Global-e Online: Strong Financial Performance and Strategic Positioning Justify Buy RatingGlobal-e delivered solid Q3 results with GMV, revenue, and Adj. EBITDA coming in ~2%, ~1%, and ~3% above Street, respectively. The company expects continued strength exiting 2025 as the midpoint of the Q4 GMV, revenue, and Adj. EBITDA guide ranges were raised by ~3%, ~1%, and ~1% (vs. prior implied guide), with Q4 GMV now guided to grow ~28-35% YoY. While Service Fee take rate and overall gross margin came in slightly below expected (more details below), we continue to see Non-GAAP gross profit growth accelerating to >30% with Adj. EBITDA margin expanding past 20% for FY25. Global-e also noted line of sight to strength in 2026, with continued high demand for its core solutions as well as value-added services driven by additional complexity in cross-border eCommerce due to duties and tariffs.