Globus Maritime Limited

Global-e reported Q4 GMV of $505 million, up 66% year over year, and full-year GMV of $1.45 billion, up more than 87% versus 2020. Q4 revenue was $82.7 million, up 54% year over year, with full-year revenue of $245.3 million, roughly 80% growth; Q4 gross profit was $32.7 million, up 82%, and gross margin was 39.5% versus 33.5% last year. Adjusted EBITDA was $11.8 million in Q4 (14.3% margin) and $38 million to $42 million is the 2022 full-year target; Q1 2022 guidance is GMV of $446 million to $456 million, revenue of $74.5 million to $76.5 million, and adjusted EBITDA of $0.7 million to $1.7 million. Full-year 2022 guidance is GMV of $2.45 billion to $2.5 billion and revenue of $411 million to $421 million. The company also said it ended 2022 with $509 million in cash and equivalents prior to closing Flow, and operating cash flow was $24 million in the quarter.

Amir Schlachet framed 2021 as the company’s strongest quarter and a year of consistent execution, with particular emphasis on record GMV, brand wins, and expansion across geographies. He said demand remains strong, that cross-border DTC is still a large greenfield opportunity in core regions, and that the company is investing in Shopify, Flow, APAC, and new product capabilities while keeping a focus on operational excellence. His tone was confident and upbeat, but he also acknowledged normalization in e-commerce growth and said the company has not seen meaningful supply-chain impact so far.

Ofer Koren focused on the underlying financial drivers: Q4 GMV of $505 million, revenue of $82.7 million, gross profit of $32.7 million, and gross margin of 39.5%. He detailed expense build: R&D excluding SBC of $8.4 million, sales and marketing excluding certain items of $6.7 million, and G&A excluding SBC and Flow-related costs of $5.8 million, while adjusted EBITDA reached $11.8 million. He said the company had $509 million in cash and cash equivalents, short-term deposits, and marketable securities before the Flow closing, generated $24 million of operating cash flow in the quarter, and expects 2022 take rate around 16.7%, with Flow contributing over 5% of top line but pressuring adjusted EBITDA in the next 2-3 quarters.

Analysts pressed on Shopify, Flow, take rates, new geographies, and whether the 2022 growth guide was too confident amid broader e-commerce uncertainty. Management said the initial Shopify enterprise integration is aimed mostly at merchants already doing cross-border, while Flow should extend reach to smaller merchants and emerging brands and will be integrated over the next few quarters. On margins and take rate, they said multi-local lowers fulfillment take rate, the 2022 overall take rate should be about 16.7%, and Flow is expected to have lower take rates later but not yet in a material way this year.