There aren't that many stocks posting high growth in the current economic environment. So when some do, investors pay attention. Two stocks that are demonstrating excellent growth under harsh conditions are Dutch Bros (BROS -2.86%) and Global-e Online (GLBE 2.57%), and these stocks could just be getting started.

1. Dutch Bros

Oregon-based Dutch Bros is a chain of coffee shops, but it's not your typical corner coffee shop or a Starbucks imitation. It has a distinctive, fun feel, with music and exotic-sounding drinks like Aftershock and Shark Attack. As an East coaster, I get why it's been a hot seller on the West coast.

The company isn't trying to compete with mega coffee chain Starbucks; rather, it's carving out its own niche in the industry. It operates 603 shops, mostly company-owned but also with a franchise model. Management sees an opportunity to expand to 4,000 shops over the next 10 to 15 years. Since openings so far have been quite successful, that appears to be a reasonable goal. It operates in 14 states right now, with opportunities to reach into new districts as well as expand within locations where it already operates.

The demand certainly exists. Dutch Bros opened 31 new stores in the second quarter, bringing the total in 2022 to 65 new stores. It plans to open 130 for the year. These have been an important part of the company's growth story this year, especially in Q2. Revenue increased 44% year over year, but comparable (same-store) sales decreased 3.3%. 

The comps numbers looks like a problem when compared to overall growth. It would be very challenging for a company to become viable if all of its growth is through new stores. However, comps began to stabilize in July. The comps issue looks to be related to general macroeconomic conditions and curtailed spending. The company reiterated its outlook for comps to be flat for the full year.

On the plus side, management was able to successfully incorporate a price increase into its operations, and company-operated shop margins increased from 18.3% in 2022 Q1 to 24.6% in Q2. That's still well below the 32% in 2021's Q2, and it will take to time to get back up there.

Dutch Bros went public in September, and it's gained 21% since then, although it's down 12% this year. Investors were happy with the progress in Q2, and the price could continue to shoot up in August.

2. Global-e

Global-e might be the best e-commerce stock you never heard of before. This smallish player, based in Israel, has been increasing market share, making significant deals, and most importantly, posting outstanding growth, even as big players like Amazon and Shopify are slowing down.

The company doesn't sell any direct-to-consumer products but instead offers cross-border e-commerce solutions. It creates localized shopping experiences for customers in dozens of countries to make it as simple as shopping online domestically. This includes providing prices in more than 100 currencies, automatic customs calculations, and many supported shipping methods. Client companies that sign up can see their international sales soar, making up many times the cost of the service and making it a no-brainer subscription.

It makes sense that growth would continue despite harsh market conditions. E-commerce companies are desperately looking for ways to boost their own growth, and this is a fairly painless way to open up new sales pipelines.

Revenue increased 52% in Q2 to $87 million, and gross merchandise volume increased 64% to $534 million. Profitability measures mostly improved in the quarter as well. Non-GAAP (generally accepted accounting principles) gross profit increased 77% to $36.5 million, and non-GAAP gross margin was 41.8%, 5.8% higher than last year.

Global-e has forged important partnerships with some of the biggest names in retail and e-commerce, including Shopify. In Q2, it signed on Disney as a client as it continues to pick up top companies that recognize the clear benefits of using Global-e's platform. In July, it closed on its acquisition of competitor Borderfree, which has major partners such as Macy's and Williams-Sonoma. This creates what looks like an unstoppable industry force.

The challenge for Global-e is to scale and become net profitable. It's doing a great job of scaling, but the path to profitability is a bit more complex as it invests to promote scaling. Net loss increased in Q2 from $22 million last year to $49 million this year.

Even in the short term, though, the company is impressing analysts and investors. The stock is on an upswing and the future looks bright.