Business
Global-E Reports Second Quarter 2021 Results
PETAH-TIKVA, Israel, Aug. 16, 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, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the company that makes global e-commerce border agnostic, today reported financial results for the second quarter of 2021 as well as outlook for the third quarter and full year 2021 “The record results we are publishing today for the second quarter of 2021, together with the updated guidance for the third quarter and full year, illustrate the continued momentum of our business, as evident from both Gross Merchandise Value (GMV) and revenues growing more than 90% year over year, improved profitability and several key clients we launched with this quarter”, said Amir Schlachet, Founder and CEO of Global-e. “In parallel, we remain focused on executing across all our strategic vectors, from geographical expansion, to adding additional features and innovative capabilities, to expanding the network of strategic partners in our ecosystem.” Q2 2021 Financial Results GMV in the second quarter of 2021 was $326 million, an increase of 95% year over yearRevenue in the second quarter of 2021 was $57.3 million, an increase of 92% year over year, of which Service fees was $21.1 million and Fulfillment services revenue was $36.2 millionGross margin in the second quarter of 2021 was 36.0%, an increase of 360 basis points from 32.4% in the second quarter of 2020Adjusted EBITDA1 in the second quarter of 2021 improved to $7.6 million compared to $3.1 million in the second quarter of 2020Net loss was ($22.2) million, compared to a net loss of ($0.4) million in the year-ago period. Net profit excluding the Shopify warrants related amortization expense of $25.5 million was $3.3 million Q2 2021 Business Highlights Outperformance across the business lines Service fees revenue grew by 104% and its share constituted 37% of revenues; Fulfillment fees grew by 86% Continued accelerated growth of US-outbound Continuing the strong penetration to the US market, US outbound revenues were up 131% year over year Continued to launch new merchants across our main geographies, including both new merchants and continued ‘land and expand’ efforts. Notable examples include: During Q2 we launched Tag Heuer, Sephora and Rimowa which are all part of the LVMH group, adding to our portfolio of LVMH brandsIn the months following the launch, Tag Heuer added many more destination markets ...