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Global-e Online (GLBE) Q2 2026 — Q2 2026 (quarter ended June 30, 2026, reported BMO Aug 12): GMV $2,089M +43.7%; revenue $299.0M +39.1% vs $288.0M consensus; adjusted EBITDA $62.4M +62.3%; GAAP diluted EPS $0.27 against a $0.22 bar. Every guidance metric raised. The stock opened at $41.06, printed a new 52-week high of $43.99 inside the first hour, then closed at $40.55 - down 0.76% on the day. Global-e grew GMV 43.7%, beat on revenue and earnings, and raised every line of guidance. The stock printed a new 52-week high of $43.99 inside the first hour of trading on Aug 12 - and closed at $40.55, red on the day. Growth decays down the page (GMV +43.7%, revenue +39.1%, gross profit +35.0%) and a $12.9M Shopify warrant charge just ran to zero. THE CALL: HOLD (3/5, A VERY GOOD BUSINESS, PRICED LIKE ONE) — base-case value ~$42.0 vs ~$42.36 today. KEY METRICS: - CALL: HOLD, 3/5. Fair value ~$42 vs the $42.36 close on Aug 14 - about 2% away, which is no edge. Bull $59 (+39%), bear $26 (-39%). Street: 14 buy, 0 hold, 0 sell; consensus target $47.71 (median $48, range $39-$60), +12.6% above the close. Dated ratings, all pre-print: Piper Sandler Overweight Jul 29, Truist Buy Jul 24, Morgan Stanley Overweight May 14, UBS Buy Mar 31. - THE QUARTER (ended Jun 30, reported BMO Aug 12): GMV $2,089M, +43.7%. Revenue $299.0M, +39.1%, vs $288.0M consensus - service fees $139.4M, fulfilment $159.6M. Gross profit $131.9M, +35.0%; non-GAAP gross margin 45.3% vs 46.5%. Adjusted EBITDA $62.4M, +62.3%, margin 20.9% vs 17.9%. GAAP diluted EPS $0.27 vs $0.06 and a $0.22 bar; non-GAAP $0.37. FCF $73.2M. - THE CHARGE THAT ENDED: last year's quarter carried $12.9M of Shopify warrant (commercial agreement asset) amortisation inside sales and marketing. This quarter carried $0 - the 20-F says it was fully amortized in January 2026. It cost $148.6M in 2024 and $66.0M in 2025. Operating profit rose $34.2M and $12.9M of that is this item vanishing: like for like +91%, not +325%. - THE MIX AND THE RAISE: take rate (revenue/GMV) 14.32% vs 14.78%; fulfilment revenue grew 42.4% against service fees at 35.6%. Total opex was FLAT (+0.04%, $87.194M vs $87.158M) - ex-warrant it rose 17.5% on revenue up 39.1%. FY2026 guide raised to $1,305-1,355M revenue, $278-300M EBITDA; ~$57M of the $80M revenue raise is acquired Passport at a ~6% margin. What to watch: UP: the take rate (revenue/GMV) stabilising near 14.3% in Q3, or service fees holding above 47% of revenue while GMV keeps compounding in the 40s. DOWN: take rate below 14.2% with fulfilment taking further mix share, operating expense growing with volume now the warrant tailwind is spent, or a Q3 revenue print below the $308.5M guide floor. Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision. Learn investing free in the Charged Alpha app: https://chargedalpha.com/app?source=youtube&ref=video Educational only. Not financial advice.