% in 2022. The 2024 10-K also stated that no individual country exceeded 10% of total net revenue in 2024. The U.S. percentages concern on-platform marketplace transaction net revenue, while the country threshold concerns total net revenue.
Revenue streams and marketplace fees
Marketplace transaction fees represented 74% of net revenue in 2024, up from 71% in 2023. Subscription fees represented 22% of net revenue in 2024, down from 24% in 2023. These are percentages of net revenue reported in the 2024 10-K, not percentages of GMV.
The 2024 10-K stated that marketplace transaction fees ranged from 5% to 50% of GMV. It also stated that processing fees were about 3% of the buyer payment. The ranges and approximate rate describe the fee structure; they do not establish one uniform rate for every transaction.
Deferred revenue was $0.026 million at December 31, 2024, compared with $0.063 million at December 31, 2023. This is a balance-sheet measure at the stated dates rather than revenue recognized over the full year.
Operating expenses and profitability
1stDibs reported a loss from operations of $26.215 million in 2024, compared with $31.027 million in 2023. Net loss was $18.633 million in 2024 and $22.699 million in 2023. Net loss per share was $0.49 in 2024, compared with $0.57 in 2023.
Weighted average common shares outstanding were 37,820,400 in 2024 and 39,724,697 in 2023. The 2024 net loss before income taxes was $18.589 million, compared with $22.685 million in 2023. The provision for income taxes was $0.044 million in 2024 and $0.014 million in 2023.
Total other income, net was $7.626 million in 2024, compared with $8.342 million in 2023. Interest income was $5.942 million in 2024 and $6.639 million in 2023. Other, net income was $1.684 million in 2024, compared with $1.703 million in 2023. Provision for transaction losses was $3.020 million in 2024 and $3.729 million in 2023.
The Q4 2024 earnings release reported these operating expense categories:
- Sales and marketing expense was $38.084 million in 2024, compared with $36.640 million in 2023.
- Technology development expense was $21.165 million in 2024, compared with $21.644 million in 2023.
- General and administrative expense was $27.372 million in 2024, compared with $28.587 million in 2023.
- Total operating expenses were $89.641 million in 2024, compared with $90.600 million in 2023.
The same release reported net cash used in operating activities of $2.910 million in 2024, compared with $13.556 million in 2023. This cash-flow measure is distinct from the accounting net loss and covers cash used by operating activities during each year.
Assets, liquidity, and cash flow
At the end of 2024, 1stDibs reported cash and cash equivalents of $25.964 million, compared with $37.395 million at the end of 2023. Short-term investments were $77.919 million in 2024 and $101.926 million in 2023. Total current assets were $111.864 million, compared with $147.880 million, while total assets were $145.758 million, compared with $180.815 million.
Total stockholders’ equity was $99.305 million at the end of 2024 and $134.288 million at the end of 2023. Payables due to sellers were $8.605 million in 2024, compared with $6.521 million in 2023. Accounts payable were $2.228 million and $3.580 million, respectively. Accounts receivable, net were $0.490 million in 2024 and $0.643 million in 2023.
Other reported balance-sheet items included prepaid expenses of $2.859 million in 2024 versus $3.032 million in 2023; receivables from payment processors of $2.833 million versus $2.670 million; restricted cash, non-current of $3.657 million versus $3.580 million; operating lease right-of-use assets of $19.728 million versus $19.655 million; goodwill of $4.232 million versus $4.116 million; and other assets of $2.713 million versus $2.200 million.
Investment activity also changed between the two years. Maturities of short-term investments generated $91.983 million in 2024, compared with $92.653 million in 2023. Sales of short-term investments totaled $18.296 million in 2024, compared with $0 in 2023. Purchases of short-term investments were $86.368 million in 2024 and $191.093 million in 2023.
Development of internal-use software was $1.304 million in 2024, compared with $1.706 million in 2023. Together with the operating cash-flow figures, these amounts provide the reported cash-investment context for the 2024 financial year without treating the figures as forecasts or independently verified estimates.