Benzinga | Aug 12, 2021 06:38AM EDT

1Stdibs.Com Reports 29% Growth In Q2 Revenue, Expects Q3 Revenue, GMV To Decline Sequentially

* 1Stdibs.Com Inc (NASDAQ:DIBS) reported second-quarter FY21 sales growth of 29.1% year-on-year, to $24.7 million.

* Seller marketplace services revenue rose 29% Y/Y.

* Gross Merchandise Value (GMV) of $107 million grew 34% Y/Y.

* The number of Orders for the quarter increased 28% Y/Y to 38,000, and active buyers rose 39% to 69,000.

* Gross profit increased 33% Y/Y to $17.4 million with a profit margin of 70.4%, a 220 basis points expansion.

* The operating loss widened to $(4.6) million. Adjusted EBITDA loss widened to $(3) million.

* 1Stdibs held $176.1 million in cash and equivalents as of June 30, 2021.

* Loss per share was $(0.44). Non-GAAP Adjusted EBITDA was $(3.0) million with a margin of (12.3)%.

* "In addition to the secular shift to digital, we have an ambitious roadmap and are investing in multiple growth opportunities like new buyer activation and international expansion," said CEO David Rosenblatt.

* Outlook: 1Stdibs sees Q3 FY21 revenue of $23.6 million - $24.3 million.

* The company expects a Q3 GMV of $100 million - $104 million.

* Adjusted EBITDA margin of (21%) - (18%).

* Price Action: DIBS shares closed lower by 2.07% at $17.51 on Wednesday.