10-K · February 27, 2026
1stDibs positions itself as a leading online marketplace for luxury design with scale (7.8 million users and ~1.9 million listings as of December 31, 2025) and a seller stock value that exceeded $10.0 billion.…
Earnings analysis · 10-Q
DIBS earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
1stdibs.com, Inc. reported a Q1 2026 net revenue of $22.4 million, a slight decline of 1% from Q1 2025's revenue of $22.5 million, along with an improved gross margin of 74.4%. The net loss narrowed to $2.2 million from…
Read full summary
1stdibs.com, Inc. reported a Q1 2026 net revenue of $22.4 million, a slight decline of 1% from Q1 2025's revenue of $22.5 million, along with an improved gross margin of 74.4%. The net loss narrowed to $2.2 million from a loss of $4.8 million a year ago, resulting in an EPS of -$0.06, missing expectations of -$0.04. Management cites macroeconomic challenges as factors impacting growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
- Gross margin
- 74.4%
What stood out
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Revenue of $22.4M
1stdibs reported net revenue of $22.4 million in Q1 2026, a slight decline of 1% from $22.5 million in Q1 2025.
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Gross Margin Increased to 74.4%
Gross margin improved to 74.4% in Q1 2026, up from 72.4% in Q1 2025, driven by a decrease in cost of revenue.
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Net Loss Narrows to $2.2M
The net loss decreased to $2.2 million from $4.8 million year-over-year.
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Free Cash Flow Positive at $827K
1stdibs generated a free cash flow of $827,000 compared to a negative $415,000 in Q1 2025.
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Reduction in Sales and Marketing Costs
Sales and marketing expenses fell by 31%, from $9.1 million in Q1 2025 to $6.3 million in Q1 2026.
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Increased Adjusted EBITDA
Adjusted EBITDA was $553,000 in Q1 2026 compared to a loss of $1.7 million a year prior.
What to watch
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GMV Declined to $89.7M
GMV was $89.7 million in Q1 2026, down from $94.7 million in Q1 2025.
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Fewer Active Buyers at 58,323
Active buyers decreased to 58,323 in Q1 2026 from 64,799 in Q1 2025, showing a decline in customer engagement.
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Ongoing Macro Headwinds
Management indicated that significant housing and capital market volatility continues to impact net revenue growth.
Management's outlook
For Q2 2026, 1stdibs expects net revenue between $21.6 million and $22.6 million.
Earlier filings 4
10-Q · November 7, 2025
1stDibs reported Q3 net revenue of $21,972,000 (up $782,000 or +3.7% vs. Q3 2024) and GAAP diluted loss per share improved to $(0.10) from $(0.15) a year ago. Gross margin expanded to 74.3% while operating loss narrowed…
10-Q · May 12, 2025
1stDibs reported Q1 net revenue of $22,545,000, up $483,000 versus $22,062,000 in Q1 2024, while gross profit rose to $16,322,000. Operating loss widened to $6,255,000 (operating margin -27.7%) and GAAP diluted EPS…
10-Q · November 8, 2024
1stDibs reported net revenue of $21,190,000 for the three months ended September 30, 2024, up $527,000 versus $20,663,000 in Q3 2023. Gross profit was essentially flat at $15,036,000 (≈71.0% margin) while operating loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.