The following is a summary of the Global-e Online Ltd. (GLBE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Global-e Online reported significant Q1 2024 growth with GMV up by 32% YoY, revenues up by 24%, and adjusted EBITDA increasing by 47%.

• Q1 GMV generated was recorded at $930 million, an increase of 32% YoY.

• The company reported Q1 revenue of $145.9 million, up 24% YoY. Service fee revenue increased by 36% to $68.3 million, and fulfillment services increased by 15% to $77.6 million.

• The non-GAAP gross profit amounted to $66.1 million, up 36% YoY, with a gross margin of 45.3%.

• The reported net loss was $32.1 million, an improvement from a net loss of $43.1 million in Q1 2023.

• For Q2 2024, the projected GMV is between $1.025 billion and $1.065 billion or a growth rate of 27% YoY. Q2 revenue is expected to range between $162.5 million to $168.5 million.

• For the full year of 2024, the company expects GMV to range from $4.625 billion to $4.865 billion, corresponding to a 33.4% growth rate YoY. Expected revenue stands between $733 million to $773 million.

Business Progress:

• Q1 saw multiple high-profile brands go live with Global-e services in multiple markets, prominent amongst them are Donna Karan, DKNY, La Senza, and Hobbs.

• The company continues to expand in APAC, with recent notable launches from Infamous Swim and Carla Zampatti.

• The company is nearing the completion of its partnership's migration with Shopify.

• Growth is expected to pick up in the second half of 2024, with key merchant launches planned.

• Improving the onboarding process is a priority, as the company reports a steady inflow of new merchants joining their platform.

• Set to launch demand generation capabilities in the second half of 2024, to stimulate growth into 2025.

• The company continues to invest in building capabilities and new features for U.S merchants on Shopify Markets Pro for improved onboarding and sales conversion.

More details: Global-E Online IR

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