Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; our ability to retain existing merchants and to attract new merchants; our ability to anticipate merchant needs or develop or integrate new functionality or enhance our existing platforms to meet those needs; the impact of imposed tariffs or other trade regulations on our business and financial results; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to adapt our platform and services for the Shopify platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets and the introduction of new platforms and offerings; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a D2C model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events or conditions in individual markets such as financial and credit market fluctuations, war, climate change, and macroeconomic events; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 27, 2025 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the "SEC”).
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended March 31, 2024 2025 (Unaudited) Operating activities Net loss $(32,051) $(17,856)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 512 536 Share-based compensation expense 8,711 8,793 Commercial agreement asset amortization 36,296 37,017 Intangible assets amortization 5,002 4,402 Changes in accrued interest and exchange rate on short-term deposits 369 (842)Unrealized loss (gain) on foreign currency 2,726 (1,477)Accounts receivable 8,418 6,471 Prepaid expenses and other assets 2,685 (28,405)Funds receivable (7,688) (9,182)Long-term receivables 708 101 Funds payable to customers (30,857) (35,500)Operating lease ROU assets 817 1,064 Deferred contract acquisition and fulfillment costs (268) (101)Accounts payable (17,049) (12,375)Accrued expenses and other liabilities (30,228) (23,710)Deferred tax liabilities (1,424) - Operating lease liabilities (944) (983)Net cash (used in) provided by operating activities (54,265) (72,047)Investing activities Investment in marketable securities (1,042) (17,768)Proceeds from marketable securities 1,012 999 Investment in short-term investments and deposits (56,949) (70,972)Proceeds from short-term investments 58,000 67,059 Investment in long-term deposits (31) - Purchases of property and equipment (882) (548)Net cash (used in) provided by investing activities 108 (21,230)Financing activities Proceeds from exercise of share options 120 210 Net cash provided by financing activities 120 210 Exchange rate differences on balances of cash, cash equivalents and restricted cash (2,726) 1,477 Net increase (decrease) in cash, cash equivalents, and restricted cash (56,763) (91,590)Cash and cash equivalents and restricted cash—beginning of period 268,597 331,682 Cash and cash equivalents and restricted cash—end of period $211,834 $240,092 Global-E Online Ltd.
Shopify Managed Markets) and 3P solutionsLaunched our 3B2C offering allowing merchants to partially mitigate unnecessary price hikes in key destination markets, while avoiding the costs and effort involved in creating a full multi-local setup for specific marketsRevamped our Merchant Portal, adding two important Self-Service BI tools for merchants – a real time sales dashboard and a funnel analysis dashboard, and providing easier access to frequently used areasContinued growing with brands across geographies and verticals, including: Europe: Launched Subdued out of Italy and VIBAe footwear, Global-e’s first large merchant based in FinlandSports clubs: Launched with Atletico Madrid in SpainAPAC: Multiple merchant launches including Threetimes and Samo Ondoh in Korea, T2Tea and Scarlet & Sam in Australia, Bandai-Namco, United Arrows Tabaya and Sacai in Japan, and many moreExpanded with a number of merchants including the launch of Adidas Hong Kong Q2 2025 and Full Year Outlook Global-e is introducing second quarter guidance and is maintaining the full year guidance as follows: Q2 2025 and Full Year Outlook Global-e is introducing second quarter guidance and is maintaining the full year guidance as follows: Q2 2025 FY 2025 Previous FY 2025(in millions)GMV (1)$1,387 - $1,427 $6,190 - $6,490 $6,190 - $6,490Revenue$204 - $211 $917 - $967 $917 - $967Adjusted EBITDA (3)$35 - $39 $179 - $199 $179 - $199 1 Gross Merchandise Value (GMV) is a key operating metric.
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