Global-E Online Ltd. (NASDAQ: GLBE) shares tumbled 5.64% in pre-market trading on Wednesday, despite reporting first-quarter revenue that slightly exceeded analyst expectations and announcing a new strategic partnership with Shopify.

The cross-border e-commerce facilitator reported Q1 revenue of $189.9 million, surpassing the FactSet consensus estimate of $187.8 million. The company also revealed an adjusted gross margin of 45.4% and a net loss of $17.9 million for the quarter. Global-E's gross merchandise value (GMV) reached $1,243 million, while adjusted EBITDA came in at $31.6 million.

In a significant development, Global-E announced a new multi-year strategic partnership agreement with Shopify, extending their existing relationship. This three-year agreement covers both first-party and third-party merchant of record solutions and allows for additional providers with Shopify merchants. Despite these positive announcements, the company maintained its full-year 2025 guidance, projecting revenue in the range of $917 million to $967 million, compared to the FactSet estimate of $929.4 million. The market's negative reaction suggests that investors may have been expecting more aggressive growth or improved profitability metrics, leading to the pre-market sell-off despite the seemingly positive news.