- Global-E Online Ltd (NASDAQ:GLBE) reported first-quarter FY22 sales growth of 65.4% year-over-year, to $76.32 million, beating the consensus of $74.98 million.
- Gross Merchandise Value (GMV) rose 71% Y/Y to $455 million.
- Adjusted gross margin expanded by 580 bps to 39.1%.
- Loss per share was $(0.35), versus $(0.08) last year.
- The company incurred an operating loss of $(51.68) million, compared to a profit of $4.11 million a year ago.
- Net cash used in operating activities for Q1 narrowed to $6.93 million, from $20.63 million in 1Q21.
- Adjusted EBITDA was $3.28 million, a decrease of 37.4% Y/Y, and margin declined by 705 bps to 4.3%.
- The company held over $187.96 million in cash and equivalents as of March 31, 2022.
- 2Q22 Outlook: Global-E Online expects sales of $82.5 million - $84.5 million, vs. the consensus of $90.26 million. Adjusted EBITDA of $2.8 million - $3.8 million.
- It expects Q2 GMV of $495 million - $505 million.
- FY22 Outlook: The company sees revenue of $383 million – $403 million (prior expectation of $411 million – $421 million), vs. the consensus of $412.79 million. Adjusted EBITDA of $38 million - $42 million.
- It expects FY22 GMV of $2.28 billion - $2.495 billion.
- Price Action: GLBE shares are trading lower by 26.49% at $14.26 during the post-market session on Monday.
