Business
Exhibit 99.1 Global-E Reports Record Third Quarter 2021 Results
PETAH-TIKVA, Israel, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the company that makes global e-commerce border agnostic, today
About this update from Global-e Online Ltd.
[{"type":"text","content":"PETAH-TIKVA, Israel, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the company that makes global e-commerce border agnostic, today reported financial results for the third quarter of 2021 as well as the outlook for the full year 2021. “Our strong business momentum continued during the third quarter of 2021, once again breaking performance records, with quarterly revenues at an all-time high of $59.1 million, a 77% increase from the same quarter last year, and significant gross margin expansion”, said Amir Schlachet, Founder and CEO of Global-e. “With numerous client and partnership launches, a healthy and growing pipeline and strong execution across our strategic growth avenues, we are excited with the opportunities that lie ahead of us, as reflected also in our updated guidance for the full year 2021.” Q3 2021 Financial Results GMV1 in the third quarter of 2021 was $352 million, an increase of 86% year over yearRevenue in the third quarter of 2021 was $59.1 million, an increase of 77% year over year, of which service fees revenue was $23.0 million and fulfillment services revenue was $36.2 millionGross margin in the third quarter of 2021 was 38.6%, an increase of 840 basis points from 30.2% in the third quarter of 2020Adjusted EBITDA2 in the third quarter of 2021 improved to $7.7 million compared to $2.7 million in the third quarter of 2020Net loss in the third quarter of 2021 was ($28.5) million, compared to a net profit of $1.2 million in the year-ago period. Net profit excluding the Shopify warrants related amortization expense of $29.4 million was $0.9 million Q3 2021 Business Highlights Outperformance across the business lines Service fees revenue grew 89% year over year and its share constituted 39% of revenues; fulfillment fees grew 71% year over year Continued accelerated growth of US-outbound Continuing the strong penetration to the US market, US outbound revenues were up 91% year over year Continued to launch new merchants across our main geographies, as well as continued ‘land and expand’ efforts. Select notable examples include: Our relationship with the LVMH luxury group continued to expand during the third quarter of 2021, as we launched two more ‘maisons’ from the group – Givenchy and Sephora Asia, the latter contributing also to our growing Asia-Pacific based businessMerchants have contin...