ChannelAdvisor Corporation (NYSE: ECOM) has appointed Raiford Garrabrant, CFA, as Director of Investor Relations. Reporting to CFO Rich Cornetta, Garrabrant aims to strengthen the company's ties with the investment community and enhance financial communications. Cornetta expressed enthusiasm about Garrabrant's extensive experience in capital markets, seeing him as a crucial asset in strategies to boost shareholder value. Garrabrant himself acknowledged ChannelAdvisor's unique technology and business model, expressing confidence in the potential for significant value creation.
ChannelAdvisor reported a strong first quarter 2020, with revenue of $32.0 million, up 1.5% year-over-year. Adjusted EBITDA rose to $6.5 million, marking a 20.3% margin, more than doubling from 8.3% a year prior. The company achieved a record gross merchandise value of over $1 billion in April. However, due to COVID-19 uncertainties, ChannelAdvisor withdrew its full-year 2020 financial outlook. With cash reserves of $56.3 million, the firm remains well-positioned to support customers during the pandemic, having provided $1 million in relief efforts.