Business
Global-E Reports First Quarter 2021 Results
PETAH-TIKVA, Israel, June 03, 2021 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the company that makes e-commerce Border Agnostic, today reported
About this update from Global-e Online Ltd.
[{"type":"text","content":"PETAH-TIKVA, Israel, June 03, 2021 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the company that makes e-commerce Border Agnostic, today reported financial results for the first quarter of 2021 as well as outlook for the second quarter and full year 2021. “We are excited to announce our first quarterly results as a public company, continuing our rapid growth, with Gross Merchandise Value (“GMV”) and revenue growing at 133% and 134% respectively, over the prior year. We continue to capitalize and execute on the direct-to-consumer (“DTC”) cross-border e-commerce revolution, as we delivered outstanding results across the board, supported by continued execution of our strategy, ” said Amir Schlachet, Founder and CEO of Global-e. “Evidenced by our second quarter and full year guidance, Global-e’s momentum remains strong as we continue to scale and rapidly grow our business, supporting merchants in their journey to enhance DTC cross-border e-commerce sales.” Q1 2021 Financial Results GMV in the first quarter of 2021 was $267 million, an increase of 133% year over year Revenue in the first quarter of 2021 was $46.2 million, an increase of 134% year over year, of which service fees revenue was $17.1 million, an increase of 146% and fulfillment services revenue was $29.1 million, an increase of 128% Gross margin in the first quarter of 2021 was 33.3%, an increase of 390 basis points from 29.4% in the first quarter of 2020 Net loss in the first quarter of 2021 was ($1.7) million compared to ($1.2) million in the first quarter of 2020 Adjusted EBITDA1 in the first quarter of 2021 improved to $5.2 million compared to ($0.4) million in the first quarter of 2020 Q1 2021 Business Highlights Outperformance across the business lines Service fees and fulfilment revenues more than doubling year over year with service fees revenue growing by 146% and its share constitutes 37% of revenues Continued accelerated growth of US outbound Continuing the strong penetration to US market on the back of high satisfaction of merchants from the results of their activities on our platform. US outbound revenues up 257% year over year New launches of strong brands and geographical expansion of existing merchants: Pace of new merchant launches continues to be strong, including Uniqlo (Fast Retailing) into LATAM and Skims (Kim Kardashian)Further expansions...