GigaCloud(GCT) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 2025 were $271.9 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 $27.1 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 $251,077,000 in Q1 2024[22] - Service revenues increased to $94,068,000, up 22.7% from $76,623,000 year-over-year[22] - Product revenues were $177,838,000, slightly up from $174,454,000, indicating a 2.0% growth[22] - Gross profit for Q1 2025 was $63,726,000, down from $66,548,000, reflecting a decrease of 4.0%[22] - Operating income decreased to $28,323,000 from $34,817,000, a decline of 18.7%[22] - Net income for Q1 2025 was $27,146,000, a slight decrease from $27,195,000 in Q1 2024[22] - Adjusted EBITDA for Q1 2025 was $33,183,000, down from $34,497,000, a decrease of 3.8%[25] - Cash provided by operating activities was $9,433,000, compared to $15,309,000 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 $142,156 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, down from $260,444,000 at the beginning of the period[23] - The company repurchased ordinary shares worth $22,734,000 during the quarter[23] - The share repurchase program was increased to $78 million, with approximately 3.7 million shares repurchased for $61.8 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]