Global-E Online 'Off To A Great Start,' CEO Says: Stock Drops Despite Q1 Triumph

Global-E Online Ltd GLBE reported first-quarter FY23 sales growth of 54% year-over-year, to $117.6 million, beating the consensus of $111.7 million.

• Gross Merchandise Value (GMV) rose 55% Y/Y to $703.9 million.
• Adjusted gross margin expanded by 230 bps to 41.4%.
• Loss per share of $(0.26) beat the consensus loss of $(0.29).
• The Israel-based company incurred an operating loss of $(42) million, compared to a $(51.7) million loss a year ago.
• Net cash used in operating activities for Q1 was $(29.5) million versus $(5.3) million a year ago.
• Adjusted EBITDA was $14.5 million versus $3.3 million a year ago.
• The company held over $211.8 million in cash and equivalents.
• Global-E CEO Amir Schlachet says his team is "off to a great start for the year," citing "new merchants going live all around the globe, and many existing merchants expanding their business with us."
• 2Q Outlook: Global-E Online expects sales of $125 million - $130 million, vs. the consensus of $128.02 million. 
• It expects Q2 GMV of $755 million - $785 million.
• FY23 Outlook: The company raised revenue outlook to $562 million – $590 million (prior expectation of $557 million – $584 million), vs. the consensus of $577.73 million.
• It expects FY23 GMV of $3.40 billion - $3.55 billion (up from the prior $3.36 billion - $3.52 billion).

Price Action: GLBE shares are trading lower by 5.87% at $33.83 during the pre-market session on the last check Monday.