Business
Global-e Reports First Quarter 2022 Results
PETAH-TIKVA, Israel, May 16, 2022 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the global leader of Direct-To-Consumer cross border eCommerce
About this update from Global-e Online Ltd.
[{"type":"text","content":"PETAH-TIKVA, Israel, May 16, 2022 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the global leader of Direct-To-Consumer cross border eCommerce enablement, today reported financial results for the first quarter of 2022. “The strength of our business model, as well as the huge market potential ahead of us, are reflected in the strong Q1 results we are reporting today,” said Amir Schlachet, Founder and CEO of Global-e. “The business is performing well across all the key metrics, with many exciting new merchant launches including global mega-brand Adidas, who selected Global-e to support its strategic direct-to-consumer growth plan. Despite the short-term macro and geo-political headwinds, we are excited with the opportunities ahead and believe we are well poised to continue our fast growth well into the future.” Q1 2022 Financial Results GMV1 in the first quarter of 2022 was $455 million, an increase of 71% year over yearRevenue in the first quarter of 2022 was $76.3 million, an increase of 65% year over year, of which service fees revenue was $31.9 million and fulfillment services revenue was $44.4 millionNon-GAAP gross profit2 in the first quarter of 2022 was $29.9 million, an increase of 94% year over year. GAAP gross profit in the first quarter of 2022 was $27.2 millionNon-GAAP gross margin2 in the first quarter of 2022 was 39.1%, an increase of 580 basis points from 33.3% in the first quarter of 2021. GAAP gross margin in the first quarter of 2022 was 35.6%Adjusted EBITDA3 in the first quarter of 2022 was $3.3 million compared to $5.2 million in the first quarter of 2021Net loss in the first quarter of 2022 was $53.6 million Recent Business Highlights Launched our partnership with Adidas, one of the world’s largest and most iconic consumer brands, to support their multi-year Direct-To-Consumer strategic initiative, based on our multi-local offering 16 markets live and trading with additional markets planned to be rolled out gradually over the coming quarters Continued launching with many more exciting brands across all geographies and verticals we operate in, with notable examples being: Several iconic US brands including Brooks Brothers, Ralph Lauren, r.e.m. beauty by Ariana Grande and Rare Beauty by Selena GomezProminent UK brands including SpaceNK and Dover Street MarketLeading French fashion brand Sezane; first e...