Global-E records impressive 35% GMV surge in Q3 2024

Grafa2024-11-20

Global-E Online (NASDAQ:GLBE) today disclosed its financial outcomes for the third quarter of 2024, showcasing significant growth across its operations.

The company’s Gross Merchandise Value (GMV) increased significantly, climbing to $1,134 million, a 35% increase from the previous year.

In terms of revenue, Global-E Online reported a substantial gain, reaching $176 million, a 32% increase from the same period last year.

The company also reported a notable improvement in profitability metrics.

While the quarter's non-GAAP gross profit was $82.3 million, up 39% year over year, the non-GAAP gross margin rose to 46.8%, improving by 240 basis points from 44.4% in the third quarter of 2023.

Furthermore, adjusted EBITDA for the quarter stood at $31.1 million, a significant improvement from $22.1 million recorded during the same quarter the previous year.

Despite these positive indicators, the company did face challenges, as evidenced by a net loss of $22.6 million for the quarter.

This figure highlights the competitive pressures and operational costs that continue to impact the bottom line.

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