Global-e Online Ltd. GLBE

The business

Global-e sits invisibly behind the checkout of a brand's own website and becomes the legal seller of record for international orders. A shopper in Seoul buying from a British fashion label sees local currency, local payment methods, and a landed price with duties and taxes calculated and guaranteed; Global-e takes on the tax filings, fraud liability, compliance, and returns logistics that the brand cannot economically build for 200+ destination markets. Customers are direct-to-consumer brands and enterprise retailers, plus every Shopify merchant using Managed Markets, Shopify's cross-border product that is built on Global-e. Service fees are the engine: roughly 48% of revenue (Q4-25 split was $160.9M service fees against $175.7M fulfillment) at software-like margins, while the fulfillment side largely passes through shipping economics. The company keeps about 14.6% of the $6.57B of GMV that crossed the platform in 2025, down from 15.5% in 2024 as lower-take-rate volume mixes in.

Two things the financials do not show. First, the Shopify relationship is both the growth engine and the concentration: Shopify took warrants at the partnership's start, and their amortization buried GAAP earnings from 2021 through early 2025 before rolling off. Second, the regulatory ground is shifting in Global-e's favor on complexity even as it taxes demand: the US eliminated its de minimis import exemption in 2025, and the EU removed its EUR150 exemption on July 1, 2026 with an interim flat duty per low-value item. Every new layer of customs friction raises the value of a guaranteed duties-and-taxes layer. The last two quarters were strong: Q1-26 GMV grew 40% to $1.74B, revenue grew 33%, the FY26 outlook was raised in May, and the $350M Passport logistics acquisition closed July 1.