GigaCloud(GCT) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for 2024 reached $1,161.0 million, a 65.0% increase year-over-year[6] - Fourth quarter revenues were $295.8 million, up 20.9% year-over-year[6] - Gross profit for 2024 was $285.2 million, a 51.2% increase year-over-year, with a gross margin of 24.6%[6] - Net income for 2024 was $125.8 million, a 33.7% increase year-over-year, with a net income margin of 10.8%[6] - Operating income for the year ended December 31, 2024, was $130,622, up from $110,078 in 2023, reflecting an 18% growth[37] - Adjusted EBITDA for the year ended December 31, 2024, reached $156,942,000, up 32.5% from $118,307,000 in 2023[42] - Net income for the year ended December 31, 2024, was $125,808, a 34% increase from $94,108 in 2023[40] - Net income for Q4 2024 was $30,959,000, a decrease of 13.5% from $35,575,000 in Q4 2023[42] - Diluted net income per share for Q4 2024 was $0.76, down 12.6% from $0.87 in Q4 2023[44] - Adjusted EPS for the year ended December 31, 2024, was $3.81, an increase of 31.9% compared to $2.89 in 2023[44] Market and Growth Metrics - GigaCloud Marketplace GMV increased 68.9% year-over-year to $1,341.4 million for the 12 months ended December 31, 2024[6] - Active buyers increased 85.7% year-over-year to 9,306 for the 12 months ended December 31, 2024[11] - 3P seller GigaCloud Marketplace GMV increased 62.8% year-over-year to $693.9 million, representing 51.7% of total GigaCloud Marketplace GMV[11] - Service revenues for Q4 2024 were $97,107, up 40% from $69,336 in Q4 2023, while product revenues increased by 13% to $198,675 from $175,401[37] Cash and Shareholder Equity - Cash, cash equivalents, restricted cash, and investments totaled $303.1 million as of December 31, 2024, a 64.5% increase year-over-year[6] - Total shareholders' equity rose to $405,217 as of December 31, 2024, up from $290,416 in 2023, marking a 39% increase[33] - Cash and restricted cash at the end of 2024 totaled $260,444, compared to $184,168 at the end of 2023, indicating a 42% increase[40] Expenses and Liabilities - Total liabilities increased to $665,258 as of December 31, 2024, compared to $556,493 in 2023, reflecting a 20% rise[33] - Research and development expenses for the year increased to $9,791, compared to $3,925 in 2023, showing a significant rise of 149%[37] - Depreciation and amortization expenses for the year ended December 31, 2024, totaled $8,524,000, significantly higher than $2,873,000 in 2023[42] - Share-based compensation expenses for the year ended December 31, 2024, amounted to $16,825,000, compared to $2,503,000 in 2023[42] - Interest income for the year ended December 31, 2024, was $(9,405,000), an increase from $(3,304,000) in 2023[42] Share Repurchase - The company repurchased approximately $29 million in shares under a $46 million share repurchase program initiated in September 2024[8] - The company repurchased ordinary shares worth $23,243 during the year, compared to $1,594 in 2023, indicating a substantial increase in share buybacks[40] Incident Impact - The company recognized a loss of $2.0 million due to a fire at a fulfillment center in Japan, with insurance proceeds of $1.9 million reducing the gross losses[42] - The company does not expect the losses from the fire incident to be recurring or frequent in nature[42]