Exhibit 99.1 GigaCloud Technology Inc Announces First Quarter 2023 Financial Results, Reaching Highest Profitability in the Company's History Hong Kong, May 24, 2023 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) ("GigaCloud" or the "Company"), a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise, today announced its unaudited financial results for the quarter ended March 31, 2023. First Quarter 2023 Financial Highlights • Total revenues were $127.8 million in the f ...

Revenue Growth - Revenue increased from $275.5 million in 2020 to $490.1 million in 2022, with GigaCloud Marketplace GMV rising from $190.5 million to $518.2 million during the same period[33] - The B2B ecommerce platform, GigaCloud Marketplace, generated 76.0% of total revenues in 2022, up from 66.2% in 2020[33] - Approximately 67.1%, 76.4%, and 81.5% of the company's GMV was generated from the GigaCloud Marketplace in 2020, 2021, and 2022, respectively[43] Inventory Management - The company's inventory increased from $35.6 million as of December 31, 2020, to $81.4 million as of December 31, 2021, and then decreased slightly to $78.3 million as of December 31, 2022[53] - Annual inventory turnover days increased from 53 days in 2020 to 71 days in 2022, primarily due to rising ocean freight costs and inventory backlog[53] - The company’s ability to manage inventory effectively is critical, as mismanagement could lead to obsolescence and significant write-downs[54] Operational Risks - System interruptions or performance failures in technology infrastructure could harm the company's reputation and operational results[34] - The company is highly dependent on the ecommerce industry's viability, particularly for large parcel merchandise, which is sensitive to macroeconomic conditions[29] - The COVID-19 pandemic continues to pose uncertainties that could materially affect business operations and the overall economy[30] Regulatory and Compliance Challenges - The company may face regulatory scrutiny and operational challenges due to the PRC government's control over foreign investments and listings[26] - The company is subject to stringent and evolving privacy laws, which could result in significant fines and liability if not complied with[134] - The PRC Personal Information Protection Law, effective November 1, 2021, imposes additional requirements for processing personal information, which the company must comply with[138] Competition and Market Position - The company faces intense competition from various sectors, including third-party logistics and ecommerce platforms, which may impact its market position[85] - The company faces risks related to international operations, including local economic conditions, government regulations, and geopolitical events[40] - The company is materially dependent on its networks and IT infrastructure, which are crucial for service delivery and internal operations[78] Financial and Investment Risks - The trading price of Class A ordinary shares could be highly volatile, with potential risks of delisting under the Holding Foreign Companies Accountable Act[28] - The company requires substantial capital investments for growth, including warehouse facilities and technology, which are subject to economic uncertainties[97] - Strategic investments and acquisitions may not yield expected results, leading to potential financial and operational disruptions[98] Cybersecurity and Data Protection - Significant resources are devoted to protecting customer and business information, but vulnerabilities remain, exposing the company to potential monetary damages[80] - The company faces risks from fraudulent transactions, which could adversely affect financial results and operational integrity[75] - The company has not been involved in any formal investigations regarding cybersecurity or data security as of the date of the annual report[142] International Operations and Trade Risks - Risks associated with political tensions between the U.S. and China could adversely affect business operations[25] - The company’s international sales are subject to various risks, including trade restrictions and currency exchange fluctuations[49] - Trade restrictions could adversely affect the company's cross-border logistics services and overall business operations[120] Human Resources and Talent Management - The company faces intense competition for talent, which may lead to increased labor costs due to higher compensation and benefits offered to attract and retain qualified personnel[100] - The company may experience constraints in achieving development objectives if it fails to attract, integrate, retain, and motivate necessary personnel[101] Intellectual Property and Legal Risks - The company relies on a wide portfolio of intellectual property, but may not be able to effectively protect these rights against infringement, which could harm its competitive position[103] - The company is subject to potential claims and litigation regarding intellectual property rights, which could result in significant costs and resource diversion[110] Environmental, Social, and Governance (ESG) Considerations - Increasing focus on environmental, social, and governance (ESG) matters may impose additional costs and risks on the company[176] Share-Based Compensation - The company granted share-based awards resulting in share-based compensation expenses of $9.2 million in 2022, up from $9.7 million in 2021 and nil in 2020[126] - The company incurred share-based compensation expenses of $9.2 million in 2022, reflecting the importance of share-based compensation for attracting and retaining key personnel[126] Legal and Tax Implications - The company may be treated as a PRC tax resident enterprise, subjecting it to a 25% enterprise income tax on global income[218] - The determination of "de facto management body" by PRC tax authorities could impact the company's tax resident status[218] - The implementation of the new regulations may affect the company's ability to raise and access capital in the future[217]

Financial Data and Key Metrics Changes - The company generated $125.6 million in revenue for Q4 2022, representing a 20.5% growth from $104.2 million in Q4 2021 [12] - Net income for Q4 2022 was $12.5 million, an increase of 34.2% from $9.3 million in Q4 2021 [12] - Adjusted EBITDA for Q4 2022 was $15.2 million, reflecting a 34.9% increase from $11.3 million in Q4 2021 [12] - Cash flow generated in 2022 was $49.7 million compared to $8.6 million in 2021, with a cash balance of $143.5 million as of December 31, 2022 [13][15] Business Line Data and Key Metrics Changes - Giga Cloud Marketplace GMV grew 25.1% year over year to $518.2 million for the twelve months ending December 31, 2022 [8] - Active 3P sellers increased by 46.6% year over year to 560, while active buyers rose by 16.5% to 4,156 [8] - Spending per active buyer increased by 7.4% year over year to $124,692 [9] - 3P seller GMV surged 64.3% year over year to $257.7 million, representing approximately 50% of total Giga Cloud Marketplace GMV [9] Market Data and Key Metrics Changes - The company faced challenges in 2022, including currency depreciation against the US dollar and rising ocean shipping rates, but managed to navigate these issues effectively [7] - The company anticipates a slowdown in overall consumer spending across categories but remains confident in its business model's ability to outperform the industry [23][29] Company Strategy and Development Direction - The company aims to enhance its platform's user experience, optimize operational efficiency, and implement technological upgrades to strengthen its market position [4][10] - The focus for 2023 includes expanding the business, enhancing profitability, and capitalizing on emerging opportunities [10] - The company is actively exploring potential M&A opportunities to enhance product development and distribution capabilities [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth despite anticipated industry challenges, emphasizing the importance of educating the market on their supplier fulfilled retailing model [21][30] - The company expects to generate $123 million to $127 million in revenue for Q1 2023 [17] - Management highlighted the normalization of ocean shipping rates as a factor contributing to improved profitability in the second half of 2022 [14] Other Important Information - The company is in the process of converting to become a domestically listed company, which is expected to take place on the first day of 2024 [32] - Research and development expenses have begun as the company upgrades its technology and enhances user experience [15][39] Q&A Session Summary Question: Insights into business plans for 2023 - Management discussed their pioneering supplier fulfilled retailing model and the need to educate the market on its value [21] Question: Demand for product categories and expected changes - Management anticipates a slowdown in consumer spending but believes their business model will allow them to outperform the industry [23][24] Question: Anticipated challenges to growth in 2023 - Management acknowledged an industry slowdown but emphasized their strong balance sheet and plans to maintain positive cash flow [29][31] Question: Growth in service revenue and outlook - Management noted that service revenue is a growing component, driven by increased market share and the resumption of third-party logistics services [46]

Exhibit 99.1 GigaCloud Technology Inc Announces Fourth Quarter 2022 Financial Results Hong Kong, March 17, 2023 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) ("GigaCloud" or the "Company"), a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise, today announced its unaudited financial results for the quarter and the fiscal year ended December 31, 2022. Fourth Quarter 2022 and Full Year 2022 Financial Highlights • Total revenues were $125.6 million in the fourth quart ...