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- **Record Q3 Growth**: GMV +33%, revenue +25.5%, EBITDA +33% vs. prior guidance. 
- **$200M Share Buyback**: Signals confidence in valuation, to begin in Q4. 
- **Multi-Local Expansion**: 40+ new merchant launches, 10+ market expansions driving 30%+ 2026 GMV growth. 
- **AI & Duty Drawback**: Testing AI checkout flows, U.S. duty drawback adoption reducing costs by 2-4%. 
- **Profitability Milestone**: 2025 GAAP profitability achieved, Rule of 40+ compliance. 
- **Pipeline Strength**: 2026 pipeline supports 30%+ GMV growth, new merchant launches trading above expectations.

**【CEO Summary Section】**
- **Q3 2025 Results**: GMV of $1.51B (+33% YoY), revenue $221M (+25.5% YoY), adjusted EBITDA $41.3M (+33% YoY). Free cash flow $73.6M (+245% YoY). 
- **Updated Guidance**: Full year 2025 GMV $6.46B (+33%), revenue $952.1M (+26.5%), adjusted EBITDA $192.8M (+37%). 
- **Strategic Initiatives**: $200M share buyback program approved. Expanded duty drawback services in the U.S., launched 3B2C and multi-local solutions. 
- **Merchant Growth**: 40+ new merchant launches including Everlane, Coach, Chloe. Expanded into 10+ new markets with existing clients. 
- **AI & Agnostic Commerce**: Testing AI-powered checkout flows, integrating with ChatGPT for demand generation. 

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net profit $13.2M, Non-GAAP gross margin 46.3%, adjusted EBITDA margin 18.7%. 
- **Cost Efficiency**: R&D spend 11.8% of revenue, sales/marketing 12% of revenue. Shopify warrant amortization down to $8M. 
- **Q4 Guidance**: GMV $2.195B-$2.315B, revenue $318.5M-$334.5M, adjusted EBITDA $74.3M-$88.7M. 
- **Long-Term Targets**: On track for 2025 GAAP profitability and Rule of 40 compliance. 

**【Q&A Highlights】**
- **Duty Drawback Adoption**: U.S. merchants using service to reclaim 2-4% of duties on returned goods. Canada and EU rollouts planned. 
- **Pipeline Strength**: 2026 pipeline supports 30%+ GMV growth. New merchant launches trading above expectations. 
- **Service Fee Take Rate**: Stable at 46-47% due to multi-local model expansion. 
- **Managed Markets Progress**: Beta testing with Shopify, full rollout in 2026. 
- **Tariff Impact**: U.S.-Canada corridor softness offset by strong EU, APAC trading. 
- **ReturnGo Contribution**: $1M+ Q4 revenue, long-term upside potential. 
- **FX Impact**: Q3 stable, no material impact expected in Q4. 
- **Agentic Commerce**: Testing AI-powered checkout flows, no direct revenue impact yet. 
- **Share Buyback**: Plan to begin in Q4, pace dependent on market conditions.

Global-E Online Ltd. (GLBE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GLBE

GLBE fundamentals

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