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GLBE

Global-e Online Ltd.

GLBE

Global-e Online Ltd. • NASDAQ
$40.42 ▲ 1.25% (+0.50)
Market Cap $6.86 B
52w High $63.69
52w Low $26.64
Dividend Yield 0%
P/E 1010.5
Volume 1.13M
Outstanding Shares 169.73M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $220.779M ▲ $82.57M ▼ $13.183M ▲ 5.971% ▲ $0.077 ▲ $22.503M ▲
Q2-2025 $214.877M ▲ $87.158M ▼ $10.491M ▲ 4.882% ▲ $0.062 ▲ $15.486M ▼
Q1-2025 $189.882M ▼ $103.269M ▼ $-17.856M ▼ -9.404% ▼ $-0.11 ▼ $22.77M ▼
Q4-2024 $262.912M ▲ $113.477M ▲ $1.509M ▲ 0.574% ▲ $0.009 ▲ $158.724M ▲
Q3-2024 $175.971M $101.09M $-22.564M -12.823% $-0.13 $-16.081M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $515.483M ▲ $1.216B ▲ $306.709M ▲ $909.085M ▲
Q1-2025 $444.833M ▼ $1.182B ▼ $297.482M ▼ $884.255M ▼
Q4-2024 $474.44M ▲ $1.263B ▲ $370.049M ▲ $893.433M ▲
Q3-2024 $358.48M ▲ $1.167B ▲ $297.68M ▲ $869.382M ▼
Q2-2024 $341.499M $1.131B $251.892M $878.686M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.183M ▲ $74.297M ▲ $-8.092M ▲ $583K ▲ $67.937M ▲ $73.582M ▲
Q2-2025 $10.491M ▲ $64.956M ▲ $-72.652M ▼ $191K ▼ $-1.46M ▲ $63.516M ▲
Q1-2025 $-17.856M ▼ $-72.047M ▼ $-21.23M ▲ $210K ▼ $-91.59M ▼ $-72.595M ▼
Q4-2024 $1.509M ▲ $129.287M ▲ $-68.771M ▼ $1.635M ▲ $58.596M ▲ $128.805M ▲
Q3-2024 $-22.564M $30.255M $-39.428M $586K $-6.191M $29.857M

Five-Year Company Overview

Income Statement

Income Statement Income statement: Global-e has grown its revenue strongly each year, showing that demand for its cross-border e‑commerce services is rising steadily. At the same time, its gross profit margin has improved, meaning the company keeps more of each dollar of sales after direct costs. However, the business still reports accounting losses at the operating and net income levels. The size of those losses has narrowed compared with a couple of years ago, and profit metrics like EBITDA have turned positive, which suggests the underlying economics are improving. Overall, this looks like a classic high‑growth, scale‑up phase: strong top‑line expansion, better unit economics, but not yet consistently profitable on the bottom line.

Balance Sheet

Balance Sheet Balance sheet: The balance sheet shows a relatively asset‑light, equity‑funded company with modest leverage. Total assets have grown over time, reflecting investment in the platform and acquisitions, while equity represents the bulk of the capital structure, with only a small amount of debt. Cash levels are healthy for a company of this profile, though not as elevated as immediately after the IPO, when it raised a large cash cushion. Debt is very low, which reduces financial risk and interest burden. Overall, the balance sheet looks solid and conservative, giving Global‑e room to keep investing and absorbing volatility in earnings.

Cash Flow

Cash Flow Cash flow: Despite reporting accounting losses, Global‑e generates positive and rising operating cash flow, which is an important strength. This means that, in cash terms, the core business is funding itself rather than burning large amounts of cash. Free cash flow has also been positive for several years, helped by very low capital spending needs. The model appears capital‑light, with most investment flowing through the income statement as operating expenses (such as R&D and sales) rather than heavy physical assets. This combination—positive free cash flow alongside reported losses—suggests the path to sustainable profitability may depend more on managing operating costs than on additional capital investment.

Competitive Edge

Competitive Edge Competitive position: Global‑e operates in a niche but fast‑growing part of e‑commerce: enabling brands and retailers to sell across borders without having to master taxes, customs, local payments, and logistics on their own. Its role as “merchant of record” is a key differentiator, taking on legal, tax, and fraud responsibilities that many merchants prefer to outsource. This creates switching costs and deep integration with clients. The exclusive, multi‑year partnership with Shopify for a critical cross‑border solution is a major pillar of its moat, giving it privileged access to a very large base of online merchants. Network effects and a large pool of cross‑border transaction data strengthen its positioning over time, improving localization and conversion for clients. On the risk side, Global‑e is exposed to global consumer spending cycles, regulation and tax changes in multiple countries, and competition from other commerce platforms or large tech players that may try to internalize similar capabilities. It also carries concentration risk from strategic partners like Shopify, so the stability and evolution of those relationships are important to watch.

Innovation and R&D

Innovation and R&D Innovation & R&D: Innovation is central to Global‑e’s strategy. The company invests heavily in technology that simplifies international selling: localized checkout, real‑time duties and tax calculations, multi‑currency payments, and integrated logistics. Its acquisition of an AI‑powered returns platform shows a push to improve the full customer journey, including post‑purchase and returns, which are increasingly important in online retail. Global‑e’s use of data and machine learning to optimize pricing, localization, and payments is a key differentiator. Each additional merchant and transaction enriches its dataset, enabling smarter recommendations and higher conversion rates. The company also appears willing to use acquisitions and partnerships to add capabilities rather than rebuilding everything from scratch. The main trade‑off is that this level of ongoing R&D and innovation spend pressures short‑term profitability, so balancing growth investments with margin improvement will be a continuing execution challenge.

Summary

Summary: Global‑e is a fast‑growing cross‑border e‑commerce enabler with a strengthening economic profile. Revenue has risen rapidly, and margins at the gross and cash‑flow levels have improved, even though the company still reports accounting losses. The balance sheet is conservative, with plenty of equity, modest cash reserves, and very little debt, which reduces financial risk. Operationally, Global‑e benefits from a differentiated merchant‑of‑record model, deep technical integration, and a high‑value partnership with Shopify, all reinforced by data and AI capabilities. At the same time, it faces the usual risks of a high‑growth tech platform: dependence on key partners, exposure to global consumer trends and regulations, and the need to manage heavy investment in R&D and sales while steering toward sustained profitability. Overall, the picture is of a company with a solid strategic position and strong growth momentum, supported by improving cash generation, but still in a scale‑up phase where execution discipline and partner dynamics will matter a great deal for future outcomes.

NEWS

November 28, 2025 · 11:30 AM UTC

Global-e to Participate in UBS and Raymond James Investor Conferences in December 2025

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November 19, 2025 · 6:01 AM UTC

Global-e Reports Third Quarter 2025 Results

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November 4, 2025 · 5:36 PM UTC

Global-e to Announce Financial Results for the Third Quarter 2025 on November 19, 2025

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October 15, 2025 · 8:00 AM UTC

Shop Pay One-Click Checkout Now Available on Global-e Platform

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September 4, 2025 · 8:55 AM UTC

Global-e Announces Board Authorization of $200 Million Share Repurchase Program

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