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GigaCloud Technology Inc Announces First Quarter Ended March听31, 2025 Financial Results

Continued B2B Marketplace Expansion and Proven Strength of the SFR Model

EL MONTE, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (鈥淕igaCloud鈥� or the 鈥淐ompany鈥�), a pioneer of global end-to-end B2B technology solutions for large parcel merchandise, today announced financial results for the first quarter ended March听31, 2025, including sustained revenue and GMV growth over the comparable prior year period.

First Quarter 2025 Financial Highlights

• Total revenues of $271.9 million, increased 8.3% year-over-year.
• Gross profit of $63.7 million, decreased 4.2% year-over-year.
  Gross margin was 23.4%, compared to 26.5% in the first quarter of 2024.
• Net income of $27.1 million, in line with $27.2 million reported in the prior-year period.
  Net income margin was 10.0%, compared to 10.8% in the first quarter of 2024.
  Diluted EPS increased 3.0% year-over-year to $0.68.
• Adjusted EBITDA¹ of $33.2 million, decreased 3.8% year-over-year.
  Adjusted EPS 鈥� diluted² of $0.83, decreased 1.2% year-over-year.
• Cash and cash equivalents, Restricted Cash, and Investments totaled $287.5 million as of March听31, 2025, a 5.1% decrease from December 31, 2024.
  

Operational Highlights

• GigaCloud Marketplace GMV³ increased 56.1% year-over-year to $1,416.7听尘颈濒濒颈辞苍 for the 12 months ended March听31, 2025.
• 3P seller GigaCloud Marketplace GMV⁴ increased 49.9% year-over-year to $734.3听尘颈濒濒颈辞苍 for the 12 months ended March听31, 2025. 3P seller GigaCloud Marketplace GMV represented 51.8% of total GigaCloud Marketplace GMV for the 12 months ended March听31, 2025.
• Active 3P sellers⁵ increased 33.4% year-over-year to 1,154 for the 12 months ended March听31, 2025.
• Active buyers⁶ increased 81.4% year-over-year to 9,966 for the 12 months ended March听31, 2025.
• Spend per active buyer⁷ was $142,156 for the 12 months ended March听31, 2025.
  

鈥淒espite persistent industry headwinds, we continue to grow and see the strength of the GigaCloud Marketplace come through鈥攂uyers and sellers continue to lean in during times of volatility and challenge. That is a testament to the efficiency and value created by our Supplier Fulfilled Retailing (SFR) model,鈥� said Larry Wu, Founder, Chairman, and Chief Executive Officer. 鈥淲e are building GigaCloud to thrive for the long-term by empowering our partners to do business smarter in an increasingly complex global market. While we are actively managing near-term macro uncertainty, the positive long-term fundamentals reinforce our confidence in delivering lasting value.鈥�

鈥淚n September 2024, our Board of Directors approved a share repurchase program of $46 million, and subsequently increased the total authorized amount to $62 million in March 2025. As of today, we have repurchased approximately 3.7 million shares for $61.8 million鈥攃lose to 150% of the gross proceeds raised in our IPO鈥攁t a weighted average price well above our IPO offering price. We remain positioned to deploy additional capital through future repurchase authorizations, balancing capital returns and growth investments to drive future shareholder value creation,鈥� said Erica Wei, Chief Financial Officer.

Business Outlook

The Company expects its total revenues to be between $275听尘颈濒濒颈辞苍 and $305听尘颈濒濒颈辞苍 in the second quarter of 2025. This forecast reflects the Company鈥檚 current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Share Repurchase Program

In September 2024, the Company鈥檚 Board of Directors (the 鈥淏oard鈥�) approved a $46 million share repurchase program, which was increased by $16 million to $62 million on March 28, 2025. Following quarter-end, on May 8, 2025, the Board approved an additional $16 million, bringing the total authorization to $78 million. The program runs through August 28, 2025. As of May 12, 2025, the Company has repurchased approximately 3.7 million of its Class A ordinary shares for $61.8 million.

Under the share repurchase program, the Company may purchase its ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. The Company may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company鈥檚 working capital requirements, general business conditions and other factors.

Conference Call

The Company will host a conference call to discuss its financial results at 6:30 pm U.S. Eastern Time on May听12, 2025. Participants who wish to join the call should pre-register here at https://s1.c-conf.com/diamondpass/10046996-fh4na1.html. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.

A live and archived webcast of the conference call will be accessible on the Company鈥檚 investor relations website at: https://investors.gigacloudtech.com/.

About GigaCloud Technology Inc

GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company鈥檚 B2B ecommerce platform, which it refers to as the 鈥淕igaCloud Marketplace,鈥� integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company鈥檚 global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. The Company offers a truly comprehensive solution that transports products from the manufacturer鈥檚 warehouse to the end customer鈥檚 doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories such as home appliances and fitness equipment. For more information, please visit the Company鈥檚 website: https://investors.gigacloudtech.com/.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS 鈥� diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense. Adjusted EPS 鈥� diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS 鈥� diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors鈥� overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

For more information on the non-GAAP financial measures, please see the tables captioned 鈥淯naudited Reconciliation of Adjusted EBITDA鈥� and 鈥淯naudited Reconciliation of Adjusted EPS 鈥� diluted鈥� set forth at the end of this press release.

Forward-Looking Statements

This press release contains 鈥渇orward-looking statements鈥�. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company鈥檚 current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渃ould,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渁im,鈥� 鈥渆stimate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥渋s/are likely to,鈥� 鈥減ropose,鈥� 鈥減otential,鈥� 鈥渃ontinue鈥� or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company鈥檚 registration statement and other filings with the SEC.

For investor and media inquiries, please contact:

GigaCloud Technology Inc

Investor Relations

Email: [email protected]

PondelWilkinson, Inc.

Laurie Berman (Investors) 鈥� [email protected]

George Medici (Media) 鈥� [email protected]

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(1) During the three months ended March 31, 2024, one of our fulfillment centers in Japan experienced a fire. As a result of the fire, we recognized losses of $1.8 million. Based on the provisions of our insurance policy, we have determined that partial recovery of the incurred losses is probable as of March 31, 2024 and therefore recorded an insurance recovery of $1.5 million. We do not believe such losses to be recurring or frequent in nature.

UNAUDITED RECONCILIATION OF ADJUSTED EPS 鈥� DILUTED

________________________
(1) During the three months ended March 31, 2024, one of our fulfillment centers in Japan experienced a fire. As a result of the fire, we recognized losses of $1.8 million. Based on the provisions of our insurance policy, we have determined that partial recovery of the incurred losses is probable as of March 31, 2024 and therefore recorded an insurance recovery of $1.5 million. We do not believe such losses to be recurring or frequent in nature.

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¹听Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of 鈥淣on-GAAP Financial Measure鈥� and the table captioned 鈥淯naudited Reconciliation of Adjusted EBITDA鈥� set forth at the end of this press release.

²听Adjusted EPS 鈥� diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of 鈥淣on-GAAP Financial Measure鈥� and the table captioned 鈥淯naudited Reconciliation of Adjusted EPS 鈥� diluted鈥� set forth at the end of this press release.

³听GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

⁴听3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

⁵听Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

⁶听Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

⁷听Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last听12-month听period by the number of active buyers as of such date.