Global-E Online (GLBE) Q2 2024 earnings summary

Executive summary

• Q2 2024 results exceeded or met the top end of guidance, with GMV reaching $1.08 billion, up 31% year-over-year, marking the first non-peak quarter above $1 billion.

• Revenue grew 26% year-over-year to $168 million, with strong contributions from both service fees and fulfillment services.

• Adjusted EBITDA rose nearly 50% year-over-year to $31.3 million, reflecting economies of scale and cost control.

• Net loss narrowed to $22.4 million from $35.5 million in Q2 2023.

• Expanded merchant base globally, including launches of Victoria's Secret and other major brands.

Financial highlights

• Q2 GMV: $1.08 billion (+31% YoY); revenue: $168 million (+26% YoY).

• Service fee revenue: $82.2 million (+38% YoY); fulfillment services revenue: $85.8 million (+16% YoY).

• Non-GAAP gross profit: $80.2 million (+39% YoY); non-GAAP gross margin: 47.8% (up from 43.3%).

• Adjusted EBITDA: $31.3 million (18.7% margin), up from $21 million (15.7% margin) last year.

• Net loss: $22.4 million, improved from $35.5 million a year ago.

• Cash and equivalents: $211.8 million at quarter-end; operating cash flow: $64.1 million.

Outlook and guidance

• Q3 2024 GMV expected: $1.07–$1.11 billion; revenue: $165.7–$171.7 million; adjusted EBITDA: $27–$31 million.

• Full-year 2024 GMV guidance: $4.605–$4.845 billion; revenue: $710–$750 million; adjusted EBITDA: $124–$143 million, raised from prior guidance.

• Growth expected to accelerate in Q4 and continue into 2025, driven by large merchant launches and Shopify Managed Markets.