DIBS earnings analysis
What we found in DIBS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- Net Loss Narrows to $2.2M
- The net loss decreased to $2.2 million from $4.8 million year-over-year.
- Free Cash Flow Positive at $827K
- 1stdibs generated a free cash flow of $827,000 compared to a negative $415,000 in Q1 2025.
- 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.
- Increased Adjusted EBITDA
- Adjusted EBITDA was $553,000 in Q1 2026 compared to a loss of $1.7 million a year prior.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- GMV Declined to $89.7M
- GMV was $89.7 million in Q1 2026, down from $94.7 million in Q1 2025.
- 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.
- Ongoing Macro Headwinds
- Management indicated that significant housing and capital market volatility continues to impact net revenue growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.06
- Gross margin
- 74.4%
What they said about what is next.
For Q2 2026, 1stdibs expects net revenue between $21.6 million and $22.6 million.
The filing reads about the same as the one before it.
What came before.
- 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.…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing DIBS makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever