Global-E Online Ltd 6-K, filed Feb 18, 2026
Global-E Online Ltd. (GLBE)
6-K
2026-02-18
For: 2026-02-18
View Original
Added on
April 07, 2026
About this 6-K
Global-E Online Ltd filed this 6-K on February 18, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2026
(Commission File No. 001-40408)
Global-E Online Ltd.
(Translation of registrant’s name into English)
Global-E Online Ltd
9 HaPsagot St.,
Petah Tikva 4951041, Israel
(Address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
On February 18, 2026, Global-E Online Ltd. (the “Company”) issued a press release titled “Global-e Reports Record Fourth Quarter and Full Year Results for 2025” A copy of the press release
is furnished as Exhibit 99.1 herewith.
Other than as indicated below, the information in this Form 6-K (including in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
The U.S. GAAP financial information contained in the (i) consolidated balance sheets, (ii) consolidated statements of operations and (iii) consolidated statement of cash flows included in the press
release attached as Exhibit 99.1 to this Report on Form 6-K are hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-256403).
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
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Exhibit
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Description
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
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Global-E Online Ltd.
|
||
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(Registrant)
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||
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By:
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/s/ Ofer Koren
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Name:
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Ofer Koren
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Title:
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Chief Financial Officer
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Date: February 18, 2026
Exhibit 99.1
Global-e Reports Record Fourth Quarter and Full Year Results
for 2025
Quarterly GMV, Revenue, and Adjusted EBITDA results at or above top end of guidance ranges
FY 2025 Adjusted EBITDA increases 41% year-over-year to $198.5 million
PETAH-TIKVA, Israel, February 18, 2026 - Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the
fourth quarter and full year of 2025.
“2025 was another record-breaking year for Global-e, with Q4 being our strongest quarter ever. We surpassed our fourth quarter and annual guidance across all parameters, from top line revenue down to adjusted EBITDA
for a very successful finish to the year. 2025 was the first year of the multi-year strategic plan that we outlined in March. Given our performance for 2025 and our outlook for 2026, we are now slightly ahead of our plan and are confident that we
will deliver across all metrics,” said Amir Schlachet, Founder and CEO of Global-e. “We continue to win in the market and have a number of exciting initiatives ahead of us, including the continued expansion of our value-added services, driving both
growth and efficiency from AI-led technologies, and the launch of Managed Markets 2.0. We are excited about the opportunities and the pipeline that we see ahead of us, as is evident from our 2026 outlook, forecasting revenue growth acceleration to
close to 30%, coupled with significant bottom line margin expansion and free cash flow generation.”
Q4 2025 Financial Results
| • |
GMV1 in the fourth quarter of 2025 was $2,361 million, an increase of 37.8% year over year
|
| • |
Revenue in the fourth quarter of 2025 was $336.7 million, an increase of 28% year over year, of which service fees revenue was $160.9 million and fulfillment services revenue was $175.7 million
|
| • |
Non-GAAP gross profit2 in the fourth quarter of 2025 was $157.5 million, an increase of 30% year over year. GAAP gross profit in the fourth quarter of 2025 was $154.8 million
|
| • |
Non-GAAP gross margin2 in the fourth quarter of 2025 was 46.8%, compared with 46.0% in the fourth quarter of 2024. GAAP gross margin in the fourth quarter of 2025 was 46.0%
|
| • |
Adjusted EBITDA3 in the fourth quarter of 2025 was $87.2 million, an increase of 53% year over year
|
| • |
Non-GAAP net profit4 in the fourth quarter of 2025 was $85.8 million, an increase of 62% year over year. Net profit in the fourth quarter of 2025 was $62.5 million
|
| • |
Free Cash Flow in the fourth quarter of 2025 was $216.2 million, an increase of 68% year on year. Net cash from operating activities was $216.6 million
|
FY 2025 Financial Results
| • |
GMV1 for the full year was $6,569 million, an increase of 35% year over year
|
| • |
Revenue for the full year was $962.2 million, an increase of 28% year over year, of which service fees revenue was $451.2 million and fulfillment services revenue was $511.0 million
|
| • |
Non-GAAP gross profit2 for the full year was $445.8 million, an increase of 28% year over year. GAAP gross profit for the full year was $436.2 million
|
| • |
Non-GAAP gross margin2 for the full year was 46.3% compared with 46.4% in 2024. GAAP gross margin for the full year was 45.3%
|
| • |
Adjusted EBITDA3 for the full year was $198.5 million, an increase of 41% year on year
|
| • |
Non-GAAP net profit4 for the full year was $192.8 million, an increase of 47% year over year. Net profit for the full year was $68.3 million
|
| • |
Free Cash Flow for the full year was $280.7 million, an increase of 68% year on year. Net cash from operating activities was $283.8 million
|
Recent Business Highlights
| • |
Shopify’s Managed Markets 2.0 launched for US merchants
|
| • |
Developed and launched AI-led internal and go-to-market tools to drive efficient growth
|
| • |
Enabled agentic commerce workflows
|
| • |
Expanded capabilities and opportunities for duty draw back and duty recovery
|
| • |
Completed $72 million of share repurchases in Q4 2025
|
| • |
Continued launching brands across geographies and verticals in Q4 2025, including:
|
| o |
North American brands such as:
|
| ■ |
Nadine Merabi, the luxury, ready-to-wear woman’s clothing brand; Laura Geller, the renowned US-based cosmetics brand; Popsockets, the consumer electronics accessory company; and Parsel, the popular modular carrying system
|
| o |
European brands such as:
|
| ■ |
Three iconic brands of the French SMCP group – Sandro, Maje and Claudie Pierlot; Stella McCartney, the sustainable, ethically minded luxury brand out of Italy; Prusa, the largest maker of 3D printers in Europe; Maison Alaïa, the
French global luxury fashion brand, part of the Richemont group; Satisfy Running, the French athletic running brand; Dunhill, the British menswear and accessory brand; and Graff, the well-known high-end British jeweler
|
| o |
APAC brands such as:
|
| ■ |
Tuttio, a seller of high-performance e-bikes out of Hong Kong; J&CO, the Singaporean high-quality, affordable jewelry line; Danton, a Japanese fashion brand; Portier, the Australian brand known for their stylish baby
carriers; Vestirsi, the Australian brand selling hand-made leather bags; Verish, the trendy underwear brand from South Korea; Source Unknown, the Korean luxury fashion brand; and Sanrio, the Japanese entertainment brand probably
best known for its Hello Kitty character
|
| • |
Expanded scope of business with a number of merchants, such as:
|
| o |
Logitech - first to launch on our new integration with the TikTok Shop marketplace
|
| o |
Zimmermann, the iconic Australian high end women’s fashion brand - now uses Global-e also into the EU and the US
|
| o |
Karl Lagerfeld, Pokemon, Tom Ford, Soeur and MarcCain - all added support for additional lanes during the quarter
|
Q1 2026 and Full Year Outlook
Global-e is introducing first quarter and full year guidance as follows:
|
Q1 2026
|
FY 2026
|
|||
|
(in millions)
|
||||
|
GMV(1)
|
$1,705 - $1,745
|
$8,450 - $8,800
|
||
|
Revenue
|
$247 - $254
|
$1,211 - $1,271
|
||
|
Adjusted EBITDA (3)
|
$46.5 - $49.5
|
$259 - $284
|
||
1 Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the
reconciliations to Net Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Profit (Loss), its most directly comparable GAAP financial measure, on a
forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based
compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.
4 Non-GAAP net profit is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this
metric, including the reconciliations to Net Profit (Loss), its most directly comparable GAAP financial measure.
Conference Call Information:
Global-e will host a conference call at 8:00 a.m. ET on Wednesday, February 18, 2026.
The call will be available, live, to interested parties by dialing:
|
United States/Canada Toll Free:
|
1-800-717-1738
|
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International Toll:
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1-646-307-1865
|
A live webcast will also be available in the Investor Relations section of Global-E’s website at: https://investors.global-e.com/news-events/events-presentations
Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30
calendar days.
The press release with the financial results will be accessible on the Company’s Investor Relations website prior to the conference call.
Non-GAAP Financial Measures and Key Operating Metrics
To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key
performance metrics that are not prepared in accordance with GAAP including:
| • |
Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
|
| • |
Adjusted EBITDA, which Global-e defines as net profit (loss) adjusted for income tax expenses (benefit), financial expenses, stock-based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization
of acquired intangibles, merger related contingent consideration and acquisition related expenses.
|
| • |
Free Cash Flow, which Global-e defines as net cash provided by operating activities less the purchase of property and equipment.
|
| • |
Non-GAAP net profit, which Global-e defines as net profit adjusted for stock-based compensation expenses, commercial agreements amortization, amortization of acquired intangibles, merger related contingent consideration and acquisition
related expenses.
|
| • |
Non-GAAP net profit per share, which Global-e defines as Non-GAAP net profit divided by GAAP weighted-average shares outstanding, basic and diluted.
|
Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given
transaction, including products, duties and taxes and shipping.
The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of
Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are
frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain
items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.
Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar
metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures
should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most
directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.
Cautionary Note Regarding Forward Looking Statements
This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press
release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and
objectives of management for future operations, including, among others, expansion in new and existing markets as well as anticipated trends and challenges in our business and the markets in which we operate, are forward-looking statements. As the
words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar
expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual
future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; the ability to retain merchants or
the GMV generated by such merchants; the ability to retain existing, and attract new merchants; our business acquisitions and ability to effectively integrate acquired businesses; our ability to anticipate merchant needs or develop or acquire new
functionality or enhance our existing platforms to meet those needs; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties,
including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to develop or maintain the functionality of our platforms,
including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets; increased attention to ESG matters and our ability to
manage such matters; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to
operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service
providers’ unethical business practices; our ability to adapt to changes in mobile devices, systems, applications, or web browsers that may degrade the functionality of our platforms; our operation as a merchant of record for sales conducted using
our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering,
anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of
merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the
number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our dependency on the continued use of the internet for commerce; our ability to adapt to emerging or evolving regulatory
developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; the effect of the situation in Ukraine on
our business, financial condition and results of operations; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our
use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to
enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a direct to consumer model; our anticipated cash needs and our estimates regarding our
capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately
estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption
of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events such as war, health pandemics, climate
change, macroeconomic events and the recent economic slowdown; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law
and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and
uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 27, 2025 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange
Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in
this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or
expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
About Global-E Online Ltd.
Global-e (Nasdaq: GLBE) is the world's leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,500 brands and retailers across the United States, EMEA and APAC,
Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless,
localized shopping experience. Global-e's end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience,
enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.
Investor Contact:
Alan Katz
Global-e Investor Relations
IR@global-e.com
Press Contact:
Sarah Schloss
Headline Media
Sarah Schloss
Headline Media
Globale@headline.media
+1 786-233-7684
Global-E Online Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands)
|
Period Ended
|
||||||||
|
December 31,
|
December 31,
|
|||||||
|
2024
|
2025
|
|||||||
|
(Audited)
|
(Unaudited)
|
|||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
254,620
|
$
|
245,860
|
||||
|
Short-term deposits
|
183,475
|
302,829
|
||||||
|
Accounts receivable, net
|
41,171
|
55,706
|
||||||
|
Prepaid expenses and other current assets
|
84,613
|
126,470
|
||||||
|
Marketable securities
|
36,345
|
74,147
|
||||||
|
Funds receivable, including cash in banks
|
122,984
|
181,650
|
||||||
|
Total current assets
|
723,208
|
986,662
|
||||||
|
Property and equipment, net
|
10,440
|
11,234
|
||||||
|
Operating lease right-of-use assets
|
24,429
|
20,496
|
||||||
|
Deferred contract acquisition and fulfillment costs, noncurrent
|
3,787
|
4,242
|
||||||
|
Long-term investments and other long-term assets
|
8,313
|
11,838
|
||||||
|
Commercial agreement asset
|
66,527
|
531
|
||||||
|
Goodwill
|
367,566
|
375,399
|
||||||
|
Intangible assets, net
|
59,212
|
52,385
|
||||||
|
Total long-term assets
|
540,274
|
476,125
|
||||||
|
Total assets
|
$
|
1,263,482
|
$
|
1,462,787
|
||||
|
Liabilities and Shareholders’ Equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
79,559
|
$
|
91,585
|
||||
|
Accrued expenses and other current liabilities
|
141,551
|
231,665
|
||||||
|
Funds payable to Customers
|
122,984
|
181,650
|
||||||
|
Short term operating lease liabilities
|
4,347
|
5,053
|
||||||
|
Total current liabilities
|
348,441
|
509,953
|
||||||
|
Long-term liabilities:
|
||||||||
|
Long term operating lease liabilities
|
20,510
|
18,449
|
||||||
|
Deferred tax liabilities, net
|
-
|
286
|
||||||
|
Other long-term liabilities
|
1,098
|
1,415
|
||||||
|
Total liabilities
|
$
|
370,049
|
$
|
530,103
|
||||
|
Shareholders’ equity:
|
||||||||
|
Share capital and additional paid-in capital
|
1,425,317
|
1,466,231
|
||||||
|
Accumulated comprehensive income
|
515
|
2,800
|
||||||
|
Accumulated deficit
|
(532,399
|
)
|
(536,347
|
)
|
||||
|
Total shareholders’ equity
|
893,433
|
932,684
|
||||||
|
Total liabilities and shareholders’ equity
|
$
|
1,263,482
|
$
|
1,462,787
|
||||
Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2024
|
2025
|
2024
|
2025
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Revenue
|
$
|
262,912
|
$
|
336,657
|
$
|
752,764
|
$
|
962,195
|
||||||||
|
Cost of revenue
|
144,253
|
181,809
|
413,331
|
525,946
|
||||||||||||
|
Gross profit
|
118,659
|
154,848
|
339,433
|
436,249
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
28,284
|
33,064
|
105,487
|
122,755
|
||||||||||||
|
Sales and marketing
|
70,936
|
43,842
|
250,661
|
190,136
|
||||||||||||
|
General and administrative
|
14,257
|
14,676
|
51,213
|
51,688
|
||||||||||||
|
Total operating expenses
|
113,477
|
91,582
|
407,361
|
364,579
|
||||||||||||
|
Operating profit (loss)
|
5,182
|
63,266
|
(67,928
|
)
|
71,670
|
|||||||||||
|
Financial expenses, net
|
6,073
|
916
|
11,465
|
1,171
|
||||||||||||
|
Profit (loss) before income taxes
|
(891
|
)
|
62,350
|
(79,393
|
)
|
70,499
|
||||||||||
|
Income taxes (benefit) expenses
|
(2,400
|
)
|
(102
|
)
|
(3,845
|
)
|
2,229
|
|||||||||
|
Net profit (loss) attributable to ordinary shareholders
|
$
|
1,509
|
$
|
62,452
|
$
|
(75,548
|
)
|
$
|
68,270
|
|||||||
|
Net profit (loss) per share attributable to ordinary shareholders, basic
|
$
|
0.01
|
$
|
0.37
|
$
|
(0.45
|
)
|
$
|
0.40
|
|||||||
|
Net profit (loss) per share attributable to ordinary shareholders, diluted
|
$
|
0.01
|
$
|
0.35
|
$
|
(0.45
|
)
|
$
|
0.39
|
|||||||
|
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic
|
168,419,800
|
170,143,127
|
167,323,350
|
169,893,221
|
||||||||||||
|
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted
|
175,674,929
|
176,074,208
|
167,323,350
|
175,987,463
|
||||||||||||
Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2024
|
2025
|
2024
|
2025
|
|||||||||||||
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||||||
|
Operating activities
|
||||||||||||||||
|
Net profit (loss)
|
$
|
1,509
|
$
|
62,452
|
$
|
(75,548
|
)
|
$
|
68,270
|
|||||||
|
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
|
||||||||||||||||
|
Depreciation
|
547
|
611
|
2,131
|
2,323
|
||||||||||||
|
Share-based compensation expense
|
9,538
|
10,171
|
39,158
|
39,345
|
||||||||||||
|
Commercial agreement asset
|
37,433
|
8,026
|
148,594
|
65,996
|
||||||||||||
|
Amortization of intangible assets
|
4,402
|
5,034
|
18,812
|
18,660
|
||||||||||||
|
Unrealized loss (gain) on foreign currency
|
3,554
|
(2,311
|
)
|
4,468
|
(10,982
|
)
|
||||||||||
|
Changes in accrued interest and exchange rate on short-term deposits
|
(1,373
|
)
|
(371
|
)
|
(1,329
|
)
|
(3,146
|
)
|
||||||||
|
Accounts receivable
|
15,924
|
(22,083
|
)
|
(13,330
|
)
|
(14,374
|
)
|
|||||||||
|
Prepaid expenses and other assets
|
(24,164
|
)
|
(29,508
|
)
|
(18,019
|
)
|
(35,994
|
)
|
||||||||
|
Funds receivable
|
8,726
|
(577
|
)
|
(3,205
|
)
|
(6,714
|
)
|
|||||||||
|
Long-term receivables
|
415
|
215
|
751
|
(391
|
)
|
|||||||||||
|
Funds payable to customers
|
2,564
|
74,439
|
11,752
|
58,667
|
||||||||||||
|
Operating lease ROU assets
|
991
|
982
|
3,691
|
3,976
|
||||||||||||
|
Deferred contract acquisition costs
|
(322
|
)
|
(283
|
)
|
(1,382
|
)
|
(688
|
)
|
||||||||
|
Accounts payable
|
37,176
|
35,230
|
28,617
|
11,979
|
||||||||||||
|
Accrued expenses and other liabilities
|
35,945
|
75,456
|
34,272
|
88,689
|
||||||||||||
|
Deferred taxes
|
(2,592
|
)
|
(436
|
)
|
(6,507
|
)
|
(436
|
)
|
||||||||
|
Operating lease liabilities
|
(987
|
)
|
(471
|
)
|
(3,533
|
)
|
(1,398
|
)
|
||||||||
|
Net cash provided by (used in) operating activities
|
129,286
|
216,576
|
169,393
|
283,782
|
||||||||||||
|
Investing activities
|
||||||||||||||||
|
Investment in marketable securities
|
(18,331
|
)
|
(16,218
|
)
|
(21,128
|
)
|
(39,502
|
)
|
||||||||
|
Proceeds from marketable securities
|
2,028
|
684
|
4,988
|
3,950
|
||||||||||||
|
Purchases of short-term investments
|
(74,001
|
)
|
(140,800
|
)
|
(265,754
|
)
|
(422,478
|
)
|
||||||||
|
Purchases of long-term investments
|
(307
|
)
|
(3,002
|
)
|
(1,459
|
)
|
(3,136
|
)
|
||||||||
|
Proceeds from short-term investments
|
22,298
|
81,000
|
180,548
|
301,316
|
||||||||||||
|
Proceeds from long-term investments
|
24
|
-
|
24
|
-
|
||||||||||||
|
Purchases of property and equipment
|
(482
|
)
|
(396
|
)
|
(2,335
|
)
|
(3,099
|
)
|
||||||||
|
Payments for business combinations, net of cash acquired
|
-
|
-
|
-
|
(17,757
|
)
|
|||||||||||
|
Net cash provided by (used in) investing activities
|
(68,771
|
)
|
(78,732
|
)
|
(105,116
|
)
|
(180,706
|
)
|
||||||||
|
Financing activities
|
||||||||||||||||
|
Exercise of Warrants to ordinary shares
|
3
|
-
|
5
|
-
|
||||||||||||
|
Repurchase of shares
|
-
|
(72,217
|
)
|
-
|
(72,217
|
)
|
||||||||||
|
Proceeds from exercise of share options
|
1,632
|
408
|
3,271
|
1,392
|
||||||||||||
|
Net cash provided by (used in) financing activities
|
1,635
|
(71,809
|
)
|
3,276
|
(70,825
|
)
|
||||||||||
|
Exchange rate differences on balances of cash, cash equivalents and restricted cash
|
(3,554
|
)
|
2,311
|
(4,468
|
)
|
10,982
|
||||||||||
|
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
58,596
|
68,346
|
63,085
|
43,233
|
||||||||||||
|
Cash and cash equivalents and restricted cash—beginning of period
|
273,086
|
306,569
|
268,597
|
331,682
|
||||||||||||
|
Cash and cash equivalents and restricted cash—end of period
|
$
|
331,682
|
$
|
374,915
|
$
|
331,682
|
$
|
374,915
|
||||||||
Global-E Online Ltd.
SELECTED OTHER DATA
(In thousands)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||||||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||||||||||||||||||
|
2024
|
2025
|
2024
|
2025
|
|||||||||||||||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||||||
|
Key performance metrics
|
||||||||||||||||||||||||||||||||
|
Gross Merchandise Value
|
1,712,903
|
2,360,577
|
4,857,970
|
6,569,148
|
||||||||||||||||||||||||||||
|
Adjusted EBITDA (a)
|
57,102
|
87,234
|
140,767
|
198,529
|
||||||||||||||||||||||||||||
|
Revenue by Category
|
||||||||||||||||||||||||||||||||
|
Service fees
|
117,268
|
45
|
%
|
160,914
|
48
|
%
|
350,311
|
47
|
%
|
451,205
|
47
|
%
|
||||||||||||||||||||
|
Fulfillment services
|
145,644
|
55
|
%
|
175,743
|
52
|
%
|
402,453
|
53
|
%
|
510,990
|
53
|
%
|
||||||||||||||||||||
|
Total revenue
|
$
|
262,912
|
100
|
%
|
$
|
336,657
|
100
|
%
|
$
|
752,764
|
100
|
%
|
$
|
962,195
|
100
|
%
|
||||||||||||||||
|
Revenue by merchant outbound region
|
||||||||||||||||||||||||||||||||
|
United States
|
146,250
|
56
|
%
|
176,540
|
52
|
%
|
399,596
|
53
|
%
|
507,094
|
53
|
%
|
||||||||||||||||||||
|
United Kingdom
|
55,807
|
21
|
%
|
63,211
|
19
|
%
|
182,904
|
24
|
%
|
193,959
|
20
|
%
|
||||||||||||||||||||
|
European Union
|
44,469
|
17
|
%
|
61,596
|
18
|
%
|
125,547
|
17
|
%
|
175,568
|
18
|
%
|
||||||||||||||||||||
|
Israel
|
1,671
|
1
|
%
|
1,721
|
1
|
%
|
2,746
|
0
|
%
|
3,748
|
0
|
%
|
||||||||||||||||||||
|
Other
|
14,715
|
5
|
%
|
33,589
|
10
|
%
|
41,971
|
6
|
%
|
81,826
|
9
|
%
|
||||||||||||||||||||
|
Total revenue
|
$
|
262,912
|
100
|
%
|
$
|
336,657
|
100
|
%
|
$
|
752,764
|
100
|
%
|
$
|
962,195
|
100
|
%
|
||||||||||||||||
| (a) |
See reconciliation to adjusted EBITDA table
|
Global-E Online Ltd.
RECONCILIATION TO Non-GAAP GROSS PROFIT
(In thousands)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2024
|
2025
|
2024
|
2025
|
|||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Gross Profit
|
118,659
|
154,848
|
339,433
|
436,249
|
||||||||||||
|
Amortization of acquired intangibles included in cost of revenue
|
2,198
|
2,630
|
9,994
|
9,511
|
||||||||||||
|
Non-GAAP gross profit
|
120,857
|
157,478
|
349,427
|
445,760
|
||||||||||||
Global-E Online Ltd.
RECONCILIATION TO ADJUSTED EBITDA
(In thousands)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2024
|
2025
|
2024
|
2025
|
|||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Net profit (loss)
|
1,509
|
62,452
|
(75,548
|
)
|
68,270
|
|||||||||||
|
Income tax (benefit) expenses
|
(2,400
|
)
|
(102
|
)
|
(3,845
|
)
|
2,229
|
|||||||||
|
Financial expenses, net
|
6,073
|
916
|
11,465
|
1,171
|
||||||||||||
|
Stock-based compensation:
|
||||||||||||||||
|
Cost of revenue
|
275
|
256
|
929
|
1,044
|
||||||||||||
|
Research and development
|
4,153
|
4,520
|
17,291
|
17,325
|
||||||||||||
|
Selling and marketing
|
1,528
|
1,671
|
5,836
|
6,386
|
||||||||||||
|
General and administrative
|
3,582
|
3,724
|
15,102
|
14,590
|
||||||||||||
|
Total stock-based compensation
|
9,538
|
10,171
|
39,158
|
39,345
|
||||||||||||
|
Depreciation and amortization
|
547
|
611
|
2,131
|
2,323
|
||||||||||||
|
Commercial agreement asset amortization
|
37,433
|
8,026
|
148,594
|
65,996
|
||||||||||||
|
Amortization of acquired intangibles
|
4,402
|
5,034
|
18,812
|
18,660
|
||||||||||||
|
Merger related to contingent consideration
|
-
|
126
|
-
|
210
|
||||||||||||
|
Acquisition related expenses
|
-
|
-
|
-
|
325
|
||||||||||||
|
Adjusted EBITDA
|
57,102
|
87,234
|
140,767
|
198,529
|
||||||||||||
Global-E Online Ltd.
RECONCILIATION TO FREE CASH FLOW
(In thousands)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2024
|
2025
|
2024
|
2025
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Net cash (used in) provided by operating activities
|
129,286
|
216,576
|
169,393
|
283,782
|
||||||||||||
|
Purchase of property and equipment
|
(482
|
)
|
(396
|
)
|
(2,335
|
)
|
(3,099
|
)
|
||||||||
|
Free Cash Flow
|
128,804
|
216,180
|
167,058
|
280,683
|
||||||||||||
Global-E Online Ltd.
RECONCILIATION TO NON-GAAP NET PROFIT AND NON-GAAP NET PROFIT PER SHARE
(In thousands)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2024
|
2025
|
2024
|
2025
|
|||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Net profit (loss)
|
$
|
1,509
|
$
|
62,452
|
$
|
(75,548
|
)
|
$
|
68,270
|
|||||||
|
Stock-based compensation
|
9,538
|
10,171
|
39,158
|
39,345
|
||||||||||||
|
Commercial agreement asset amortization
|
37,433
|
8,026
|
148,594
|
65,996
|
||||||||||||
|
Amortization of acquired intangibles
|
4,402
|
5,034
|
18,812
|
18,660
|
||||||||||||
|
Merger related to contingent consideration
|
-
|
126
|
-
|
210
|
||||||||||||
|
Acquisition related expenses
|
-
|
-
|
-
|
325
|
||||||||||||
|
Non-GAAP net profit
|
$
|
52,882
|
$
|
85,809
|
$
|
131,016
|
$
|
192,806
|
||||||||
|
|
||||||||||||||||
|
Non-GAAP net profit per share, basic
|
$
|
0.31
|
$
|
0.50
|
$
|
0.78
|
$
|
1.13
|
||||||||
|
Non-GAAP net profit per share, diluted
|
$
|
0.30
|
$
|
0.49
|
$
|
0.75
|
$
|
1.10
|
||||||||
|
Weighted-average shares used in computing Non-GAAP net profit per share attributable to ordinary shareholders, basic
|
168,419,800
|
170,143,127
|
167,323,350
|
169,893,221
|
||||||||||||
|
Weighted-average shares used in computing Non-GAAP net profit per share attributable to ordinary shareholders, diluted
|
175,674,929
|
176,074,208
|
174,500,842
|
175,987,463
|
||||||||||||