1:7a Therefore you do not lack any spiritual gift

⌊God blessed/enriched your church/believers abundantly/bountifully⌋ so that you (plur.) ⌊together⌋ do not lack anything. You have every spiritual gift/ability ⌊that you need to serve God⌋
-or-

⌊He/God has given you everything you need⌋. Therefore your ⌊church⌋ does not lack any of the spiritual abilities ⌊that the Holy Spirit gives believers⌋

1:7b as you eagerly await the revelation of our Lord Jesus Christ.

as/while you are eagerly waiting for our (incl.) Lord Jesus Christ to appear visibly ⌊to you again⌋.
-or-
during this time you wait expectantly for our (incl.) Lord Jesus Christ to come back ⌊to the earth again⌋.
-or-
as you wait eagerly to see our (incl.) Lord Jesus Christ ⌊again⌋.

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