1stDibs net income up, net income down for the third quarter

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NEW YORK – The 1stDibs online furniture market saw a 22% year-over-year increase in net sales for the third quarter of 2021, but its GAAP net loss widened.

The New York-based market, which sells vintage, antique and contemporary furniture, home decor, art, jewelry, watches and fashion, posted net revenues of $ 25.6 million in during the quarter as well as gross profit of $ 18.1 million, an increase of 23% from last year. -on the year.

However, its GAAP net loss was $ 6.6 million for the quarter, up from $ 1.4 million for the same period in 2020. Non-GAAP Adjusted EBITDA and Adjusted EBITDA margin were a loss of $ 5.4 million and $ 500,000 and 2.2%, respectively, in the third quarter of 2020.

“While the macroeconomic environment remains unpredictable, we generated a GMV (gross value of goods) above the high end of our forecast range and made progress on our strategic initiatives during the third quarter,” said David Rosenblatt, CEO of 1stDibs. “As we look to the future, we are well positioned to benefit from the continued digital transition and scalability of our platform, which allows us to effectively enter adjacent markets, launch new new features and potentially unlock great GMV opportunities. “

Additional key measures included $ 109 million gross value of goods, which represented a 25% year-over-year increase; around 37,000 orders, up 16% compared to the same period in 2020; 72,000 active buyers, up 35% compared to Q3 2020; and $ 167.1 million in cash and cash equivalents as of September 30. 1stDibs also launched its new 1stDibs auctions on November 10th.

“Market dynamics remained healthy in the third quarter, with traffic, average order value and conversion all increasing year over year,” said Tu Nguyen, chief financial officer. “Growing GMV in a disciplined manner remains our top priority and we are investing against our opportunities. Our asset-lean business model, highly variable cost structure and stable buyer cohort behavior give us the confidence to invest for the long term. “

For the fourth quarter of 2021, 1stDibs released GMV forecast of $ 117 million to $ 121 million, net revenue of $ 26.5 million to $ 27.2 million, and loss-adjusted EBIDTA margin of 18% at 21%.


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