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GigaCloud(GCT) - 2025 Q1 - Quarterly Results
GCTGigaCloud(GCT)2025-05-12 20:09

Financial Performance - Total revenues for Q1 2025 were 271.9million,anincreaseof8.3271.9 million, an increase of 8.3% year-over-year[5] - Gross profit was 63.7 million, a decrease of 4.2% year-over-year, with a gross margin of 23.4% compared to 26.5% in Q1 2024[5] - Net income was 27.1million,consistentwiththeprior−yearperiod,resultinginanetincomemarginof10.027.1 million, consistent with the prior-year period, resulting in a net income margin of 10.0%[5] - Total revenues for Q1 2025 reached 271,906,000, a 8.2% increase from 251,077,000inQ12024[22]−Servicerevenuesincreasedto251,077,000 in Q1 2024[22] - Service revenues increased to 94,068,000, up 22.7% from 76,623,000year−over−year[22]−Productrevenueswere76,623,000 year-over-year[22] - Product revenues were 177,838,000, slightly up from 174,454,000,indicatinga2.0174,454,000, indicating a 2.0% growth[22] - Gross profit for Q1 2025 was 63,726,000, down from 66,548,000,reflectingadecreaseof4.066,548,000, reflecting a decrease of 4.0%[22] - Operating income decreased to 28,323,000 from 34,817,000,adeclineof18.734,817,000, a decline of 18.7%[22] - Net income for Q1 2025 was 27,146,000, a slight decrease from 27,195,000inQ12024[22]−AdjustedEBITDAforQ12025was27,195,000 in Q1 2024[22] - Adjusted EBITDA for Q1 2025 was 33,183,000, down from 34,497,000,adecreaseof3.834,497,000, a decrease of 3.8%[25] - Cash provided by operating activities was 9,433,000, compared to 15,309,000inQ12024,adeclineof38.515,309,000 in Q1 2024, a decline of 38.5%[23] Market Activity - GigaCloud Marketplace GMV increased 56.1% year-over-year to 1,416.7 million for the 12 months ended March 31, 2025[5] - Active buyers rose by 81.4% year-over-year to 9,966 for the 12 months ended March 31, 2025[5] - Active 3P sellers increased by 33.4% year-over-year to 1,154 for the 12 months ended March 31, 2025[5] - Spend per active buyer was 142,156forthe12monthsendedMarch31,2025[7]CashandShareholderReturns−AsofMarch31,2025,cashandcashequivalentstotaled142,156 for the 12 months ended March 31, 2025[7] Cash and Shareholder Returns - As of March 31, 2025, cash and cash equivalents totaled 287.5 million, a decrease of 5.1% from December 31, 2024[5] - Cash, cash equivalents, and restricted cash at the end of the period totaled 252,408,000,downfrom252,408,000, down from 260,444,000 at the beginning of the period[23] - The company repurchased ordinary shares worth 22,734,000duringthequarter[23]−Thesharerepurchaseprogramwasincreasedto22,734,000 during the quarter[23] - The share repurchase program was increased to 78 million, with approximately 3.7 million shares repurchased for 61.8millionasofMay12,2025[9]FutureOutlook−Thecompanyexpectstotalrevenuestobebetween61.8 million as of May 12, 2025[9] Future Outlook - The company expects total revenues to be between 275 million and $305 million in Q2 2025[8]