Business
Global-e Reports Second Quarter 2023 Results
PETAH-TIKVA, Israel, Aug. 08, 2023 (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, Aug. 08, 2023 (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 second quarter of 2023. “The results of the second quarter of 2023, together with the updated guidance for the remainder of the year, illustrate the continued strong momentum of our business, as evident from both top-line growth, improved profitability and new client launches,” said Amir Schlachet, Founder and CEO of Global-e. “We remain focused on executing across all fronts, as we continue to tap into the massive global opportunity presented by the direct-to-consumer cross-border e-commerce market.” Q2 2023 Financial Results GMV1 in the second quarter of 2023 was $825 million, an increase of 54% year over yearRevenue in the second quarter of 2023 was $133.3 million, an increase of 53% year over year, of which service fees revenue was $59.5 million and fulfillment services revenue was $73.8 millionNon-GAAP gross profit2 in the second quarter of 2023 was $57.7 million, an increase of 58% year over year. GAAP gross profit in the second quarter of 2023 was $54.9 millionNon-GAAP gross margin2 in the second quarter of 2023 was 43.3%, an increase of 140 basis points from 41.9% in the second quarter of 2022. GAAP gross margin in the second quarter of 2023 was 41.2%Adjusted EBITDA3 in the second quarter of 2023 was $21.0 million compared to $11.1 million in the second quarter of 2022Net loss in the second quarter of 2023 was $35.5 million Recent Business Highlights Continued to on-board many new merchants located all around the globe and trading in various verticals, including: Renowned fashion brands such as LK Bennet and Club L London in the UK, Monday Swimwear and Pepper in the US, Tara Jarmon in France and Diesel in ItalyAPAC-based brands such as Venroy, Rollie Nation, Lahana and Lilybod in Australia, Japanese brands including Hinoya, 45R, A-tude, Nubian and Anna Sui, and our first ever Korean brand - HYEIN SEO Expanded within existing merchant groups, with notable examples being Orveda, which is part of the beauty and fragrance group COTY and Givenchy Beauty, which is part of the LVMH group of luxury brandsContinued accelerated growth of our US-outbound business with US outbound revenue up 99% in the second quarter of 2023Strat...