Online luxury marketplace 1stDibs (DIBS) reported adjusted EBITDA profitability in the fourth quarter of 2025, marking a four-year transition following its 2021 public listing. The company, which operates an asset-light model with no owned inventory, highlighted its financial progress during the 17th Annual Midwest IDEAS Conference on August 26, 2026.
The platform’s gross merchandise value (GMV) reached $96 million in the second quarter, up 7% year-over-year, while revenue totaled $23 million. Adjusted EBITDA for the quarter stood at $1.3 million, with a 6% margin. The company’s market capitalization was $150.6 million, with shares trading at $4.44, down 25% year-to-date but up 67% over the past 12 months. GAAP negative EBITDA over the last twelve months amounted to $10.84 million.
1stDibs operates a vetted marketplace with approximately 6,000 professional sellers and over 1.2 million buyers, 70% of whom are consumers and 30% professional interior designers. The platform lists roughly 2 million items, with vintage and antique furniture accounting for about half of GMV. Jewelry represents the second-largest category by GMV and the largest by market size. Total lifetime GMV exceeds $3.3 billion, while the combined stock value of listed items totals $10 billion. The company’s contribution margin is approximately 65%, with a combined take rate of around 25%, including commissions, subscription fees, and minimal advertising revenue.
Average order value stands at $2,850, with a median of $1,500. The fraud and return rate remains below 5%, compared to roughly 30% for luxury fashion marketplaces. The company estimates its total addressable market at over $100 billion across its four primary categories. Roughly half of 1stDibs’ workforce is dedicated to product and engineering roles.
CEO David Rosenblatt emphasized the company’s strategic focus on high-value transactions, stating that competition in the lower-order value segment has been largely conceded to larger e-commerce players. "The race for the $50 order is over and Amazon and potentially Walmart have won that," he said. "The race for the $5,000 order is not over yet, and I believe that we have a right to win there."
Rosenblatt also underscored the company’s product-driven approach, noting that technology and machine learning play key roles in operations. Improvements include a shipping pre-quotes accuracy rate of 95%, AI-driven monitoring of price parity across seller listings, and automation of low-level customer service inquiries. Personalization features have been rolled out on the homepage and in email marketing.
