1stdibs.com, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a modest increase in revenue but continued net losses. The company generated net revenue of $21.2 million for Q3 2024, a 3% increase from $20.7 million in Q3 2023. For the nine months ended September 30, 2024, net revenue reached $65.5 million, up from $63.8 million in the same period last year. This growth was attributed to strategic initiatives aimed at improving take rates, with marketplace transaction fees accounting for 74% of net revenue in Q3 2024, compared to 71% in Q3 2023.
Despite the revenue growth, 1stdibs.com reported a net loss of $5.7 million for Q3 2024, compared to a net loss of $3.3 million in Q3 2023. The nine-month net loss improved to $13.4 million in 2024 from $19.8 million in 2023. The gross profit for Q3 2024 was $15.0 million, with a gross margin of 71%, down from 73% in the prior year. Total operating expenses increased to $22.4 million in Q3 2024 from $20.4 million in Q3 2023, primarily due to higher sales and marketing expenses, which rose to $9.1 million from $8.4 million.
The company incurred approximately $2.0 million in restructuring charges in 2023 due to a workforce reduction of 20% and an additional $0.4 million in severance costs in 2024. As of September 30, 2024, total stockholders’ equity was $107.2 million, down from $136.3 million a year earlier, reflecting an accumulated deficit of $327.1 million.
Cash and cash equivalents decreased to $22.0 million as of September 30, 2024, from $37.4 million at the end of 2023. The company reported net cash used in operating activities of $5.7 million for the nine months ended September 30, 2024, an improvement from $11.5 million in the same period in 2023. In terms of investments, 1stdibs.com reported net cash provided by investing activities of $15.3 million in 2024, a significant turnaround from the $109.6 million used in 2023.
The company has also been active in stock repurchases, completing a $25.5 million program in June 2024 and authorizing a new $10.0 million program in August 2024. As of September 30, 2024, 1stdibs.com had 36,513,040 shares of common stock outstanding.
About 1stdibs.com, Inc.
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