0001600641-26-000007
SEC filing1stdibs.Com, Inc. reported a net loss of $13.7 million for fiscal year 2025, an improvement from a net loss of $18.6 million in 2024. Net revenue increased slightly to $89.6 million from $88.3 million the prior year. The company generated a gross profit of $65.4 million, resulting in a gross margin of 73.0%. Operating expenses totaled $84.4 million, leading to a loss from operations of $19.0 million. The company ended the year with $132.1 million in total assets, $38.5 million in total liabilities, and $93.6 million in stockholders' equity. Cash, cash equivalents, and restricted cash decreased by $3.0 million to $158.0 million. The company's accumulated deficit grew to $346.0 million. Key operational metrics showed 7.8 million users and approximately 1.9 million listings as of December 31, 2025, with approximately 60,700 active buyers during the year.
1stdibs.Com, Inc. reported fiscal year 2025 results with net revenue of $89.6 million, representing a 1.5% increase from $88.3 million in fiscal year 2024. The company's net loss improved to $13.7 million from $18.6 million in the prior year, a 26.7% reduction. Gross profit increased to $65.4 million from $64.2 million, with gross margin improving slightly to 73.0% from 72.8%. The loss from operations was $19.0 million, an improvement from $24.0 million in fiscal year 2024. The company ended the period with $132.1 million in total assets, $38.5 million in total liabilities, and $93.6 million in stockholders' equity. Cash, cash equivalents, and restricted cash decreased by $3.0 million to $158.0 million during the year.
The company's net revenue consists principally of seller marketplace services, which primarily include marketplace transactions, subscriptions, and sponsored listings. For fiscal year 2025, seller marketplace services revenue was $88.5 million, with other services contributing $1.2 million. Approximately 81% of on-platform marketplace transaction net revenue was derived from the United States, consistent with 82% in fiscal year 2024. The company had approximately 60,700 active buyers during fiscal year 2025, compared to approximately 64,300 in fiscal year 2024. Active buyers are defined as unique buyers who made at least one purchase through the online marketplace during the trailing 12-month period, net of cancellations. The on-platform average order value was approximately $2,600 in fiscal year 2025, compared to $2,500 in fiscal year 2024.
Gross margin improved to 73.0% in fiscal year 2025 from 72.8% in fiscal year 2024, with gross profit increasing to $65.4 million from $64.2 million. The operating loss margin improved to -21.2% from -27.2% in the prior year. Total operating expenses decreased to $84.4 million from $88.2 million, representing a 4.3% reduction. Sales and marketing expenses were $31.1 million, technology development expenses were $23.4 million, and general and administrative expenses were $26.9 million. The provision for transaction losses was $3.0 million. Stock-based compensation expense was $14.1 million in fiscal year 2025, compared to $14.8 million in fiscal year 2024.
Net cash used in operating activities was $2.4 million in fiscal year 2025, compared to net cash used in operating activities of $5.5 million in fiscal year 2024. Net cash provided by investing activities was $5.5 million, primarily from maturities and sales of short-term investments. Net cash used in financing activities was $6.4 million, including $3.4 million for repurchase of common stock and $3.8 million for taxes related to net share settlement of stock-based compensation awards. The company had total current assets of $102.3 million, including $22.9 million in cash and cash equivalents and $72.2 million in short-term investments. Total current liabilities were $24.4 million. The accumulated deficit increased to $346.0 million from $332.3 million at the end of fiscal year 2024.
The company expects to incur net losses in the future and will need to generate and sustain increased revenue levels or reduce operating costs materially to achieve profitability. The company's business is subject to seasonal fluctuations, with generally higher net revenue recognized in the fourth quarter. The company faces risks related to its ability to attract and maintain an active community of buyers and sellers, competition, economic conditions affecting consumer discretionary spending, and compliance with evolving laws and regulations. The company believes its existing cash, cash equivalents, and short-term investments will be sufficient to meet its anticipated cash needs for at least the next 12 months. The company continues to focus on growth strategies including expanding its buyer base and platform supply, investing in technology and innovation, and pursuing international expansion opportunities.