Fri, Nov 8, 1:52 PM (242 days ago)
1stdibs.com, Inc. (DIBS) reported its Q3 2024 results, showing a net revenue of $21.2 million, a 3% increase from $20.7 million in Q3 2023. Despite this growth, the company experienced a net loss of $5.7 million, up from a loss of $3.3 million a year prior. Gross profit was $15.0 million, with a gross margin of 71%, slightly down from 73% due to rising costs in shipping and processing fees. Operating expenses increased to $22.4 million, driven by higher sales and marketing costs. Cash flow from operations was negative at $5.7 million, but the company had cash, cash equivalents, and short-term investments totaling $109.4 million as of September 30, 2024. The company continues to face uncertainties, including inflation and competitive pressures, impacting future revenue and profitability. Additionally, 1stdibs has initiated a stock repurchase program, reflecting confidence in its long-term value despite current operational losses. The outlook remains cautious as management anticipates ongoing investments to support growth initiatives.