GLBE Q1 2026 Earnings Call Summary

Gross Merchandise Volume (GMV): $1.74 billion, up 40% year-over-year.
Revenue: $252 million, a 33% increase from Q1 2025.
Non-GAAP Gross Profit Margin: 47%, up 150 basis points year-over-year.
Adjusted EBITDA: $50.2 million, representing a 19.9% margin, up 59% year-over-year.
Non-GAAP Net Profit: $46.9 million ($0.27 per share), compared to $32.4 million in Q1 2025.
GAAP Net Profit: $30.4 million, compared to a net loss of $17.9 million in the prior year.

Continued execution of a multiyear strategic plan, focusing on growth with existing and new merchants.
Successful launch of Shopify Managed Markets version 2.0, with expectations for increased adoption in the second half of the year.
Expansion of the duty drawback offering, allowing merchants to reclaim import duties and taxes in new markets.
Increased adoption of the borderfree.com platform, contributing over 6% of merchant sales.
Implementation of AI tools across the organization, enhancing operational efficiency and customer service.

Q2 2026 Guidance:
- GMV expected between $1.945 billion and $1.985 billion (growth of 35.2% year-over-year).
- Revenue projected between $278.5 million and $285.5 million (31.2% growth).
- Adjusted EBITDA forecasted between $55 million and $58 million (20% margin).
Full Year 2026 Guidance:
- GMV expected between $8.53 billion and $8.88 billion (32.5% growth).
- Revenue anticipated between $1.22 billion and $1.28 billion (29.9% growth).
- Adjusted EBITDA projected between $264.5 million and $289.5 million (39.5% growth).

Ongoing conflict with Iran impacted trading volumes in the Middle East and GCC regions, accounting for approximately 5% of inbound GMV.
FX tailwinds were less favorable than anticipated, contributing about 3% to Q1 results, with expectations for lower tailwinds in Q2 and the back half of the year.
Potential challenges with the transition of merchants to Managed Markets 2.0 and the impact on service fee take rates due to changes in revenue recognition.

Managed Markets 2.0: Progressing as planned, with expectations for a material ramp in adoption in the latter half of 2026.
Take Rates: Expected to remain stable, with some limited decline due to the shift to multi-local arrangements.
Duty Drawback Offering: Initial success noted, with more visibility expected later in the year as merchants gather necessary data.
Borderfree.com: Positive momentum and retention observed despite new monetization efforts, with expectations for continued growth.
Pricing Environment: Merchants are cautious with pricing increases, focusing on maintaining traffic and unit economics amid rising fuel costs.

This summary encapsulates Global-E's strong performance in Q1 2026 while addressing strategic initiatives and potential challenges ahead.

GLBE — Global-e Online Ltd.