Global-E Online (GLBE) Q1 2025 earnings summary

Executive summary

• Q1 2025 results were at or above guidance midpoints, with GMV up 34% year-over-year to $1.24B and revenue up 30% to $189.9M, despite global trade uncertainties and tariff turmoil.

• Net loss narrowed to $17.9M from $32.1M year-over-year, mainly due to Shopify warrant amortization; adjusted EBITDA was $31.6M (up 48%) or $6.3M (down from $21.3M YoY), reflecting margin pressure.

• A new three-year strategic partnership was signed with Shopify, streamlining previous agreements and deepening integration for both 1P and 3P solutions.

• The company is launching innovative offerings like 3B2C and new merchant tools to help merchants navigate tariff changes and reduce import duties.

• Expansion continued with dozens of new brand launches across Europe, Asia-Pacific, and the U.S., including Adidas Hong Kong, Diane von Furstenberg, and Atletico Madrid.

Financial highlights

• Q1 GMV reached $1.24B, up 34% year-over-year; revenue was $189.9M, up 30% year-over-year.

• Adjusted gross profit was $86.3M (up 31%); GAAP gross profit was $84.1M (44.3% margin).

• Adjusted EBITDA was $31.6M (16.6% margin) or $6.3M (3.3% margin), with net loss of $17.9M.

• Ended Q1 with $445M or $929.5M in cash and equivalents; free cash flow used was $72.6M, impacted by seasonal working capital and delayed VAT returns.

• Service fees revenue was $84M; fulfillment services revenue was $105.9M.

Outlook and guidance

• Q2 2025 GMV expected at $1.387–$1.427B; revenue at $204–$211M; adjusted EBITDA $35–$39M.

• Full-year 2025 guidance maintained: GMV $6.19–$6.49B, revenue $917–$967M, adjusted EBITDA $179–$199M.

• Gross margins expected to be slightly higher for the rest of the year; adjusted EBITDA margins to rise in the second half due to seasonality.