Israeli international e-commerce technology developer Global-e (Nasdaq: GLBE) has reported strong second quarter results and raised guidance for full year 2021. The news has boosted its share price, which is up 4.72% in premarket trading at $71.50, giving a market cap of $10.17 billion. At the close of trade last night, boosted by the growth in online commerce, Global-e's share price had risen 173% since its Wall Street IPO in May at a valuation of $3.6 billion.
Based in Petah Tikva, Global-e has developed an e-commerce platform that remove obstacles for cross-border online commercial transactions, allowing buyers to make their purchases in their own languages and currencies, while calculating the necessary tax to pay.
In the second quarter of 2021, Global-e's revenue was $57.3 million, up 24.1% from the preceding quarter and up 92.3% from the corresponding quarter. Revenue in the first half of 2021 was $103 million, up 109% over the corresponding half of 2020.
Due to a growth in operational expenditure net loss widened to $22.2 million in the second quarter and $24 million in the first half of 2021 but after amortization for allocating warrants to Shopify (a shareholder in Global-e), Global-e made a net profit of $3.3 million in the second quarter.
After its IPO in May, the company had $490 million cash.
Global-e raised its forecast for annual revenue from $209-213.5 million to $227-231 million and adjusted EBITDA from $16.2-18.2 million to $22-24 million.
Global-e founder and CEO Amir Schlachet said, "The record results we are publishing today for the second quarter of 2021, together with the updated guidance for the third quarter and full year, illustrate the continued momentum of our business, as evident from both Gross Merchandise Value (GMV) and revenues growing more than 90% year over year, improved profitability and several key clients we launched with this quarter. In parallel, we remain focused on executing across all our strategic vectors, from geographical expansion, to adding additional features and innovative capabilities, to expanding the network of strategic partners in our ecosystem."
Published by Globes, Israel business news - en.globes.co.il - on August 17, 2021
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