Global-E Online Ltd. GLBE reported fourth-quarter fiscal 2023 sales growth of 32.6% year-over-year, to $185.40 million, beating the consensus of $181.99 million.
Gross Merchandise Value (GMV) rose 42 Y/Y to $1.19 billion. Adjusted gross profit was $79.12 million, an increase of 37% year over year. The adjusted gross margin expanded by 140 bps to 42.7%.
Loss per share of $(0.13) was an improvement from $(0.18) the prior year same quarter and was in line with the consensus.
Adjusted EBITDA increased by 61.7% YoY to $35.18 million, and the margin expanded by 342 bps to 18.9%. The company’s operating loss for the quarter narrowed from $(35.12) million to $(23.06) million.
GLBE’s net cash generated by operating activities for fiscal totaled $108.22 million, compared to $89.33 million in 2022.
Global-E Online stated that the strategic partnership with Shopify Inc. SHOP remains well on track after the Q4 agreement renewal.
Q1 Outlook: Global-E Online expects sales of $138.5 million-$145 million, below the consensus of $150.48 million.
The company expects adjusted EBITDA of $16 million-$20 million. It expects Gross Merchandise Value for 2024 of $875 million-$915 million.
2024 Outlook: The company expects revenue of $731 million-$771 million versus the consensus of $756.02 million.
It sees GMV of $4.59 billion-$4.83 billion and Adjusted EBITDA of $121 million-$137 million.
Price Action: GLBE shares are trading lower by 12% at $35.42 on the last check Wednesday.
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