Global-E Online (GLBE) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results, with GMV up 40% year-over-year to $1.74 billion and revenue up 33% to $252 million, exceeding the midpoint of all guidance metrics and prompting an upward revision of full-year outlook for GMV, revenue, and adjusted EBITDA.

• Growth was achieved despite headwinds from the Middle East conflict and softer-than-expected FX tailwinds.

• Continued expansion with both new and existing merchants, including notable launches and platform enhancements across North America, Europe, UK, and APAC.

• AI-driven efficiencies and new value-added services, such as duty drawback and Borderfree.com, contributed to operational improvements.

• Adjusted EBITDA margin expanded to 19.9%, up 330 basis points year-over-year, reflecting operating leverage.

Financial highlights

• Q1 GMV rose 40% year-over-year to $1.74 billion; revenue increased 33% to $252 million.

• Non-GAAP gross profit margin reached 47%, up 150 basis points year-over-year; GAAP gross profit was $114.9 million.

• Adjusted EBITDA was $50.2 million, up 59% year-over-year, with a margin of nearly 20%.

• Non-GAAP net profit was $46.9 million ($0.27 per share, fully diluted); GAAP net profit was $30.4 million ($0.17 per share).

• Ended Q1 with $553 million in cash and equivalents; free cash flow used was $72.9 million, reflecting seasonal working capital outflows.

Outlook and guidance

• Q2 2026 GMV expected at $1.945–$1.985 billion; revenue at $278.5–$285.5 million; adjusted EBITDA projected at $55–$58 million.

• Full-year 2026 GMV guidance raised to $8.53–$8.88 billion; revenue to $1.22–$1.28 billion; adjusted EBITDA to $259–$289.5 million.

• Guidance assumes stable FX rates and no further escalation in Middle East conflict.