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Global-e Reports Second Quarter 2024 Results

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Global-e Online (Nasdaq: GLBE) reported strong Q2 2024 financial results, with GMV reaching $1,082 million, a 31% year-over-year increase. Revenue grew 26% to $168 million, while non-GAAP gross profit increased 39% to $80.2 million. The company's non-GAAP gross margin improved by 450 basis points to 47.8%. Adjusted EBITDA rose to $31.3 million from $21.0 million in Q2 2023.

Global-e continued to onboard new merchants globally and expand partnerships with existing ones. The company's strategic partnership with Shopify progressed well, with the migration of historical merchants to the new native integration nearly complete. For Q3 2024, Global-e expects GMV between $1,070 - $1,110 million and revenue of $165.7 - $171.7 million. The company updated its full-year 2024 guidance, projecting GMV of $4,605 - $4,845 million and revenue of $710 - $750 million.

Global-e Online (Nasdaq: GLBE) ha riportato risultati finanziari forti per il secondo trimestre del 2024, con un GMV che ha raggiunto 1.082 milioni di dollari, registrando un aumento del 31% rispetto all'anno precedente. Il fatturato è cresciuto del 26%, arrivando a 168 milioni di dollari, mentre il profitto lordo non-GAAP è aumentato del 39%, toccando i 80,2 milioni di dollari. Il margine lordo non-GAAP dell'azienda è migliorato di 450 punti base, raggiungendo il 47,8%. L'EBITDA rettificato è salito a 31,3 milioni di dollari, rispetto ai 21,0 milioni di dollari del secondo trimestre del 2023.

Global-e ha continuato ad acquisire nuovi commercianti a livello globale ed espandere le partnership con quelli esistenti. La partnership strategica dell'azienda con Shopify ha fatto progressi significativi, con la migrazione dei commercianti storici verso la nuova integrazione nativa quasi completata. Per il terzo trimestre del 2024, Global-e prevede un GMV compreso tra 1.070 e 1.110 milioni di dollari e un fatturato tra 165,7 e 171,7 milioni di dollari. L'azienda ha aggiornato le sue previsioni per l'intero anno 2024, proiettando un GMV compreso tra 4.605 e 4.845 milioni di dollari e un fatturato tra 710 e 750 milioni di dollari.

Global-e Online (Nasdaq: GLBE) reportó resultados financieros sólidos para el segundo trimestre de 2024, con un GMV que alcanzó 1.082 millones de dólares, un aumento del 31% en comparación con el año anterior. Los ingresos crecieron un 26% hasta 168 millones de dólares, mientras que el beneficio bruto no-GAAP aumentó un 39% hasta 80,2 millones de dólares. El margen bruto no-GAAP de la empresa mejoró en 450 puntos básicos, alcanzando el 47,8%. El EBITDA ajustado subió a 31,3 millones de dólares, frente a los 21,0 millones de dólares del segundo trimestre de 2023.

Global-e continuó incorporando nuevos comerciantes a nivel mundial y expandiendo sus asociaciones con los existentes. La asociación estratégica de la empresa con Shopify avanzó bien, con la migración de comerciantes históricos a la nueva integración nativa casi completada. Para el tercer trimestre de 2024, Global-e espera un GMV entre 1.070 y 1.110 millones de dólares y unos ingresos de 165,7 a 171,7 millones de dólares. La empresa actualizó su guía de todo el año 2024, proyectando un GMV de 4.605 a 4.845 millones de dólares y unos ingresos de 710 a 750 millones de dólares.

Global-e 온라인 (Nasdaq: GLBE)는 2024년 2분기 강력한 재무 결과를 보고했으며, GMV가 10억 8200만 달러에 도달했습니다, 이는 전년 대비 31% 증가한 수치입니다. 매출은 26% 증가하여 1억 6800만 달러에 달했습니다, 비GAAP 총이익은 39% 증가하여 8020만 달러에 이르렀습니다. 회사의 비GAAP 총마진은 450베이시스 포인트 개선되어 47.8%에 도달했습니다. 조정된 EBITDA는 2023년 2분기의 2100만 달러에서 3130만 달러로 증가했습니다.

Global-e는 전 세계적으로 새로운 상인을 유치하고 기존 상인과의 파트너십을 확장해 나갔습니다. Shopify와의 전략적 파트너십이 잘 진행되고 있으며, 기존 상인의 신규 네이티브 통합으로의 전환이 거의 완료되었습니다. 2024년 3분기 동안 Global-e는 10억 7000만 달러에서 11억 1000만 달러 사이의 GMV와 1억 6570만 달러에서 1억 7170만 달러 사이의 매출을 예상하고 있습니다. 회사는 2024년 전체 연도 가이드를 업데이트하며, GMV가 46억 5000만 달러에서 48억 4500만 달러, 매출이 7억 1000만 달러에서 7억 5000만 달러에 이를 것으로 예상하고 있습니다.

Global-e Online (Nasdaq: GLBE) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec un GMV atteignant 1.082 millions de dollars, soit une augmentation de 31 % par rapport à l'année précédente. Le chiffre d'affaires a augmenté de 26 % pour atteindre 168 millions de dollars, tandis que le bénéfice brut non-GAAP a augmenté de 39 % pour atteindre 80,2 millions de dollars. La marge brute non-GAAP de l'entreprise s'est améliorée de 450 points de base pour atteindre 47,8 %. L'EBITDA ajusté a augmenté à 31,3 millions de dollars contre 21,0 millions de dollars au deuxième trimestre 2023.

Global-e a continué d'intégrer de nouveaux commerçants à l'échelle mondiale et d'élargir ses partenariats avec ceux déjà existants. Le partenariat stratégique de la société avec Shopify a bien progressé, la migration des commerçants historiques vers la nouvelle intégration native étant presque terminée. Pour le troisième trimestre 2024, Global-e prévoit un GMV compris entre 1.070 et 1.110 millions de dollars et un chiffre d'affaires de 165,7 à 171,7 millions de dollars. L'entreprise a mis à jour ses prévisions pour l'année 2024, projetant un GMV compris entre 4.605 et 4.845 millions de dollars et un chiffre d'affaires de 710 à 750 millions de dollars.

Global-e Online (Nasdaq: GLBE) berichtete über starke Finanzzahlen für das zweite Quartal 2024, mit einem GMV von 1.082 Millionen Dollar, was einem Anstieg von 31 % im Vergleich zum Vorjahr entspricht. Der Umsatz wuchs um 26 % auf 168 Millionen Dollar, während der nicht-GAAP Bruttogewinn um 39 % auf 80,2 Millionen Dollar stieg. Der nicht-GAAP Bruttomargin des Unternehmens verbesserte sich um 450 Basispunkte auf 47,8 %. Das bereinigte EBITDA stieg auf 31,3 Millionen Dollar, gegenüber 21,0 Millionen Dollar im zweiten Quartal 2023.

Global-e setzte weiterhin neue Händler weltweit ein und erweiterte Partnerschaften mit bestehenden Händlern. Die strategische Partnerschaft des Unternehmens mit Shopify machte große Fortschritte, wobei die Migration historischer Händler zur neuen nativen Integration fast abgeschlossen ist. Für das dritte Quartal 2024 erwartet Global-e einen GMV zwischen 1.070 und 1.110 Millionen Dollar und einen Umsatz zwischen 165,7 und 171,7 Millionen Dollar. Das Unternehmen aktualisierte seine Prognosen für das gesamte Jahr 2024 und rechnet mit einem GMV von 4.605 bis 4.845 Millionen Dollar und einem Umsatz von 710 bis 750 Millionen Dollar.

Positive
  • GMV increased 31% year-over-year to $1,082 million in Q2 2024
  • Revenue grew 26% year-over-year to $168 million in Q2 2024
  • Non-GAAP gross profit rose 39% year-over-year to $80.2 million
  • Non-GAAP gross margin improved by 450 basis points to 47.8%
  • Adjusted EBITDA increased to $31.3 million from $21.0 million in Q2 2023
  • Continued onboarding of new merchants and expansion of existing partnerships
  • Strategic partnership with Shopify progressing well
  • Updated full-year 2024 guidance projecting strong growth
Negative
  • Net loss of $22.4 million in Q2 2024
  • Slight downward revision in full-year 2024 GMV guidance

Insights

Global-e's Q2 2024 results showcase impressive growth and margin expansion. GMV surpassed $1 billion for the first time in a non-peak quarter, reaching $1,082 million, up 31% YoY. Revenue increased 26% to $168 million. Notably, non-GAAP gross margin expanded 450 basis points to 47.8%, indicating improved operational efficiency.

The company's guidance revision is particularly encouraging. They've raised the lower end of their FY 2024 revenue forecast from $710 million to $733 million, signaling confidence in continued growth. The Adjusted EBITDA outlook was also slightly increased, suggesting potential for further profitability improvements.

However, investors should note the persistent net loss of $22.4 million. While Adjusted EBITDA is positive and growing, the path to GAAP profitability remains a key area to monitor.

Global-e's strategic partnerships and merchant acquisitions are driving its robust growth. The onboarding of diverse, high-profile brands across multiple geographies demonstrates the platform's appeal and scalability. Notably, the launch of Victoria's Secret signals Global-e's ability to attract large enterprise clients, potentially opening doors to more significant deals.

The Shopify partnership appears to be progressing well, with the migration of historical merchants nearly complete and the development of new features for the Managed Markets solution. This collaboration could be a significant growth driver, expanding Global-e's reach to Shopify's vast merchant base.

The company's expansion into new markets and its ability to cross-sell additional services to existing clients (e.g., Michael Kors, Karl Lagerfeld) highlight its strong customer retention and upselling capabilities. This bodes well for long-term growth and customer lifetime value.

PETAH-TIKVA, Israel, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the leader of global Direct-To-Consumer eCommerce enablement, today reported financial results for the second quarter of 2024.

“We report today the results of another very strong quarter of margin expansion and strong growth all across the business, with the second quarter of 2024 breaking a record, being our first ever non-peak quarter with GMV trading above the $1 billion mark,” said Amir Schlachet, Founder and CEO of Global-e. “We believe these strong results, and our solid growth outlook towards the second half of 2024 and beyond, are the outcome of solid execution along all our strategic goals by our dedicated team around the globe, as we continue on our path to power better global e-commerce, transforming how merchants and shoppers across the world engage directly.”

Q2 2024 Financial Results

  • GMV1 in the second quarter of 2024 was $1,082 million, an increase of 31% year over year
  • Revenue in the second quarter of 2024 was $168 million, an increase of 26% year over year, of which service fees revenue was $82.2 million and fulfillment services revenue was $85.8 million
  • Non-GAAP gross profit2 in the second quarter of 2024 was $80.2 million, an increase of 39% year over year. GAAP gross profit in the second quarter of 2024 was $77.4 million
  • Non-GAAP gross margin2 in the second quarter of 2024 was 47.8%, an increase of 450 basis points from 43.3% in the second quarter of 2023. GAAP gross margin in the second quarter of 2024 was 46.1%
  • Adjusted EBITDA3 in the second quarter of 2024 was $31.3 million compared to $21.0 million in the second quarter of 2023
  • Net loss in the second quarter of 2024 was $22.4 million

Recent Business Highlights

  • Continued to on-board many new merchants located all around the globe and trading in various verticals, including:
    • In the US - customizable glasses brand Pair Eyewear, curated apparel and homewear brand Tuckernuck, LA-based streetwear brand MNML, luxury lifestyle publisher Assouline and clothing brands Escada and Club Monaco
    • In the UK - iconic British country clothing brand Cordings, renowned footwear brand Clarks, Jermyn Street shirtmaker Hawes & Curtis and cosmetics brand Revolution Beauty
    • In continental Europe - high-street fashion brands AMI Paris and Isabel Marant in France, renowned brands Closed and JOOP! In Germany, FC Barcelona in Spain, Pinko in Italy, and our first ever Polish brand, Magda Butrym
    • In APAC - Japanese pop-culture merchandize stores GeekJack and Nagano-market, curated fashion site FASCINATE and Seiko-Epson’s watch brand Orient Star, Australian dress maker Shona Joy and fast fashion brand Outcast Clothing and the Korean sunglasses brand Gentle Monster
  • Recently launched Victoria’s Secret, the first of the large enterprise merchants expected to launch during the second half of 2024
  • Expanded to new lanes with existing merchants, notable examples being Michael Kors, Karl Lagerfeld, Bang & Olufsen and Kurt Geiger
  • Strategic partnership with Shopify remains on track:
    • 3P - migration of historical merchant base onto the new native integration practically complete. Considerable progress in the process of transitioning Shopify merchants onto Checkout Extensibility
    • Managed Markets – merchant base and volumes continue to grow as planned.
      Shopify and Global-e teams continue joint work to develop and integrate additional features and capabilities. Notable capabilities added recently, including support for additional shipping services and the ability to include taxes and duties in the product price to align with local best practices

Q3 and Full Year Outlook

Global-e is introducing third quarter guidance and is updating the full year guidance as follows:

 Q3 2024 FY 2024 Previous FY 2024
(in millions)
GMV (1)$1,070 - $1,110 $4,605 - $4,845 $4,625 - $4,865
Revenue$165.7 - $171.7 $710 - $750 $733 - $773
Adjusted EBITDA (3)$27 - $31 $127 - $143 $124 - $140


1
Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.

Conference Call Information:

Global-e will host a conference call at 8:00 a.m. ET on Wednesday, August 14, 2024.
The call will be available, live, to interested parties by dialing:

United States/Canada Toll Free:1-800-717-1738
International Toll:1-646-307-1865
  

A live webcast will also be available in the Investor Relations section of Global-e’s website at: https://investors.global-e.com/news-events/events-presentations

Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.

Non-GAAP Financial Measures and Key Operating Metrics

To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:

  • Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
  • Adjusted EBITDA, which Global-e defines as operating profit (loss) adjusted for stock-based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles and merger related contingent consideration.

Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.

Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

Cautionary Note Regarding Forward Looking Statements

This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; the ability to retain merchants or the GMV generated by such merchants; the ability to retain existing, and attract new merchants; our business acquisitions and ability to effectively integrate acquired businesses; our ability to anticipate merchant needs or develop or acquire new functionality or enhance our existing platforms to meet those needs; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets; increased attention to ESG matters and our ability to manage such matters; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our ability to adapt to changes in mobile devices, systems, applications, or web browsers that may degrade the functionality of our platforms; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers;

increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our dependency on the continued use of the internet for commerce; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; the effect of the situation in Ukraine on our business, financial condition and results of operations; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a direct to consumer model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events such as war, health pandemics, climate change, macroeconomic events and the recent economic slowdown; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 28, 2024 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

About Global-E Online Ltd.

Global-e (Nasdaq: GLBE) is the world's leading platform enabling and accelerating global, Direct-To-Consumer ecommerce. The chosen partner of over 1,000 brands and retailers across the United States, Europe and Asia, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e's end-to-end ecommerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast cross-border experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

Investor Contact:
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
IR@global-e.com
+1 617-542-6180

Press Contact:
Justine Rosin
Headline Media
Globale@headline.media 
+1 786-233-7684 


Global-E Online Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
  Period Ended 
  December 31,  June 30, 
  2023  2024 
     (Unaudited) 
Assets        
Current assets:        
Cash and cash equivalents $200,081  $229,844 
Short-term deposits  96,939   90,976 
Accounts receivable, net  27,841   30,341 
Prepaid expenses and other current assets  63,967   51,114 
Marketable securities  20,403   20,679 
Funds receivable, including cash in banks  111,232   98,458 
Total current assets  520,463   521,412 
Property and equipment, net  10,236   10,651 
Operating lease right-of-use assets  23,052   22,482 
Long term deposits  3,552   3,634 
Deferred contract acquisition and fulfillment costs, noncurrent  2,668   3,219 
Other assets, noncurrent  4,078   4,665 
Commercial agreement asset 192,721   128,927 
Goodwill 367,566   367,566 
Intangible assets  78,024   68,022 
Total long-term assets  681,897   609,166 
Total assets $1,202,360  $1,130,578 
Liabilities and Shareholders’ Equity        
Current liabilities:        
Accounts payable $50,943  $36,029 
Accrued expenses and other current liabilities  107,306   90,335 
Funds payable to Customers  111,232   98,458 
Short term operating lease liabilities  4,031   4,142 
Total current liabilities  273,512   228,964 
Long-term liabilities:        
Deferred tax liabilities, net  6,507   3,645 
Long term operating lease liabilities  19,291   18,240 
Other long-term liabilities  1,071   1,043 
Total liabilities $300,381  $251,892 
         
Shareholders’ equity:        
Share capital and additional paid-in capital  1,360,250   1,391,306 
Accumulated comprehensive income (loss)  (1,420)  (1,276)
Accumulated deficit  (456,851)  (511,344)
Total shareholders’ equity  901,979   878,686 
Total liabilities and shareholders’ equity $1,202,360  $1,130,578 
 


Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
 
  Three Months Ended  Six Months Ended 
  June 30,  June 30, 
  2023  2024  2023  2024 
  (Unaudited)  (Unaudited) 
Revenue $133,309  $168,008  $250,940  $313,881 
Cost of revenue  78,419   90,578   150,174   173,165 
Gross profit  54,890   77,430   100,766   140,716 
                 
Operating expenses:                
Research and development  24,620   26,676   47,516   50,214 
Sales and marketing  52,788   60,089   104,636   117,044 
General and administrative  13,878   13,482   27,017   25,536 
Total operating expenses  91,286   100,247   179,169   192,794 
Operating profit (loss)  (36,396)  (22,817)  (78,403)  (52,078)
Financial expenses, net  754   693   3,154   4,203 
Loss before income taxes  (37,150)  (23,510)  (81,557)  (56,281)
Income taxes  (1,617)  (1,068)  (2,941)  (1,788)
Net loss attributable to ordinary shareholders $(35,533) $(22,442) $(78,616) $(54,493)
Basic and diluted net loss per share attributable to ordinary shareholders $(0.22) $(0.13) $(0.48) $(0.33)
Basic and diluted weighted average ordinary shares  164,214,398   166,982,796   163,427,086   166,585,110 
 


CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
  Three Months Ended  Six Months Ended 
  June 30,  June 30, 
  2023  2024  2023  2024 
  (Unaudited)  (Unaudited) 
Operating activities                
Net profit (loss) $(35,533) $(22,442) $(78,616) $(54,493)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:                
Depreciation  460   530   887   1,041 
Share-based compensation expense  11,352   11,201   21,064   19,912 
Commercial agreement asset  37,432   37,433   75,585   73,729 
Amortization of intangible assets  5,091   5,000   10,251   10,002 
Changes in accrued interest and exchange rate on short-term deposits  (182)  (411)  (709)  (43)
Changes in accrued interest and exchange rate on long-term deposits  (54)  1   (200)  69 
Unrealized loss (gain) on foreign currency  (156)  584   (740)  3,310 
Accounts receivable  (1,752)  (10,918)  2,329   (2,500)
Prepaid expenses and other assets  (11,185)  10,580   (5,347)  13,267 
Funds receivable  (1,195)  1,386   2,556   (6,302)
Long-term receivables  94   (228)  480  412 
Funds payable to customers  7,902   18,084   (8,068)  (12,773)
Operating lease ROU assets  1,037   857   1,708   1,674 
Deferred contract acquisition costs  (226)  (367)  (383)  (635)
Accounts payable  (3,169)  2,135   (21,378)  (14,914)
Accrued expenses and other liabilities  10,701   13,229   (5,463)  (16,999)
Deferred taxes  (1,873)  (1,438)  (3,783)  (2,862)
Operating lease liabilities  (1,098)  (1,099)  (2,054)  (2,043)
Net cash provided by (used in) operating activities  17,646   64,117   (11,881)  9,852 
Investing activities                
Investment in marketable securities  (829)  (685)  (1,279)  (1,727)
Proceeds from marketable securities 200   399  599   1,411 
Purchases of short-term investments  (37,250)  (31,295)  (46,502)  (88,244)
Purchases of long-term investments  (15)  (1,121)  (112)  (1,152)
Proceeds from short-term investments  9,250   36,250   38,500   94,250 
Purchases of property and equipment  (145)  (573)  (487)  (1,455)
Net cash provided by (used in) investing activities  (28,789)  2,975   (9,281)  3,083 
Financing activities                
Exercise of Warrants to ordinary shares  5  2   22  2 
Proceeds from exercise of share options  773   933   865   1,053 
Net cash provided by financing activities  778   935   887   1,055 
Exchange rate differences on balances of cash, cash equivalents and restricted cash  156   (584)  740   (3,310)
Net decrease in cash, cash equivalents, and restricted cash  (10,209)  67,443   (19,535)  10,680 
Cash and cash equivalents and restricted cash—beginning of period  202,196   211,834   211,522   268,597 
Cash and cash equivalents and restricted cash—end of period $191,987  $279,277  $191,987  $279,277 
 


Global-E Online Ltd.
SELECTED OTHER DATA
(In thousands)
 
  Three Months Ended  Six Months Ended 
  June 30,  June 30, 
  2023  2024  2023  2024 
  (Unaudited)  (Unaudited) 
Key performance metrics      
Gross Merchandise Value  825,026       1,082,037       1,528,921      2,011,548     
Adjusted EBITDA (a)  20,979       31,347       35,464      52,606     
                                
Revenue by Category                               
Service fees  59,532   45%  82,235   49%  109,885   44%  150,494   48%
Fulfillment services  73,777   55%  85,773   51%  141,055   56%  163,387   52%
Total revenue $133,309   100% $168,008   100% $250,940   100% $313,881   100%
                                
Revenue by merchant outbound region                               
United States  67,516   51%  87,631   52%  123,429   49%  159,743   51%
United Kingdom  40,014   30%  44,424   27%  77,746   31%  85,700   27%
European Union  21,088   16%  26,773   16%  42,164   17%  53,117   17%
Israel  531   0%  313   0%  756   0%  629   0%
Other 4,160  3%  8,866   5% 6,845  3%  14,692   5%
Total revenue $133,309   100% $168,008   100% $250,940   100% $313,881   100%

(a) See reconciliation to adjusted EBITDA table


Global-E Online Ltd.
RECONCILIATION TO Non-GAAP GROSS PROFIT
(In thousands)
 
  Three Months Ended  Six Months Ended 
  June 30,  June 30, 
  2023  2024  2023  2024 
 (Unaudited)

Gross Profit  54,890   77,430   100,766   140,716 
                 
Amortization of acquired intangibles included in cost of revenue  2,796   2,796   5,592   5,592 
Non-GAAP gross profit  57,686   80,226   106,358   146,308 
 


Global-E Online Ltd.
RECONCILIATION TO ADJUSTED EBITDA
(In thousands)
 
   Three Months Ended  Six Months Ended 
   June 30,  June 30, 
   2023  2024  2023  2024 
   (Unaudited)  (Unaudited) 
Operating profit (loss)  (36,396)  (22,817)  (78,403)  (52,078)
(1)Stock-based compensation:                
 Cost of revenue  161   180   274   360 
 Research and development  6,572   5,497   12,630   8,965 
 Selling and marketing  1,089   1,482   1,964   2,764 
 General and administrative  3,530   4,042   6,196   7,823 
 Total stock-based compensation  11,352   11,201   21,064   19,912 
                  
(2)Depreciation and amortization  460   530   887   1,041 
                  
(3)Commercial agreement asset amortization 37,432   37,433  75,585   73,729 
                
(4)Amortization of acquired intangibles 5,091   5,000  10,251   10,002 
                
(5)Merger related contingent consideration 3,040   -  6,080   - 
                
Adjusted EBITDA  20,979   31,347   35,464   52,606 

FAQ

What was Global-e's (GLBE) GMV for Q2 2024?

Global-e's GMV for Q2 2024 was $1,082 million, representing a 31% increase year-over-year.

How much revenue did Global-e (GLBE) generate in Q2 2024?

Global-e generated $168 million in revenue for Q2 2024, a 26% increase compared to the same period last year.

What is Global-e's (GLBE) revenue guidance for full-year 2024?

Global-e updated its full-year 2024 revenue guidance to $710 - $750 million.

Did Global-e (GLBE) report a profit or loss in Q2 2024?

Global-e reported a net loss of $22.4 million in Q2 2024.

How did Global-e's (GLBE) non-GAAP gross margin change in Q2 2024?

Global-e's non-GAAP gross margin improved by 450 basis points to 47.8% in Q2 2024 compared to 43.3% in Q2 2023.

Global-E Online Ltd. Ordinary Shares

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8.66B
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32.57%
73.08%
4.78%
Internet Retail
Consumer Cyclical
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United States of America
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