GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2024 Financial Results

Core Insights - GigaCloud Technology Inc achieved a significant milestone by surpassing $1 billion in total annual revenues for the first time in 2024, reflecting strong growth in its B2B Marketplace despite a challenging macroeconomic environment [1][5][6] Financial Highlights - Total revenues for Q4 2024 reached $295.8 million, marking a 20.9% increase year-over-year [6] - For the full year 2024, total revenues were $1,161.0 million, a 65.0% increase compared to 2023 [6] - Gross profit for Q4 2024 was $65.0 million, down 6.9% year-over-year, with a gross margin of 22.0% [6] - Net income for Q4 2024 was $31.0 million, a decrease of 12.9% year-over-year, resulting in a net income margin of 10.5% [6] - Diluted EPS for Q4 2024 decreased by 12.6% year-over-year to $0.76, while adjusted EPS – diluted decreased by 29.9% to $0.75 [6] Operational Highlights - GigaCloud Marketplace GMV increased by 68.9% year-over-year to $1,341.4 million for the 12 months ended December 31, 2024 [6] - The number of active 3P sellers rose by 36.3% year-over-year to 1,111, while active buyers increased by 85.7% to 9,306 [6] - Spend per active buyer was $144,142 for the 12 months ended December 31, 2024 [6] Strategic Developments - The company appointed Erica Wei as Chief Financial Officer, who has been instrumental in enhancing financial strategy and reporting quality [8] - GigaCloud has executed approximately $29 million in share repurchases under a $46 million authorization since September 2024, reflecting a commitment to enhancing shareholder value [8][11] Business Outlook - The company anticipates total revenues between $250 million and $265 million for Q1 2025, based on current market conditions [9]