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Laurie Berman (Investors) – lberman@pondel.com George Medici (Media) – gmedici@pondel.com GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands except for share data and per share data) March 31, 2025 December 31, 2024ASSETS Current assets Cash and cash equivalents $251,711 $259,759Restricted cash 697 685Investments 35,101 42,674Accounts receivable, net 67,000 57,313Inventories 204,854 172,489Prepayments and other current assets 19,842 14,672Total current assets 579,205 547,592Non-current assets Operating lease right-of-use assets 438,692 451,930Property and equipment, net 32,688 29,498Intangible assets, net 5,893 6,198Goodwill 12,586 12,586Deferred tax assets 11,366 10,026Other non-current assets 10,607 12,645Total non-current assets 511,832 522,883Total assets $1,091,037 $1,070,475 GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued) (In thousands) March 31, 2025 December 31, 2024LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable$87,814 $78,163 Contract liabilities 5,665 4,486 Current operating lease liabilities 90,823 88,521 Income tax payable 20,001 13,615 Accrued expenses and other current liabilities 87,510 79,594 Total current liabilities 291,813 264,379 Non-current liabilities Operating lease liabilities, non-current 380,842 395,235 Deferred tax liabilities 759 941 Finance lease obligations, non-current 241 382 Non-current income tax payable 4,485 4,321 Total non-current liabilities 386,327 400,879 Total liabilities$678,140 $665,258 Commitments and contingencies$— $— Shareholders’ equity Treasury shares, at cost (2,008,984 and 609,390 shares held as of March 31, 2025 and December 31, 2024, respectively) $(34,550) $(11,816)Class A ordinary shares $0.05 par value, 50,673,268 shares authorized, 32,881,519 and 32,878,735 shares issued as of March 31, 2025 and December 31, 2024, respectively, 30,872,535 and 32,269,345 shares outstanding as of March 31, 2025 and December 31, 2024, respectively) 1,643 1,643 Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized as of March 31, 2025 and December 31, 2024, 8,076,732 shares issued and outstanding as of March 31, 2025 and December 31, 2024) 403 403 Additional paid-in capital 121,490 120,262 Accumulated other comprehensive loss (2,096) (4,136)Retained earnings 326,007 298,861 Total shareholders’ equity 412,897 405,217 Total liabilities and shareholders’ equity $1,091,037 $1,070,475 GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands except for share data and per share data) Three Months Ended March 31, 2025 2024 Revenues Service revenues$94,068 $76,623 Product revenues 177,838 174,454 Total revenues 271,906 251,077 Cost of revenues Services 79,156 62,700 Products 129,024 121,829 Total cost of revenues 208,180 184,529 Gross profit 63,726 66,548 Operating expenses Selling and marketing expenses 18,558 14,580 General and administrative expenses 14,340 15,389 Research and development expenses 2,493 1,756 Losses on disposal of property and equipment 12 6 Total operating expenses 35,403 31,731 Operating income 28,323 34,817 Interest expense (23) (81)Interest income 2,621 1,609 Foreign currency exchange gains (losses), net 792 (2,709)Government grants 213 6 Others, net 579 (322)Income before income taxes 32,505 33,320 Income tax expense (5,359) (6,125)Net income$27,146 $27,195 Net income attributable to ordinary shareholders 27,146 27,195 Foreign currency translation adjustment, net of income taxes of nil 411 (112)Net unrealized loss on available-for-sale investments (6) — Intra-entity foreign currency transactions gain 1,636 — Release of foreign currency translation reserve related to liquidation of subsidiaries (1) — Total other comprehensive income (loss) 2,040 (112)Comprehensive Income$29,186 $27,083 Net income per ordinary share —Basic$0.68 $0.67 —Diluted$0.68 $0.66 Weighted average number of ordinary shares outstanding used in computing net income per ordinary share —Basic 40,020,265 40,788,658 —Diluted 40,138,522 40,950,170 GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net income$27,146 $27,195 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,049 2,081 Share-based compensation 1,227 275 Operating lease 1,125 8,806 Changes in accounts receivables, net (9,011) (632)Changes in inventories (30,845) (56,047)Changes in prepayments and other assets (3,217) (2,364)Changes in accounts payable, accrued expenses and other current liabilities 14,551 27,886 Changes in contract liabilities 1,096 2,045 Changes in income tax payable 6,418 6,552 Changes in deferred income taxes (1,511) (2,034)Other operating activities 405 1,546 Net cash provided by operating activities 9,433 15,309 Cash flows from investing activities: Purchases of property and equipment (2,395) (3,993)Disposals of property and equipment 34 1,525 Purchases of investments (25,000) (10,000)Sales and maturities of investments 31,986 — Net cash provided by (used in) investing activities 4,625 (12,468)Cash flows from financing activities: Repayment of finance lease obligations (34) (595)Repurchases of ordinary shares (22,734) — Net cash used in financing activities (22,768) (595)Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash 674 (306)Net increase (decrease) in cash, cash equivalents and restricted cash (8,036) 1,940 Cash, cash equivalents and restricted cash at the beginning of the period 260,444 184,168 Cash, cash equivalents and restricted cash at the end of the period$252,408 $186,108 Supplemental disclosure of cash flow information Cash paid for interest expense 23 81 Cash paid for income taxes 552 1,596 GigaCloud Technology Inc UNAUDITED RECONCILIATION OF ADJUSTED EBITDA (In thousands, except for per share data) Three Months EndedMarch 31, 2025 2024 (In thousands)Net Income$27,146 $27,195 Add: Income tax expense 5,359 6,125 Add: Interest expense 23 81 Less: Interest income (2,621) (1,609)Add: Depreciation and amortization 2,049 2,081 Add: Share-based compensation expenses 1,227 275 Add: Non-recurring items(1) — 349 Adjusted EBITDA$33,183 $34,497 ________________________(1) During the three months ended March 31, 2024, one of our fulfillment centers in Japan experienced a fire.
UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED Three Months EndedMarch 31, 2025 2024 Net income per ordinary share – diluted$0.68 $0.66 Adjustments, per ordinary share: Add: Income tax expense 0.13 0.15 Add: Interest expense — — Less: Interest income (0.07) (0.04)Add: Depreciation and amortization 0.05 0.05 Add: Share-based compensation expenses 0.04 0.01 Add: Non-recurring items(1) — 0.01 Adjusted EPS – diluted$0.83 $0.84 Weighted average number of ordinary shares outstanding - diluted 40,138,522 40,950,170 ________________________(1) During the three months ended March 31, 2024, one of our fulfillment centers in Japan experienced a fire.
Continued B2B Marketplace Expansion and Proven Strength of the SFR ModelEL MONTE, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) ("GigaCloud” or the "Company”), a pioneer of global end-to-end B2B technology solutions for large parcel merchandise, today announced financial results for the first quarter ended March 31, 2025, including sustained revenue and GMV growth over the comparable prior year period.
