Global-e Posts Q1 2024 Results Shares Set for a Bullish BreakoutGlobal-e Online Ltd., ( NASDAQ:GLBE ) the leader in global Direct-To-Consumer eCommerce enablement, reported its Q1 2024 financial results, marking a great start for what they believe is set out to be another pivotal year for the company. The company's strong results, including numerous client adds and business expansion across all geographies, and with the team's solid execution along all strategic goals, including the continued growth of Shopify Markets Pro, remain on track to achieve another year of exceptional growth.
GMV1 in Q1 2024 was $930 million, an increase of 32% year over year. Revenue in Q1 2024 was $145.9 million, an increase of 24% year over year, with service fees revenue being $68.3 million and fulfillment services revenue being $77.6 million. Non-GAAP gross profit in Q1 2024 was $66.1 million, an increase of 36% year over year. Non-GAAP gross margin in Q1 2024 was 45.3%, an increase of 390 basis points from 41.4% in Q1 2023. Adjusted EBITDA in Q1 2024 was $21.3 million compared to $14.5 million in Q1 2023. Net loss in Q1 2024 was $32.1 million compared to $43.1 million in Q1 2023.
Recent business highlights include launching brands across geographies and verticals, expanding business with existing brands and brand groups, and establishing strategic partnerships with Shopify. The company is also introducing second quarter guidance and raising the full year guidance.
Q2 2024 results show that Gross Merchandise Value (GMV) increased by 32% YoY, while revenue increased by 24% YoY. Adjusted EBITDA increased by 24.5-$28.5 YoY, with share-based compensation expenses potentially having a significant and potentially unpredictable impact on the company's future financial results.
Technical Outlook
Global-e Online Ltd ( NASDAQ:GLBE ) stock is up 3.59% on Monday's Pre-market trading with the asset forming a "Bullish Symmetrical Triangle". Another bullish factor accentuating NASDAQ:GLBE 's bullish campaign is the "Bullish Engulfing" pattern depicted in the daily price chart.
The stock has been on a falling wedge since the start of April, 2024.
