1stdibs.com Inc
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1stdibs.com Inc AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin 72.7% TTM vs industry median 44.6% - marketplace model captures 1.6x more value per revenue dollar[Gross Margin]
- Operating margin -23.1% TTM vs industry median +1.9% - R&D at 25.6% of revenue burning through gross profit advantage[Operating Margin]
- Cash burn of -4.8M FCF TTM with 19.9M cash remaining - ~4 years runway at current rate without changes[Free Cash Flow]
Watch Triggers
- Total Revenue: Quarterly revenue growth >5% YoY for 2 consecutive quarters — First sign growth investments paying off - prerequisite for path to profitability
- Operating Expense: Opex/Revenue ratio falls below 80% (currently 95.7%) — Cost discipline would signal management prioritizing profitability over growth
- Cash and Equivalents: Cash falls below 15M without financing — Would force dilutive raise or strategic alternatives within 12 months
Bull Case
72.7% gross margin TTM proves unit economics work - if revenue scales 30%+, operating leverage could flip to profitability quickly given fixed cost base
Trading at 2.3x P/B with 89.7M tangible book value vs 214.8M market cap - limited downside if liquidation value holds
Bear Case
Revenue stagnant (-1.1% 3Y CAGR) while burning -17.8M net income TTM - no evidence growth investments are working
R&D spend 22.9M (25.6% of revenue) vs industry median 10.4% - overspending on tech for a niche luxury marketplace
Bull vs Bear Balance
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Forward Thesis
Path to profitability requires 15-20% revenue growth or 30%+ opex reduction - neither evident in current trajectory
- Revenue flat (-1.1% 3Y CAGR) while losses persist
- R&D 22.9M on 89.4M revenue unsustainable
- Working capital 78M provides buffer but depleting
Valuation Context
Caveats
DIBS Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$145.22M | — | ||
$142.4M | — | ||
0.00 | — | ||
$89.46M | +0.8% | — | |
$-0.30 | — | ||
-14.5% | +12.6% | — | |
-12.3% | +10.4% | — | |
$-1.96M | — | ||
-12.3% | +5.5% | — | |
Beta 5Y (Monthly) | unknown | — |
DIBS Dividend History
DIBS Stock Splits
DIBS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/08/26 | 03/31/26 | 10-Q | |
02/27/26 | 12/31/25 | 10-K | |
11/07/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/12/25 | 03/31/25 | 10-Q | |
03/03/25 | 12/31/24 | Unknown | |
11/08/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/10/23 | 06/30/23 | 10-Q | |
05/11/23 | 03/31/23 | 10-Q | |
03/03/23 | 12/31/22 | 10-K | |
11/10/22 | 09/30/22 | 10-Q | |
08/11/22 | 06/30/22 | 10-Q | |
05/12/22 | 03/31/22 | 10-Q | |
03/03/22 | 12/31/21 | 10-K | |
11/12/21 | 09/30/21 | 10-Q | |
08/12/21 | 06/30/21 | 10-Q | |
06/10/21 | 03/31/21 | 424B4 | |
06/10/21 | 12/31/20 | 424B4 | |
11/12/21 | 09/30/20 | 10-Q | |
08/12/21 | 06/30/20 | 10-Q | |
06/10/21 | 03/31/20 | 424B4 |