GigaCloud(GCT)2024-11-07 21:13Financial Performance - Total revenues for Q3 2024 increased 70.2% to $303.3 million from $178.2 million in Q3 2023[2] - Gross profit for Q3 2024 rose 58.1% to $77.3 million from $48.9 million in Q3 2023[2] - Net income for Q3 2024 grew 68.2% to $40.7 million from $24.2 million in Q3 2023[3] - Adjusted EBITDA for Q3 2024 increased 63.8% to $48.8 million from $29.8 million in Q3 2023[3] - Total revenues increased to $865.26 million for the nine months ended September 30, 2024, up from $459.09 million in the same period in 2023[28] - Net income rose to $94.85 million for the nine months ended September 30, 2024, compared to $58.53 million in the same period in 2023[28] - Gross profit reached $220.25 million for the nine months ended September 30, 2024, up from $118.80 million in the same period in 2023[28] - GigaCloud Technology Inc's net income for the three months ended September 30, 2024, was $40.685 million, compared to $24.202 million in the same period in 2023[32] - Adjusted EBITDA for the nine months ended September 30, 2024, was $126.040 million, up from $74.492 million in the same period in 2023[32] - Adjusted EPS – diluted for the three months ended September 30, 2024, was $1.15, compared to $0.74 in the same period in 2023[33] Marketplace Growth - GigaCloud Marketplace GMV for the 12 months ended September 30, 2024, grew 80.2% to $1,233.6 million from $684.7 million in the same period of 2023[5] - Active 3P sellers increased 41.8% to 1,051 for the 12 months ended September 30, 2024, from 741 in the same period of 2023[8] - Active buyers increased 85.5% to 8,535 for the 12 months ended September 30, 2024, from 4,602 in the same period of 2023[8] Cash and Investments - Cash, Cash Equivalents, Restricted Cash, and Investments totaled $260.5 million as of September 30, 2024, a 41.4% increase from $184.2 million as of December 31, 2023[3] - Cash, cash equivalents, and restricted cash increased to $218.33 million as of September 30, 2024, from $214.89 million as of December 31, 2023[30] Expenses and Liabilities - Total liabilities increased to $672.96 million as of September 30, 2024, from $556.49 million as of December 31, 2023[23] - Research and development expenses increased to $7.44 million for the nine months ended September 30, 2024, from $1.58 million in the same period in 2023[28] - Total operating expenses rose to $117.26 million for the nine months ended September 30, 2024, compared to $45.84 million in the same period in 2023[28] Shareholder Equity and Repurchase - Shareholders' equity grew to $400.39 million as of September 30, 2024, compared to $290.42 million as of December 31, 2023[26] - The board authorized a $46 million share repurchase program on September 3, 2024, with $11.4 million shares repurchased as of November 6, 2024[9][13] Operational Cash Flow - Net cash provided by operating activities was $89.66 million for the nine months ended September 30, 2024, up from $82.72 million in the same period in 2023[30] Miscellaneous - The company expects Q4 2024 total revenues to be between $275 million and $290 million[10] - The company recorded net losses of $308 thousand due to a fire at a fulfillment center in Japan in March 2024[32] - Weighted average number of ordinary shares outstanding – diluted for the nine months ended September 30, 2024, was 41,258,416[33]