Business
Global-e Reports Third Quarter 2022 Results
PETAH-TIKVA, Israel, Nov. 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, Nov. 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 third quarter of 2022. “We are very pleased with the strong results we are reporting to you today for the third quarter of the year, with almost 80% growth in revenues, many new marquee clients and major advancements across all our areas of activity,” said Amir Schlachet, Founder and CEO of Global-e. “Despite the volatile and challenging market headwinds, we remain extremely optimistic regarding the long-term growth prospects of our market and believe we are best positioned to continue our strong growth within it well into the future.” Q3 2022 Financial Results GMV1 in the third quarter of 2022 was $621 million, an increase of 77% year over yearRevenue in the third quarter of 2022 was $105.6 million, an increase of 79% year over year, of which service fees revenue was $47.8 million and fulfillment services revenue was $57.8 millionNon-GAAP gross profit2 in the third quarter of 2022 was $43.8 million, an increase of 92% year over year. GAAP gross profit in the third quarter of 2022 was $40.8 millionNon-GAAP gross margin2 in the third quarter of 2022 was 41.5%, an increase of 290 basis points from 38.6% in the third quarter of 2021. GAAP gross margin in the third quarter of 2022 was 38.7%Adjusted EBITDA3 in the third quarter of 2022 was $12.5 million compared to $7.7 million in the third quarter of 2021Net loss in the third quarter of 2022 was $64.6 million Recent Business Highlights Continued to launch with many more brands across geographies and verticals we operate in, with notable examples being: The US based toy brand Mattel Creations, part of the Mattel group of brands, the fast-growing t-shirt brand True Classic, the online store of the prominent fashion designer Karl Lagerfeld, the classic high-end London based brand Drakes, as well as the merchandize store of the famous Italian Football Club Inter MilanWent live with our first ever merchant based in the UAE, the innovative sportswear brand SquatWolfContinued our expansion in the luxury segment, including the high-end Spanish designer Manolo Blahnik, Buccellati of the Richemont group and three additional LVMH maisons – KVD, Ole Henriksen and Stella by Stella McCartney D...