Business
Global-e Reports Second Quarter 2024 Results
PETAH-TIKVA, Israel, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the leader of global Direct-To-Consumer eCommerce enablement, today
About this update from Global-e Online Ltd.
[{"type":"text","content":"PETAH-TIKVA, Israel, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the leader of global Direct-To-Consumer eCommerce enablement, today reported financial results for the second quarter of 2024. “We report today the results of another very strong quarter of margin expansion and strong growth all across the business, with the second quarter of 2024 breaking a record, being our first ever non-peak quarter with GMV trading above the $1 billion mark,” said Amir Schlachet, Founder and CEO of Global-e. “We believe these strong results, and our solid growth outlook towards the second half of 2024 and beyond, are the outcome of solid execution along all our strategic goals by our dedicated team around the globe, as we continue on our path to power better global e-commerce, transforming how merchants and shoppers across the world engage directly.” Q2 2024 Financial Results GMV1 in the second quarter of 2024 was $1,082 million, an increase of 31% year over yearRevenue in the second quarter of 2024 was $168 million, an increase of 26% year over year, of which service fees revenue was $82.2 million and fulfillment services revenue was $85.8 millionNon-GAAP gross profit2 in the second quarter of 2024 was $80.2 million, an increase of 39% year over year. GAAP gross profit in the second quarter of 2024 was $77.4 millionNon-GAAP gross margin2 in the second quarter of 2024 was 47.8%, an increase of 450 basis points from 43.3% in the second quarter of 2023. GAAP gross margin in the second quarter of 2024 was 46.1%Adjusted EBITDA3 in the second quarter of 2024 was $31.3 million compared to $21.0 million in the second quarter of 2023Net loss in the second quarter of 2024 was $22.4 million Recent Business Highlights Continued to on-board many new merchants located all around the globe and trading in various verticals, including: In the US - customizable glasses brand Pair Eyewear, curated apparel and homewear brand Tuckernuck, LA-based streetwear brand MNML, luxury lifestyle publisher Assouline and clothing brands Escada and Club MonacoIn the UK - iconic British country clothing brand Cordings, renowned footwear brand Clarks, Jermyn Street shirtmaker Hawes & Curtis and cosmetics brand Revolution BeautyIn continental Europe - high-street fashion brands AMI Paris and Isabel Marant in France, renowned brands Closed and JOOP! In G...