Global-e Online Ltd. (GLBE): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of cross-border e-commerce, trying to map out exactly how this platform makes its money, especially after that big strategic renewal with Shopify. Honestly, understanding the mechanics behind their projected $944.1M to $960.1M revenue for 2025-driven by their Merchant of Record status and heavy R&D investment like the $28.1 million in Q1-is key to seeing their moat. So, I've broken down their entire nine-block structure, from their 1,400+ active brand relationships to their compliance backbone, so you can see the precise levers they pull to simplify global selling. Check out the canvas below for the full, no-fluff breakdown.

Global-e Online Ltd. (GLBE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Global-e Online Ltd. moving goods and money across borders, which is the engine of their whole operation. These aren't just vendor agreements; they are deep, strategic integrations that lock in market access and operational efficiency. The stability here is key to their valuation, so let's look at the numbers behind these alliances.

The partnership with Shopify is definitely the cornerstone. In May 2025, Global-e Online Ltd. locked in a new strategic agreement for another three years, covering both their first-party (1P) and third-party (3P) solutions. This renewal is critical because Global-e remains the exclusive Merchant of Record (MoR) provider for Shopify Managed Markets (1P). This exclusivity means they are the entity legally responsible for international orders, handling things like tax and duty calculation, which is a massive operational lift for merchants. This preferred status is designed to ensure a steady inflow of potential clients from the world's largest online store-building platform.

The structure is evolving, though. While Global-e keeps the exclusive 1P spot, Shopify is opening up 3P solutions to other MoR providers, but Global-e retains its preferred partner status with access to exclusive platform features and more favorable commercial terms. Future versions of Managed Markets will also integrate deeper with Shopify Payments, streamlining the checkout experience even further. This ecosystem is already delivering: Global-e serves over 1,400 brands across North America, EMEA, and APAC, enabling sales to over 200 destinations.

For the logistics side, Global-e secured its supply chain backbone by extending its commercial agreement with DHL International (UK) Limited on July 22, 2025, also for an additional 3-year term. This is a direct commitment to improving global logistics and service offerings worldwide. The platform's end-to-end solution relies on these carriers for global shipping and returns management, which is a significant part of their revenue mix-fulfillment services accounted for $112 million of the $214.9 million revenue reported in Q2 2025.

Beyond the giants, Global-e Online Ltd. maintains a broad network of platform and service partners. The relationship with Wix, for example, provides merchant access by integrating Global-e's cross-border functionalities directly into the Wix platform. This allows Wix merchants to offer localized checkouts, support payments in over 140 currencies, and utilize advanced tax/duty setups.

The operational strength of the Key Partnerships is reflected in the financial results as of late 2025:

Metric	Value/Range	Period/Date	Source Context
Raised Full-Year 2025 Revenue Guidance (Midpoint)	$952.1 million	Full Year 2025 (Raised)	Projected
Raised Full-Year 2025 GMV Guidance (Midpoint)	$6.46 billion	Full Year 2025 (Raised)	Projected
Q3 2025 Revenue (Actual)	$221 million	Q3 2025	Actual
Q3 2025 GMV (Actual)	$1.51 billion	Q3 2025	Actual
Q3 2025 Adjusted EBITDA (Actual)	$41.3 million	Q3 2025	Actual
Shopify Partnership Term Remaining	3 years	From May 2025	Renewal Term
DHL Partnership Term Remaining	3 years	From July 2025	Extension Term

The network of partners extends to the transactional layer, which is essential for localized checkout success. Global-e Online Ltd. integrates with a broad network that includes:

• Global payment processors supporting region-specific methods.
• Local carriers for streamlined global shipping and returns.
• E-commerce platforms like Wix for merchant access and scaling.

The platform supports a localized checkout experience in over 140 currencies, which is a direct result of these payment processor relationships. The company is targeting its first year of GAAP profitability for 2025, a testament to the efficiency these key partnerships bring to the cost structure. Finance: draft 13-week cash view by Friday.

Global-e Online Ltd. (GLBE) - Canvas Business Model: Key Activities

You're looking at the core engine powering Global-e Online Ltd.'s global reach, which is all about execution across several critical fronts. The activities here are where the platform's value is built and delivered daily.

Developing and maintaining the cross-border e-commerce platform.

This involves keeping the end-to-end capability suite integrated into merchant e-commerce websites, acting as a plug-in to localize the entire customer journey. The platform supports shoppers in over 200 destinations worldwide. Furthermore, the technology handles transactions in about 100 currencies.

Managing international logistics, duties, and tax compliance.

This activity is about streamlining the complex movement of goods and handling the financial obligations. The company has a long-term partnership with DHL, extended by three years. The platform provides instant customs calculations at checkout.

Data science and localization optimization for 200+ destinations.

Global-e Online Ltd. uses its vast data set, derived from working with thousands of merchants across more than 30 outbound markets and over 200 inbound markets, to create optimized experiences. This data-driven approach results, on average, in around a 40-plus percent uplift in international conversion rates for merchants.

The scale of operations is reflected in recent financial performance:

Metric	Q3 2025 Actual	FY 2025 Guidance Midpoint
Gross Merchandise Value (GMV)	$1.51 billion	$6.46 billion
Revenue	~$221 million	~$952.1 million
Adjusted EBITDA	$41.3 million	$192.8 million

Direct sales and onboarding of large enterprise merchants.

This activity focuses on growing the merchant base, which is a key driver of the platform's scale. As of late 2025, Global-e Online Ltd. is the chosen partner of over 1,400 brands and retailers across North America, EMEA, and APAC. The company noted a good year in terms of new merchant onboarding, with a pipeline that materialized nicely throughout 2025.

Key operational highlights related to growth and scale include:

• Total employee count is around 1,200 people.
• Employees are spread across more than 25 locations.
• Q2 2025 saw the onboarding of many new merchants.
• The company ended Q3 2025 with $552 million in cash and cash equivalents.

Integrating acquired technologies like Return Go for post-purchase.

Global-e Online Ltd. acquired ReturnGo Ltd. in July 2025 to elevate its native post-purchase solutions. ReturnGo is known for its AI-powered return and exchange solutions. Management stated this acquisition is designed to enable merchants to provide flexible, best-in-class return experiences worldwide. For the full year 2025, Global-e anticipates the ReturnGo deal will have a slight positive contribution to revenue and a limited negative impact on adjusted EBITDA, expecting the impact on profit to be close to neutral by 2026 after realizing cost synergies.

The financial results from Q3 2025 show the impact of core operations before significant post-purchase synergy realization:

• Q3 2025 Net Profit was $13.2 million, compared to a net loss of $22.6 million in the year-ago period.
• Q3 2025 Free Cash Flow was $73.6 million, an increase of 245% compared with Q3 of 2024.

Finance: draft 13-week cash view by Friday.

Global-e Online Ltd. (GLBE) - Canvas Business Model: Key Resources

You're looking at the core assets that Global-e Online Ltd. uses to run its business, the things it owns or controls that are essential for delivering value. Honestly, for a tech-enabled service like this, the resources are a mix of proprietary software and critical legal/commercial agreements.

The proprietary localization and big-data business intelligence platform is central. This technology stack is what allows Global-e Online Ltd. to make selling internationally feel as simple as selling domestically for its clients. It harnesses data from billions of interactions to offer market insights and vertical-specific best practices. This platform supports shoppers in over 200 destinations worldwide. The company maintains a physical presence across seven offices globally to support this operation.

Next, you have the Global Merchant of Record (MoR) legal and tax infrastructure. This is the heavy lifting that makes the platform valuable; Global-e Online Ltd. takes on the legal and financial responsibility for international orders. This infrastructure is key to the exclusive arrangement with Shopify for their first-party solution.

Investment in the team building and maintaining this technology is significant. The experienced R&D team is constantly enhancing the platform. For the first quarter of 2025, the total R&D spend was reported at $28.1 million.

The scale of their customer base is another critical resource. Global-e Online Ltd. is the chosen partner for an extensive network of over 1,400 brands and retailers across North America, EMEA, and APAC.

Finally, the strategic equity investment and partnership with Shopify is a massive resource, acting as a primary, low-cost customer acquisition channel. In May 2025, Global-e Online Ltd. announced a renewal of this strategic partnership for another three years. This agreement solidifies Global-e Online Ltd.'s position as the exclusive provider of MoR services for Shopify's first-party solution, known as Shopify Managed Markets (1P). While Shopify is opening its third-party (3P) solution to other MoR providers, Global-e Online Ltd. retains its status as the preferred partner, with exclusive access to certain key platform features and enhanced commercial terms.

Here's a quick look at the scale of the network and the partnership structure as of the first half of 2025:

Key Resource Metric	Data Point	Context/Detail
Total Brands and Retailers	Over 1,400	Chosen partner across US, EMEA, and APAC.
Global Destinations Supported	Over 200	Number of destinations where shoppers can experience the localized shopping experience.
Shopify Partnership Term	3-year renewal	Announced in May 2025, extending the long-standing relationship.
Shopify 1P MoR Status	Exclusive provider	For the Shopify Managed Markets solution.
Q1 2025 Total R&D Spend	$28.1 million	Investment in platform development for the first quarter of 2025.

The platform's capabilities are further supported by specific tools that enhance the merchant experience. For example, the Merchant Portal was revamped to include two important Self-Service BI tools for merchants.

• Real time sales dashboard.
• Funnel analysis dashboard.

Also, Global-e Online Ltd. launched its 3B2C offering to help merchants mitigate price increases in key destination markets.

Global-e Online Ltd. (GLBE) - Canvas Business Model: Value Propositions

You're looking at the core value Global-e Online Ltd. delivers to its merchant partners, which is clearly reflected in their recent performance figures.

Seamless, localized shopping experience for international consumers.

Global-e Online Ltd. enables merchants to offer a shopping experience that feels local, even when the shopper is far away. This is achieved by supporting online shoppers in over 200 destinations worldwide with localized interfaces and checkout options. For instance, you see the impact of this localization in specific markets; 84% of German online shoppers prefer to pay with alternative and local payment methods, a preference Global-e Online Ltd. caters to directly. Also, 98% of Mexican online shoppers prefer to pay in their local currency.

Increased international conversion rates for merchants.

The platform's design directly translates to higher sales from international traffic. The effectiveness of this value proposition is evident in the overall growth metrics. During the Black Friday-Cyber Monday (BFCM) weekend in 2025, e-commerce sales through Global-e Online Ltd.'s platforms saw a year-over-year increase of 36%. Furthermore, the entire promotional season, starting early November through the BFCM weekend, saw sales grow by 37% compared to the prior year. This strong performance drove the company to cross the $1 billion in Gross Merchandise Value (GMV) milestone in a single month for the first time.

Full compliance and risk management for cross-border sales (MoR).

Handling the complexity of international trade is a key offering. This is supported by the company's strong financial health, which suggests effective risk management is in place. As of Q3 2025, the current ratio stood at 2.57, and the debt-to-equity ratio was only 0.03, showing low leverage and strong short-term obligation coverage. The company also reported a significant turnaround, achieving a net profit of $13.2 million in Q3 2025, compared to a net loss of $22.6 million in Q3 2024.

End-to-end solution: payments, logistics, returns, and demand generation.

Global-e Online Ltd. is the chosen partner of over 1,400 brands and retailers across North America, EMEA, and APAC. The platform handles the entire transaction lifecycle. For Q3 2025, the revenue breakdown showed that fulfillment services revenue was $117.3 million, while service fees revenue was $103.5 million. The platform's ability to scale and generate cash is clear; Q3 2025 Free Cash Flow increased 246% year-over-year to $73.6 million.

Simplified global expansion, making international sales as easy as domestic.

Merchants leverage the platform to grow in an increasingly complex global e-commerce environment. The company's updated full-year 2025 guidance reflects this sustained momentum, targeting revenue of approximately $952.1 million, which represents 26.5% year-over-year growth. This growth is built on a foundation of strong operational performance, with Q3 2025 GMV reaching $1,512 million, up 33% year-over-year.

Here are the key financial metrics underpinning the value proposition as of the latest reported quarter and updated guidance:

Metric	Q3 2025 Actual	FY 2025 Guidance (Midpoint)	YoY Growth (Q3 2025 vs Q3 2024)
Gross Merchandise Value (GMV)	$1,512 million	$6.46 billion	33%
Revenue	$220.8 million	$952.1 million	25% to 26.5%
Adjusted EBITDA	$41.3 million	$192.8 million	33%
Free Cash Flow	$73.6 million	N/A	246% increase

Global-e Online Ltd. (GLBE) - Canvas Business Model: Customer Relationships

You're looking at how Global-e Online Ltd. keeps its top-tier clients locked in, and it's clear they lean heavily on integration and strategic depth rather than just transactional support. For your largest partners, the relationship is definitely high-touch.

Dedicated account management for large enterprise merchants. While I don't have the exact headcount for dedicated managers, the focus on major brands shows where the high-touch effort goes. Global-e Online Ltd. is the chosen partner of over 1,400 brands and retailers across North America, EMEA, and APAC as of Q2 2025. They work with 'thousands of enterprise merchants' directly. The strategy involves deepening ties with established giants; for instance, they renewed their strategic agreement with DHL and onboarded major names like Everlane, Aritzia, and Tapestry's Coach in the third quarter of 2025.

The scale of their enterprise focus is best seen when you look at the platform's core revenue drivers:

Metric	Value (as of latest reported period in 2025)	Context
Q2 2025 Revenue	$214.9 million	Total revenue, showing scale of operations supported by these relationships.
Q2 2025 Service Fees Revenue	$102.9 million	Revenue from technology and platform features, a recurring relationship component.
Q2 2025 Fulfillment Services Revenue	$112 million	Revenue from logistics and delivery, showing deep operational integration.
New Shopify Partnership Term	3-year strategic agreement	Extending a key relationship that serves thousands of SMBs via Shopify Managed Markets.

Self-service onboarding and tools via the revamped Merchant Portal. Global-e Online Ltd. balances the enterprise focus with scalable tools for broader adoption. They introduced a revamped merchant portal featuring real-time data tools, which was well-received. This is part of their effort to simplify usage, with upcoming enhancements in Managed Markets platform version 2 designed to improve adoption rates.

High-touch, consultative sales approach for complex global setups. The consultative nature is evident in how they roll out complex, high-value services. They are actively building out value-added propositions, particularly the Duty Import Drawback solution, which they see as an opportunity due to changes in the tariff environment. This consultative approach is necessary to integrate services that impact a merchant's bottom line significantly.

Strong retention driven by mission-critical, integrated service. You can infer the mission-critical nature from the revenue mix and the high switching costs inherent in their platform. In 2024, about 78% of revenue came from recurring service fees. The service fee take rate actually increased compared to Q1 2025 in Q2 2025, suggesting strong value capture from core technology services. The platform is key to international sales operations, creating a strong switching cost moat.

Continuous platform updates and value-added services like duty drawback. Innovation is directly tied to client retention. Beyond the portal revamp, Global-e Online Ltd. acquired ReturnGo to enhance AI-enabled return solutions. The new Duty Import Drawback solution is a prime example of a value-add service expected to provide an upside opportunity, potentially adding 50 basis points to the take rate once fully rolled out beyond the United States.

• The company achieved sustainable GAAP profitability in Q2 2025, with a net profit of $10.5 million in that quarter, a shift from a net loss of $22.4 million the prior year.
• The full-year 2025 revenue guidance was raised to a range of $944.1 million to $960.1 million, signaling confidence in continued service uptake.
• The Duty Import Drawback functionality is expected to see potential benefits starting in calendar year 2027 following the Managed Markets platform version 2 enhancements.

Finance: draft the Q4 2025 cash flow projection based on the raised full-year revenue guidance by Monday.

Global-e Online Ltd. (GLBE) - Canvas Business Model: Channels

You're looking at how Global-e Online Ltd. gets its services-the end-to-end global e-commerce platform-into the hands of merchants. It's a multi-pronged approach, blending high-touch sales for big players with scalable technology integrations for everyone else.

Direct sales team targeting large, independent brands.

For the biggest names, Global-e Online Ltd. relies on a direct sales motion, which has matured from being mostly outbound to now benefiting from strong inbound interest due to their track record. They work with some of the largest brands globally, basing their international direct-to-consumer online activity on the platform. This channel targets merchants who need the full suite of services without compromise. Here's a look at the caliber of clients they serve directly:

Client Type	Example Brands	Channel Implication
Enterprise Brands	Adidas, Disney, Hugo Boss, SKIMS, Alo Yoga	High-touch, direct sales engagement for complex international needs.
New Onboardings (Q2 2025)	SteelSeries, GANNI, JAKI, Escentual	Continuous expansion of the enterprise client roster.

Strategic platform partnerships (e.g., Shopify, Wix) for smaller merchants.

To efficiently reach the smaller and medium-sized businesses (SMBs), Global-e Online Ltd. leans heavily on platform partnerships. They provide the backend, white-label solution for what they call Shopify Managed Markets. This allows them to service many thousands of SMBs without needing a dedicated direct sales rep for each one. This partnership structure is key to scaling beyond the enterprise segment. For context on the scale, as of late 2025, Global-e Online Ltd. partners with over 1,400 brands and retailers across North America, EMEA, and APAC.

API and native integrations into merchant e-commerce platforms.

The core of the channel strategy is the platform itself, which acts like a plug-in to whatever e-commerce system a merchant uses. Once integrated, the website automatically becomes localized for shoppers in over 200 destinations worldwide. This integration is what delivers the value proposition, resulting on average in around a 40-plus percent uplift in international conversion rates for the merchant. This technical integration is the primary delivery mechanism for the localization, pricing, payment methods, and checkout experience.

• Fully localizes the entire customer journey.
• Handles duties and taxes automatically.
• Supports over 200 international destinations.

Borderfree.com-based demand generation platform.

Global-e Online Ltd. is actively building out the borderfree.com-based demand generation platform. This is a channel extension designed to augment their existing services, like duty drawback, and is expected to further increase the value generated for both new and existing merchants heading into 2026 and beyond. This suggests a move to actively drive traffic and sales, not just process them.

Global logistics network via partners like DHL.

The fulfillment aspect of the channel relies on a streamlined international logistics network, primarily executed through partners. A key relationship here is with DHL, with whom Global-e Online Ltd. extended its long-term strategic partnership by entering into another three-year agreement. This logistics component is critical, as fulfillment services revenue made up $112 million of the total Q2 2025 revenue of $214.9 million.

Finance: finalize the Q4 2025 logistics cost variance analysis by next Tuesday.

Global-e Online Ltd. (GLBE) - Canvas Business Model: Customer Segments

The customer base for Global-e Online Ltd. is defined by scale and geographic reach, serving a diverse set of merchants looking to simplify cross-border e-commerce.

The platform supports merchants selling to customers in over 200 destinations worldwide.

The core customer segments are:

• Large, established Direct-To-Consumer (DTC) brands and retailers.
• Mid-market merchants seeking global expansion.
• Brands across North America, EMEA, and APAC regions.
• Merchants utilizing Shopify's Managed Markets solution.
• Over 1,400 active brands and retailers globally.

You can see the scale of the business in the table below, which maps the customer base size against the expected financial scale for the full year 2025.

Metric	Value as of Late 2025 Data
Active Brands and Retailers	Over 1,400
Geographic Regions Served (Merchant Base)	North America, EMEA, and APAC
Destinations Supported (Customer Reach)	Over 200
Full Year 2025 Expected GMV (Midpoint)	Roughly $6.46 billion
Full Year 2025 Expected Revenue (Midpoint)	$952.1 million

The relationship with Shopify is a key component of serving a specific merchant cohort. Global-e Online Ltd. continues as the exclusive provider of Merchant of Record services for Shopify's Managed Markets (1P solution) following a renewed three-year strategic partnership announced in May 2025.

For merchants newer to international selling, or those utilizing Global-e Online Ltd.'s demand generation platform, Borderfree.com, the contribution of sales from merchants using that platform reached over 4% of merchant revenue in Q1 2025, with a long-term target of 5-10%.

For example, in Q2 2025, new brands that went live included SteelSeries, GANNI, and the U.K. beauty retailer Escentual.

Global-e Online Ltd. (GLBE) - Canvas Business Model: Cost Structure

You're looking at where Global-e Online Ltd. spends its money to keep that global e-commerce engine running. It's a mix of variable costs tied directly to sales volume and fixed investments in the platform and talent. Honestly, understanding this mix tells you a lot about their operating leverage.

Fulfillment costs (duties, taxes, shipping) which are largely pass-through.

These costs are directly linked to the Gross Merchandise Value (GMV) that moves through the platform. Since Global-e Online Ltd. often acts as the merchant of record, these are substantial. For context on the revenue mix, which drives these costs, in the first quarter of 2025, fulfillment services revenue was $105.9 million out of total revenue of $189.9 million. By the second quarter of 2025, fulfillment services revenue grew to $112 million. For the full year 2024, fulfillment services accounted for about 22% of total revenue.

Significant investment in Research & Development (R&D).

Global-e Online Ltd. keeps pouring money into the platform to stay ahead. For the twelve months ending June 30, 2025, Research and Development expenses totaled $0.114B. Looking at the most recent reported quarter, Q3 2025, total R&D spend was $30.8 million. This represented 11.8% of revenue when excluding stock-based compensation in that same quarter.

Sales and Marketing expenses to acquire new enterprise merchants.

Acquiring and onboarding large brands costs real money, even with AI tools helping out. Total sales and marketing expenses for the second quarter of 2025 were $44 million, a decrease from over $60 million in the year-ago period. When excluding certain non-cash or non-operational items like Shopify-related amortization, the expense was $27.2 million, which was 12.7% of Q2 2025 revenue.

Technology infrastructure and cloud hosting costs.

These are baked into the Cost of Revenue, which covers the variable costs of processing transactions and logistics, and also the fixed costs associated with maintaining the platform's global scale. Specific line items for cloud hosting are not broken out separately in the primary expense disclosures, but they are a core component of keeping the platform operational for merchants selling in over 200 destinations.

Personnel costs for global operations and engineering talent.

You need top-tier engineering and global operations staff to manage this complexity. While total headcount costs aren't explicitly stated, you can see the investment in leadership. For example, the total yearly compensation for Co-Founder and CEO Amir Schlachet was $3.61 million, and Co-Founder Nir Debbi received $3.64 million in total yearly compensation. These figures reflect the cost of retaining key talent necessary for global execution.

Here's a quick look at the latest operational expense snapshot from the third quarter of 2025, which shows the focus on efficiency:

Expense Category (Q3 2025)	Amount (USD Millions)	As Percentage of Revenue (Approximate)
Revenue	$220.8	100%
Research & Development (Total)	$30.8	13.9%
General and Administrative (Total)	$13.4	6.1%
Adjusted EBITDA	$41.3	18.7%

The trend shows operating expenses as a percentage of revenue decreasing, which is what you want to see as scale kicks in. For instance, General and Administrative spend was only 4.1% of revenue in Q2 2025 when excluding stock-based compensation, down from 5.6% in Q2 2024.

• R&D expense (excluding SBC) in Q3 2025 was 11.8% of revenue.
• The company raised full-year 2025 revenue guidance to a midpoint of $952.1 million.
• The board authorized a $200 million share repurchase program in Q3 2025.
• The company achieved a GAAP net profit of $13.2 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Global-e Online Ltd. (GLBE) - Canvas Business Model: Revenue Streams

You're looking at how Global-e Online Ltd. actually makes its money, which is key for understanding its valuation, so let's break down the revenue streams based on the latest figures available as of late 2025.

The core of Global-e Online Ltd.'s revenue generation rests on two primary buckets: high-margin service fees and lower-margin fulfillment services. Service fees are essentially commissions charged for using the technology platform to manage cross-border sales complexity, which includes localization, currency conversion, and payment orchestration. Fulfillment services revenue covers the logistics, warehousing, and delivery component of the end-to-end solution.

To give you a concrete look at the split, let's examine the most recent quarterly data and the last full fiscal year. For the third quarter of 2025, total revenue hit $220.8 million. Of that, service fees accounted for $103.5 million, while fulfillment services brought in $117.3 million. This shows a relatively balanced split in the most recent quarter, though the service fees are inherently the higher-margin component.

The revenue-share model is directly tied to the Gross Merchandise Volume (GMV) that merchants process through the platform. Global-e Online Ltd. takes a percentage of this volume as service fees, plus revenue from the associated logistics. For the full year 2024, GMV reached $4,858 million, and the company reported total revenue of $752.8 million for that year. This relationship between GMV and revenue is central to the model; as merchants sell more internationally, Global-e Online Ltd.'s top line grows.

Here's a table showing the revenue segmentation for the last reported full year and the latest quarter:

Revenue Stream	Q3 2025 (Millions USD)	FY 2024 (Millions USD)
Service Fees Revenue	$103.5	$350.3
Fulfillment Services Revenue	$117.3	$402.5
Total Revenue	$220.8	$752.8

The company bundles these offerings, meaning merchants often sign up for the entire suite, which helps create sticky, recurring revenue. You can see the growth trajectory when you look at the guidance provided by Global-e Online Ltd. for the full year 2025, which reflects confidence in securing more transaction volume.

The key financial outlook points you need to track for the full year 2025 are:

• Full-year 2025 Revenue guidance is $944.1M to $960.1M.
• Full-year 2025 Adjusted EBITDA guidance is $180 million to $200 million.
• Q3 2025 GMV was $1,512 million, up 33% year-over-year.
• The company recently authorized a $200 million share repurchase program.

The focus on service fees is important because they are the high-margin commissions, while fulfillment is lower-margin due to the direct costs of logistics and duties pass-through. Still, the fulfillment piece is necessary for the end-to-end service bundle that locks in the merchant.