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- **Profitability Milestone**: Adjusted EBITDA margin improved to -1% (from -14% YoY), targeting Q4 2025 positivity and 2026 free cash flow.
- **Capital Return**: $12 million share buyback program launched amid undervaluation concerns.
- **AI-Driven Efficiency**: 25% of new engineering code generated by AI, accelerating product development.
- **Seller Pricing Strategy**: 10% subscription increase for 20% sellers, with no churn, reinforcing platform sustainability.
- **Organic Growth Focus**: 75% organic traffic, down 3% YoY, balancing near-term GMV for higher margins.

**【CEO Summary Section】**
- Delivered Q3 revenue of $22 million, up 4% YoY, with GMV growth at the high end of guidance.
- Achieved adjusted EBITDA margin of -1%, a 13% improvement YoY, targeting positive EBITDA in Q4 and full-year 2026.
- Announced $12 million share repurchase program to return capital amid free cash flow generation.
- Executed strategic realignment in September, reducing headcount by 17% and reallocating $7 million annually to product/engineering.
- Introduced price parity enforcement, with 90% seller compliance, driving GMV acceleration and conversion growth.
- Leveraged AI in 25% of new engineering code, enhancing product velocity and efficiency.
- Implemented subscription pricing increase for 20% of sellers, with minimal churn and 10% rate hike.

**【CFO Financial Commentary】**
- Gross profit margin improved to 74%, up 3% YoY, driven by cost reductions and efficiency gains.
- Operating expenses decreased 6% YoY to $21 million, excluding severance, with sales/marketing down 22%.
- Q4 2025 guidance: GMV $90-96 million, net revenue $22.3-23.5 million, adjusted EBITDA margin 2-5%.
- Balance sheet strength with $93 million cash, targeting free cash flow generation in 2026.

**【Q&A Highlights】**
- **Strategic Realignment Rationale**: Reduced breakeven GMV by $250 million over 3 years, reallocating to high ROI engineering.
- **Pricing Increase Impact**: 10% rate hike on 20% sellers, no material churn, aligning costs with platform value creation.
- **Marketing Shift**: 75% organic traffic, down 3% YoY, prioritizing efficiency over paid channels for long-term margin expansion.

1stdibs.Com, Inc. (DIBS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

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Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

DIBS

DIBS fundamentals

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