Global-e Reports Strong Q4, Weak 2025 Guidance on Tariffs

Global-e reported its Q4 and fiscal 2024 results, with Q4 delivering strong performance—revenues rose 42%, gross margins expanded by 400 basis points, and gross merchandise volume grew 44%. Fulfillment revenues continued to outpace service revenues, and with a net retention rate of 119%, Global-e demonstrated solid growth within existing accounts. A new partnership with PC accessories giant Logitech marks its entry into the lucrative consumer electronics segment. However, fiscal 2025 revenue guidance was soft due to tariff concerns and the loss of the "de-minimis" exemption, which some import retailers had abused. Despite this, the impact on fair value was minimal, with the estimate dropping just a dollar to $46.

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