1stdibs.com, Inc.

1stDibs operates a global online marketplace with meaningful cross-border supply and demand. As of December 31, 2025, 45% of marketplace supply came from outside the United States, while about 20% of buyers were located outside the United States, highlighting a demand-growth opportunity internationally. The seller base is also internationally distributed, with 52% of unique sellers outside the U.S. in 2025. International activity creates foreign currency exposure because net revenue is primarily denominated in U.S. dollars, euros, and British pounds, while costs are primarily U.S.-dollar denominated.

The business is exposed to marketplace liquidity risk: if it cannot attract and retain high-quality sellers or convert buyers, GMV and monetization can weaken, especially given the shift toward fewer, more engaged sellers. Because transactions and seller currency selections include euros and British pounds, foreign exchange movements can affect reported net revenue while much of the cost base is U.S.-dollar denominated. Cybersecurity and privacy incidents—either internally or via third-party vendors—could disrupt operations, create liability, and damage trust, which is central to high-value online purchases. The company also faces competitive pressure from other online marketplaces and luxury resale channels, and macro-driven demand softness for discretionary luxury/home categories can reduce transaction volumes and increase promotional intensity.