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1stdibs.com, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net revenue of $21.2 million for the quarter, an increase from $20.7 million in the same quarter the previous year, attributed to strategic initiatives to improve take rates.
Cost of revenue increased to $6.2 million from $5.5 million, driven by higher shipping expenses and credit card processing fees.
Gross profit for the quarter was $15.0 million, with a gross margin of 71%, compared to $15.2 million and 73% in the previous year.
Operating expenses totaled $22.4 million, up from $20.4 million, due to increases in sales and marketing, technology development, and general administrative expenses.
The company reported a net loss of $5.7 million for the quarter, compared to a net loss of $3.3 million in the previous year.
1stdibs.com had cash, cash equivalents, and short-term investments totaling $109.4 million as of September 30, 2024.
Net cash used in operating activities was $5.7 million, while net cash provided by investing activities was $15.3 million, primarily due to maturities and sales of short-term investments.
The company repurchased 191,935 shares of its common stock during the quarter under its 2024 Stock Repurchase Program.
1stdibs.com continues to focus on its strategic initiatives, including improving take rates and managing operating expenses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 1stdibs.com Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.